人格特质对投资决策的影响:印度投资者情绪的中介作用

Q2 Economics, Econometrics and Finance
Aditi N. Kamath, Sandeep S. Shenoy, Subrahmanya Kumar, Subrahmanya Abhilash, N. Kumar
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引用次数: 0

摘要

投资者在金融市场中的行为及其投资决策过程受到心理(情绪)和个人特征(人格特征)的指导。近年来的研究表明,投资者情绪与个性特征和投资决策之间存在联系。虽然行为金融领域的学术研究越来越多,但以投资者情绪为中介的人格特质与投资决策的研究却很少。为此,本文旨在分析印度散户投资者的大五人格特征(神经质、外向性、经验开放性、亲和性和责任心)在投资者情绪的中介作用下对其短期和长期投资决策的影响。本研究采用偏最小二乘结构方程模型对所构建的假设进行检验。研究发现,神经质对投资者情绪有显著的正向影响(β=0.352, p<0.05)。研究进一步表明,外倾性对长期决策有显著的正向影响(β=0.186, p<0.05)。相反,意识特质对短期投资决策有显著的负向影响(β=-0.335, p<0.05)。此外,开放性特质对短期和长期投资决策均有显著影响(β=0.357, p<0.05;术中β= 0.007,0.05)。然而,研究结果显示投资者情绪在人格特质与投资决策之间没有显著的中介作用。因此,由于个人特征对情绪效应的高度影响,本研究强烈地施加了投资者人格特质对其投资决策的影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Impact of personality traits on investment decision-making: Mediating role of investor sentiment in India
The behavior of investors and their investment decision-making process in the financial markets are guided by psychological (sentiments) and personal characteristics (personality traits). Research in recent years has shown the connection between investor sentiment and personality traits and investment decisions. Though academic works in the field of behavioral finance are growing, studies on personality traits and investment decision-making with investor sentiment as a mediator are sparse. To this end, the paper aims to analyze the effects of Indian retail investors’ Big-five personality traits (Neuroticism, Extraversion, Openness to experience, Agreeableness, and Conscientiousness) on their short-term and long-term investment decision-making with the mediating effect of investor sentiment. The study employs the Partial Least Square-Structural Equation Model to test the framed hypotheses. The findings of the study reveal that Neuroticism has a significant positive effect (β=0.352, p<0.05) on investor sentiment. It further shows that Extraversion has a significant positive effect (β=0.186, p<0.05) on long-term decision-making. On the contrary, the consciousness trait has a significant negative effect (β=-0.335, p<0.05) on short-term investment decision-making. Furthermore, the Openness trait demonstrates a significant effect on both short-term and long-term investment decision-making (β=0.357, p<0.05; β=0.007, p<0.05). However, the findings reveal no significant intervening effect of investor sentiment between personality traits and investment decision-making. Thus, the study strongly exerted the impact of investors’ personality traits on their investment decision-making due to the high influence of personal characteristics over sentiment effects.
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来源期刊
Investment Management and Financial Innovations
Investment Management and Financial Innovations Economics, Econometrics and Finance-Finance
CiteScore
2.50
自引率
0.00%
发文量
99
审稿时长
11 weeks
期刊介绍: The international journal “Investment Management and Financial Innovations” encompasses the results of theoretical and empirical researches carried out both on macro- and micro-levels, concerning various aspects of financial management and corporate governance, investments and innovations (including using of quantitative methods). It is focused on the international community of financiers, both academics and practitioners. Key topics: financial and investment markets; government policy and regulation; corporate governance; information and market efficiency; financial forecasting and simulation; financial institutions: investment companies, investment funds, investment banks, hedge funds, private pension funds; objects of real and financial investing; financial instruments and derivatives; efficiency of investment projects; econometric and statistic methods in project management; alternative investments; ratings and rating agencies.
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