Epistemological Reconfiguration of ESG Integration: A Multi-Theoretical Analysis of Investor Decision-Making Paradigms in Vietnam's Emergent Sustainable Finance Ecosystem

This research investigates the epistemological reconfiguration of Environmental, Social, and Governance (ESG) integration within Vietnam's nascent sustainable finance ecosystem, examining investor decision-making paradigms through a multi-theoretical analytical framework. Employing a quantitative methodological approach utilizing Partial Least Squares Structural Equation Modeling (PLS-SEM) with complementary fuzzy-set Qualitative Comparative Analysis (fsQCA), this study analyzed data collected from 287 institutional investors operating within Vietnam's financial markets. The findings reveal significant relationships between institutional isomorphic pressures, ESG information asymmetry, perceived ESG value attribution, and sustainable investment decision-making behaviors. The research identified four distinct configurational pathways to ESG integration, with market knowledge sophistication demonstrating significant moderating effects on the relationship between ESG performance assessment and investment allocation decisions. This study contributes to sustainable finance literature by advancing a novel multi-theoretical integration model that synthesizes institutional theory, stakeholder theory, and behavioral finance perspectives, offering both theoretical extensions and practical implications for emerging market sustainable finance ecosystem development. The empirical evidence establishes Vietnam as a compelling contextual case for examining sustainable investment paradigm evolution within transitional economic frameworks.