ESG and Investment Decisions: The Moderating Role of Risk Tolerance among Individual Investors in Bangladesh

The study contributes to the ESG investment literature by considering risk tolerance as a potential moderator within an emerging-market context. The results from the moderation analysis indicate that willingness to absorb risk cannot be the sole explanation for the influence of ESG on investment decisions.Governance and environmental factors directly support SDG 16 and SDG 13, while social factors indirectly support SDG 8. Ultimately, this research clarifies sustainable investment dynamics in developing markets and provides practical guidance for Bangladesh’s financial sector, policymakers, and corporate leaders seeking to advance responsible investing.