Unveiling the attitudinal factors: an integration of TPB and SCT in understanding investor intention towards equity investments

Anurag Singh (), Utkarsh Goel, Shailendra Kumar and Amar Johri
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Anurag Singh: Indian Institute of Information Technology
Utkarsh Goel: Indian Institute of Information Technology
Shailendra Kumar: Indian Institute of Information Technology
Amar Johri: Saudi Electronic University

Humanities and Social Sciences Communications, 2025, vol. 12, issue 1, 1-14

Abstract: Abstract The growth of financial markets has facilitated individuals to invest in a wide range of securities and financial assets. As a result, behavioral finance has provided insight into traits and psychological factors that influence investors’ intentions and decisions. This paper investigates the impact of attitudinal factors, financial self-efficacy, and financial literacy on individual equity investors’ decision-making by integrating the theory of planned behavior and social cognitive theory in comprehending these elements and their impact on investment intention using partial least squares structural equation modelling (PLS-SEM). The study employed primary data by administering a questionnaire via in person and online to 430 Indian equity investors. To check the impact of gender variances, measurement invariance in composite models (MICOM) and multi-group analysis (MGA) was applied. The findings of the study suggested that two of the attitudinal constructs (Perception of Regulators and Perceived Benefit) had a substantial impact on the investment intention of equity investors. Financial self-efficacy significantly impacted equity investors’ investment intention. Further, the findings of MICOM and MGA showed that gender significantly moderates the relationship between subjective norms and financial literacy towards investment intention. The study emphasizes the significance of improving retail investors’ financial self-efficacy and literacy, collecting data from India and provides a comprehensive model to describe the intention of equity investors, contributing to overall investor behavior literature.

Date: 2025
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DOI: 10.1057/s41599-025-05478-4

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