Fouz Bin Khalid | Iqra University, Karachi (original) (raw)
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CSIC (Consejo Superior de Investigaciones CientÃficas-Spanish National Research Council)
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Papers by Fouz Bin Khalid
Journal of Finance & Economics Research, 2020
Based on the theory of planned behavior, the study has examined the effects of risk tolerance, i... more Based on the theory of planned behavior, the study has examined the effects of risk tolerance,
investment confidence, financial literacy, herding behavior on investment behavior with financial self-efficacy
as an intervening variable among the investors of the stock market in Pakistan. The study has collected
350 sample responses from the investors of Pakistan Stock Exchange (PSX) using five-point Likert scale
questionnaire. The study has employed PLS-SEM for data analysis using Smart PLS version 3.2.9. The
results showed that investment confidence, and risk tolerance has positively significant relationship with
financial self-efficacy while herding behavior has negatively significant relationship with financial self-efficacy.
However, financial literacy has positive but statistically insignificant relationship with financial self-efficacy.
Lastly, financial self-efficacy has positively significant relationship with investment behavior. Therefore, based
on the research findings, it is recommended that financial investors should ensure that they design policies
that enable them to learn from their own experience through reflection. Thus, they will be able to effectively
learn from past trading experience, thereby reducing the risk of behavioral bias in trading stocks. Therefore,
improving investor self-reflection capacity should be the focus of these educational programs.
Journal of Finance & Economics Research, 2020
Based on the theory of planned behavior, the study has examined the effects of risk tolerance, i... more Based on the theory of planned behavior, the study has examined the effects of risk tolerance,
investment confidence, financial literacy, herding behavior on investment behavior with financial self-efficacy
as an intervening variable among the investors of the stock market in Pakistan. The study has collected
350 sample responses from the investors of Pakistan Stock Exchange (PSX) using five-point Likert scale
questionnaire. The study has employed PLS-SEM for data analysis using Smart PLS version 3.2.9. The
results showed that investment confidence, and risk tolerance has positively significant relationship with
financial self-efficacy while herding behavior has negatively significant relationship with financial self-efficacy.
However, financial literacy has positive but statistically insignificant relationship with financial self-efficacy.
Lastly, financial self-efficacy has positively significant relationship with investment behavior. Therefore, based
on the research findings, it is recommended that financial investors should ensure that they design policies
that enable them to learn from their own experience through reflection. Thus, they will be able to effectively
learn from past trading experience, thereby reducing the risk of behavioral bias in trading stocks. Therefore,
improving investor self-reflection capacity should be the focus of these educational programs.