Development of Scale to Measure Objectives-Oriented Investment Behavior

Sanjay Rastogi and Saurabh Gupta

Journal of Behavioral Finance, 2020, vol. 21, issue 3, 301-310

Abstract: While planning for personal finances, researchers recommend investors adapting systematically planned investment behaviors that align investments with their financial objectives; however, they fail to provide a scale for the measurement of such behaviors. Therefore, this study develops a scale, conducts exploratory and confirmatory factor analysis, and provides evidence of the reliability of the scale measuring objectives-oriented investment behaviors. Examining a cross-sectional data of 448 investors collected through the new scale, the study finds that a majority of the investors’ do not follow objectives-oriented behavior. The results inform that the selection of investment avenues and allocation of funds were not aligned with investors’ financial objectives.

Date: 2020
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DOI: 10.1080/15427560.2019.1692346

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