Who Is Going Green? Determinants of Green Investment Intention in the Saudi Food Industry

Abstract

The Kingdom of Saudi Arabia (KSA) has witnessed major transformations in social, economic, and environmental aspects since the inauguration of Saudi Vision 2030 in April 2016. In alignment with this, the leadership of KSA has inaugurated green initiatives that pave the way for green investment opportunities in different industries within KSA. However, there was limited, if any, research about green investment intention and behaviour in KSA. This research tests an expanded model of the Theory of Planned Behaviour (TPB) to investigate the determinants of green investment intention in the Saudi food industry. A questionnaire survey was electronically directed to 550 fresh agricultural and food sciences graduates in public KSA universities. The results of PLS-SEM showed significant positive influences of the attitude, perceived behavioural control, green investment knowledge, and green consumption commitment on the green investment intention of potential investors. However, the results confirmed a negative influence of subjective norms on green investment intention. The results also confirmed a moderating role of religiosity on the relationship between attitude, perceived behavioural control, green consumption commitment, and green investment intention. The results send some important messages to scholars and policymakers in higher education regarding the foundation of green investment among their graduates, which are elaborated.