GREEN FINANCIAL LITERACY, ENVIRONMENTAL AWARENESS, AND RETURN EXPECTATION TOWARD GREEN INVESTMENT INTEREST IN THE CAPITAL MARKET: A SYSTEMATIC LITERATURE REVIEW

Objective: This article aims to synthesize empirical evidence on the role of Green Financial Literacy, Environmental Awareness, and Return Expectation in Green Investment Interest while mapping the research gaps that remain open. Method: A systematic literature review adapting the PRISMA flow was employed, covering identification, screening, eligibility assessment, and synthesis of ten relevant primary articles and supporting theoretical literature published between 2020 and 2026. Results: The review indicates that the three variables are generally reported to have positive relationships with green investment interest or decisions, although the strength of influence, operational definitions, and research models vary across studies. The Theory of Planned Behavior emerges as the most frequently used theoretical framework, with Green Financial Literacy associated with perceived behavioral control, Environmental Awareness with attitude toward behavior, and Return Expectation with benefit evaluation and investment motivation. Novelty: The review identifies limited evidence from investors outside Java, underused mediating and moderating variables, inconsistent Green Financial Literacy measurement instruments, and the limited simultaneous examination of the three determinants. It therefore proposes an integrated conceptual framework for future quantitative and qualitative studies.