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Green bonds: A demographic study of Retail Investors in India

Author

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  • Aggarwal, Shalini
  • Lone, Farhat Aziz
  • Paliwal, Manisha

Abstract

The primary objective of this study is to investigate the impact of age, gender, education, occupation, investment experience, and income allocation on the perception of retail investor towards investment in green bond. Also, the study analyse the impact of three notable factors i.e. Environmental consciousness (EC), Concern for well being (CWB), Religious value and commitment (RVC) on Green bonds investor intention (GBII). Overall, the study used a descriptive research design, collected data from primary and secondary sources. Descriptive statistics, ANOVA, and the correlation test were used to investigate the factors influencing investors' perceptions of green bond investments. PLS SEM is used to analyse the impact of EC, CWB and RVC on GBII. It had a sample size of 406 respondents. The findings indicate a significant gender disparity among green bond investors. The majority of investors are men (343), while only a small percentage of women (63) participate in this market. This gender bias calls for targeted initiatives to encourage greater female participation and ensure a more inclusive and diverse investor base. The present study will help fund managers, brokers, companies, and policymakers in understanding retail investors' perceptions of GBs. It will also provide valuable insights for policymakers to make informed decisions about GB regulations and strategies.

Suggested Citation

  • Aggarwal, Shalini & Lone, Farhat Aziz & Paliwal, Manisha, 2025. "Green bonds: A demographic study of Retail Investors in India," The Quarterly Review of Economics and Finance, Elsevier, vol. 102(C).
    • Handle: RePEc:eee:quaeco:v:102:y:2025:i:c:s1062976925000328
    DOI: 10.1016/j.qref.2025.101991
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