Decision-making in an unfamiliar environment like the stock market is a difficult task, particularly given the immense amount of information and peer pressure. This study aims to analyze the influence of investors’ personality, assessed using the Big Five personality model, on investors’ decision-making in the Indian secondary equity market. Indian secondary equity investors in the city of Chennai were selected as the study population, and data was gathered from a sample of 436 investors using the questionnaire survey method. A Pearson correlation analysis was conducted to study the relationships between investors’ decision-making tools and personality dimensions, and significant correlation relationships were identified. Multiple linear regression was then used to analyze the linear relationship between the returns earned from equity investment and the personality dimensions and decision-making tools, as well as several demographics and financials. The results of the study could help investors better understand their equity decision-making in terms of the influence of their personality and guide them to adopt appropriate decision-making tools to increase their equity returns. Financial advisors could also benefit from this study as it would allow them to correlate their clients’ personalities and decision-making tools and suggest the most appropriate investment strategies.
Keywords: Indian stock market, Big five personality model, Investor decision-making, Investors’ personality, Secondary equity market, Pearson correlation, Linear regression.
JEL Classification: G10; G11; G12; G41.
Received: 8 March 2022 / Revised: 28 April 2022 / Accepted: 13 May 2022/ Published: 1 June 2022
The findings of the study provide a template for investors and financial advisors to assess investors’ decision-making styles and personalities and find useful linkages between the two. The regression model developed contributes to helping investors choose the right decision-making style for their personality to earn high equity returns.
Decision-making involves selecting an alternative among several available alternatives after careful evaluation. Decision-making in the stock market is a more complex process that involves both personal and technical factors. Both risk and behavioral factors like cognitive dissonance, mental accounting, heuristics, anchoring, greed, and fear influence decision-making in the stock market (Chandra & Kumar, 2008). However, most investors in the stock market, especially noise traders, make stock market decisions based on sentiment and not on fundamental information, which influences their stock market returns (Ur Rehman, 2013).
Personality is defined as “differences in attitudes and beliefs, many inculcated from birth, which drive differences in behavior” (Smith, 1999). Personality can be assessed with high reliability and validity by using five dimensions. There are various personality models with different labels, but the main dimensions are: (1) Surgency/ Extraversion/ Social adaptability/ Assertiveness (2) Agreeableness/ Friendliness/ Likeability/ Conformity (3) Conscientiousness/ Will to achieve/Responsibility/ Dependability (4) Neuroticism/ Emotional control/ Emotionality/ Stability (5) Culture/Intellect/ Inquiring intellect/ Intelligence (Smith, 1999).
Personality plays a prominent role in decision-making under uncertain circumstances. Personality influences the kind of information decision-makers acquire under conditions of uncertainty, and this in turn influences their final choice (Fréchette, Schotter, & Trevino, 2017). Personality captures the socio-psychological traits of an individual; hence, there is a connection between personality and the propensity to behave in certain ways and make decisions. In short, personality influences investors’ decisions (Krishnan & Beena, 2009).
This paper aims to determine the influence of investors’ personality, as assessed using the big five personality model, on investors’ decision-making. The introduction of this paper is followed by the literature review, a section describing the sample and methodology, results and analysis sections, and finally the conclusion.
Personality plays an important role in financial decision-making (Oehler, Wendt, Wedlich, & Horn, 2018). Investors should consider their personality characteristics when making investment decisions (Akhtar, Thyagaraj, & Das, 2018). Personality guides individuals’ decision-making preferences. The personality dimensions of Agreeableness, Conscientiousness, and Openness dominate financial decision-making (Nga & Leong, 2013).
The key personality traits mediate the relationship between financial literacy and investment decisions. Via neuroticism, financial literacy has a significant positive influence on investment decisions, whereas, via openness, financial literacy has a significant negative influence on investment decisions (Hamza & Arif, 2019). Neuroticism, openness, and agreeableness each have a direct impact on investors’ negative moods, whereas extraversion directly affects investors’ positive moods and, in this way, has a significant indirect influence on investment decisions (Trang, Khuong, & Tho, 2016). The Big Five personality dimensions are well-correlated with decision-making styles. Openness and conscientiousness (positively) and neuroticism (negatively) predict the vigilance style of decision-making. Similarly, openness and extraversion (negatively) and neuroticism (positively) predict the buck-passing decision-making style. The hypervigilance decision-making style is predicted only by neuroticism (Rahaman, 2014). Together, personality and decision-making style contribute significantly to the variation in decision-making competence. The personality dimensions of extraversion and neuroticism statistically significantly contribute to explaining the variation in decision-making competence with a negative association (Dewberry, Juanchich, & Narendran, 2013). Both personality traits and decision styles have an impact on investors’ financial decisions. The influence of personality on investments is mediated by the various decision-making styles. Investors with an extroverted personality are more likely to make investments (Gambetti & Giusberti, 2019). Extroverted individuals are most likely to adopt the spontaneous and intuitive decision-making style. Individuals whose personality is characterized by openness are most likely to adopt an intuitive decision-making style. Agreeable individuals adopt a dependent decision-making style. Conscientious individuals adopt a rational decision-making style. Finally, neurotic individuals adopt an avoidant decision-making style (Riaz, Riaz, & Batool, 2012).
The Big Five personality dimensions of extraversion, openness, neuroticism, agreeableness, and conscientiousness also influence investors’ attitudes towards stock market investment (Rizvi & Fatima, 2015). Neurotic individuals have negative attitudes towards stock investment. Individuals whose personality is open tend to be influenced by peers regarding stock investment, unlike agreeable individuals, who are not influenced by peers. The personality dimensions of extraversion, conscientiousness, and openness positively influence stock market participation (Lai, 2019). Openness, conscientiousness, extraversion, and agreeableness are negatively related to stock market participation, whereas neuroticism is positively related to stock market participation. Direct stock market participation is negatively influenced by openness and extraversion. On the other hand, conscientiousness negatively influences indirect stock market participation (Stinesen, 2021). The relationship between personality and household financial decision-making varies depending on the type of asset/debt held by the investor. Extraversion has a significant correlation with finances held in terms of assets and debt. Extraversion is also negatively related to the probability of holding shares, whereas openness is positively correlated with the probability of shareholding among couples (Brown & Taylor, 2014).
The relationship between the Big Five personality traits and stock trading behavior is moderated by the key sources of information (Tauni, Rao, Fang, & Gao, 2017c). When information is acquired from financial advice, investors with the neuroticism and openness personality traits trade stocks more frequently; on the other hand, conscientious and extraverted investors trade stocks less intensively with the same information. When information is obtained through word-of-mouth communication, agreeable and extraverted investors trade stocks more frequently. Owing to social interaction, neurotic, open-minded, and conscientious investors alter their portfolios less frequently (Tauni, Fang, & Iqbal, 2017b). The personality of the financial advisor also influences investors’ stock trading frequency. When the advisor’s personality is characterized by conscientiousness, openness, or agreeableness, financial advice is more likely to increase the investors’ stock trading frequency. In contrast, when the advisor’s personality is neurotic or extraverted, there are fewer adjustments made to investors’ portfolios based on the financial advisor’s information (Tauni, Majeed, Mirza, Yousaf, & Jebran, 2018). The differences or similarities between the personality traits of the investor and advisor also influence investors’ stock trading performance. Similarity of personality traits like conscientiousness, openness, agreeableness, and extraversion between investor and advisor is positively related to stock trading performance. On the other hand, when investor and advisor are similar in their neuroticism, it negatively influences the stock trading performance (Tauni, Yousaf, & Ahsan, 2020).
The personality dimensions of conscientiousness, openness, agreeableness, and extraversion are significantly positively related to the investment intentions of investors; however, neuroticism is negatively related to their investment intentions (Sarwar et al., 2020). The personality dimensions influence investment intentions via the pathway of financial risk. Openness, neuroticism, and extraversion have a significant relationship with short-term investment intentions, which is mediated by the financial risk attitude. However, agreeableness exerts a partially mediated influence on short-term investment intentions (Nandan & Saurabh, 2016). Extroverted investors are more likely to engage in short-term investing, whereas neurotic investors refrain from this activity. Investors with an open personality are likely to indulge in long-term investing, but this character trait does not forecast short-term investing (Mayfield, Perdue, & Wooten, 2008).
The personality dimensions of agreeableness, extraversion, and conscientiousness significantly predict financial risk tolerance. Extraversion is positively related to financial risk tolerance, whereas agreeableness and conscientiousness are negatively related (Pinjisakikool, 2018). Extroverted investors have higher risk propensity and are hence willing to pay a higher price for riskier assets and also to purchase more when the assets are overpriced. Neurotic investors, on the other hand, sell financial assets at reduced prices and sell when the assets are under-priced (Oehler et al., 2018). The openness personality trait is correlated with higher risk-taking, whereas neuroticism is correlated with lower risk-taking in the gain domain. In the loss domain, the personality effects are reversed, which implies that neuroticism is associated with higher risk-taking for losses (Lauriola & Levin, 2001). In the domains of finance, health, and work, investors who are consistent in their risk preferences score higher in the conscientiousness and agreeableness dimensions and lower in the neuroticism dimension (Soane & Chmiel, 2005).
Extraversion is a strong predictor of borrowing and saving behavior, and agreeableness could also explain certain types of saving (Nyhus & Webley, 2001). Extraversion and conscientiousness boost the positive relationship between trading frequency and information acquisition. On the other hand, openness weakens the positive relationship between the two. Agreeableness and neuroticism do not influence this relationship (Muhammad Zubair Tauni, Fang, & Yousaf, 2015). The stock trading frequency is most likely to be increased by information acquisition among investors with the personality traits of extraversion, agreeableness, and conscientiousness. The stock trading intensity is reduced by information acquisition among investors with the neuroticism and openness personality traits (Tauni, Fang, Mirza, Memon, & Jebran, 2017a).
Understanding the relationship between personality and decision-making is important for financial planners to cater to specific client personalities and design tailormade financial products accordingly (Nga & Leong, 2013).
Chennai-based equity investors actively investing in the Indian secondary equity market were taken as the study population. The sample data were gathered via the questionnaire survey method from two main data sources, Integrated and the Tamil Nadu Investors Association (TIA). Integrated was the only financial company that permitted us to gather data from its clients. Similarly, TIA was the only formal association that permitted us to gather data from its members. The final count of valid questionnaires which were collected was 436; therefore, the sample size is 436.
The main objectives of the study are:
This study aims to identify the influence of investors’ personality on their decision-making in the secondary equity market. Decision-making in the secondary equity market is measured using 20 variables, each of which is a variable that influences stock investment decisions. The variables were measured using the questionnaire survey method with answers on a Likert scale from a sample of 436 secondary equity investors operating in Chennai. Next, by employing Principal Component Factor analysis and then Varimax orthogonal rotation, these variables were grouped into 5 factors, which were renamed the five decision-making tools.
These five decision-making tools are:
The personality of the investor was assessed using the 44 statements of the Big Five Personality questionnaire. The dimensions of the model are Extraversion, Agreeableness, Openness, Conscientiousness, and Neuroticism.
5.1. Pearson Correlation Analysis
Pearson correlation is used to determine the linear correlation between the derived decision-making tools (factors) and the Big Five personality dimensions as both are quantitative variables.
Table 1 shows the Pearson correlation results between the decision-making tools and the Big Five personality dimensions.
| Decision Making Tools | Dimensions | Extraversion |
Agreeableness |
Conscientiousness |
Neuroticism |
Openness |
| Industry Analysis | Pearson Correlation | 0.093 |
0.073 |
0.085 |
0.010 |
0.167 |
| Sig. (2-tailed) | 0.053 |
0.127 |
0.077 |
0.827 |
0.000 |
|
| Technical Analysis | Pearson Correlation | -0.026 |
-0.060 |
-0.032 |
-0.008 |
0.010 |
| Sig. (2-tailed) | 0.595 |
0.215 |
0.509 |
0.860 |
0.832 |
|
| Company Analysis | Pearson Correlation | 0.081 |
0.135 |
0.154 |
-0.112 |
-0.001 |
| Sig. (2-tailed) | 0.090 |
0.005 |
0.001 |
0.019 |
0.982 |
|
| Economy Analysis | Pearson Correlation | 0.027 |
0.045 |
0.025 |
-0.027 |
0.105 |
| Sig. (2-tailed) | 0.576 |
0.345 |
0.608 |
0.577 |
0.028 |
|
| Advocates Recommendation | Pearson Correlation | 0.013 |
0.026 |
0.014 |
0.125 |
0.004 |
| Sig. (2-tailed) | 0.786 |
0.586 |
0.764 |
0.009 |
0.928 |
The results show:
5.2. Regression Analysis
Multiple linear regression is used to determine the linear relationship between the returns earned in equity investment and several independent variables, such as demographics including gender, age, and annual income; financials such as equity investment experience, risk level, investment knowledge, and expected equity return; the derived decision-making tools, and the Big Five personality dimensions. Multiple linear regression was adopted to analyze the influence of the investors’ personality and decision-making tools on the returns earned in equity investments. Equity returns are the main goal of investing, hence determining the influence on equity returns is important for both investors and wealth managers who advise investors.
Table 2. Model summary – regression analysis. |
R |
R Square |
Adjusted R Square |
Std. Error of the Estimate |
0.776 |
0.602 |
0.586 |
1.164 |
Table 2 shows that the derived model has an R square value of 0.602, indicating that 60.2% of the variation in equity returns earned (dependent variable) is explained by the variation in the independent variables.
Table 3. ANOVA table – regression analysis. |
Model |
Sum of Squares |
df |
Mean Square |
F |
Sig. |
|
1 |
Regression |
856.846 |
17 |
50.403 |
37.216 |
0.000 |
Residual |
566.108 |
418 |
1.354 |
|||
Total |
1422.954 |
435 |
||||
Table 3 indicates that in the One-Sample Kolmogorov-Smirnov test, the Normality condition is significant at the 0.01 level.
Table 4. Coefficients table – regression analysis. |
| Model | Unstandardized Coefficients |
Standardized Coefficients |
t |
Sig. |
Collinearity Statistics |
|||
B |
Std. Error |
Beta |
Tolerance |
VIF |
||||
| (Constant) | 0.315 |
0.702 |
0.448 |
0.654 |
||||
| Gender | -0.239 |
0.144 |
-0.058 |
-1.660 |
0.098 |
0.779 |
1.284 |
|
| Age | -0.015 |
0.045 |
-0.013 |
-0.330 |
0.741 |
0.636 |
1.572 |
|
| Annual income | 0.023 |
0.039 |
0.022 |
0.590 |
0.556 |
0.683 |
1.464 |
|
| Equity investment experience | 0.083 |
0.055 |
0.061 |
1.500 |
0.134 |
0.581 |
1.723 |
|
| Equity investment knowledge | 0.026 |
0.071 |
0.014 |
0.367 |
0.713 |
0.683 |
1.465 |
|
| Risk level | 0.145 |
0.049 |
0.098 |
2.986 |
0.003 |
0.876 |
1.141 |
|
| Expected equity return | 0.781 |
0.045 |
0.637 |
17.267 |
0.000 |
0.698 |
1.432 |
|
| Industry Analysis | 0.197 |
0.060 |
0.109 |
3.304 |
0.001 |
0.874 |
1.144 |
|
| Technical Analysis | -0.120 |
0.058 |
-0.067 |
-2.090 |
0.037 |
0.939 |
1.065 |
|
| Company Analysis | 0.035 |
0.058 |
0.019 |
0.603 |
0.547 |
0.934 |
1.071 |
|
| Economy Analysis | -0.032 |
0.057 |
-0.018 |
-0.567 |
0.571 |
0.963 |
1.039 |
|
| Advocates Recommendation | -0.127 |
0.062 |
-0.070 |
-2.055 |
0.041 |
0.809 |
1.236 |
|
| Extraversion | 0.010 |
0.018 |
0.023 |
0.592 |
0.554 |
0.644 |
1.553 |
|
| Agreeableness | -0.009 |
0.015 |
-0.025 |
-0.581 |
0.562 |
0.530 |
1.888 |
|
| Conscientiousness | 0.027 |
0.017 |
0.071 |
1.617 |
0.107 |
0.495 |
2.020 |
|
| Neuroticism | 0.007 |
0.015 |
0.015 |
0.464 |
0.643 |
0.865 |
1.156 |
|
| Openness | -0.016 |
0.015 |
-0.040 |
-1.038 |
0.300 |
0.644 |
1.553 |
|
The results given above in Table 4 show the co-efficients of the regression equation developed in the analysis. The regression equation is as follows:
Y = 0.315 - 0.239 X1 - 0.015 X2 + 0.023 X3 + 0.083 X4 + 0.026 X5 + 0.145 X6 + 0.781 X7 + 0.197 X8 - 0.120 X9 + 0.035X10 - 0.032X11 - 0.127X12 + 0.010X13 - 0.009X14 + 0.027X15 + 0.007X16 - 0.016X17
Where Y is the actual annual equity return of the secondary investor; X1 is the gender, X2 is the age, X3 is the annual income, X4 is the equity investment experience, X5 is the equity investment knowledge, X6 is the risk level, X7 is the expected equity return, X8 is Industry analysis, X9 is Technical analysis, X10 is Company analysis, X11 is Economy analysis, X12 is Advocates recommendation, X13 is Extraversion, X14 is Agreeableness, X15 is Conscientiousness, X16 is Neuroticism and X17 is Openness.
The regression model shows that the variables Risk level (0.003), Expected equity return (0.000), and Industry analysis (0.001) have a significant positive influence on the actual annual return. And the variables Technical analysis (0.037) and Advocates recommendation (0.041) have a significant negative influence. Hence, investors who adopt Industry analysis are more likely to earn higher returns in the equity market, whereas investors who adopt Technical analysis or Advocates’ recommendations are more likely to earn lower returns. None of the Big Five personality dimensions are significant, however, although all the dimensions except Agreeableness and Openness have a positive influence on the actual equity return earned annually. This implies that Agreeable investors and investors with an open personality are more likely to earn lesser equity returns than investors with other personality types.
Table 4 also shows the collinearity statistics among the various independent variables. The Tolerance statistics measured are closer to 1, showing that only some of the variability in the independent variable is explained by the remaining independent variables. Therefore, issues of multicollinearity are ruled out. The reciprocal of the Tolerance statistic, the Variance Inflation factor/VIF, is also lower than 2 for all the independent variables, thereby providing no sign of multicollinearity.
This article has probed into the relationship between investors’ decision-making tools (derived using Principal Component Factor analysis from variables influencing their stock investment decisions) and investors’ personality dimensions (assessed via the Big Five personality model). From the population of Indian secondary equity investors residing in the city of Chennai, a sample of 436 investors was surveyed using the questionnaire survey method. The relationship between the investors’ personality and their decision-making tools was analyzed using the Pearson correlation analysis. The correlation results showed significant positive correlations between (i) Industry analysis and Openness (ii) Company analysis and Agreeableness (iii) Company analysis and Conscientiousness (iv) Economy analysis and Openness and (v) Advocates’ recommendations and Neuroticism, as well as a significant negative correlation between Company analysis and Neuroticism. Finally, a robust regression model was developed to predict the returns from equity investments using multiple linear regression with the personality dimensions and decision-making tools as the independent variables. The results of the study are useful to both investors and financial advisors. Investors will be better able to understand the influence of their personality on equity decision-making, which will allow them to choose the right decision-making tool to earn higher returns. Financial advisors, on the other hand, will be able to better understand the personality of their clients and hence suggest the most appropriate decision-making technique for their personality profile.
Funding: This study received no specific financial support. |
Competing Interests: The authors declare that they have no competing interests. |
Authors’ Contributions: Both authors contributed equally to the conception and design of the study. |
Akhtar, F., Thyagaraj, K., & 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.Available at: https://doi.org/10.1108/ijmf-05-2016-0102.
Brown, S., & Taylor, K. (2014). Household finances and the ‘Big Five’personality traits. Journal of Economic Psychology, 45, 197-212.Available at: https://doi.org/10.1016/j.joep.2014.10.006.
Chandra, A., & Kumar, R. (2008). Decision making in the stock market: Incorporating psychology with finance. Paper presented at the In the Proceedings of the Conference on Forecasting Financial Markets in India at IIT Kharagpur, India.
Dewberry, C., Juanchich, M., & Narendran, S. (2013). Decision-making competence in everyday life: The roles of general cognitive styles, decision-making styles and personality. Personality and Individual Differences, 55(7), 783-788.Available at: https://doi.org/10.1016/j.paid.2013.06.012.
Fréchette, G. R., Schotter, A., & Trevino, I. (2017). Personality, information acquisition, and choice under uncertainty: An experimental study. Economic Inquiry, 55(3), 1468-1488.Available at: https://doi.org/10.1111/ecin.12438.
Gambetti, E., & Giusberti, F. (2019). Personality, decision-making styles and investments. Journal of Behavioral and Experimental Economics, 80, 14-24.Available at: https://doi.org/10.1016/j.socec.2019.03.002.
Hamza, N., & Arif, I. (2019). Impact of financial literacy on investment decisions: The mediating effect of big-five personality traits model. Market Forces, 14(1), 43-60.
Krishnan, R., & Beena, F. (2009). Measurement of conformity to behavior finance concepts and association with individual personality. IUP Journal of Behavioral Finance, 6(3/4), 25–40.
Lai, C.-P. (2019). Personality traits and stock investment of individuals. Sustatableinability, 11(19), 1-20.Available at: https://doi.org/10.3390/su11195474.
Lauriola, M., & Levin, I. P. (2001). Personality traits and risky decision-making in a controlled experimental task: An exploratory study. Personality and Individual Differences, 31(2), 215-226.
Mayfield, C., Perdue, G., & Wooten, K. (2008). Investment management and personality type. Financial Services Review, 17(3), 219-236.
Nandan, T., & Saurabh, K. (2016). Big-five personality traits, financial risk attitude and investment intentions: study on Generation Y. International Journal of Business Forecasting and Marketing Intelligence, 2(2), 128-150.Available at: https://doi.org/10.1504/ijbfmi.2016.078154.
Nga, J. K., & Leong, K. Y. (2013). The influence of personality trait and demographics on financial decision making among Generation Y. Young Consumers, 14(3), 230-243.Available at: https://doi.org/10.1108/yc-11-2012-00325.
Nyhus, E. K., & Webley, P. (2001). The role of personality in household saving and borrowing behaviour. European journal of personality, 15(S1), S85-S103.Available at: https://doi.org/10.1002/per.422.
Oehler, A., Wendt, S., Wedlich, F., & Horn, M. (2018). Investors' personality influences investment decisions: Experimental evidence on extraversion and neuroticism. Journal of Behavioral Finance, 19(1), 30-48.Available at: https://doi.org/10.1080/15427560.2017.1366495.
Pinjisakikool, T. (2018). The influence of personality traits on households’ financial risk tolerance and financial behaviour. Journal of Interdisciplinary Economics, 30(1), 32-54.Available at: https://doi.org/10.1177/0260107917731034.
Rahaman, H. S. (2014). Personality and decision making styles of university students. Journal of the Indian Academy of Applied Psychology, 40(1), 138-144.
Riaz, M. N., Riaz, M. A., & Batool, N. (2012). Personality types as predictors of decision making styles. Journal of Behavioural Sciences, 22(2), 99.
Rizvi, S., & Fatima, A. (2015). Behavioral finance: A study of correlation between personality traits with the investment patterns in the stock market. In Managing in recovering markets (pp. 143-155). New Delhi: Springer.
Sarwar, D., Sarwar, B., Raz, M. A., Khan, H. H., Muhammad, N., Azhar, U., & Kasi, M. K. (2020). Relationship of the big five personality traits and risk aversion with investment intention of individual investors. The Journal of Asian Finance, Economics, and Business, 7(12), 819-829.Available at: https://doi.org/10.13106/jafeb.2020.vol7.no12.819.
Smith, M. (1999). Gender, cognitive style, personality, and management decision-making. Management Accounting: Magazine for Chartered Management Accountants, 77(7), 18-22.
Soane, E., & Chmiel, N. (2005). Are risk preferences consistent?: The influence of decision domain and personality. Personality and Individual Differences, 38(8), 1781-1791.Available at: https://doi.org/10.1016/j.paid.2004.10.005.
Stinesen, N. (2021). The ‘big five’personality traits and stock market participation: Evidence from Dutch Households. Doctoral Dissertation.
Tauni, M. Z., Fang, H. X., & Yousaf, S. (2015). The influence of investor personality traits on information acquisition and trading behavior: Evidence from Chinese futures exchange. Personality and Individual Differences, 87, 248-255.Available at: https://doi.org/10.1016/j.paid.2015.08.026.
Tauni, M. Z., Yousaf, S., & Ahsan, T. (2020). Investor-advisor big five personality similarity and stock trading performance. Journal of Business Research, 109, 49-63.
Tauni, M. Z., Fang, H., Mirza, S. S., Memon, Z. A., & Jebran, K. (2017a). Do investor’s big five personality traits influence the association between information acquisition and stock trading behavior? China Finance Review International, 7(4), 450-477.Available at: https://doi.org/10.1108/cfri-06-2016-0059.
Tauni, M. Z., Fang, H. X., & Iqbal, A. (2017b). The role of financial advice and word-of-mouth communication on the association between investor personality and stock trading behavior: Evidence from Chinese stock market. Personality and Individual Differences, 108, 55-65.Available at: https://doi.org/10.1016/j.paid.2016.11.048.
Tauni, M. Z., Rao, Z.-u.-R., Fang, H.-X., & Gao, M. (2017c). Does investor personality moderate the relationship between information sources and trading behavior? Evidence from Chinese stock market. Managerial Finance, 43(5), 545-566.Available at: https://doi.org/10.1108/mf-08-2015-0231.
Tauni, M. Z., Majeed, M. A., Mirza, S. S., Yousaf, S., & Jebran, K. (2018). Moderating influence of advisor personality on the association between financial advice and investor stock trading behavior. The International Journal of Bank Marketing, 36(5), 947-968.Available at: https://doi.org/10.1108/ijbm-10-2016-0149.
Trang, P. T. M., Khuong, M. N., & Tho, N. H. (2016). The big five traits, moods, and investment decisions in emerging stock markets. International Journal of Business Research, 6(5), 99-108.
Ur Rehman, M. (2013). Investor's sentiments and stock market volatility: An empirical evidence from emerging stock market. Pakistan Journal of Commerce and Social Sciences, 7(1), 80-90.
Views and opinions expressed in this article are the views and opinions of the author(s), The Economics and Finance Letters shall not be responsible or answerable for any loss, damage or liability etc. caused in relation to/arising out of the use of the content. |