ON THE FACTORS INFLUENCING TAIWANESE INVESTORS’ PURCHASE OF GREEN FUNDS-WITH ENVIRONMENTAL RESPONSIBILITY AS THE MODERATOR VARIABLE

Chien Chen-Cheng
Doctoral Student, Graduate Institute Of Finance,
National Taiwan University Of Science And Technology
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Abstract

Countries all over the world have suffered major disasters and losses from global cli-mate and environmental anomalies, among which Taiwan is in the high risk group of climate change. In the past century, Taiwan’s average temperature has increased by 1. 3℃, twice of the global average value, which should draw more attention to environ-mental protection. Evidences already show that human behaviors are the major factor for the acceleration of global warming. In view of this, Stern and Gardner (1996) pro-posed to improve the value, attitude and behaviors of the public through environmental education. This research aims to adopt behavioral theory combined with environmental responsibility, perceived price and environmental value to construct a behavior model that may affect the investors’ purchase of green funds, so as to encourage more inves-tors to purchase green funds that are beneficial for environmental protection and devel-opment of green technology. A total of 281 valid questionnaires were collected and an-alyzed with structural equation modeling method. The analysis results show that per-ception, behavioral control and attitude will have a positive influence on investors’ willingness to purchase green funds, while environmental responsibility positively re-inforces such correlation; perceived price, on the other hand, have negative influence on the attitude. This research also discusses the aforementioned results and then provide suggestions.

Keywords: Green funds, planned behavior theory, environmental responsibility,
environmental value, perceived price

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