Behavioral drivers of green bond investment for renewable energy and sustainable infrastructure: a Costa Rican study with Central American implications

Main Article Content

Tom OKOT
Emmanuel Hesbon OPIO
Marco Alvarado MONGE


Keywords : green bonds, sustainable finance, behavioral finance, theory of planned behavior, value-belief-norm theory, investor behavior
Abstract

This study examines the behavioral drivers of green bond investment in Costa Rica by integrating the theory of planned behavior and the value-belief-norm framework. Using survey data from 387 banked adults and structural equation modeling, we assess how attitudes, norms, values, and perceived behavioral control shape investment intention and allocation toward green bonds, which finance renewable energy systems, sustainable infrastructure, and decarbonization projects. Results show that attitudes and personal norms directly predict intention to invest, while perceived behavioral control determines investment scale. Values indirectly influence intention through beliefs and personal norms. The findings reveal a dual pathway in sustainable finance: normative motivations drive willingness to invest in climate-aligned engineering projects, and financial self-efficacy shapes the level of commitment. As the first systematic behavioral evidence from Costa Rica, this study underscores the importance of investor education, transparent reporting, and literacy programs to mobilize retail capital for green engineering outcomes across Central America.

Article Details

How to Cite
OKOT, T., OPIO, E. H., & MONGE, M. A. . (2026). Behavioral drivers of green bond investment for renewable energy and sustainable infrastructure: a Costa Rican study with Central American implications. Scientific Review Engineering and Environmental Sciences (SREES), 35(3), 277–291. https://doi.org/10.22630/srees.10993
Author Biographies

Tom OKOT, Universidad Latinoamericana de Ciencia y Tecnología

Professor/Researcher at The Graduate School Of Business

Emmanuel Hesbon OPIO, Makerere University

Petroleum Geoscience and Production (College of Natural Sciences), Uganda

Marco Alvarado MONGE, Universidad Fidelitas

Social Science and Economics Dean, Costa Rica

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