Understanding Green Building Investment Intention Through Perceived Behavioral Control: Evidence from Vietnam

Abstract

In response to growing demand for sustainable construction, green building investment is a key strategy for mitigating environmental impacts and achieving climate goals. Drawing on the Theory of Planned Behavior (TPB), this study reconceptualizes perceived behavioral control (PBC) into two dimensions: Investor Capacity and Experience (INV) and the Green Building Investment Environment (ENV), to explain investors’ intention to engage in green building projects in Vietnam. A structured questionnaire was distributed to professionals across three regions, yielding 116 valid responses. Using Partial Least Squares Structural Equation Modeling (PLS-SEM), results show that both INV (β = 0.403) and ENV (β = 0.299) positively influence investment intention, with INV exerting a stronger effect. The adjusted R² for investment intention is 0.390, indicating that the included factors explain 39% of the variation in investors’ willingness to invest. Findings underscore the importance of investors’ technical, managerial, and financial capabilities, alongside a stable and supportive policy environment. The study advances TPB theory by disentangling PBC into actionable subcomponents and provides practical guidance for policymakers, including unified certification systems, streamlined financial incentives, and clearer regulatory frameworks for emerging economies.