The Influence of Personality Traits on Stock Investment Retention: Insights from Thai Investors

Alicha Treerotchananon, Chuleeporn Changchit (), Robert Cutshall, Ravi Lonkani () and Thanu Prasertsoontorn
Additional contact information
Alicha Treerotchananon: Faculty of Mass Communication, Chiang Mai University, Chiang Mai 50200, Thailand
Chuleeporn Changchit: College of Business, Texas A&M University—Corpus Christi, Corpus Christi, TX 78412, USA
Robert Cutshall: College of Business, Texas A&M University—Corpus Christi, Corpus Christi, TX 78412, USA
Ravi Lonkani: Faculty of Business Administration, Chiang Mai University, Chiang Mai 50200, Thailand
Thanu Prasertsoontorn: Faculty of Business Administration, Chiang Mai University, Chiang Mai 50200, Thailand

JRFM, 2024, vol. 17, issue 11, 1-20

Abstract: Understanding the psychological factors that influence investment decisions is crucial for predicting stock investment retention. This study investigates the mediating role of the Big Five personality traits in stock investment retention, utilizing a modified version of the theory of planned behavior. By examining the influence of investors’ perceived risk and attitudes toward stock investment, data collected via an online survey with The Association of Thai Securities Companies (ASCO) were analyzed using Structural Equation Modeling (SEM). The findings reveal that extraversion, openness, and conscientiousness significantly impact attitudes toward stock investing, which in turn affects investment retention. However, personality traits do not directly influence risk perception. This research provides unique empirical evidence of the independence between the Big Five personality traits and risk perception among Thai stock investors, underscoring the importance of personality in shaping investment behavior through its effect on attitudes.

Keywords: investor trading behavior; stock investment retention; perceived risk; big five personality traits; theory of planned behavior (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/1911-8074/17/11/486/pdf (application/pdf)
https://www.mdpi.com/1911-8074/17/11/486/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jjrfmx:v:17:y:2024:i:11:p:486-:d:1508500

Access Statistics for this article

JRFM is currently edited by Ms. Chelthy Cheng

More articles in JRFM from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().