The Psychology of Investors in Green Finance According to Prof. Marcin Staniewski: Hope, Agency and Moral Motivation as Determinants of Investment Choices
Purpose: The aim of this article is to reconstruct and theoretically model the psychology of investors operating in green finance markets, with particular emphasis on green bonds, by integrating behavioural finance and economic psychology. The study aims to demonstrate that investment decisions regarding green bonds are conditioned by a specific configuration of psychological and axiological determinants – hope, agency and moral motivation – based on the scientific work of Prof. Marcin Staniewski. Project/methodology/approach: The study is based on a theoretical and analytical research project grounded in behavioural finance, economic psychology and normative analysis of the decision-making process. It uses a critical review of the literature, hermeneutic interpretation of economic and psychological concepts, and conceptual modelling. The proposed framework combines recognised theories of hope (Snyder), self-efficacy (Bandura), ESG-oriented investment behaviour, and Staniewski's humanistic and ethical approach to economic activity. Findings: The analysis shows that investment decisions regarding green bonds are based on extended rationality, in which financial considerations are structurally linked to psychological and moral factors. Hope enables long-term goal orientation in conditions of uncertainty, self-efficacy sustains decision-making capacity in complex information environments, and moral motivation stabilises investment behaviour despite regulatory ambiguity and the risk of greenwashing. Together, these dimensions form a coherent psychological architecture underlying sustainable investment decisions. Practical implications: The research findings provide guidance for green bond issuers, financial institutions, and policymakers, highlighting the importance of transparency, competence building, and value- -based communication. Strengthening investors' sense of agency and moral orientation can increase market stability and long-term commitment to green finance instruments. Originality/value: This article makes an original theoretical contribution through the systematic application of Prof. Marcin Staniewski's concepts of hope, agency and moral responsibility in the field of green finance. It represents an advance in the literature on behavioural finance by proposing a psychology- and ethics-based model of investor rationality that is applicable to sustainable financial markets.