The impact of investor characteristics on stock investment intentions : the mediating role of risk perception and perceived uncertainty about investment achievement

Abstract

The study examined the effect of the Big Five traits, risk perception, uncertainty perception, investment performance and investment intentions in the Vietnamese stock market. This study employed qualitative and quantitative approaches. The results show that the scales are reliable, have appropriate values, the model is suitable for the actual situation and the study found the following direct and indirect impacts: (i) Extraversion has a positive impact on investment intentions. (ii) Extraversion has a positive effect, and Agreeableness has a negative impact on risk perception. (iii) Openness, Extraversion and Agreeableness have a positive, and Neuroticism has a negative effect on uncertainty perception. (iv) Risk and Uncertainty perception both have a positive influence on investment results. (v) Investment results positively affect investment intentions. (vi) Four out of the Five traits: Extraversion, Openness, Agreeableness and Neuroticism have an indirect impact on investment intentions through risk perception, uncertainty perception and investment results. This study built the research model combining three theoretical backgrounds: traits theory, finance theory, and theory of planned behavior (TPB), and finance theory is a mediator between traits theory and TPB. In addition, the study develops scales of risk and uncertainty perception of investing in stocks in the Vietnamese stock market and helps individual investors better understand their traits and of the importance of risk and uncertainty perception and the satisfaction with investment results in order to decide to continue investing in stocks in the future