This study investigates behavioral, informational, and institutional determinants of private investment in Moroccan renewable energy projects. Grounded in Behavioral Finance Theory, the Theory of Planned Behavior and the Sustainable Finance Paradigm, we propose a conceptual model linking green awareness, risk perception, perceived returns, regulatory trust, and information disclosure to investment intention and actual investing behavior, with institutional mechanisms (green financial products and government incentives) as moderators. A sequential exploratory mixed-method design is employed: semi-structured interviews with 15 investors, banking representatives, and policy analysts followed by surveys of 120 institutional and private investors to test the model quantitatively using structural equation modeling. Results indicate that environmental awareness and policy confidence have a positive impact on investment intentions, whereas perceived financial and policy risks are inhibitors. Furthermore, green financial instrument availability and targeted incentives are expected to moderate the intention-to-investment translation. The study contributes theoretically by applying behavioral finance to emerging-market green investment contexts and practically by informing the design of policy and financial instruments to accelerate renewable energy financing in Morocco.

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Investor Behavior and Renewable Energy Project Financing: Behavioral and Institutional Insights from Morocco

  • Kabira Zoumak,
  • Khadija Angade

摘要

This study investigates behavioral, informational, and institutional determinants of private investment in Moroccan renewable energy projects. Grounded in Behavioral Finance Theory, the Theory of Planned Behavior and the Sustainable Finance Paradigm, we propose a conceptual model linking green awareness, risk perception, perceived returns, regulatory trust, and information disclosure to investment intention and actual investing behavior, with institutional mechanisms (green financial products and government incentives) as moderators. A sequential exploratory mixed-method design is employed: semi-structured interviews with 15 investors, banking representatives, and policy analysts followed by surveys of 120 institutional and private investors to test the model quantitatively using structural equation modeling. Results indicate that environmental awareness and policy confidence have a positive impact on investment intentions, whereas perceived financial and policy risks are inhibitors. Furthermore, green financial instrument availability and targeted incentives are expected to moderate the intention-to-investment translation. The study contributes theoretically by applying behavioral finance to emerging-market green investment contexts and practically by informing the design of policy and financial instruments to accelerate renewable energy financing in Morocco.