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Investor behaviour and investment decisions: Evidence from Pakistan Stock Exchange

Asian Academy of Management journal, 2023-12, Vol.28 (2), p.1-28 [Peer Reviewed Journal]

2023. This work is published under https://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 1394-2603 ;EISSN: 2180-4184 ;DOI: 10.21315/aamj2023.28.2.1

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  • Title:
    Investor behaviour and investment decisions: Evidence from Pakistan Stock Exchange
  • Author: Ali, Muhammad ; Ansari, Nayeem ul Hassan ; Chishty, Bilal Ahmed ; Puah, Chin-Hong ; Ashfaq, Muhammad
  • Subjects: Decision making ; Developing countries ; Efficiency ; Emerging markets ; Heuristic ; Investment policy ; Investments ; Investor behavior ; Knowledge ; LDCs ; Perceptions ; Securities markets ; Stock exchanges
  • Is Part Of: Asian Academy of Management journal, 2023-12, Vol.28 (2), p.1-28
  • Description: This research aims to understand the influence of behavioural factors on investment decisions in the Pakistan Stock Exchange (PSX). This study gathered primary data using a survey-based questionnaire from 318 individual investors. The issue being investigated in this study is how behavioural elements, such as sentiment, overconfidence, over- and under-reaction, and perceived market efficiency, affect investment choices made on the PSX, with a particular emphasis on the limited predictive power of herd behaviour. The sample data were analysed using partial least square-structural equation modelling (PLS-SEM) based approach. Results indicate that financial knowledge, sentiment, overconfidence, over- and under-reaction, and perceived market efficiency significantly affect the investment decision. Interestingly, herd behaviour does not play a significant role in predicting investment decisions. However, we are certain that this study will provide a better understanding of the relationship between behavioural factors and an investor’s investment decision in Pakistan. 
  • Publisher: Pinang: Universiti Sains Malaysia Press
  • Language: English
  • Identifier: ISSN: 1394-2603
    EISSN: 2180-4184
    DOI: 10.21315/aamj2023.28.2.1
  • Source: Alma/SFX Local Collection
    Coronavirus Research Database
    ProQuest Central
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