Rajasekar Arvindh, Pillai Arul Ramanatha, Elangovan Rajesh, Parayitam Satyanarayana
Tiruchirappalli, Tamil Nadu India PG and Research Department of Commerce, St Joseph's College (Autonomous), Affiliated to Bharathidasan University.
Tiruchirappalli, Tamil Nadu India Department of Commerce, Bishop Heber College (Autonomous), Affiliated to Bharathidasan University.
Qual Quant. 2023;57(3):2091-2123. doi: 10.1007/s11135-022-01429-2. Epub 2022 Jun 20.
This paper aims to explore the relationship between big-five personality traits and investment behavior, particularly in the Indian context. Riding on the theory of planned behavior (TPB), we built a multi-layered moderated moderated-mediation model exploring the complex relationships between personality traits, investment attitude, and investment strategy. We collected data from 934 respondents from the southern part of India and analyzed using the Hayes (2018) PROCESS macros to test the hypotheses. The results indicate that (i) Personality traits (extraversion, emotional stability, conscientiousness, agreeableness, and openness to experience) are positively related to investment attitude and investment strategy, (ii) Investment attitude is positively related to investment strategy, (iii) Risk capacity moderates the relationship between personality traits and investment attitude, and (iv) Investment priority (second moderator) moderates the moderated relationship between personality traits, risk capacity (first moderator), and investment strategy mediated through investment attitude. Finally, the implications for behavioral finance and practicing managers are discussed.
本文旨在探讨大五人格特质与投资行为之间的关系，特别是在印度背景下。基于计划行为理论（TPB），我们构建了一个多层调节中介模型，以探究人格特质、投资态度和投资策略之间的复杂关系。我们从印度南部的934名受访者那里收集了数据，并使用海斯（2018）的PROCESS宏进行分析，以检验假设。结果表明：（i）人格特质（外向性、情绪稳定性、尽责性、宜人性和经验开放性）与投资态度和投资策略呈正相关，（ii）投资态度与投资策略呈正相关，（iii）风险承受能力调节人格特质与投资态度之间的关系，以及（iv）投资优先级（第二个调节变量）调节人格特质、风险承受能力（第一个调节变量）与通过投资态度介导的投资策略之间的调节关系。最后，讨论了对行为金融学和从业经理人的启示。
