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

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.