Sholeha, Wildatus and Laksmana, Komang Agus Rudi Indra and Pratiwi, Komang Asri (2026) GREEN FINANCIAL LITERACY, ENVIRONMENTAL AWARENESS, AND RETURN EXPECTATION TOWARD GREEN INVESTMENT INTEREST IN THE CAPITAL MARKET: A SYSTEMATIC LITERATURE REVIEW. Journal of Economic and Economic Policy, 3 (3). ISSN 3047-4892

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Abstract

Objective: This article aims to synthesize empirical evidence on the role of Green Financial Literacy, Environmental Awareness, and Return Expectation in Green Investment Interest while mapping the research gaps that remain open. Method: A systematic literature review adapting the PRISMA flow was employed, covering identification, screening, eligibility assessment, and synthesis of ten relevant primary articles and supporting theoretical literature published between 2020 and 2026. Results: The review indicates that the three variables are generally reported to have positive relationships with green investment interest or decisions, although the strength of influence, operational definitions, and research models vary across studies. The Theory of Planned Behavior emerges as the most frequently used theoretical framework, with Green Financial Literacy associated with perceived behavioral control, Environmental Awareness with attitude toward behavior, and Return Expectation with benefit evaluation and investment motivation. Novelty: The review identifies limited evidence from investors outside Java, underused mediating and moderating variables, inconsistent Green Financial Literacy measurement instruments, and the limited simultaneous examination of the three determinants. It therefore proposes an integrated conceptual framework for future quantitative and qualitative studies.

Item Type:	Article
Uncontrolled Keywords:	Green financial literacy, Environmental awareness, Return expectation, Investment interest, Green investment, Systematic literature review
Subjects:	H Social Sciences
Depositing User:	admin eprints
Date Deposited:	07 Sep 2026 08:08
Last Modified:	07 Sep 2026 08:08
URI:	http://eprints.umsida.ac.id/id/eprint/17057

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