مجله علوم روانشناختی (Nov 2022)
The relationship between cognitive abilities and decision making behavior of exchange investors mediated by financial self-efficacy and financial literacy
Abstract
Background: Numerous studies have predicted investment decision-making behavior as one of the most important decisions of individuals and the effects of financial literacy on it. But research that has simultaneously mediated the role of financial self-efficacy and financial literacy in relation to cognitive abilities and investment decision-making behavior has Been neglected. Aims: The aim of this study was to determine the relationship between cognitive abilities and investment decision-making behavior of Tehran Stock Exchange investors with mediating role of financial self-efficacy and financial literacy. Methods: In the present descriptive-correlational study, the study population included all active investors in Iran's capital market. From the statistical population, 380 people were selected by available sampling method. During the sampling process, it was attempted to select investors with at least one year of activity in the capital market. The research instruments included the Cognitive Abilities Questionnaire (nejati, 2013), the Financial Self-Efficacy Questionnaire (lown, 2011), the Financial Literacy Questionnaire (Bongomin et al, 2016), and the Decision Decision Behavior Questionnaire (lim, 2012). The collected data were analyzed by structural equation modeling. Results: The results showed that cognitive abilities have a positive and significant relationship with investment decision-making behavior (p<0.05). Bootstrap results also showed that financial self-efficacy and financial literacy can mediate the relationship between cognitive abilities and investment decision-making behavior (p<0.05). Conclusion: Improving cognitive skills and abilities, high financial self-efficacy and high financial literacy can affect the quality of investor's decision-making behavior. Therefore, it is necessary to pay attention to these factors in improving the quality of investment decision-making behavior.
