This study aims to investigate the factors influencing individual equity investment intentions, integrating the Big Five personality traits with the theory of planned behavior (TPB) and substituting perceived behavioral control with financial self-efficacy for greater relevance.
Using a self-administered questionnaire, the authors collected and analyzed data from individual investors using a hybrid structural equation modeling-artificial neural network (ANN) approach.
The results reveal subjective norms as the most significant predictor, followed by financial self-efficacy and attitude. Among the personality traits, openness and conscientiousness are positively associated with investment attitudes. ANN sensitivity analysis reinforces the dominance of subjective norms.
This study has made a valuable contribution to the field of investment behavior by presenting the influence of personality traits and the mediating role of TPB on the investment decisions of individual investors. The findings provide practical insights for financial planners to tailor investment strategies to individual personalities, financial confidence and individual risk tolerance.
