Impact investing is ‘blended value proposition’ that generates a mix of financial, social and environmental values for the investor, organization and businesses. This study aims to explore the factors influencing the Indian investors’ intention towards impact investing (II) using the theory of planned behaviour (TPB), extended with two constructs, that is, risk perception and internal motivation, to predict such a phenomenon in the Indian context. The data has been collected from 338 Indian investors who primarily engage in impact investing. The collected data have been analysed using two-step structural equation modelling. The findings of this study indicate a positive and significant impact of attitude, subjective norms and perceived behavioural control on investors’ intention towards impact investing in India. Risk perception has been showed the least positive influence on the investors’ intention whereas internal motivation has a highly positive influence on investors’ intention to invest for impact. This is the first attempt to measure investors’ intentions towards impact investing from the Indian perspective using the TPB model with the extended constructs, that is, risk perception and internal motivation, which is the novelty of this study. This study will help policymakers to take important regulatory measures to build an effective ecosystem for impact investing in India.

影响力投资是“混合价值主张”，可为投资者、组织和企业带来财务、社会和环境价值。本研究旨在利用计划行为理论（TPB）探索影响印度投资者影响力投资意向的因素（II），并扩展了风险感知和内部动机两个结构，以预测这种现象在印度印度语境。这些数据来自 338 名主要从事影响力投资的印度投资者。收集的数据已使用两步结构方程模型进行分析。本研究的结果表明态度、主观规范和感知行为控制对投资者在印度进行影响力投资的意图具有积极而显着的影响。风险认知对投资者意愿的正向影响最小，而内部动机对投资者的影响力投资意愿具有高度正向影响。这是第一次尝试从印度的角度使用具有扩展结构的 TPB 模型来衡量投资者对影响力投资的意图，即风险感知和内部动机，这是本研究的新颖之处。这项研究将帮助政策制定者采取重要的监管措施，为印度的影响力投资建立一个有效的生态系统。这是第一次尝试从印度的角度使用具有扩展结构的 TPB 模型来衡量投资者对影响力投资的意图，即风险感知和内部动机，这是本研究的新颖之处。这项研究将帮助政策制定者采取重要的监管措施，为印度的影响力投资建立一个有效的生态系统。这是第一次尝试从印度的角度使用具有扩展结构的 TPB 模型来衡量投资者对影响力投资的意图，即风险感知和内部动机，这是本研究的新颖之处。这项研究将帮助政策制定者采取重要的监管措施，为印度的影响力投资建立一个有效的生态系统。