Which are the psychological predictors of stock market participation?

Matteo Paolo Robba, Maria Rosa Miccoli, Paola Iannello

Risultato della ricerca: Contributo in libroContributo a convegno


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.
Lingua originaleItalian
Titolo della pubblicazione ospiteBook of Abstract. 30º Congresso dell’Associazione Italiana di Psicologia
Numero di pagine1
Stato di pubblicazionePubblicato - 2022
EventoXXX Congresso AIP - Sezione di Psicologia Sperimentale - 27-30 settembre 2022 - Padova, Italia
Durata: 27 set 202230 set 2022


ConvegnoXXX Congresso AIP - Sezione di Psicologia Sperimentale - 27-30 settembre 2022
CittàPadova, Italia


  • Financial literacy
  • Investment decision-making

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