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Article

Examining the Purchase Intentions of Indonesian Investors for Green Sukuk

by
Yudi Ahmad Faisal
1,*,
Indra Gunawan
2,
Cupian
3,
Amelia Hayati
3,
Ardi Apriliadi
4 and
Muhammad Fajri
4
1
Department of Management and Business, Universitas Padjadjaran, Bandung 40132, Indonesia
2
Hajj Fund Management Agency, Jakarta 12940, Indonesia
3
Department of Economics, Universitas Padjadjaran, Bandung 40132, Indonesia
4
Faculty of Economics and Business, Universitas Padjadjaran, Bandung 40132, Indonesia
*
Author to whom correspondence should be addressed.
Sustainability 2023, 15(9), 7430; https://doi.org/10.3390/su15097430
Submission received: 2 March 2023 / Revised: 20 April 2023 / Accepted: 23 April 2023 / Published: 30 April 2023
Browse Figure
Review Reports Versions Notes

Abstract

:
The purpose of this paper is to investigate the impact of functional, social, emotional, religious, and knowledge values on customers’ intentions to purchase green sukuk (Islamic bonds) products. This study employs the Theory of Consumption Value (TCV) and analyzes data from a sample of 300 respondents using the Partial Least Squares Structural Equation Model (PLS-SEM). The results suggest that these values significantly influence the choice to purchase the products. The study is limited to the western area of Indonesia, one of the most populated and dominated economic powers in the country, and focuses specifically on green sukuk using TCV. Nevertheless, it provides valuable insights for understanding the determinants that stimulate potential investors in purchasing green financial products in Islamic finance industry, which has emerged as an important element in the country’s economic engines.

1. Introduction

Climate change has wide-ranging effects, including on Islamic finance, which has responded with the financial instrument of green finance. In Islamic finance, there is growing financial engineering, including Sharia-compliant bonds known as sukuk. This financial instrument can be used for a green financing strategy in addressing climate change and environmental projects that align with 7 of the 17 Sustainable Development Goals (SDGs): clean water and adequate sanitation, clean and affordable energy, sustainable cities and settlements, responsible consumption and production, mitigation of climate change, ocean ecosystems, and land ecosystems [1].
As a globally important economy in Asia, Indonesia is engaged in an economic inclusion strategy to achieve inclusive growth and sustainable development [2,3]. This country has a great opportunity to achieve the SDGs through the potential of Islamic finance, especially focusing on climate change. It has developed a real sector economy through innovative financing, including the green sukuk scheme [4]. This green finance was first introduced by the World Bank in 2009. It issued the first environmentally friendly bonds by collecting USD 1 billion by 2010. Meanwhile, in Indonesia, green finance began in 2016 [5], with the first issuance taking place in 2018, raising USD 1.25 billion. Globally, it reached USD 2.75 billion between 2018 and 2020, while the country’s contribution to the instrument from 2019 to 2020 reached USD 490.1 million (IDR 6.86 trillion) [6]. As one of the biggest Muslim countries in the world, Indonesia has committed to addressing climate change, as evidenced by the government’s allocation of IDR 373.5 trillion (USD 26.68 billion) from 2016 to 2019 for climate change studies [7]. However, this funding is only sufficient to cover 34% of the total funds needed to achieve the Nationally Determined Contribution (NDC) targets. The issuance of sukuk aims to bridge this gap. However, it faces challenges such as higher costs due to additional permits required compared with ordinary projects and less attractive interest rates compared with conventional bonds [8].
Despite the increasing demand for green finance in the global perspectives, there are still challenges in its issuance in the country. Firstly, financial institutions’ lack of assets and project classification hinders the collection of the product. Classification and standardization by related institutions can facilitate its collection. Secondly, limited issuance criteria result in higher costs due to review and reporting. An external assessor is required to verify the feasibility of the product. Furthermore, an environmental impact report of the project undertaken needs to be prepared. All those issues need to be addressed as part of financial reformation with a focus on the environment.
To support the development of the green finance model, several studies have started to investigate green finance from marketing perspectives, such as product perceptions, attitudes, intentions, and consumer behavior [4,5,6]. Studies in Asian countries focus on purchase intention, behavior, process, and social responsibility of buying green products [9]. Moreover, these suggest that consumers’ decision making on purchasing green products is influenced by internal and external factors [10,11].
Some researchers have studied aspects of consumer behavior to develop concepts of green consumption and sustainable conservation and to promote sustainability movements in the context of developing countries [12]. Most of the research has been conducted in the United States and Europe on environmental, social, and green concerns based on consumers’ perceptions, attitudes, intentions, and behaviors towards green products [6,7,8]. However, in the context of Asian countries, very few researchers have conducted research focusing on customers’ purchase intentions regarding green products, green purchase behaviors, and green purchase processes [13,14].
This study employs the Theory of Consumption Value, known as TCV. The theory provides a framework to understand the nature of the customer decision-making process on green and sustainable products. It attracts growing concerns in the literature. However, its implementation on Islamic finance is limited, particularly in the context of Islamic investment products including sukuk or Islamic bonds [15], thus it requires more empirical research on the subjects [16,17]. Due to this lack of research of Islamic investment products in the view of TCV [18], this research fills that gap and provides insights on the examination of purchase intentions of green sukuk in the Indonesian context.

2. Literature Review

In Indonesia, Islamic bonds, known as sukuk, have been part of dual-financial development strategies. In 2002, the product was legitimated by an Islamic verdict (fatwa) of the National Sharia Board, a national authority that issues Sharia guidelines for Islamic financial products and services. Sukuk is a long-term security based on Sharia principles issued by the issuer (private or government entities) to holders; the issuer is required to pay income to the holders in the form of profit sharing/margins/fees (based on the underlying signed contracts between contracting parties) and to repay bond funds at maturity [19]. Meanwhile, green bonds are a type of bond instrument whose functions are exclusively to finance green projects and which are aligned with the Green Bond Principles [20]. These bonds contribute to mitigate climate change [21]. Issuers must disclose detailed information to investors about the use of funds for environmental projects to label their products as green bonds. In green bonds, the issuer promises to use the funds raised in accordance with ecological principles and environmental sustainability objectives [21].
Meanwhile, green sukuk combines the principles of Islamic finance (Shariah) and environmental responsibility to raise funds from Islamic capital markets for environmental projects. This product promotes universal ethical–legal frameworks that propagate the well-being of the earth and its various inhabitants [19,20,21]. It has proven increasingly popular as an effective instrument in scaling up green finance, with USD 754 billion having been issued since 2007 [22]. It is an innovative instrument combining economic, Islamic, and environmental values [23]. In addition, green sukuk is a superior indicator of bankability compared with conventional bank loans [24]. In addition, research using data from 2000 to 2015 on 1565 companies from Pakistan, Indonesia, Singapore, and Malaysia found that sukuk showed a low information asymmetry [25].
Green sukuk complements green bonds in financing green projects and helps to achieve the sustainability agenda of the United Nations Framework Convention on Climate Change (UNFCCC) while meeting the demands of Islamic finance stakeholders [26]. Indonesia developed green sukuk to support green infrastructure development based on the World Bank’s green bond model to meet emissions in line with internationally recognized principles [27]. There are nine sectors that are eligible for green sukuk in Indonesia, namely renewable energy, resilience to climate change for disaster risk areas, energy and waste management, sustainable agriculture, sustainable transportation, green tourism, sustainable natural resource management, use of clean technology for power generation, and green building [28].

3. Model Development and Hypothesis

3.1. Functional Value and Purchase Intention

Functional value refers to the perceived utility of a product or service in terms of its functional and physical features. This type of value is related to utilitarian attributes, such as performance, reliability, and ease of use [29]. Customers’ perceptions of functional utility are related to their purchasing efficiency, namely how easily and quickly they can obtain the desired offer [30] Unlike extrinsic value, which is based on external factors such as brand image or social status, functional value is derived from the intrinsic properties of the product or service [31]. Therefore, attributes such as price and quality are crucial considerations that can influence customers’ decisions to choose, purchase, and adopt green products over non-green ones. Reasonable prices and high quality can significantly enhance customers’ perceived functional values of green products and services [4,5]. Numerous studies have demonstrated a positive association between functional values and behavioral intentions [6,7,8]. Factors such as economic values, health awareness, and food safety can contribute to the formation of functional values and subsequently lead to the formation of purchase intentions [32]. In the context of Islamic investment products, the functional value is composed of reliability, financial needs, and security [33]. The functional value resulting from these factors can have a positive impact on the acceptance behavior of Islamic investment product choices [33].
H1. 
Functional value has a positive relationship with purchase intention.

3.2. Social Value and Purchase Intention

Social value refers to the impact of people who can influence individuals’ decision-making processes in consumption and choice [29]. It acts as a factor that determines intention or acceptance of behavior, driven by a sense of belonging, social status, and contribution to the community [34]. Social values are essential in shaping consumers’ environmental awareness of green products [35]. Various studies indicate that social values significantly influence consumers’ choosing behaviors [9,11,12,13,14,16]. Companies that aim to increase the acceptance of Islamic investment products must include advertisements that appeal to early adopters, as social values are significantly related to choosing behavior [33].
Social value remains a crucial factor in financial decisions due to the emotional connection associated with investing. When an investment is profitable, investors tend to maintain peace of mind by following established and experienced investors into safe, secure, and profitable investments that play for profit [33]. These differences in social values also influence the consumer acceptance of Sharia financial products. This means that the higher the social value, the greater the desire of prospective customers to choose Sharia products. However, the existing studies have mixed results. While some studies support the positive relationship between social values and behavioral intentions [7,11], others suggest that social values have no significant effect on behavioral intentions [8,17].
H2. 
Social value has a positive relationship with purchase intention.

3.3. Emotional Value and Purchase Intention

The emotional value of a product or brand refers to the utility it provides by evoking emotions or affective states [36]. Emotional rewards create an excellent experience for consumers when they purchase or consume specific products [37], adding depth and value to their ownership and utility [38]. The perceived value of green products triggers positive feelings, leading to increased trust and purchase intentions towards eco-friendly goods. Consumers who aim for sustainable consumption prefer green and fairtrade products [39], often seeking small package sizes, dietary encouragement, and organic food [16,19]. Environmentally conscious consumers with strong emotional values may display wonderful and experiential green purchase behavior as it reinforces their belief in the potential of environmental consumption to protect the environment in the long run [20,21].
H3. 
Emotional value has a positive relationship with purchase intention.

3.4. Religious Value and Purchase Intention

Religion plays a vital role in our lives, encompassing not only ritualistic activities but also dress habits, diet, economic aspects, and daily living practices [40,41]. Religiosity, often synonymous with religious commitment [22,42], refers to an individual’s adherence to religious beliefs and practices [43]. It reflects the extent of an individual’s commitment to their religion and its teachings [44] and is often apparent in their attitudes and behaviors [24,25,26]. Religiosity is significantly associated with the intention to use Islamic financing, indicating that Muslims are open to using new Islamic financial instruments [45].
Religiosity significantly affects the propensity of existing bank account holders with conventional banks in Uganda to patronize Islamic banking [46]. Religiosity exerts a powerful and pervasive influence on consumer behavior [47]. Additionally, reported that religiosity impacts Muslim consumers’ preferences, as they tend to purchase products that align with their religious beliefs and avoid those that contradict them [48].
H4. 
Religious value has a positive relationship with purchase intention.

3.5. Knowledge Value and Purchase Intention

Consumer knowledge, which is defined as the primary point of reference in information search prior to decision making, has not received the attention it deserves [49]. In addition, consumer knowledge is a significant driver of purchase intent, necessitating increased research. Consumer knowledge is a multifaceted construct that includes experience, expertise, and familiarity [50,51,52]. Consumer experience reflects the accumulated skills that help individuals to obtain various information [53]. Meanwhile, environmental knowledge influences consumer perception and preferences [54]. Previous research has indicated that consumers’ knowledge and understanding on new alternative energy can stimulate consumers to use new energy products [55].
Environmental knowledge has a significant impact on consumer intentions toward green purchases [56]. Eco-friendly products are associated with environmental concerns, environmental knowledge, and consumer effectiveness [33,35]. Previous research has explained the impact of environmental knowledge on green purchase intention. Environmental knowledge has a significant influence on the purchase intention of eco-friendly products [57,58]. Another study found that environmental knowledge and awareness have a direct and significant effect on managers’ green behaviors [59].
H5. 
Knowledge value has a positive relationship with purchase intention.

4. Methodology

4.1. Research Questionnaire

This study utilizes quantitative research methodology that involves the use of a self-administered structured questionnaire. The measuring instruments used in this study consist of 21 items, which are shown in the table below. The questionnaire is divided into two parts, with questions obtained from previous research. The first part focuses on the dependent and independent factors utilized in the research framework (Figure 1). The dependent variable, purchase intention, is adopted from [60]. The independent variables include functional values, social values, and emotional values [60], religious value [61], and knowledge [62]. The questions are arranged on a 5-point Likert scale, where 1 denotes strongly disagree/somewhat disagree/somewhat neutral/somewhat agree/strongly agree [63]. The second section records the respondents’ demographic profiles, including gender, age, education level, institution, and monthly income.

4.2. Data Collection and Sample

This study utilizes a judgmental sampling technique, also known as purposive sampling. Purposive sampling is a type of non-probability sampling that targets a specific group of people, either because they possess the information that the researcher requires or because they meet certain criteria or standards set by the researcher [64]. Additionally, a judgmental sampling technique is utilized when the researcher sets specific standards or criteria for the sample or respondents [65].

4.3. Data Analysis Techniques

In this study, the PLS-SEM modeling technique is utilized to analyze the data, which is particularly useful for simultaneously analyzing several relationships in research models. Since the early 1980s, this software has been applied in marketing behavior research [66]. Later, it has been widely used in marketing and business studies [67,68,69]. The main objective of the PLS approach is to predict indicators using component expansions. We choose to use PLS-SEM because this research is exploratory. If the research is exploratory or an extension of an existing structural theory, then PLS-SEM is appropriate for the research [70]. Therefore, it is relevant to use PLS-SEM. This study uses a two-stage data analysis procedure: first, assessing the measurement model; second, assessing the structural model to test the relationships between variables [71]. The bootstrap method with 300 resamples is employed to assess the significance of path coefficients [72,73]. Thus, for this study, the authors collected data from respondents who are potential users of green finance products. In terms of determining the sample size for Partial Least Squares (PLS), a minimum sample size of 100 [72,73] is required; therefore, 300 respondents were selected for this study.

5. Results

5.1. Repondents’ Profiles

As shown in Table 1, most respondents are female (60.33 percent). The respondents in this study are mainly in the age group of 21 to 30 years old (55.67 percent). In terms of educational background, most respondents have completed an undergraduate degree program (49.33 percent). Most respondents work in professional roles or in the private sector.

5.2. Measurement Model Evaluation

The evaluation of item loadings, Cronbach’s alpha, Composite Reliability (CR), and Average Variance Extracted (AVE) confirm the study’s validity of the measurement model. The minimum scores for item loading, Cronbach’s alpha, CR, and AVE are 0.70, 0.70, 0.70, and 0.50, respectively [73]. Table 2 shows that all values of those items exceed their minimum scores. Hence, this study meets the reliability of all research components.
This study also tests the discriminant validity of the research variables using the procedure approach [72,73]. The results show that the correlation coefficients for each cell are lower than the square root of their corresponding AVE values for all rows or columns (Table 2).

5.3. Structural Model Evaluation

In addition to evaluating the reliability of the outer model, the study also analyzes its inner model. The evaluation of structural models involves a five-step approach proposed by [72,73]. In the first step, multicollinearity issues must be resolved before analyzing structural paths, as it is recommended that the predictors of the dependent variables should not be collinearly related. In this analysis, variance inflation factor (VIF) values are calculated and are presented in Table 3. The values are much lower than 3.3, indicating the absence of multicollinearity issues in this study.
The study follows a five-step approach proposed by [72,73] to evaluate the structural model. In the second step, bootstrapping with 300 resamples is used to check the significance of the assumed structural path relationships. Table 3 show that five hypotheses are significant, with two relationships positively significant at p < 0.001 level, two relationships positively significant at p < 0.05 level, and one significant at p < 0.1 level. The function value structure has the strongest positive impact on PI (β = 0.470, t = 6.868, p < 0.001), supporting H1, followed by RV (β = 0.308, t = 4.382, p < 0.001), supporting H4. SV, showing a moderately moderate positive significant effect on PI (β = 0.073, t = 2.111, p < 0.05), supporting H2. KV has the fourth largest impact on PI (β = 0.116, t = 2.018, p < 0.05), supporting H5, while EV has the weakest positive significant effect on PI (β = 0.065, t = 1.789, p < 0.1), supporting H3. This indicates that all potential constituents, such as FV, SV, EV, RV, and KV, are strong predictors of PI.
In the third step, the study examines the predictive adequacy of the dependent variable using the coefficient of determination (R2). Table 3 shows that the latent PI variable has an R2 value of 0.616, meaning that the three latent independent variables (FV, SV, EV, RV, and KV) explain 61.60% of the variance in PI. These R2 values indicate that the model has considerable explanatory power.
The next step is to examine the effect size (F2) of each predictor of the dependent variables, as recommended [72,73]. F2 values of 0.02, 0.15, and 0.35 are considered as minor, moderate, and major effects, respectively [74]. Table 3 shows that only one independent variable, FV (24.9%), has a moderate effect, while two variables, RV (12%) and KV (2.3%), have a small effect; all other variables have a small effect or no effect on the corresponding dependent variable.
Finally, the study validates the predictive relevance (Q2) [69,70]. Table 3 shows that the Q2 value of PI is 0.520, indicating moderate predictive relevance. If the Q2 value is greater than 0, the model is assigned predictive relevance.

6. Discussion

Functional value has a positive and significant relationship on choosing behavior in green finance. It means that the higher the functional value, the higher the likelihood of choosing green finance. This finding is consistent with some of the existing literature [6,7,8]. However, it has different results compared with existing ones [35]. Functional value plays a significant role in consumers’ decisions to choose Islamic investment products [75], with product reliability, financial need, and security guarantee as determining factors [76]. Functional value is critical for forming positive attitudes and intelligent judgments; this applies to green finance as well [31].
Social values also play a significant role in choosing behaviors in green finance. This finding is consistent with several studies on the same subject [9,11,12,13,14,16]. This indicates that social factors strongly influence consumers’ decisions to choose green and sustainable products. Moreover, the influence of the community can lead prospective customers to invest in Islamic investment products. Social values are important because they are based on the perception that others’ opinions can influence a person’s decision to invest in Islamic investment products beyond their own values or beliefs. Therefore, the social environment in which consumers live plays a crucial role in their investment and spending behavior.
Emotional value is also positively related to customer purchase intention in green finance. This finding is consistent with some studies [77]. Consumers who are emotionally attached to environmental protection are more likely to purchase green finance products to contribute to society and the environment. Therefore, governments and related organizations should promote sustainable consumption and environmental awareness to encourage consumers to identify themselves as environmentalists and attach feelings to green products.
Religious values are also significant factors in voting behaviors on green finance. This finding is consistent with some studies, e.g., 45,46,47]. Specifically, Islamic religiosity guides consumers towards green behaviors and facilitates a long-term approach to green behaviors. This finding supports previous claims that religion has a significant impact on consumer purchasing decisions [78]. However, the influence of religiosity on green buying behaviors differ in the Islamic and Western worlds. Muslim countries exhibit more characteristics of religiosity when compared with the Western world [79,80].
Finally, knowledge value also plays a significant role in the purchase intention of green finance. This finding is supported by some studies [43,44,80,81,82]. Consumers who have more information about green sukuk or green finance are more likely to purchase them. In other words, product knowledge is critical in motivating consumers to behave responsibly towards the environment [83].

7. Conclusions

Companies are encouraged to promote Sharia investment products (sukuk) based on the variables identified in this study. To encourage green purchasing behavior and enhance customers’ green lifestyle, companies can shape and promote the consumption value of green products, incorporating functional, emotional, social, and religious values in their offerings and designing attractive campaigns. This study suggests the importance of functional followed by emotional values.
Business communities that are concerned with developing green projects may adopt and prioritize functional and emotional values. These values include: (i) investment communication and education, which can positively affect product acceptance by strengthening operational value derived from factors such as reliability, financial need, and product safety; (ii) a promising strategy to harness the potential of emotional assets. Managers can achieve this by creating a database that ranks investment profiles based on financial background, risk, and return profiles to drive demand for Islamic investment products through emotional value. Additionally, by posting testimonials on the bank’s website, potential investors can participate and become more emotionally invested in the products.
This research highlights the importance for companies to understand Islamic religious values to rapidly change consumer buying behavior. Specifically, it focuses on environmentally or nature-conscious consumers who rely on Islamic religiosity and their spiritual well-being (i.e., environmental well-being). For instance, a company that focuses on Islamic religiosity could develop effective strategies for millennials in Muslim countries who wish to purchase eco-friendly products. Moreover, the results demonstrate that knowledge value positively influences consumers’ desires to make green purchases, especially in the realm of green finance.
The study is limited to certain areas of western Indonesia and focuses specifically on green financial products using TCV. Nevertheless, the study provides valuable insights for understanding the determinants of purchase intentions for green finance products and proposes that future studies include more geographical areas that require rich settings to extend the findings. This research only uses TVC as the theoretical basis used. Future research is expected to test the aspect of technology adoption in green sukuk and cash waqf linked sukuk, an innovative Islamic financial instrument that connects commercial and social finance.

Author Contributions

Conceptualization, Y.A.F.; methodology, I.G. and Y.A.F.; software, A.A. and M.F.; validation, A.A. and Y.A.F.; formal analysis, C., Y.A.F., and A.H.; writing—review and editing, I.G., A.H., Y.A.F., C., and A.A.; supervision, I.G., A.H., and Y.A.F.; project administration, A.A.; funding acquisition, I.G., A.H., and Y.A.F. All authors have read and agreed to the published version of the manuscript.

Funding

This research was funded by HAJJ FUND MANAGEMENT AGENCY (BPKH) in Collaboration with UNIVERSITAS PADJADJARAN and The APC was funded by UNIVERSITAS PADJADJARAN Number: 388/UN6.3.1/TU.00/2023.

Institutional Review Board Statement

The study was conducted in accordance with the Declaration of Helsinki and approved by the Institutional Review Board (or Ethics Committee) of Centre of Business and Management of Universitas Padjadjaran (No. Reg.: 55/PPM/XII/2022).

Informed Consent Statement

Informed consent was obtained from all subjects involved in the study.

Data Availability Statement

Not applicable.

Conflicts of Interest

The authors declare no conflict of interest.

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Sustainability 15 07430 g001 550
Figure 1. Results of the structural model. Source: author.
Figure 1. Results of the structural model. Source: author.
Sustainability 15 07430 g001
Table
Table 1. Respondent Demographics.
Table 1. Respondent Demographics.
CategoryNumbersPercentages
Male
Male11939.67
Female18160.33
Age
<2051.67
21–3016755.67
31–405518.33
41–504414.67
51–60196.33
>60103.33
Education
Senior High School5518.33
Undergraduate14849.33
Postgraduate9732.33
Jobs
Civil Servant7324.33
Lectures/Teacher5418.00
Professionals9632.00
Students6622.00
General public113.67
Source: author.
Table
Table 2. Output of the reliability and validity analysis.
Table 2. Output of the reliability and validity analysis.
Constructs
(Cronbach’s Alpha)		LoadingAVECR
Functional value (0.921)
Green sukuk investment has quality standards that are acceptable to the public.0.9110.8090.944
Green sukuk investment provides a more stable rate of return.0.900
Investing in green sukuk is beneficial for society and the environment.0.911
Investing in green sukuk offers the best value for money.0.875
Social value (0.755)
Investing in green sukuk can improve my perception.0.7290.6550.850
Investing in green sukuk will make a good impression on others.0.885
Investing in green sukuk will improve my social status.0.806
Emotional value (0.946)
Investing in green sukuk instead of conventional products will feel like making a good personal contribution to something better.0.9580.9010.965
Making a green sukuk investment instead of a conventional product will feel like the morally right thing to do.0.938
Making green sukuk investments instead of conventional products will make me feel like a better human being.0.952
Religious value (0.909)
Green sukuk is a financial instrument that complies with Sharia or Islamic law.0.8880.7850.936
Green sukuk is an Islamic investment instrument that is usury-free.0.904
As a Muslim, I must buy investment instruments in green sukuk.0.879
Green sukuk is an investment instrument that has low gharar.0.872
Knowledge value (0.948)
I know the definition and existence of green sukuk.0.9320.8660.963
I know the difference between green sukuk and bonds.0.950
I know the principles of green sukuk.0.945
I know how to invest in green sukuk.0.894
Purchase intention (0.914)
I will likely participate in green sukuk investments in the future.0.9320.8540.946
I hope to participate in green sukuk investment in the future.0.931
I will definitely participate in green sukuk investment.0.910
Table
Table 3. Structural model outputs.
Table 3. Structural model outputs.
HRelationshipEstimatet-Valuep-ValueResultsR2F2Q2VIF
H1FV -> PI0.4706.8680.000Supported0.6160.2490.5202.309
H2SV -> PI0.0732.1110.037Supported0.0131.055
H3EV -> PI0.0651.7890.052Supported0.0091.196
H4RV -> PI0.3084.3820.000Supported0.1202.052
H5KV -> PI0.1162.0180.041Supported0.0231.521
Source: author.
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Faisal, Y.A.; Gunawan, I.; Cupian; Hayati, A.; Apriliadi, A.; Fajri, M. Examining the Purchase Intentions of Indonesian Investors for Green Sukuk. Sustainability 2023, 15, 7430. https://doi.org/10.3390/su15097430

AMA Style

Faisal YA, Gunawan I, Cupian, Hayati A, Apriliadi A, Fajri M. Examining the Purchase Intentions of Indonesian Investors for Green Sukuk. Sustainability. 2023; 15(9):7430. https://doi.org/10.3390/su15097430

Chicago/Turabian Style

Faisal, Yudi Ahmad, Indra Gunawan, Cupian, Amelia Hayati, Ardi Apriliadi, and Muhammad Fajri. 2023. "Examining the Purchase Intentions of Indonesian Investors for Green Sukuk" Sustainability 15, no. 9: 7430. https://doi.org/10.3390/su15097430

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