Investors’ pro-environmental attitude, spirituality and socially responsible investing: a mediating role of greenwashing practices

Ahmad Usman Shahid, Chitra Devi Nagarajan, Hafiza Sobia Tufail and Muhammad Imran

Journal of Accounting & Organizational Change, 2024, vol. 21, issue 4, 711-735

Abstract: PurposeThe objective of this study is to examine the influence of investors’ pro-environmental attitudes and spirituality on their intentions to invest in socially responsible investment projects in the context of India. This study also examines whether investors’ perceptions of firms’ greenwashing practices mediate the relationship between their pro-environmental attitude, spirituality and investing decisions.Design/methodology/approachThe authors collected data from 337 investors registered at the National Stock Exchange of India. Additionally, data were analyzed, and hypotheses were tested using linear regression, zero-order correlation and mediation approaches in SPSS 28.FindingsThe findings of this study report that investors’ pro-environmental attitudes and spirituality have a significant positive impact on their intentions to invest in socially responsible investment projects. Additionally, their mediation analysis further shows that both manipulative and selective disclosures of greenwashing practices mediate the association between investors’ pro-environmental attitude, spirituality and their intentions to invest in socially responsible investment projects.Practical implicationsThe findings of the study have important implications for regulators, policymakers, firms and researchers in understanding the impact of pro-environmental attitudes and firms’ greenwashing practices on investors’ socially responsible investing decisions.Social implicationsThis study also has implications for regulators in creating awareness for tackling greenwashing practices and screening intentions to invest in socially responsible investment projects in developing countries.Originality/valueThis study stresses creating awareness for incorporating pro-environmental and spiritual mindset into addressing the challenges of socially responsible investing in the presence of greenwashing practices.

Keywords: Pro-environmental attitude; Spirituality; Socially responsible investment; Greenwashing (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jaocpp:jaoc-03-2024-0102

DOI: 10.1108/JAOC-03-2024-0102

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