UTAUT Antecedents Shaping Institutional Investors’ Intentions to Utilize ESG Information

This study examines how institutional investors adopt and utilize Environmental, Social, and Governance (ESG) information by integrating the Unified Theory of Acceptance and Use of Technology (UTAUT). Using the Analytic Hierarchy Process (AHP) with expert-based pairwise comparisons from 20 senior investment professionals at major South Korean financial institutions, we identify and weight key determinants influencing ESG information use among South Korean institutional investors. The results show that performance expectancy emerged as the most influential determinant (33.7%), followed by facilitating conditions (24.6%), social influence (22.8%), and effort expectancy (18.9%). At the sub-criterion level, usefulness for investment decision-making (11.2%), institutional encouragement (10.2%), and utilization of ESG information as a fiduciary duty (9.4%) recorded the highest global weights, whereas psychological comfort in utilizing ESG information (2.0%) and practical guidelines and training programs (3.7%) exhibited the lowest. These findings suggest that ESG adoption has evolved beyond early legitimacy-seeking behavior toward substantive and performance-driven integration, consistent with UTAUT predictions that performance expectancy and facilitating conditions gain salience in mature adoption phases, while effort expectancy and social influence diminish. This weight distribution indicates that ESG has been internalized as core analytical infrastructure informing investment decision-making and risk management, rather than functioning as a peripheral compliance tool. By empirically mapping ESG adoption determinants into a hierarchical structure, this study contributes to the literature on ESG diffusion, institutional investor behavior, and adoption theory, offering practical implications for regulators and financial institutions seeking to deepen substantive ESG integration.