Abstract
Classical economic theories describe investors as rational individuals who base their decisions solely on
expected returns and profit maximization. Behavioral sciences, however, have largely demonstrated that
psychological, emotional, and motivational factors influence financial decision-making. In this framework,
our study, held in partnership with the Italian fintech Flowe, aimed to find the psychological predictors of
stock market participation. Analysing survey data on a sample of 1153 individuals (M=577, F=576; age range
18-50), we measured the impact of socio-demographic characters, financial literacy, financial self-efficacy,
impulsivity, risk attitude and future orientation on the decision to invest. Findings from a Logistic Regression
Model (Nagelkerke’s R2=.28; χ2(8)=268.36, p<.001) show that financial risk propensity and financial literacy
– objective and perceived – significantly affect the probability of participating in the stock market. In
addition, we observed a consistent role in investment related to gender gap and education level. These results
suggest that financial decision-making processes are not merely guided by the pursuit of profit. Considering
psychological factors (risk attitude, motivations, and values) is essential to understand investment decisions.
Titolo tradotto del contributo | [Autom. eng. transl.] Which are the psychological predictors of stock market participation? |
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Lingua originale | Italian |
Titolo della pubblicazione ospite | Book of Abstract. 30º Congresso dell’Associazione Italiana di Psicologia |
Pagine | 1803 |
Numero di pagine | 1 |
Stato di pubblicazione | Pubblicato - 2022 |
Evento | XXX Congresso AIP - Sezione di Psicologia Sperimentale - 27-30 settembre 2022 - Padova, Italia Durata: 27 set 2022 → 30 set 2022 |
Convegno
Convegno | XXX Congresso AIP - Sezione di Psicologia Sperimentale - 27-30 settembre 2022 |
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Città | Padova, Italia |
Periodo | 27/9/22 → 30/9/22 |
Keywords
- Financial literacy
- Investment decision-making