Acting for good, being good or feeling good? Exploring factors influencing individual investors’ willingness to invest in green funds

•We examine the motivations of willingness to do good in green investment.•Being good (altruism) is the most significant driver of green investment.•Feeling good (warm glow) does not influence investment in green funds.•Acting for good (impact) influence depends on individual characteristics. This paper empirically investigates the determinants of willingness to do good of green investment within a real-world context. Using data from a questionnaire administered between December 2021 and January 2022 to French individual investors, we find that “being good” (altruism) and “acting for good” (perceived impact) exert a substantial influence on both the decision-making process and the amount invested in green funds, while positive emotions (warm glow) are not significantly linked. This research highlights the core importance of altruism in green investment decision.