Research on occupant behavior is a crucial aspect of building energy-saving research. Among them, the shading adjustment behavior in buildings, which occurs frequently during building usage, significantly impacts building energy consumption. Due to the randomness of shading adjustment behavior and the complexity of its motivations, interdisciplinary research is required in this field. In order to better analyze the driving factors of shading adjustment behavior and thus provide a reference for promoting building energy-saving technologies and strategies, this paper employs novel methods for research. We establish a structural equation model based on social cognitive theory, then design a questionnaire and collect data. We utilize structural equation modeling to examine the interrelationships between different dimensions. We ultimately determine the connections between different driving factors of shading adjustment behavior. The results show that whether in the behavior of activating or deactivating shading, environmental factors have a positive correlation with personal factors, and both environmental and personal factors significantly influence shading adjustment behavior. Furthermore, within environmental factors, social environmental factors also significantly affect shading adjustment behavior. Lastly, comparing the behaviors of activating and deactivating shading, the impacts of light and thermal environmental factors on shading adjustment behavior show certain differences.