The Impact Personality Traits and Wealth on Investment Intentions: The Mediating Role of Investors’ Social Interaction Breadth

Articles in Press

Document Type : Research Paper

Authors

1 Department of Accounting, Faculty of Management, Economics, and Accounting, Yazd University, Yazd, Iran.

2 Department of Accounting, Faculty of Humanities and Social Sciences, Ardakan University, Ardakan, Iran.

10.22103/jak.2025.25251.4176

Abstract

Objective: Financial decision-making is a complex process influenced by economic, psychological, and social factors that independently and interactively shape different behavioral patterns among investors. Therefore, this study aims to examine the impact of wealth and personality traits on investment willingness, as well as the mediating role of the breadth of social interactions in this relationship.
 
Method: The research method is survey-based, and the statistical sample consists of 369 individual investors actively engaged in financial and parallel markets. Data were collected in 2024 using a standardized questionnaire and analyzed using SPSS and SmartPLS software through structural equation modeling (SEM).
 
Results: The results indicate that personality traits have a significant negative impact on investment willingness, while wealth has a significant positive impact. Additionally, personality traits significantly and positively influence the breadth of social interactions, which in turn positively affects investment willingness. However, the mediating role of the breadth of social interactions in the relationship between personality traits and investment willingness was not supported.
 
Conclusion: Personality traits, wealth, and the breadth of social interactions all influence investment willingness. Given the growing importance of social interactions, their impact on investment decisions is becoming increasingly significant. These findings contribute to the understanding of investor psychology and can be valuable for policymakers, financial institutions, and financial advisory firms in designing more effective tools, products, and strategies.

Keywords

References

ابراهیمی لیفشاگرد، عباس؛ پاکیزه، کامران و رئیسی‌فرد، کامیار (1398). بررسی تأثیر ویژگی‌های شخصیتی سرمایه‌گذاران بر عملکرد سرمایه‌گذاری با نقش میانجی سوگیری‌های مکاشفه‌ای. دانش مالی تحلیل اوراق بهادار، 12(42)، 107-128. https://www.noormags.ir/view/fa/articlepage/1473230.
اسلامی بیدگلی، غلامرضا و بیگدلو، مهدی (1385). همسنجی بازده و ریسک فرصت‌های جایگزین سرمایه‌گذاری در ایران. بررسی‌های حسابداری و حسابرسی، 13(2)، 149-175. https://dor.isc.ac/dor/20.1001.1.26458020.1385.13.2.8.4.
آقاجانی، وحدت؛ پاک‌مرام، عسگر؛ عبدی، رسول و نریمانی، محمد (1398). رابطه تیپ‌های رفتاری و تصمیم‌های سرمایه‌گذاری با میانجی‌گری خودکارآمدی. فصلنامه پژوهش‌های نوین روانشناختی، 15(60)، 130-115. https://dor.isc.ac/dor/20.1001.1.27173852.1399.15.60.10.4.
آماره، روح‌اله؛ بادپا و ونکت‌آرمن، ام آیر (1403). تئوری پنج‌گانه شخصیت و موفقیت درونی و بیرونی حسابرسان. مجله دانش حسابداری، 15(2)، 162-145. https://doi.org/10.22103/jak.2024.21730.3905.
پوراسکندر رضی‌آباد، آرزو؛ فضل‌زاده، علیرضا؛ احمدیان، وحید و نقدی، سجاد (1403). بررسی تأثیر ویژگی‌های شخصیتی بر تصمیم‌های سرمایه‌گذاری با نقش میانجی تحمل ریسک. پیشرفت‌های مالی و سرمایه‌گذاری، 5(1)، 193-230. https://doi.org/10.71729/afi.2024.1104779.
ترازودار، میترا؛ قاسمی، مصطفی و محسنی، عبدالرضا (1402). ارائه مدلی به منظور شناسایی تأثیر تورش‌های رفتاری و سواد مالی و نقش آنها بر تصمیم‌گیری سرمایه‌گذاران (مبتنی بر رویکرد گراندد تئوری). مجله دانش حسابداری، 14(4)، 159-179. https://doi.org/10.22103/jak.2023.20401.3795.
حیدری، حسن؛ توکلی بغدادآبادی، محمد و رضایی، جواد (1388). بررسی رابطه بین نرخ بازده مورد انتظار و ریسک نظام‌مند در چهار طبقه دارایی عمده در اقتصاد ایران. فصلنامه تحقیقات اقتصادی، 44(4)، 1-32. https://dor.isc.ac/dor/20.1001.1.00398969.1388.44.4.1.1.
ستایش، محمدحسین و کریمی‌پور، عیسی (1399). بررسی رابطه بین ویژگی‌های شخصیتی مدیریت و خط‌مشی تقسیم سود. مجله دانش حسابداری، 11(4)، 149-170. https://jak.uk.ac.ir/article_2763.html.
سلیمی، محمد؛ ابراهیمی شقاقی، مرضیه و مشایخی فرد، سعید (1400). بررسی تأثیر ویژگی‌های شخصیتی و انگیزه فردی بر تمایل رفتار توده‌وار سرمایه‌گذاران با نقش تعدیلی تجربه و دانش مالی در بورس اوراق بهادار تهران. پژوهش‌های مالی و رفتاری در حسابداری، 1(2)، 1-20.https://doi.org/10.30486/1051.
عرفان‌نیا، عبدالرحمن؛ رستمی جاز، حمید؛ سالاری، حجت اله و دسینه، مهدی (1403). ارائه مدل پیش‏بینی تصمیم سرمایه‏گذاری بر اساس ویژگی‏های فردی سرمایه‌گذاران. دانش سرمایه‌گذاری، 15(57)، 275-305. DOI: 10.30495/jik.2024.77554.4526.
نایب محسنی، شیدا؛ خلیفه سلطانی، سید احمد و حجازی، رضوان (1400). تدوین مدل رفتاری تصمیم‌گیری سرمایه‌گذاران فردی در بازار سرمایه ایران. پژوهش‌های مالی، 23(4)، 652-625. https://jfr.ut.ac.ir/article_86311.html
نظری‌پور، محمد و زکی‌زاده، بابک (1401). اثر تعدیلی ویژگی‌های شخصیتی سرمایه‌گذاران بر رابطه بین استفاده از مشاورة مـالی و رفتار معاملاتی. پژوهش‌های مالی، 24(4)، 678-655. https://jfr.ut.ac.ir/article_90704.html.
میربزرگی، سید پوریا؛ همت‌فر، محمود و جنانی، محمدحسن (1401). تبیین الگوی مناسب قدرت ریسک‌پذیری سرمایه‌گذاران بر اساس ویژگی‌های شخصیتی. پژوهشنامه حسابداری مالی و حسابرسی، 14(53)، 135-161. https://sid.ir/paper/958409.
هومن، حیدرعلی (1393). مدل‌یابی معادلات ساختاری با کاربرد نرم افزار لیزرل. تهران: انتشارات سمت. https://samt.ac.ir/fa/book/649.

References

Aghajani, V., Pakmaram, A., Abdi, R., & Narimani, M. (2021). The relationship between behavioral types and investment decisions, mediated by self-efficacy. Journal of Modern Psychological Researches, 15(60), 115-130. https://dor.isc.ac/dor/20.1001.1.27173852.1399.15.60.10.4 [In Persian].
Ahmed, M. (2021). Does underconfidence matter in short-term and long-term investment decisions? Evidence from an emerging market. Management Decisions, 59(3), 692-709. https://doi.org/10.1108/MD-07-2019-0972.
Akhtar, F., Thyagaraj, K.S., & Das, N. (2018). The impact of social influence on the relationship between personality traits and perceived investment performance of individual investors: Evidence from Indian stock market. International Journal of Managerial Finance, 14(1), 130-148. https://doi.org/10.1108/IJMF-05-2016-0102.
Amareh, R., Badpa, B., & Venkataraman, M.L. (2024). The five-factor theory and auditors' endogenous and exogenous success. Journal of Accounting Knowledge, 15(2), 145-162. https://jak.uk.ac.ir/article_4380.html [In Persian].
Anderson, R., Beracha, E., & Propper, S. (2022). The impact of real estate allocation on investors' ability to generate real income. Journal of Property Research, 39(2), 120-147. https://doi.org/10.1080/2021.1968017.
Ang, A., & Nielson, L. (2011). Behavioral portfolio theory. Financial Analysts Journal, 67(3), 53-68. http://dx.doi.org/10.2307/2676187.
Baker, H.K., & Ricciardi, V. (2014). Investor behavior: The psychology of financial planning and investing. Wiley. https://psycnet.apa.org/doi/10.1002/9781118813454.
Baker, H.K., Kumar, S., & Goyal, N. (2021). Personality traits and investor sentiment. Review of Behavioral Finance, 13(4), 354-369. https://doi.org/10.1108/rbf-08-2017-0077.
Bandura, A. (1996). Social foundations of thought and action: A social cognitive theory. NJ, Prentice Hall. https://doi.org/10.4135/9781446221129.n6.
Barrick, M.R., & Mount, M.K. (1991). The big five personality dimensions and job performance: A meta‐analysis. Personnel Psychology, 44(1), 1–26. https://doi.org/10.1111/j.1744-6570.1991.tb00688.x.
Baumeister, R.F. (2002). Ego depletion and self-control failure: An energy model of the self. Self and Identity, 1(2), 130-136. http://dx.doi.org/10.1080/152988602317319302.
Becker, A., Deckers, T., Dohmen, T., Falk, A., & Kosse, F. (2012). The relationship between economic preferences and psychological personality measures. Annual Review of Economic, 4(1), 453–478. https://doi.org/10.1146/110922.
Bertaut, C.C., & Starr-McCluer, M.(2000). Household portfolios in the United States, Finance and Economics Discussion Series, Available at SSRN: https://ssrn.com/abstract=234154.
Trueblood, J.S., & Sussman, A.B. (2021). When a gain becomes a loss: The effect of wealth predictions on financial decisions. International Journal of Cognitive Science, 215(1), 57–78. https://doi.org/j.cognition.104822.
Bikhchandani, S., Hirshleifer, D., & Welch, I. (1992). A theory of fads, fashion, custom and cultural change as informational cascades. Journal of Political Economy, 100(1), 992–1026. http://dx.doi.org/10.1086/261849.
Bosumatari, D. (2015). Determinants of saving and investment behavior of tea plantation workers: An empirical analysis of four tea gardens of Udalguri district (Assam). Journal of Indian Economy, 1(1), 144–164. http://dx.doi.org/10.17492/pragati.v1i1.2497.
Brown, J., Ivkovic, Z., Smith, P.A., & Weisbenner, S. (2008). Neighbors matter: Causal community effects and stock market participation. Journal of Finance, 63(3), 1509–1531. https://doi.org/10.1111/j.1540-6261.2008.01364.x.
Camgoz, S.M., Karan, M.B., & Ergeneli, A. (2017). Relationship between the Big Five personality and the financial performance of fund managers. Diversity, Conflict, and Leadership, 137–152. https://doi.org/793084-7.
Campbell, J.Y. (2007). Household finance. The Journal of Finance, 62(4), 1553–1604. https://doi.org/2006.00883.x.
Campbell, J.Y. (2016). Restoring rational choice: The challenge of consumer financial regulation. American Economic Review, 106(1), 1–30. https://doi.org/10.1257/aer.p20161127.
Chaplin, J.P. (2012). Kamus lengkap psikologi. Jakarta: Rajawali Press. https://www.rajagrafindo.id/produk.
Chen, T.H., Ho, R.J., & Liu, Y.W. (2019). Investor personality predicts investment performance? A statistics and machine learning model investigation. Computers in Human Behavior. https://doi.org/j.chb.2018.09.027.
Lin, N. (2001). Social capital: A theory of social structure and action. Cambridge, Cambridge University Press. https://doi.org/10.1017/CBO9780511815447.
Costa, P.T., & McCrae, R.R. (1992). Revised NEO personality inventory (NEO-PI-R) and NEO five-factor inventory (NEO-FFI). Odessa, FL: Psychological Assessment Resources. [Scientific Research Publishing].
Cronbach, L.J. (1951). Coefficient alpha and the internal structure of tests. Psychometrika, 16(3), 297–334. https://doi.org/10.1007/BF02310555.
Dole, C., & Schroeder, R.G. (2001). The impact of various factors on the personality, job satisfaction, and turnover intentions of professional accountants. Managerial Auditing Journal, 16(4), 234–245. https://doi.org/02686389188.
Durand, R.B., Newby, R., & Sanghani, J. (2008). An intimate portrait of the individual investor. Journal of Behavioral Finance. https://doi.org/10.1080/15427560802341020.
Ebrahimi Lifshagard, A., Pakizeh, K., & Raisifar, K. (2019). Exploring the effect of investors' personality on their investment performance with the mediating role of heuristic biases. Journal of Financial Knowledge of Security Analysis, 12(42), 107-128. https://www.noormags.ir/view/fa/articlepage/1473230 [In Persian].
Ellison, G., & Fudenberg, D. (1995). Word-of-mouth communication and social learning. Quarterly Journal of Economics, 110(1), 93–125. https://doi.org/10.2307/2118512.
Erfanniya, A., Rostami Jaz, H., Dasineh, M., & Salari, H. (2024). Providing a prediction model for investment decisions based on the individual characteristics of investors. Journal of Investment Knowledge, 15(57), 275-305. DOI: 10.30495/jik.2024.77554.4526 [In Persian].
Eslami Bidgoli, Gh., & Bigdalo, M. (2006). Comparing the return and risk of alternative investment opportunities in Iran. Accounting and Auditing Reviews, 13(2), 149-175. https://dor.isc.ac/dor/26458020.1385.13.2.8.4 [In Persian].
Eugene, L.Y., & Yuan, S.T.D. (2012). Where’s the money? The social behavior of investors in Facebook’s small world. In Proceedings of the 2012 IEEE/ACM International Conference on Advances in Social Networks Analysis and Mining (ASONAM 2012). https://doi.org/10.1109/ASONAM.2012.36.
Evans, J.St.B.T. (2008). Dual-processing accounts of reasoning, judgment, and social cognition: Implications for financial decision-making. Social and Personality Psychology Compass, 2(3), 1151–1161. DOI: 10.1146/annurev.psych.59.103006.093629.
Fama, E.F. (1965). The behavior of stock-market prices. The Journal of Business, 38(1), 34–105. https://doi.org/294743.
Farrell, J. (2014). Demographic and socioeconomic factors of investors. In H.K. Baker & V. Ricciardi (Eds.), Investor behavior: The psychology of financial planning and investing (pp. 117–134). New Jersey: John Wiley. https://ssrn.com/abstract=2442760.
Fortin, I., & Hlouskova, J. (2024). Prospect theory and asset allocation. Quarterly Review of Economics and Finance, 94(1), 214–240. https://doi.org/10.1016/j.qref.2024.01.010.
Fung, L., & Durand, R.B. (2014). Personality traits. In H.K. Baker & V. Ricciardi (Eds.), Investor behavior: The psychology of financial planning and investing (pp. 99–115). John Wiley & Sons, Inc. https://doi.org/8813454.ch6.
Grable, J.E., & Joo, S. (2004). Environmental and psychosocial factors associated with financial risk tolerance. Journal of Business and Psychology, 19(3), 423–437. https://www.researchgate.net/publication/228729617.
Grant, A., & Satchell, S. (2020). Investment decisions when utility depends on wealth and other attributes. Journal of Quantitative Finance, 20(3), 499–513. https://doi.org/10.1080/14697688.2019.1663903.
Hair, J.F., Hult, G.T.M., Ringle, C.M., & Sarstedt, M. (2017). A primer on partial least squares structural equation modeling (PLS-SEM) (2nd ed.). Sage Publications. https://www.scirp.org/reference/referenceid=2297757.
Haritha, P.H., & Uchil, R. (2020). Influence of investor sentiment and its antecedents on investment decision-making using the partial least squares technique. Management Research Review, 43(11), 1441–1459. https://doi.org/10.1108/MRR-06-2019-0254.
Heinstrom, J. (2010). From fear to flow: Personality and information interaction. Oxford: Chandos Publishing. DOI: 10.1533/9781780630366.
Henseler, J., Ringle, C.M., & Sinkovics, R.R. (2009). The use of partial least squares path modeling in international marketing. In R.R. Sinkovics & P.N. Ghauri (Eds.), New challenges to international marketing, Advances in International Marketing, 20(1), 277–319. https://doi.org/10.1108/S1474-7979(2009)0000020014.
Heydari, H., Tavakoli Baghdadabadi, M. & Rezaei, J. (2009). Investigating the relationship between expected rate of return and systematic risk in four major asset classes in the Iranian economy, Quarterly Journal of Economic Research, 44(4), 1-32. https://dor.isc.ac/dor/20.1001.1.00398969.1388.44.4.1.1 [In Persian].
Hirschey, M., & Nofsinger, J. (2008). Investment analysis and behavior. New York: McGraw-Hill Irwin. https://www.researchgate.net/publication/230720786.
Hong, H., Kubik, J., & Stein, J. (2001). Social interaction and stock market participation. https://dx.doi.org/274077.
Hooman, H.A. (2014). Structural Equation Modeling Using LISREL Software. Tehran: Samt Publications. https://samt.ac.ir/fa/book/649 [In Persian].
Ivković, Z., & Weisbenner, S. (2007). Information diffusion effects in individual investors’ common stock purchases: Covet thy neighbors’ investment choices. Review of Financial Studies, 13201. https://doi.org/revfin/hhm009.
Javed, H., Bagh, T., & Razzaq, S. (2017). Herding effects, overconfidence, availability bias, and representativeness as behavioral determinants of perceived investment performance: An empirical evidence from Pakistan Stock Exchange (PSX). Journal of Global Economics. http://dx.doi.org/10.4172/2375-389.1000275.
Jiang, Z., Peng, C., & Yan, H. (2024). Personality differences and investment decision-making. Journal of Financial Economics, 153, 1–18. https://doi.org/10.1016/j.jfineco.2023.103776.
Joyce, K.H., & Yien, L.K. (2013). The influence of personality trait and demographics on financial decision-making among Generation Y. Young Consumers, 14(3), 230–243. http://dx.doi.org/10.1108/YC-11-2012-00325.
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263–291. http://dx.doi.org/10.2307/1914185.
Kamath, A.N., Shenoy, S.S., & Subrahmanya Kumar, N. (2022). An overview of investor sentiment: Identifying themes, trends, and future direction through bibliometric analysis. Investment Management and Financial Innovations, 19(3), 229–242. http://dx.doi.org/10.21511/imfi.19(3).2022.19.
Kaur, A., & Goel, P. (2022). Impact of Big Five personality traits on investors’ risk attitude. Indian Journal of Economics and Development, 18(2), 477–482. https://www.indianjournals.com/ijed1&volume=18&issue=027.
Kaustia, M., & Knupfer, S. (2012). Peer performance and stock market entry. Journal of Financial Economics, 104(2), 321–338. https://doi.org/10.1016/j.jfineco.2011.01.010.
Kline, R.B. (2016). Principles and practice of structural equation modeling (4th ed.). Guilford Press. https://psycnet.apa.org/record/2015-56948-000.
Krohne, H.W., De Bruin, J.T., El-Giamal, M., & Schmukle, S.C. (2000). The assessment of surgery-related coping: The coping with surgical stress scale. Psychology and Health, 15(1), 135–149. https://doi.org/8400294.
Kuhnen, C.M., & Miu, A.C. (2017). Socioeconomic status and learning from financial information. Journal of Financial Economics, 124(2), 349–372. https://doi.org/10.1016/j.jfineco.2017.03.002.
Langet, P.Ch., & Cheruiyot, P.K. (2019). Relationship between social interaction of individual investors and stock market participation decision among secondary school teachers from Naluru County, Kenya. The International Journal of Business Management, 7(8), 2321–8916. https://doi.org/10.24940/theijbm/2019/v7/i8/BM1908-065.
Lawshe, C.H. (2006). A quantitative approach to content validity. Personnel Psychology, 28(4), 563–705. http://dx.doi.org/10.1111/j.1744-6570.1975.tb01393.x.
Lin, H.W. (2011). Elucidating rational investment decision and behavioral biases: Evidence from the Taiwanese stock market. African Journal of Business Management, 5(5), 1630–1641. https://doi.org/10.5897/AJBM10.474.
Moueed, A., Hunjra, A.I., Asghar, M.U., & Raza, B. (2018). Role of Psychological and Social Factors on Investment Decision of Individual Investors in Islamabad Stock Market. Journal of Science International (Lahore), 27(5). 4697-4706. [PDF].
Lo, A.W., Repin, D.V., & Steenbarger, B.N. (2005). Fear and greed in financial markets: A clinical study of day-traders. American Economic Review, 95(2), 352–359. https://doi.org/10.1257/000282805774670095.
Martins, N. (2002). A model for managing trust. International Journal of Manpower, 23(8), 754–769. https://doi.org/10.1108/01437720210453984.
Mayfield, C., Perdue, G., & Wooten, K. (2008). Investment management and personality type. Financial Services Review, 17(3), 219–236. https://www.proquest.com/docview/212002632.
Merton, R.C. (1992). Financial innovation and economic performance. Journal of Applied Corporate Finance, 4(4), 12–22. https://doi.org/10.1111/j.1745-6622.1992.tb00214.x.
Mirbozorghi, P., Hemmatfar, M., & Janani, M.H. (2022). Explaining the appropriate model of investors' risk power based on personality characteristics. Financial Accounting and Auditing Research, 14(53), 135-161. https://sid.ir/paper/958409 [In Persian].
Nareswari, N., Rahmani, C.W., & Negoro, N.P. (2021). The impact of personality traits on perceived investment performance: The moderating role of social interaction. Journal of Theoretical and Applied Management (Jurnal Manajemen Teori Dan Terapan), 14(1), 1–15. https://doi.org/10.20473/jmtt.v14i1.23737.
Navarro-Carrillo, G., Alonso-Ferres, M., Moya, M., & Valor-Segura, I. (2020). Socioeconomic status and psychological well-being: Revisiting the role of subjective socioeconomic status. Frontiers in Psychology, 11(1). https://doi.org/10.3389/fpsyg.2020.01303.
Nayebmohseni, Sh., Khalifehsultani, A., & Hejazi, R. (2021). Developing a behavioral model of individual investors’ decision-making in the Iranian capital market. Financial Research Journal, 23(4), 625-652. https://jfr.ut.ac.ir/article_86311.html [In Persian].
Nazaripour, M., & Zakizadeh,B. (2022). The moderating effects of investors' personality on the relationship between the use of financial advice services and trading. Financial Research Journal, 24(4), 655-678. https://jfr.ut.ac.ir/article_90704.html [In Persian].
Ozer, G., & Mutlu, U. (2019). The effects of personality traits on financial behaviour. Pressacademia, 8(3), 155–164. https://doi.org/10.17261/pressacademia.2019.1122.
Patel, P., & Nayak, K. (2023). A study of financial behavior based on the theory of planned behavior. Journal of Visual and Performing Arts, 4(2), 1760–1768. https://doi.org/10.29121/shodhkosh.v4.i2.2023.2924.
Po Lai, C. (2019). Personality traits and stock investment of individuals. Department of Finance & Graduate Institute of Financial Management, 11(19), 5474. https://doi.org/10.3390/su11195474.
Poureskandar Rziabad, A., Fazlzadeh, A.R., Ahmadian, V., & Naghdi, S. (2024). The effect of personality traits on investment decisions with the mediating role of risk tolerance. Advances in Finance and Investment, 5(1), 193-230. https://doi.org/10.71729/afi.2024.1104779 [In Persian].
Sachdev, M., & Lehal, R. (2023). The influence of personality traits on investment decision-making: A moderated mediation approach. International Journal of Bank Marketing, 14(4), 810–834. https://doi.org/10.1108/IJBM-07-2022-0313.
Salimi, M., Ebrahimi Shaghaghi, M., & Mashayekhi Fard, S. (2022). Investigating the effect of personality traits and individual motivation on the tendency of investors' herd behavior, with the moderating role of experience and financial knowledge in the Tehran Stock Exchange. Financial and Behavioral Research in Accounting, 1(2), 1–20. https://doi.org/10.30486/fbra.2021.1946138.1051.
Sari, B., & Bayrakdaroglu, A. (2016). An empirical research on investor biases in financial decision-making, financial risk tolerance, and financial personality. International Journal of Financial Research, 7(2), 171–182. http://dx.doi.org/10.5430/ijfr.v7n2p171.
Setayesh, M.H., & Karimipoor, I. (2020). Investigating the relationship between managerial personality characteristics and dividend policy. Journal of Accounting Knowledge, 11(4), 149-170. https://jak.uk.ac.ir/2763.html [In Persian].
Shefrin, H., & Statman, M. (2000). Behavioral portfolio theory. Journal of Financial and Quantitative Analysis, 35(2), 127–151. http://dx.doi.org/10.2307/2676187.
Sina, P.G. (2014). Tipe kepribadian dalam personal finance. Jurnal JIBEKA, 8(1), 54–59. https://journal.unpak.ac.id/index.php/jhss/article/view/2468.
Tarazoodar, M., Ghasemi, M., & Mohseni, A. (2023). A model to identify the impact of behavioral biases and financial literacy and their role on investor decision making (Based on Grounded theory). Journal of Accounting Knowledge, 14(4), 159-179. https://doi.org/10.22103/jak.2023.20401.3795 [In Persian].
Tauni, M.Z., Rao, Z.R., Fang, H.X., & Gao, M. (2017). Does investor personality moderate the relationship between information sources and trading behavior? Evidence from the Chinese stock market. Managerial Finance, 43(5), 545-566. http://dx.doi.org/10.1108/MF-08-2015-0231.
Vaishnavi, G. (2023). Behavioural finance and investment decision-making. International Journal of Scientific Research in Engineering and Management, 7(9), 1–11. http://dx.doi.org/10.55041/IJSREM25904.
Wang, Z., & Liu, J. (2021). Social cognitive theory in financial decision-making: Mediating role of self-efficacy. Journal of Economic Psychology, 80(1), 102–227.
Wetzels, M., Odekerken-Schröder, G., & Van Oppen, C. (2009). Using PLS path modeling for assessing hierarchical construct models: Guidelines and empirical illustration. MIS Quarterly, 3(5), 177–195. http://dx.doi.org/10.2307/20650284.
Journal of Accounting Knowledge

Articles in Press, Accepted Manuscript
Available Online from 03 November 2025

Files

History

  • Receive Date: 12 May 2025
  • Revise Date: 20 August 2025
  • Accept Date: 13 October 2025

Share

How to cite

Statistics