Preprint Article Version 1 Preserved in Portico This version is not peer-reviewed

The Role of Environmental, Social, and Governance (ESG) Forces in Pakistan Stock Market Investor' Behavior

Version 1 : Received: 10 October 2023 / Approved: 12 October 2023 / Online: 12 October 2023 (14:31:14 CEST)

A peer-reviewed article of this Preprint also exists.

Rooh, S.; El-Gohary, H.; Khan, I.; Alam, S.; Shah, S.M.A. An Attempt to Understand Stock Market Investors’ Behaviour: The Case of Environmental, Social, and Governance (ESG) Forces in the Pakistani Stock Market. J. Risk Financial Manag. 2023, 16, 500. Rooh, S.; El-Gohary, H.; Khan, I.; Alam, S.; Shah, S.M.A. An Attempt to Understand Stock Market Investors’ Behaviour: The Case of Environmental, Social, and Governance (ESG) Forces in the Pakistani Stock Market. J. Risk Financial Manag. 2023, 16, 500.

Abstract

The present study investigates the decision-making process of investors on the Pakistan Stock Exchange with regard to portfolio construction, explicitly focusing on the incorporation of ESG concerns. The present study employed SmartPLS and structural equation modeling (SEM) to quantitatively assess data received from a sample of 393 out of 400 respondents. Based on the available data, investors participating in the Pakistan Stock Exchange are notably impacted by ESG aspects. The findings of this study hold significance for emerging economy firms, regulators, and investors, both in terms of theoretical and practical ramifications. The study's findings demonstrate a clear indication of investors' significant emphasis on ESG matters. Furthermore, it provides valuable insights for stakeholders who are involved in the ever-evolving realm of sustainable finance within developing countries

Keywords

environmental; social and governance (ESG); individual investor’s behavioral factors; theory of planned behaviour (TPB)

Subject

Business, Economics and Management, Business and Management

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