The role of information sources on the association between investor personality characteristics and trading behavior in Tehran Securities Exchange

Document Type : Research Paper

Authors

finance and banking, management and accounting, allameh tabatabayi university, tehran

Abstract

The main question of this research is the role of personality characteristics and information sources on the behavior of personal investors. The statistical population of the study is all real investors over 18 years old who engage in stock trading. The sample size is 384. SPSS and Smart PLS softwares were used to analyze the data obtained from the questionnaire. Structural equation modeling indices using partial least squares method were used to demonstrate the validity of the findings of the research model. The results of the factor analysis shows positive relationship between Neuroticisms, extraversion and number of investor trades and there is a significant positive relationship. On the other hand, there is a significant negative relationship between openness, consistency and number of transactions. The use of financial advisory services by professionals moderates the relationship between the number of investor transactions with openeness personality and conscientiousness negatively and psychologically. On the other hand, word of mouth communication, as another source of information, moderates the relationship between the number of investor trades with the adjustment personality trait positively and the negative investor tempered ones.

Keywords

Main Subjects

References

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Financial Management Strategy
Volume 8, Issue 4 - Serial Number 31
December 2020
Pages 51-82

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History

  • Receive Date: 07 September 2019
  • Revise Date: 24 January 2020
  • Accept Date: 25 January 2020

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