TÀI CHÍNH BỀN VỮNG TRÊN NỀN TẢNG FINTECH: YẾU TỐ ẢNH HƯỞNG ĐẾN QUYẾT ĐỊNH ĐẦU TƯ ESG CỦA NHÀ ĐẦU TƯ CÁ NHÂN TẠI VIỆT NAM
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Chuyên mục:
Kinh tế học, Quản lý kinh tế
Nội dung chính của bài viết
Tóm tắt
Mục đích – Nghiên cứu nhằm xác định và đo lường các yếu tố ảnh hưởng đến quyết định đầu tư ESG của nhà đầu tư cá nhân trên nền tảng fintech tại Việt Nam.
Thiết kế/phương pháp luận/cách tiếp cận – Thiết kế hỗn hợp tuần tự được sử dụng. Giai đoạn định tính (25 phỏng vấn sâu) xây dựng thông tin tiên nghiệm. Giai đoạn định lượng khảo sát 543 nhà đầu tư, phân tích bằng mô hình cấu trúc Bayes (BSEM).
Kết quả nghiên cứu – Năm yếu tố có tác động, theo thứ tự ảnh hưởng: Niềm tin vào nền tảng (β=0,48), Nhận thức ESG (β=0,37), Hiệu quả tài chính kỳ vọng (β=0,28), Chuẩn chủ quan (β=0,25), Nhận thức rủi ro (β=-0,14). Mô hình giải thích 58% biến thiên quyết định đầu tư.
Hàm ý/hạn chế của nghiên cứu – Các nền tảng fintech cần ưu tiên xây dựng niềm tin và minh bạch thông tin ESG. Hạn chế: thiết kế cắt ngang, mẫu chưa đại diện toàn quốc.
Điểm độc đáo/đóng góp của bài viết – Lần đầu tiên tích hợp ba lý thuyết (TPB, Trust, Signaling) và ứng dụng BSEM kết hợp mixed methods để giải thích hành vi đầu tư ESG trên fintech tại thị trường mới nổi Việt Nam.
Ý nghĩa thực tiễn – Khuyến nghị thiết kế dashboard ESG, chiến lược phân khúc theo độ tuổi; đề xuất khung pháp lý "fintech xanh" cho cơ quan quản lý.
Từ khóa: Đầu tư ESG, Fintech, Niềm tin vào nền tảng, Nhà đầu tư cá nhân, Mô hình cấu trúc Bayes, Việt Nam.
Thể loại bài viết: Bài nghiên cứu.
Chi tiết bài viết
Lĩnh vực kinh tế (JEL Codes)
Tài liệu tham khảo
Abhayawansa, S., Adams, C. A., & Neesham, C. (2025). Greenwashing in ESG investing: Detection and consequences for retail investors. Business Strategy and the Environment, 34(2), 412-428.
Adam, A. A., & Shauki, E. R. (2014). Socially responsible investment in Malaysia: behavioral framework. Journal of Islamic Accounting and Business Research, 5(2), 120-142.
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179-211.
Ajzen, I. (2018). The theory of planned behavior: Frequently asked questions. Human Behavior and Emerging Technologies, 2(4), 314-324.
Amel-Zadeh, A., & Serafeim, G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal, 74(3), 87-103.
Anderson, A., & Robinson, D. T. (2022). Financial literacy and ESG investing. Journal of Financial Economics, 145(2), 489-515.
Barber, B. M., & Odean, T. (2013). The behavior of individual investors. In Handbook of the Economics of Finance (Vol. 2, pp. 1533-1566). Elsevier.
Bauer, R., Ruof, T., & Smeets, P. (2021). Do sustainable consumers prefer socially responsible investments? A study among the users of robo advisors. Journal of Banking & Finance, 128, 106235.
Berg, F., Kölbel, J. F., & Rigobon, R. (2022). Aggregate confusion: The divergence of ESG ratings. Review of Finance, 26(6), 1315-1344.
Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77-101.
Che Nawi, N. C., Mamun, A. A., & Hayat, N. (2022). Mobile banking adoption in emerging economies. Journal of Islamic Marketing, 13(8), 1658-1682.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39-67.
Creswell, J. W., & Plano Clark, V. L. (2018). Designing and conducting mixed methods research (3rd ed.). Sage Publications.
D'Acunto, F., Prabhala, N., & Rossi, A. G. (2019). The promises and pitfalls of robo-advising. Review of Financial Studies, 32(5), 1983-2020.
Dang, V. C., Nguyen, Q. T., & Tran, T. X. (2025). ESG and firm performance in Vietnam: The moderating role of state ownership. Emerging Markets Review, 62, 101134.
Depaoli, S., & van de Schoot, R. (2017). Improving transparency and replication in Bayesian statistics. Structural Equation Modeling, 24(2), 288-303.
Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 693-714.
East, R. (1993). Investment decisions and the theory of planned behavior. Journal of Economic Psychology, 14(2), 337-375.
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233.
Gefen, D., Karahanna, E., & Straub, D. W. (2003). Trust and TAM in online shopping: An integrated model. MIS Quarterly, 27(1), 51-90.
Hartzmark, S. M., & Sussman, A. B. (2019). Do investors value sustainability? A natural experiment examining ranking and fund flows. Journal of Finance, 74(6), 2789-2837.
Hodge, F. D. (2024). Trust in FinTech: A comparative analysis of emerging markets. Journal of Financial Services Research, 65(1), 45-68.
Hoffmann, A. O. I., & Post, T. (2017). How return and risk experiences shape investor beliefs and preferences. Journal of Financial Economics, 124(2), 373-391.
Krueger, P., Sautner, Z., & Starks, L. T. (2020). The importance of climate risks for institutional investors. Review of Financial Studies, 33(3), 1067-1111.
Le, H. T., & Nguyen, T. M. (2023). Retail investor behavior in the Vietnamese stock market: A behavioral finance approach. Journal of Behavioral and Experimental Finance, 38, 100812.
Marquis, C., Toffel, M. W., & Zhou, Y. (2016). Scrutiny, norms, and selective disclosure: A global study of greenwashing. Organization Science, 27(2), 483-504.
Mayer, R. C., Davis, J. H., & Schoorman, F. D. (1995). An integrative model of organizational trust. Academy of Management Review, 20(3), 709-734.
McKnight, D. H., Carter, M., Thatcher, J. B., & Clay, P. F. (2011). Trust in a specific technology: An investigation of its components and measures. ACM Transactions on Management Information Systems, 2(2), 1-25.
Ngô, T. T., & Trần, T. T. H. (2023). FinTech adoption in Vietnam: The role of trust and perceived risk. Heliyon, 9(5), e16789.
Pastor, L., Stambaugh, R. F., & Taylor, L. A. (2022). Sustainable investing in equilibrium. Journal of Financial Economics, 142(2), 550-571.
Pedersen, L. H., Fitzgibbons, S., & Pomorski, L. (2021). Responsible investing: The ESG-efficient frontier. Journal of Financial Economics, 142(2), 572-597.
Phan, T. T., & Hoang, T. T. (2025). Digital financial inclusion in Vietnam: The role of trust and regulation. Asian Journal of Economics and Banking, 9(1), 56-74.
Riedl, A., & Smeets, P. (2017). Why do investors hold socially responsible mutual funds? Journal of Finance, 72(6), 2505-2550.
Rossi, A. G., & Utkus, S. P. (2024). The behavioral economics of robo-advising. Journal of Economic Behavior & Organization, 218, 1-18.
Slovic, P. (1987). Perception of risk. Science, 236(4799), 280-285.
Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355-374.
Stewart, H., & Jürjens, J. (2018). Data security and consumer trust in FinTech innovation in Germany. Information & Computer Security, 26(1), 108-128.
Systematic Review. (2026). Trust as predictor and mechanism in Green FinTech adoption: A systematic review and meta-analysis. Social Sciences, 15(3), 123-145.
Taneja, S., & Ali, L. (2021). Determinants of sustainable investment behavior in emerging markets. Cogent Economics & Finance, 9(1), 1893421.
Täuscher, K., & Kauffman, R. J. (2020). The digital transformation of the financial services industry. Electronic Markets, 30(2), 245-258.
Tran, T. G., & Nguyen, T. T. (2024). Digital transformation and financial inclusion in Vietnam: A critical review. Journal of Asian Economics, 92, 101756.
Tyagi, R., Sharma, S., & Agarwal, S. (2025). The impact of financial advertising, financial awareness, and sustainable image on investment intention: Mediating role of customer attitude. Lex Localis, 23(1), 165-189.
Vallaven, R. (2025). Exploring sustainability-driven fintech usage intentions among Gen Z in Sri Lanka. Journal of Financial Services Marketing, 30(1), 45-62.
van de Schoot, R., Depaoli, S., King, R., Kramer, B., Märtens, K., Tadesse, M. G., & Yau, C. (2021). Bayesian statistics for the social sciences: A gentle introduction. Nature Reviews Methods Primers, 1(1), 1-15.
van Dooren, B., & van den Bos, K. (2022). The impact of ESG ratings on retail investor decision-making. Journal of Sustainable Finance & Investment, 12(4), 823-845.
Adam, A. A., & Shauki, E. R. (2014). Socially responsible investment in Malaysia: behavioral framework. Journal of Islamic Accounting and Business Research, 5(2), 120-142.
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179-211.
Ajzen, I. (2018). The theory of planned behavior: Frequently asked questions. Human Behavior and Emerging Technologies, 2(4), 314-324.
Amel-Zadeh, A., & Serafeim, G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal, 74(3), 87-103.
Anderson, A., & Robinson, D. T. (2022). Financial literacy and ESG investing. Journal of Financial Economics, 145(2), 489-515.
Barber, B. M., & Odean, T. (2013). The behavior of individual investors. In Handbook of the Economics of Finance (Vol. 2, pp. 1533-1566). Elsevier.
Bauer, R., Ruof, T., & Smeets, P. (2021). Do sustainable consumers prefer socially responsible investments? A study among the users of robo advisors. Journal of Banking & Finance, 128, 106235.
Berg, F., Kölbel, J. F., & Rigobon, R. (2022). Aggregate confusion: The divergence of ESG ratings. Review of Finance, 26(6), 1315-1344.
Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77-101.
Che Nawi, N. C., Mamun, A. A., & Hayat, N. (2022). Mobile banking adoption in emerging economies. Journal of Islamic Marketing, 13(8), 1658-1682.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39-67.
Creswell, J. W., & Plano Clark, V. L. (2018). Designing and conducting mixed methods research (3rd ed.). Sage Publications.
D'Acunto, F., Prabhala, N., & Rossi, A. G. (2019). The promises and pitfalls of robo-advising. Review of Financial Studies, 32(5), 1983-2020.
Dang, V. C., Nguyen, Q. T., & Tran, T. X. (2025). ESG and firm performance in Vietnam: The moderating role of state ownership. Emerging Markets Review, 62, 101134.
Depaoli, S., & van de Schoot, R. (2017). Improving transparency and replication in Bayesian statistics. Structural Equation Modeling, 24(2), 288-303.
Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 693-714.
East, R. (1993). Investment decisions and the theory of planned behavior. Journal of Economic Psychology, 14(2), 337-375.
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233.
Gefen, D., Karahanna, E., & Straub, D. W. (2003). Trust and TAM in online shopping: An integrated model. MIS Quarterly, 27(1), 51-90.
Hartzmark, S. M., & Sussman, A. B. (2019). Do investors value sustainability? A natural experiment examining ranking and fund flows. Journal of Finance, 74(6), 2789-2837.
Hodge, F. D. (2024). Trust in FinTech: A comparative analysis of emerging markets. Journal of Financial Services Research, 65(1), 45-68.
Hoffmann, A. O. I., & Post, T. (2017). How return and risk experiences shape investor beliefs and preferences. Journal of Financial Economics, 124(2), 373-391.
Krueger, P., Sautner, Z., & Starks, L. T. (2020). The importance of climate risks for institutional investors. Review of Financial Studies, 33(3), 1067-1111.
Le, H. T., & Nguyen, T. M. (2023). Retail investor behavior in the Vietnamese stock market: A behavioral finance approach. Journal of Behavioral and Experimental Finance, 38, 100812.
Marquis, C., Toffel, M. W., & Zhou, Y. (2016). Scrutiny, norms, and selective disclosure: A global study of greenwashing. Organization Science, 27(2), 483-504.
Mayer, R. C., Davis, J. H., & Schoorman, F. D. (1995). An integrative model of organizational trust. Academy of Management Review, 20(3), 709-734.
McKnight, D. H., Carter, M., Thatcher, J. B., & Clay, P. F. (2011). Trust in a specific technology: An investigation of its components and measures. ACM Transactions on Management Information Systems, 2(2), 1-25.
Ngô, T. T., & Trần, T. T. H. (2023). FinTech adoption in Vietnam: The role of trust and perceived risk. Heliyon, 9(5), e16789.
Pastor, L., Stambaugh, R. F., & Taylor, L. A. (2022). Sustainable investing in equilibrium. Journal of Financial Economics, 142(2), 550-571.
Pedersen, L. H., Fitzgibbons, S., & Pomorski, L. (2021). Responsible investing: The ESG-efficient frontier. Journal of Financial Economics, 142(2), 572-597.
Phan, T. T., & Hoang, T. T. (2025). Digital financial inclusion in Vietnam: The role of trust and regulation. Asian Journal of Economics and Banking, 9(1), 56-74.
Riedl, A., & Smeets, P. (2017). Why do investors hold socially responsible mutual funds? Journal of Finance, 72(6), 2505-2550.
Rossi, A. G., & Utkus, S. P. (2024). The behavioral economics of robo-advising. Journal of Economic Behavior & Organization, 218, 1-18.
Slovic, P. (1987). Perception of risk. Science, 236(4799), 280-285.
Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355-374.
Stewart, H., & Jürjens, J. (2018). Data security and consumer trust in FinTech innovation in Germany. Information & Computer Security, 26(1), 108-128.
Systematic Review. (2026). Trust as predictor and mechanism in Green FinTech adoption: A systematic review and meta-analysis. Social Sciences, 15(3), 123-145.
Taneja, S., & Ali, L. (2021). Determinants of sustainable investment behavior in emerging markets. Cogent Economics & Finance, 9(1), 1893421.
Täuscher, K., & Kauffman, R. J. (2020). The digital transformation of the financial services industry. Electronic Markets, 30(2), 245-258.
Tran, T. G., & Nguyen, T. T. (2024). Digital transformation and financial inclusion in Vietnam: A critical review. Journal of Asian Economics, 92, 101756.
Tyagi, R., Sharma, S., & Agarwal, S. (2025). The impact of financial advertising, financial awareness, and sustainable image on investment intention: Mediating role of customer attitude. Lex Localis, 23(1), 165-189.
Vallaven, R. (2025). Exploring sustainability-driven fintech usage intentions among Gen Z in Sri Lanka. Journal of Financial Services Marketing, 30(1), 45-62.
van de Schoot, R., Depaoli, S., King, R., Kramer, B., Märtens, K., Tadesse, M. G., & Yau, C. (2021). Bayesian statistics for the social sciences: A gentle introduction. Nature Reviews Methods Primers, 1(1), 1-15.
van Dooren, B., & van den Bos, K. (2022). The impact of ESG ratings on retail investor decision-making. Journal of Sustainable Finance & Investment, 12(4), 823-845.
Trích dẫn bài báo
Nguyễn, T. H. V., & Đoàn , A. T. TÀI CHÍNH BỀN VỮNG TRÊN NỀN TẢNG FINTECH: YẾU TỐ ẢNH HƯỞNG ĐẾN QUYẾT ĐỊNH ĐẦU TƯ ESG CỦA NHÀ ĐẦU TƯ CÁ NHÂN TẠI VIỆT NAM. Tạp chí Nghiên cứu Tài chính - Marketing, 18(1). https://doi.org/10.52932/jfmr.v18i1.1453