Purpose: Financial Technology (FinTech) has transformed the financial landscape by making financial services more accessible, transparent, and efficient, while environmental, social, and governance (ESG) investing has become an integral part of sustainable economic growth. Although digital financial platforms grew rapidly, the impact of technological, institutional, and behavioral factors on ESG investment decisions had received little empirical attention, especially in emerging markets. This study examined the effects of FinTech Ease, Government Support, AI Impact, and Trust on perceived ESG value among retail investors in India. Design/Methodology/Approach : A quantitative, cross-sectional research design was adopted. Data were collected from 323 retail investors, FinTech users, mutual fund investors, and finance professionals through a structured online questionnaire. Partial Least Squares Structural Equation Modeling (PLS-SEM) in SmartPLS 4.0 was used to test the proposed research model.

Findings: The results indicated that FinTech ease, government support, and AI impact all had a significant positive effect on trust, and that FinTech ease, government support, AI impact, and trust had a significant positive effect on ESG value, with FinTech ease showing the strongest total impact. Practical

Implications: The study offered actionable recommendations for FinTech companies, policymakers, and ESG investment platforms to strengthen digital investment ecosystems, improve transparency, foster investor confidence, and encourage broader sustainable-investing adoption in emerging markets. Originality/

Value: The study was among the first to integrate the technology acceptance model and stakeholder theory into a single framework explaining how technological ease, institutional support, and AI-enabled decision support jointly shaped ESG value through investor trust, using empirical evidence from a fast-growing digital financial market that had been largely overlooked in prior sustainable-finance research.

1. 80% of asset and wealth managers say AI will fuel revenue growth while 'tech-as-a-service' could see 12% boost to revenues by 2028. (2024). PwC 2024 Asset & Wealth Management Report.
2. Agrawal, D. (2025). A comprehensive review of investing and financing for sustainable tourism projects. Environment, Social and Governance Insights, 1(1), 45–59. https://doi.org/10.64006/esgi/1104
3. Ahsan, S. S., & Ranjan, P. (2025). App attributes and customer experience in online stock trading: Examining their role in building brand loyalty. Business Strategy and Management Insights, 1(1), 16–26. https://doi.org/10.64006/bsmi/1102
4. Berg, F., Kölbel, J. F., & Rigobon, R. (2022). Aggregate confusion: The divergence of ESG ratings. Review of Finance, 26(6), 1315–1344. https://doi.org/10.1093/rof/rfac033
5. Bhavnani, B., & Gola, K. R. (2026). Impact of ESG performance on financial performance: Evidence from 141 Indian companies. Prabandhan: Indian Journal of Management, 19(6), 60–76. https://doi.org/10.17010/pijom/2026/v19i6/174620
6. Bholat, D., Lastra, R. M., Markose, S. M., Miglionico, A., & Sen, K. (2018). Non-performing loans at the dawn of IFRS 9: Regulatory and accounting treatment of asset quality. Journal of Banking Regulation, 19, 33–54. https://doi.org/10.1057/s41261-017-0058-8
7. Biswas, W., & Giri, A. (2026). How does FoMO boost the usage of mobile payment apps? Developing a conceptual model using causality orientation theory. Prabandhan: Indian Journal of Management, 19(1), 73–83. https://doi.org/10.17010/pijom/2026/v19i1/175038
8. Bloomberg Intelligence. (2021). ESG assets may hit $53 trillion by 2025, a third of global AUM. Bloomberg Professional Services. https://www.bloomberg.com/professional/blog/esg-assets-may-hit-53-trillion-by-2025-a-third-of-global-aum/
9. Chen, Y.-S., & Chang, C.-H. (2013). Greenwash and green trust: The mediation effects of green consumer confusion and green perceived risk. Journal of Business Ethics, 114(3), 489–500. https://doi.org/10.1007/s10551-012-1360-0
10. Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319–340. https://doi.org/10.2307/249008
11. Dayal, S., Soni, T. K., Aggarwal, R., & Hotwani, R. (2024). Linking ESG disclosure to firm performance and risk: An international perspective. Indian Journal of Finance, 18(11), 36–55. https://doi.org/10.17010/ijf/2024/v18i11/174641
12. Dwivedi, Y. K., Kshetri, N., Hughes, L., Slade, E. L., Jeyaraj, A., Kar, A. K., Baabdullah, A. M., Koohang, A. M., Raghavan, V., Ahuja, M., Albanna, H., Albashrawi, M. A., Al-Busaidi, A. S., Balakrishnan, J., Barlette, Y., Basu, S., Bose, I., Brooks, L., Buhalis, D.,...Wright, L. (2023). “So what if ChatGPT wrote it?” Multidisciplinary perspectives on opportunities, challenges and implications of generative conversational AI for research, practice and policy. International Journal of Information Management, 71, Article ID 102642. https://doi.org/10.1016/j.ijinfomgt.2023.102642
13. Ehlers, T., & Packer, F. (2017). Green bond finance and certification. BIS Quarterly Review, 89–104. https://www.bis.org/publ/qtrpdf/r_qt1709h.htm
14. European Commission. (2022). Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive
15. 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting (Corporate Sustainability Reporting Directive—CSRD). Official Journal of the European Union, 15–80. http://data.europa.eu/eli/dir/2022/2464/oj
16. Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001
17. Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39–50. https://doi.org/10.2307/3151312
18. Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman Publishing.
19. 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. https://doi.org/10.1080/20430795.2015.1118917
20. Gala, A., Malhotra, D., Bhardwaj, N., Santra, S., Varna, M., & Jaiswal, A. (2025). Investigating the correlation between ESG scores and credit ratings using Spearman's rank correlation. Journal of Commerce, Economics and Finance, 1(1), 38–50. https://doi.org/10.64006/jcef/1104
21. Gefen, D., Karahanna, E., & Straub, D. W. (2003). Trust and TAM in online shopping: An integrated model. MIS Quarterly, 27(1), 51–90. https://doi.org/10.2307/30036519
22. Geisser, S. (1975). The predictive sample reuse method with applications. Journal of the American Statistical Association, 70(350), 320–328. https://doi.org/10.2307/2285815
23. Hair, J. F., Hult, G. T., Ringle, C. M., & Sarstedt, M. (2022). A primer on partial least squares structural equation modeling (PLS-SEM) (3rd ed.). Sage Publications.
24. Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135. https://doi.org/10.1007/s11747-014-0403-8
25. Intergovernmental Panel on Climate Change (IPCC). (2023). Climate change 2023: Synthesis report (AR6 Synthesis Report). IPCC. https://www.ipcc.ch/report/ar6/syr/
26. Krishna, B. H., & Kumar, A. A. (2020). FinTech, BigTech, and banks: Digitalisation and its impact on banking business models. Indian Journal of Finance, 14(5–7), 76–79. https://doi.org/10.17010/ijf/2020/v14i5-7/153326
27. Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35–46. https://doi.org/10.1016/j.bushor.2017.09.003
28. Li, W.-J., Zhu, W., & Wang, B. (2023). The impact of creating shared value strategy on corporate sustainable development: From resources perspective. Corporate Social Responsibility and Environmental Management, 30(5), 2362–2384. https://doi.org/10.1002/csr.2490
29. Lim, S. H., Kim, D. J., Hur, Y., & Park, K. (2019). An empirical study of the impacts of perceived security and knowledge on continuous intention to use mobile fintech payment services. International Journal of Human-Computer Interaction, 35(10), 886–898. https://doi.org/10.1080/10447318.2018.1507132
30. McKinsey & Company. (2024). Global Banking Annual Review 2024: Attaining escape velocity. https://www.mckinsey.com/industries/financial-services/our-insights/global-banking-annual-review-2024
31. Mittal, R., Saxena, K., Kaushik, D., & Kumar, N. (2025). Platform-driven fintech in India: SME inclusion and global expansion. Journal of Commerce, Economics and Finance, 1(2), 83–90. https://doi.org/10.64006/jcef/1205
32. Mohapatra, A. K., Sahoo, A. P., Tripathy, P., Matta, R., & Saxena, A. (2026). Adoption of explainable artificial intelligence in retail investors' decision-making: Evidence from India. Indian Journal of Finance, 20(1), 24–37. https://doi.org/10.17010/ijf/2026/v20i1/175903
33. Morgan, R. M., & Hunt, S. D. (1994). The commitment-trust theory of relationship marketing. Journal of Marketing, 58(3), 20–38. https://doi.org/10.1177/00222429940 5800302
34. Nadeem, F., & Singh, A. (2024). ESG investing from the perspective of 4Ps of marketing. Prabandhan: Indian Journal of Management, 17(6), 63–77. https://doi.org/10.17010/pijom/2024/v17i6/173561
35. Narayanan, A., Bonneau, J., Felten, E., Miller, A., & Goldfeder, S. (2016). Bitcoin and cryptocurrency technologies: A comprehensive introduction. Princeton University Press.
36. National Payments Corporation of India. (2025). UPI product statistics. https://www.npci.org.in/product/upi/product-statistics
37. Nofer, M., Gomber, P., Hinz, O., & Schiereck, D. (2017). Blockchain. Business & Information Systems Engineering, 59(3), 183–187. https://doi.org/10.1007/s12599-017-0467-3
38. OECD. (2023). OECD business and finance outlook 2023: Financing sustainable transitions. OECD Publishing. https://doi.org/10.1787/9e1f2d1e -en
39. Pahari, S., Manna, A., & Biswas, D. (2023). Pay with confidence: A thematic analysis of user intentions and perceptions on third-party and banking payment apps. Indian Journal of Finance, 17(5), 25–38. https://doi.org/10.17010/ijf/2023/v17i5/172735
40. Podsakoff, P. M., MacKenzie, S. B., Lee, J. Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: A critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879–903. https://doi.org/10.1037/0021-9010.88.5.879
41. Principles for Responsible Investment. (2006). Website. United Nations Environment Programme Finance Initiative and UN Global Compact. https://www.unpri.org
42. Principles for Responsible Investment. (2021). Annual report 2021. United Nations Principles for Responsible Investment. https://www.unpri.org
43. PwC. (2024). Asset & wealth management report 2024. https://www.pwc.com/gx/en/industries/financial-services/asset-management/publications/asset-and-wealth-management-revolution.html
44. Rahisha, & Jamshed, M. (2025). Digital banking and sustainable finance: A topic modeling study. Environment, Social and Governance Insights, 1(2), 40–53. https://doi.org/10.64006/esgi/1204
45. Renneboog, L., Ter Horst, J., & Zhang, C. (2008). Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal of Banking & Finance, 32(9), 1723–1742. https://doi.org/10.1016/j.jbankfin.2007.12.039
46. Reserve Bank of India. (2024). Annual report 2023–24. RBI.
47. Santhi, P., Sasirekha, P., & Anija, J. (2024). A causal linkage between corporate sustainability performance and financial performance of select IT & ITeS companies in India. Indian Journal of Finance, 18(2), 43–59. https://doi.org/10.17010/ijf/2024/v18i2/173520
48. Securities and Exchange Board of India (SEBI). (2021). Business responsibility and sustainability reporting (BRSR): Introduction and applicability under Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Circular No. SEBI/HO/CFD/CMD-2/P/CIR/2021/562). SEBI. https://www.sebi.gov.in/legal/circulars/may-2021/business-responsibility-and-sustainability-reporting-by-listed-entities_50096.html
49. Securities and Exchange Board of India (SEBI). (2024). Industry standards on reporting of BRSR core (Circular dated December 20, 2024). SEBI. https://www.sebi.gov.in
50. Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill-building approach (7th ed.). John Wiley & Sons.
51. Soni, T. K. (2023). ESG score and mutual fund performance: Empirical evidence from India. Indian Journal of Finance, 17(3), 37–49. https://doi.org/10.17010/ijf/2023/v17i3/172671
52. Statista. (2024). Digital investment - India [Data set]. Retrieved from https://www.statista.com
53. Stone, M. (1974). Cross-validatory choice and assessment of statistical predictions. Journal of the Royal Statistical Society: Series B (Methodological), 36(2), 111–133. https://doi.org/10.1111/j.2517-6161.1974.tb00994.x
54. Thakur, A., Shabnam, & Kaur, R. (2017). An empirical study on consumer trust in online shopping in Punjab. Indian Journal of Marketing, 47(2), 47–59. https://doi.org/10.17010/ijom/2017/v47/i2/110027
55. United Nations. (2015). Transforming our world: The 2030 agenda for sustainable development. Department of Economic and Social Affairs. https://sdgs.un.org/2030agenda