Nadeem Muhammad Asif, Qamar Muhammad Ali Jibran, Nazir Mian Sajid, Ahmad Israr, Timoshin Anton, Shehzad Khurram
Department of Management Sciences, COMSATS University Islamabad (CUI), Lahore Campus, Lahore, Pakistan.
School of Business Management, Universiti Utara Malaysia, Sintok, Malaysia.
Front Psychol. 2020 Oct 22;11:553351. doi: 10.3389/fpsyg.2020.553351. eCollection 2020.
The purpose of this study is to investigate how investor's money attitudes shape their stock market participation (SMP) decisions. This study followed the theory of planned behavior (TPB), and a survey was conducted to collect the responses from active investors. Structural equation modeling (SEM) was used for the analysis of proposed relationships among the constructs, and a confirmatory factor analysis (CFA) was conducted to check the interrelation of the variables and validity of the constructs. This research has concluded that investor's money attitudes are significant to affect their stock market participation decisions. Further, it was found that risk attitudes partially mediate the relationship between money attitudes and stock market participation. Moreover, financial knowledge and financial self-efficacy positively moderated the relationship between money attitudes and stock market participation. This research is one of the early attempts at studying the money attitudes of investors and introduces financial self-efficacy as a moderating construct between money attitudes and stock market participation. The sample size for this study was 250 respondents which can be increased in future research, and the same relationships can be tested by using a larger sample. Moreover, this study has used money attitudes as predictors of stock market participation. Still, many other variables, like personal value, can also be taken to investigate their influence on stock market participation.
本研究的目的是调查投资者的金钱态度如何塑造他们的股票市场参与（SMP）决策。本研究遵循计划行为理论（TPB），并进行了一项调查以收集活跃投资者的回复。结构方程模型（SEM）用于分析各构念之间的假设关系，同时进行了验证性因素分析（CFA）以检验变量之间的相互关系以及构念的有效性。本研究得出结论，投资者的金钱态度对其股票市场参与决策有显著影响。此外，研究发现风险态度部分中介了金钱态度与股票市场参与之间的关系。而且，金融知识和金融自我效能正向调节了金钱态度与股票市场参与之间的关系。本研究是早期研究投资者金钱态度的尝试之一，并引入金融自我效能作为金钱态度与股票市场参与之间的调节构念。本研究的样本量为250名受访者，未来研究中可以增加样本量，并且可以使用更大的样本对相同关系进行检验。此外，本研究将金钱态度用作股票市场参与的预测因素。不过，许多其他变量，如个人价值观，也可以用来调查它们对股票市场参与的影响。
