Determinants of the investor’s behaviour on socially responsible investment (SRI) sukuk: an integration of theory of planned behaviour (TPB) and moral intensity

This study aims to investigates the determinants of perceived SRI Sukuk behaviour from the view of institutional investors. Using the Theory of Planned Behaviour (TPB) as a core theory, this study expands the research framework by incorporating moral intensity to assess the impact of attitude, subjective norms, perceived behavioural control and moral intensity on both SRI Sukuk intention and perceived SRI Sukuk behaviour. This study employed a positivist paradigm and a quantitative approach in order to investigate the relationship between independent variables, mediator variables and dependent variables. This study distributed questionnaire online with a series of follow-ups to collect data from fund managers of institutional investors in Malaysia. The result indicate that attitude, subjective norm, and perceived behavioural control exert a positive and significant influence on SRI Sukuk intention. However, moral intensity does not demonstrate a significant effect on SRI Sukuk intention. Additionally, the study reveals a positive and significant influence of SRI Sukuk intention on perceived SRI Sukuk behaviour. Nevertheless, there is insufficient evidence to support the influence of perceived behavioural control and moral intensity on perceived SRI Sukuk behaviour. Furthermore, the study highlights that SRI Sukuk intention mediates the relationship between attitudes and perceived SRI Sukuk behaviour. This study is important as it underscores the scarcity of research exploring the determinants of SRI Sukuk intention and behaviour. Moreover, there is a dearth of quantitative research employing secondary data in the realm of SRI Sukuk. Thus, this study contributes significantly to the literature on SRI Sukuk by addressing these gaps in knowledge.