Main Article Content


Retail green sukuk is an environmentally friendly investment option for millennials. However, there have not been many studies related to this in the context of millennials in big cities in Indonesia.
This research aims to analyse the impact of attitude, subjective norms, and perceived behavioral control in intention to invest in retail green sukuk among Muslim millennials in Jabodetabek.
This research uses the PLS-SEM (Partial Least Square Structural Equation Modeling) which presents the results of regression analysis relating to testing the relationship between endogenous and exogenous variables. A total of 183 Muslim millennials participate in this research by fulfilling an online questionnaire.
The results of this research show that these three variables significantly influence Green Sukuk investment interest among Millennial Muslims in Jabodetabek, with a significance value of attitude of 0.669, subjective norm of 0.213, and perceived behavioral control of 0.030.
Governments or other corporations issuing retail green sukuk instruments should focus more on promoting their green initiatives. This will create a positive attitude among millennial investors toward Retail green sukuk instruments.
This study provides insights into the intention to invest in environmentally friendly financial product among Muslim millennials living in large cities in Indonesia.

Article Details


  1. Abdurrochim, A. (2019, November 1). Pemerintah terbitkan green sukuk ritel pertama di dunia, Sukuk Tabungan Seri ST006 [The government issues the world’s first retail green sukuk, the ST006 Series Savings Sukuk] [HTML]. Kementerian Keuangan Republik Indonesia.,sukuktabunganserist006

  2. Ahmed, N., Li, C., Khan, A., Qalati, S. A., Naz, S., & Rana, F. (2021). Purchase intention toward organic food among young consumers using theory of planned behavior: Role of environmental concerns and environmental awareness. Journal of Environmental Planning and Management, 64(5), 796–822.

  3. Ajzen, I. (1985). From intentions to actions: A theory of planned behavior. In J. Kuhl & J. Beckmann (Eds.), Action Control: From Cognition to Behavior (pp. 11–39). Springer.

  4. Ajzen, I. (1987). Attitudes, traits, and actions: Dispositional prediction of behavior in personality and social psychology. In L. Berkowitz (Ed.), Advances in Experimental Social Psychology (Vol. 20, pp. 1–63). Academic Press.

  5. Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211.

  6. Al-Debei, M. M., Akroush, M. N., & Ashouri, M. I. (2015). Consumer attitudes towards online shopping: The effects of trust, perceived benefits, and perceived web quality. Internet Research, 25(5), 707–733.

  7. Ateş, H. (2020). Merging theory of planned behavior and value identity personal norm model to explain pro-environmental behaviors. Sustainable Production and Consumption, 24, 169–180.

  8. Awn, A. M., & Azam, S. M. F. (2020). Libyan investors’ intention to invest in Islamic sukuk: Theory of planned behaviour approach. European Journal of Economic and Financial Research, 4(1), 27–33.

  9. Aziz, A. A., Indra, I., & Tarmizi, E. (2023). Faktor penentu generasi milenial di Jabodetabek menjadi nasabah bank syariah [The determining factor for the millennial generation in Jabodetabek to become sharia bank customers]. Journal of Comprehensive Science (JCS), 2(8), 1419–1430.

  10. Banerjee, S. B. (2018). Transnational power and translocal governance: The politics of corporate responsibility. Human Relations, 71(6), 796–821.

  11. Berger-Walliser, G., & Scott, I. (2018). Redefining Corporate Social Responsibility in an Era of Globalization and Regulatory Hardening. American Business Law Journal, 55(1), 167–218.

  12. Chan, K. H., Ng, T. H., & Fadi, A. (2018). What do undergraduates think about green investment? Empirical evidence from a developing nation. Indian Journal of Public Health Research & Development, 9, 1627.

  13. Chetioui, Y., Satt, H., Lebdaoui, H., Baijou, M., Dassouli, S., & Katona, S. (2022). Antecedents of giving charitable donations (Sadaqah) during the COVID-19 pandemic: Does Islamic religiosity matter? Journal of Islamic Marketing, 14(5), 1169–1187.

  14. Cordano, M., & Frieze, I. H. (2000). Pollution reduction preferences of U.S. environmental managers: Applying Ajzen’s theory of planned behavior. The Academy of Management Journal, 43(4), 627–641.

  15. Doval, E., & Negulescu, O. (2014). A model of green investments approach. Procedia Economics and Finance, 15, 847–852.

  16. Fong, K. K.-K., & Wong, S. K. S. (2015). Factors influencing the behavior intention of mobile commerce service users: An exploratory study in Hong Kong. International Journal of Business and Management, 10(7), 39–47.

  17. Freire, P. A. (2018). Enhancing innovation through behavioral stimulation: The use of behavioral determinants of innovation in the implementation of eco-innovation processes in industrial sectors and companies. Journal of Cleaner Production, 170, 1677–1687.

  18. Gilchrist, D., Yu, J., & Zhong, R. (2021). The limits of green finance: A survey of literature in the context of green bonds and green loans. Sustainability, 13(2), 478.

  19. Goh, E., Ritchie, B., & Wang, J. (2017). Non-compliance in national parks: An extension of the theory of planned behaviour model with pro-environmental values. Tourism Management, 59, 123–127.

  20. Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24.

  21. Halim, M. P., Matoati, R., Viana, E. D., & Suryawati, R. F. (2022). Pengaruh literasi keuangan dan green perceived risk terhadap keputusan investasi milenial Jawa Barat [The influence of financial literacy and green perceived risk on West Java millennial investment decisions]. Jurnal Manajemen Dan Organisasi, 13(2), 203–212.

  22. Han, H., Hsu, L.-T. (Jane), & Sheu, C. (2010). Application of the Theory of Planned Behavior to green hotel choice: Testing the effect of environmental friendly activities. Tourism Management, 31(3), 325–334.

  23. Hania, B. T., Endri, E., & Indra, I. (2022). Identify the issuance problem of corporate green sukuk in Indonesia. Islamic Economics Journal, 8(2), 187.

  24. Hapsari, M. A., Suswoto, S., & Ariyani, N. (2021). Politik hukum hubungan pusat dan daerah dalam penanggulangan bencana [Legal politics of central and regional relations in disaster management]. Journal of Law and Policy Transformation, 6(1), 140–159.

  25. 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.

  26. Inderst, G., Kaminker, C., & Stewart, F. (2012). Defining and measuring green investments: Implications for institutional investors asset allocations (OECD Working Papers on Finance, Insurance and Private Pensions). Organisation for Economic Cooperation and Development (OECD).

  27. Kalinic, Z., & Marinkovic, V. (2016). Determinants of users’ intention to adopt m-commerce: An empirical analysis. Information Systems and E-Business Management, 14(2), 367–387.

  28. Karina, L. A. (2019). Peluang dan tantangan perkembangan green sukuk di Indonesia [Opportunities and challenges for the development of green sukuk in Indonesia]. Proceeding of Conference on Islamic Management, Accounting, and Economics, 259–265.

  29. Kasri, R. A., & Chaerunnisa, S. R. (2021). The role of knowledge, trust, and religiosity in explaining the online cash waqf amongst Muslim millennials. Journal of Islamic Marketing, 13(6), 1334–1350.

  30. Kementerian Keuangan Republik Indonesia. (2020). Studi mengenai green sukuk ritel di Indonesia [Study of green retail sukuk in Indonesia]. Direktorat Jenderal Pengelolaan Pembiayaan dan Risiko.

  31. Kementerian Keuangan Republik Indonesia. (2022, December 5). Hasil penjualan green sukuk ritel – Sukuk Tabungan Seri ST009 [Proceeds from sales of retail green sukuk – ST009 Series Savings Sukuk] [HTML]. Direktorat Jenderal Pengelolaan Pembiayaan Dan Risiko.

  32. Khan, S. A. R., Godil, D. I., Yu, Z., Abbas, F., & Shamim, M. A. (2022). Adoption of renewable energy sources, low-carbon initiatives, and advanced logistical infrastructure—An step toward integrated global progress. Sustainable Development, 30(1), 275–288.

  33. Kumar, L., Nadeem, F., Sloan, M., Restle-Steinert, J., Deitch, M. J., Ali Naqvi, S., Kumar, A., & Sassanelli, C. (2022). Fostering green finance for sustainable development: A focus on textile and leather small medium enterprises in Pakistan. Sustainability, 14(19), 11908.

  34. Kurniarahma, L., Laut, L. T., & Prasetyanto, P. K. (2020). Analisis faktor-faktor yang mempengaruhi emisi CO2 di Indonesia [Analysis of factors influencing CO2 emissions in Indonesia]. DINAMIC : Directory Journal of Economic, 2(2), 368–385.

  35. Kusriyah, S., & Witasari, A. (2024). Sosialisasi kebijakan penataan ruang melalui pemanfaatan ruang untuk pembangunan yang berkelanjutan [Socialization of spatial planning policies through the use of space for sustainable development]. Jurnal Penelitian Dan Pengabdian Kepada Masyarakat UNSIQ, 11(1), 16–24.

  36. Long, X., Chen, Y., Du, J., Oh, K., & Han, I. (2017). Environmental innovation and its impact on economic and environmental performance: Evidence from Korean-owned firms in China. Energy Policy, 107, 131–137.

  37. Lucarelli, C., Mazzoli, C., & Severini, S. (2020). Applying the theory of planned behavior to examine pro-environmental behavior: The moderating effect of Covid-19 beliefs. Sustainability, 12(24), Article 24.

  38. Majid, R., & Maulana, A. (2023). The initial discussions of MSMEs’ green sukuk through Islamic securities crowdfunding: Behavioral intentions study of prospective investors. 316–343.

  39. Meng, F., Guo, X., Peng, Z., Ye, Q., & Lai, K.-H. (2021). Trust and elderly users’ continuance intention regarding mobile health services: The contingent role of health and technology anxieties. Information Technology & People, 35(1), 259–280.

  40. Morea, D., & Poggi, L. A. (2017). An innovative model for the sustainability of investments in the wind energy sector: The use of green sukuk in an Italian case study. International Journal of Energy Economics and Policy, 7(2), 53–60.

  41. Muhammad, S., Dey, B., Alwi, S., Kamal, M., & Asaad, Y. (2022). Consumers’ willingness to share digital footprints on social media: The role of affective trust. Information Technology & People, 36(2), 595–625.

  42. Musahidah, U., & Sobari, N. (2021). Determinants of the intentions of Indonesian Muslim Millennials in cash waqf using e-payment. Jurnal Ekonomi Dan Perbankan Syariah, 9(2), 65–91.

  43. Nagaty, S. A. (2022). Eco-friendly initiatives and corporate reputation: The mediating effect of corporate social responsibility. Business and Management Review, 13(4), 833–878.

  44. Osman, I., Ma’in, M., Muda, R., Husni, N. S. A., Alwi, S. F. S., & Hassan, F. (2019). Determinants of behavioural intention towards green investments: The perspectives of Muslims. International Journal of Islamic Business, 4(1), 16–38.

  45. Otoritas Jasa Keuangan. (2022, November 22). Siaran Pers: Survei Nasional Literasi dan Inklusi Keuangan Tahun 2022 [Press Release: 2022 National Survey of Financial Literacy and Inclusion] [HTML]. Otoritas Jasa Keuangan.

  46. Prasetya, R., Fauziah, S., & Kasmo, A. B. P. (2022). The determinants of Muslim millennials’ intention towards savings sukuk. AL-MUZARA’AH, 10(2), 139–153.

  47. Pujiantoro, A. S. G., Dindalila, D., & Fakhruddin, N. (2021). Narrative review: Peluang dan tantangan green sukuk di Indonesia [Narrative review: Opportunities and challenges of green sukuk in Indonesia]. Diponegoro Journal of Islamic Economics and Business, 1(4), 208–219.

  48. Roh, T., Seok, J., & Kim, Y. (2022). Unveiling ways to reach organic purchase: Green perceived value, perceived knowledge, attitude, subjective norm, and trust. Journal of Retailing and Consumer Services, 67, 102988.

  49. Saeed Meo, M., & Karim, M. Z. A. (2022). The role of green finance in reducing CO2 emissions: An empirical analysis. Borsa Istanbul Review, 22(1), 169–178.

  50. Sarstedt, M., Ringle, C. M., & Hair, J. F. (2020). Partial Least Squares Structural Equation Modeling. In C. Homburg, M. Klarmann, & A. E. Vomberg (Eds.), Handbook of Market Research (pp. 1–47). Springer International Publishing.

  51. Scalco, A., Noventa, S., Sartori, R., & Ceschi, A. (2017). Predicting organic food consumption: A meta-analytic structural equation model based on the theory of planned behavior. Appetite, 112, 235–248.

  52. Sembada, A. Y., & Koay, K. Y. (2021). How perceived behavioral control affects trust to purchase in social media stores. Journal of Business Research, 130, 574–582.

  53. Simamora, H. (2022). Gaya hidup millenial dan perilaku keuangan [Millennial lifestyle and financial behavior]. MABIS, 13(2), 155–168.

  54. Streukens, S., & Leroi-Werelds, S. (2016). Bootstrapping and PLS-SEM: A step-by-step guide to get more out of your bootstrap results. European Management Journal, 34(6), 618–632.

  55. Su, L., Huang, S. (Sam), & Pearce, J. (2018). How does destination social responsibility contribute to environmentally responsible behaviour? A destination resident perspective. Journal of Business Research, 86, 179–189.

  56. Sudaryanti, N., Mahfud, A. A., & Wulandari, R. (2011). Analisis determinan peringkat sukuk dan peringkat obligasi di Indonesia [Analysis of the determinants of sukuk ratings and bond ratings in Indonesia]. Tazkia Islamic Finance and Business Review, 6(2), 271354.

  57. Sumaedi, S., Bakti, I. G. M. Y., Rakhmawati, T., Astrini, N. J., Yarmen, M., & Widianti, T. (2015). Patient loyalty model: An extended theory of planned behavior perspective (a case study in Bogor, Indonesia). Leadership in Health Services, 28(3), 245–258.

  58. Syaichoni, A. (2023). Green investment strategies in sustainable Islamic economics: A viable solution for global recession challenges. Al-Masharif: Jurnal Ilmu Ekonomi Dan Keislaman, 11(2), 240–254.

  59. Tan, C.-S., Ooi, H.-Y., & Goh, Y.-N. (2017). A moral extension of the theory of planned behavior to predict consumers’ purchase intention for energy-efficient household appliances in Malaysia. Energy Policy, 107, 459–471.

  60. Valtonen, T., Kukkonen, J., Kontkanen, S., Sormunen, K., Dillon, P., & Sointu, E. (2015). The impact of authentic learning experiences with ICT on pre-service teachers’ intentions to use ICT for teaching and learning. Computers & Education, 81, 49–58.

  61. Wan, C., Shen, G. Q., & Choi, S. (2017). Experiential and instrumental attitudes: Interaction effect of attitude and subjective norm on recycling intention. Journal of Environmental Psychology, 50, 69–79.

  62. Wang, S., Fan, J., Zhao, D., Yang, S., & Fu, Y. (2016). Predicting consumers’ intention to adopt hybrid electric vehicles: Using an extended version of the theory of planned behavior model. Transportation, 43(1), 123–143.

  63. Wang, Z., Zhang, B., Yin, J., & Zhang, Y. (2011). Determinants and policy implications for household electricity-saving behaviour: Evidence from Beijing, China. Energy Policy, 39(6), 3550–3557.

  64. Wang, Z., Zhao, C., Yin, J., & Zhang, B. (2017). Purchasing intentions of Chinese citizens on new energy vehicles: How should one respond to current preferential policy? Journal of Cleaner Production, 161, 1000–1010.

  65. Waris, I., Suki, N. M., Ahmed, A., & Barkat, W. (2024). Environmental corporate social responsibility initiatives and green customer citizenship behavior in tourism industry: The mediating roles of green trust, customer-company identification and green corporate image. Social Responsibility Journal, ahead-of-print(ahead-of-print).

  66. Wu, J., Li, S.-H., & Sung, W.-Y. (2016). The study of perceived environment and its relation to senior citizen’s physical activity behavior intention. Journal of Business Research, 69(6), 2259–2264.

  67. Yuriev, A., Dahmen, M., Paillé, P., Boiral, O., & Guillaumie, L. (2020). Pro-environmental behaviors through the lens of the theory of planned behavior: A scoping review. Resources, Conservation and Recycling, 155, 104660.

  68. Zahan, I., & Chuanmin, S. (2021). Towards a green economic policy framework in China: Role of green investment in fostering clean energy consumption and environmental sustainability. Environmental Science and Pollution Research, 28(32), 43618–43628.

  69. Zhan, J. X., & Santos-Paulino, A. U. (2021). Investing in the Sustainable Development Goals: Mobilization, channeling, and impact. Journal of International Business Policy, 4(1), 166–183.

  70. Zhang, L., Fan, Y., Zhang, W., & Zhang, S. (2019). Extending the Theory of Planned Behavior to Explain the Effects of Cognitive Factors across Different Kinds of Green Products. Sustainability, 11(15), 4222.

  71. Zhang, Y., & Li, L. (2020). Intention of Chinese college students to use carsharing: An application of the theory of planned behavior. Transportation Research Part F: Traffic Psychology and Behaviour, 75, 106–119.

  72. Zulaicha, A. U., Sasana, H., & Septiani, Y. (2020). Analisis determinasi emisi CO2 di Indonesia tahun 1990-2018 [Analysis of the determination of CO2 emissions in Indonesia 1990-2018]. DINAMIC : Directory Journal of Economic, 2(2), 487–500.