文章基本信息

标题：How Investors Attitudes Shape Stock Market Participation in the Presence of Financial Self-Efficacy
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作者：Muhammad Asif Nadeem ; Muhammad Ali Jibran Qamar ; Mian Sajid Nazir 等
期刊名称：Frontiers in Psychology
电子版ISSN：1664-1078
出版年度：2020
卷号：11
页码：553351-553367
DOI：10.3389/fpsyg.2020.553351
出版社：Frontiers Media
摘要：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. Copyright © 2020 Nadeem, Qamar, Nazir, Ahmad, Timoshin and Shehzad.
关键词：financial knowledge;financial self-efficacy;money attitudes;risk attitudes;stock market participation