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This paper aims to contribute to the corporate social responsibility (CSR) literature by providing holistic insights into financial analysts’ personal values, perceived behavioural risk and investment decisions relating to the social aspects of CSR. Specifically, this paper examines whether analysts’ personal values, such as religiosity, spirituality and social consciousness, influence their investment decisions relating to a highly profitable firm that is alleged of exploiting labour rights. This study also examines the mediating role of analysts’ perceived behavioural risk between personal values and investment decisions.

Data were collected, using a scenario-based survey, from 145 financial analysts at both public and private companies in Pakistan.

The results show that analysts’ values, including religiosity, spirituality and social consciousness, have a significant negative impact on their investment decisions. The results also demonstrate that perceived behavioural risk mediates the relationship between these values and investment decisions.

This study has implications for the globalised business world, regulators and researchers for incorporating personal and ethical values into risk and investment decision-making.

This study establishes the importance of analysts’ personal values in risky investment decision-making.