{"id":"https://openalex.org/W4391408973","doi":"https://doi.org/10.62270/jirms.v4i2.52","title":"An Examination of Behavioral Factors Affecting the Investment Decisions: The Moderating Role of Financial Literacy and Mediating Role of Risk Perception","display_name":"An Examination of Behavioral Factors Affecting the Investment Decisions: The Moderating Role of Financial Literacy and Mediating Role of Risk Perception","publication_year":2023,"publication_date":"2023-12-12","ids":{"openalex":"https://openalex.org/W4391408973","doi":"https://doi.org/10.62270/jirms.v4i2.52"},"language":"en","primary_location":{"id":"doi:10.62270/jirms.v4i2.52","doi":"https://doi.org/10.62270/jirms.v4i2.52","is_oa":true,"landing_page_url":"https://doi.org/10.62270/jirms.v4i2.52","pdf_url":"https://agasr.org/index.php/jirms/article/download/52/58","source":{"id":"https://openalex.org/S5407031277","display_name":"Journal of Innovative Research in Management Sciences","issn_l":"2790-2153","issn":["2790-2153","2790-2161"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Innovative Research in Management Sciences","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref","datacite"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://agasr.org/index.php/jirms/article/download/52/58","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5093834112","display_name":"Iram Rehmat","orcid":"https://orcid.org/0000-0002-0434-2521","observed_orcids":["https://orcid.org/0000-0002-0434-2521"]},"institutions":[{"id":"https://openalex.org/I4387154413","display_name":"University of Sialkot","ror":"https://ror.org/00kg1aq11","country_code":"PK","type":"education","lineage":["https://openalex.org/I4387154413"]}],"countries":["PK"],"is_corresponding":false,"raw_author_name":"Iram Rehmat","raw_affiliation_strings":["Lecturer, Business Administration Department, FMAS, University of Sialkot"],"raw_orcid":"https://orcid.org/0000-0002-0434-2521","affiliations":[{"raw_affiliation_string":"Lecturer, Business Administration Department, FMAS, University of Sialkot","institution_ids":["https://openalex.org/I4387154413"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5069932222","display_name":"Ather Azim Khan","orcid":"https://orcid.org/0000-0002-8623-5841","observed_orcids":["https://orcid.org/0000-0002-8623-5841"]},"institutions":[{"id":"https://openalex.org/I4387154413","display_name":"University of Sialkot","ror":"https://ror.org/00kg1aq11","country_code":"PK","type":"education","lineage":["https://openalex.org/I4387154413"]}],"countries":["PK"],"is_corresponding":false,"raw_author_name":"Ather Azim Khan","raw_affiliation_strings":["Professor and Dean Faculty of Management and Administrative Sciences, University of Sialkot"],"raw_orcid":"https://orcid.org/0000-0002-8623-5841","affiliations":[{"raw_affiliation_string":"Professor and Dean Faculty of Management and Administrative Sciences, University of Sialkot","institution_ids":["https://openalex.org/I4387154413"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5014419197","display_name":"Moazzam Hussain","orcid":"https://orcid.org/0000-0002-3162-3417","observed_orcids":["https://orcid.org/0000-0002-3162-3417"]},"institutions":[{"id":"https://openalex.org/I4387154413","display_name":"University of Sialkot","ror":"https://ror.org/00kg1aq11","country_code":"PK","type":"education","lineage":["https://openalex.org/I4387154413"]}],"countries":["PK"],"is_corresponding":false,"raw_author_name":"Moazzam Hussain","raw_affiliation_strings":["Assistant Professor Department of Commerce, FMAS, University of Sialkot"],"raw_orcid":"https://orcid.org/0000-0002-3162-3417","affiliations":[{"raw_affiliation_string":"Assistant Professor Department of Commerce, FMAS, University of Sialkot","institution_ids":["https://openalex.org/I4387154413"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5106609706","display_name":"Shahzeb Khurshid","orcid":"https://orcid.org/0009-0002-3083-9678","observed_orcids":["https://orcid.org/0009-0002-3083-9678"]},"institutions":[{"id":"https://openalex.org/I200749728","display_name":"Pir Mehr Ali Shah Arid Agriculture University","ror":"https://ror.org/035zn2q74","country_code":"PK","type":"education","lineage":["https://openalex.org/I200749728"]}],"countries":["PK"],"is_corresponding":false,"raw_author_name":"Shahzeb Khurshid","raw_affiliation_strings":["Assistant Professor University Institute of Management Sciences, Arid Agriculture University Rawalpindi"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Assistant Professor University Institute of Management Sciences, Arid Agriculture University Rawalpindi","institution_ids":["https://openalex.org/I200749728"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":6.7556,"has_fulltext":true,"cited_by_count":20,"citation_normalized_percentile":{"value":0.97183988,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":99},"biblio":{"volume":"4","issue":"2","first_page":"1","last_page":"16"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T13744","display_name":"Financial Literacy and Behavior","score":0.7494999766349792,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T13744","display_name":"Financial Literacy and Behavior","score":0.7494999766349792,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.11230000108480453,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.0812000036239624,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/behavioral-biases","display_name":"behavioral biases","score":0.9760000109672546},{"id":"https://openalex.org/keywords/investment-decisions","display_name":"investment decision-making","score":0.9509999752044678},{"id":"https://openalex.org/keywords/individual-investors","display_name":"retail investors","score":0.8820000290870667},{"id":"https://openalex.org/keywords/financial-literacy","display_name":"financial literacy","score":0.9819999933242798},{"id":"https://openalex.org/keywords/risk-perception","display_name":"risk perception","score":0.996999979019165},{"id":"https://openalex.org/keywords/loss-aversion","display_name":"loss aversion","score":0.9760000109672546},{"id":"https://openalex.org/keywords/overconfidence","display_name":"overconfidence","score":0.47699999809265137},{"id":"https://openalex.org/keywords/herding-behavior","display_name":"herding behavior","score":0.4659999907016754},{"id":"https://openalex.org/keywords/investor-behavior","display_name":"investor behavior","score":0.35899999737739563},{"id":"https://openalex.org/keywords/pakistan","display_name":"Pakistan","score":0.33000001311302185}],"concepts":[{"id":"https://openalex.org/C2777941463","wikidata":"https://www.wikidata.org/wiki/Q1416374","display_name":"Financial literacy","level":2,"score":0.8112558126449585},{"id":"https://openalex.org/C163355716","wikidata":"https://www.wikidata.org/wiki/Q2154783","display_name":"Risk perception","level":3,"score":0.6741964817047119},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.631691038608551},{"id":"https://openalex.org/C26760741","wikidata":"https://www.wikidata.org/wiki/Q160402","display_name":"Perception","level":2,"score":0.6229354739189148},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.613326370716095},{"id":"https://openalex.org/C76073288","wikidata":"https://www.wikidata.org/wiki/Q1337875","display_name":"Financial risk","level":2,"score":0.49252256751060486},{"id":"https://openalex.org/C77805123","wikidata":"https://www.wikidata.org/wiki/Q161272","display_name":"Social psychology","level":1,"score":0.4361459016799927},{"id":"https://openalex.org/C547764534","wikidata":"https://www.wikidata.org/wiki/Q8236","display_name":"Literacy","level":2,"score":0.4227394461631775},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3349052667617798},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3348090350627899},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.15091872215270996},{"id":"https://openalex.org/C19417346","wikidata":"https://www.wikidata.org/wiki/Q7922","display_name":"Pedagogy","level":1,"score":0.05667123198509216},{"id":"https://openalex.org/C169760540","wikidata":"https://www.wikidata.org/wiki/Q207011","display_name":"Neuroscience","level":1,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.62270/jirms.v4i2.52","doi":"https://doi.org/10.62270/jirms.v4i2.52","is_oa":true,"landing_page_url":"https://doi.org/10.62270/jirms.v4i2.52","pdf_url":"https://agasr.org/index.php/jirms/article/download/52/58","source":{"id":"https://openalex.org/S5407031277","display_name":"Journal of Innovative Research in Management Sciences","issn_l":"2790-2153","issn":["2790-2153","2790-2161"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Innovative Research in Management Sciences","raw_type":"journal-article"},{"id":"doi:10.60692/757j9-nns74","doi":"https://doi.org/10.60692/757j9-nns74","is_oa":true,"landing_page_url":"https://doi.org/10.60692/757j9-nns74","pdf_url":null,"source":{"id":"https://openalex.org/S7407051682","display_name":"Greater South Information System","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article-journal"},{"id":"doi:10.60692/twvme-q4161","doi":"https://doi.org/10.60692/twvme-q4161","is_oa":true,"landing_page_url":"https://doi.org/10.60692/twvme-q4161","pdf_url":null,"source":{"id":"https://openalex.org/S7407051682","display_name":"Greater South Information System","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article-journal"}],"best_oa_location":{"id":"doi:10.62270/jirms.v4i2.52","doi":"https://doi.org/10.62270/jirms.v4i2.52","is_oa":true,"landing_page_url":"https://doi.org/10.62270/jirms.v4i2.52","pdf_url":"https://agasr.org/index.php/jirms/article/download/52/58","source":{"id":"https://openalex.org/S5407031277","display_name":"Journal of Innovative Research in Management Sciences","issn_l":"2790-2153","issn":["2790-2153","2790-2161"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Innovative Research in Management Sciences","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[{"display_name":"Observational Study","id":"https://openalex.org/study-designs/observational-study"}],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4391408973.pdf","grobid_xml":"https://content.openalex.org/works/W4391408973.grobid-xml"},"referenced_works_count":57,"referenced_works":["https://openalex.org/W77440973","https://openalex.org/W939332968","https://openalex.org/W1833812966","https://openalex.org/W2024140722","https://openalex.org/W2061960606","https://openalex.org/W2069510752","https://openalex.org/W2069577030","https://openalex.org/W2107067966","https://openalex.org/W2131773668","https://openalex.org/W2154458865","https://openalex.org/W2168937478","https://openalex.org/W2494656022","https://openalex.org/W2552998545","https://openalex.org/W2559671271","https://openalex.org/W2593501157","https://openalex.org/W2773501902","https://openalex.org/W2809917136","https://openalex.org/W2887705716","https://openalex.org/W2888421779","https://openalex.org/W2901132718","https://openalex.org/W2903580088","https://openalex.org/W2911199151","https://openalex.org/W2934651891","https://openalex.org/W2941866048","https://openalex.org/W2954198703","https://openalex.org/W2957270064","https://openalex.org/W2964816488","https://openalex.org/W2969886070","https://openalex.org/W2982681870","https://openalex.org/W2982825003","https://openalex.org/W2994038768","https://openalex.org/W3011236531","https://openalex.org/W3013019815","https://openalex.org/W3017379939","https://openalex.org/W3025506043","https://openalex.org/W3036623491","https://openalex.org/W3039533169","https://openalex.org/W3090531278","https://openalex.org/W3112260151","https://openalex.org/W3122950815","https://openalex.org/W3125427970","https://openalex.org/W3151512799","https://openalex.org/W3154964010","https://openalex.org/W3198503110","https://openalex.org/W4205713541","https://openalex.org/W4212776882","https://openalex.org/W4212788401","https://openalex.org/W4226452994","https://openalex.org/W4239926713","https://openalex.org/W4280542573","https://openalex.org/W4281489519","https://openalex.org/W4281491904","https://openalex.org/W4311629993","https://openalex.org/W4385283387","https://openalex.org/W4386074701","https://openalex.org/W4386579300","https://openalex.org/W7037378597"],"related_works":["https://openalex.org/W4415481017","https://openalex.org/W7140098136","https://openalex.org/W4382584559","https://openalex.org/W4318537682","https://openalex.org/W4411210042","https://openalex.org/W7171954536","https://openalex.org/W7154457437","https://openalex.org/W7134961634","https://openalex.org/W7126019587","https://openalex.org/W2526323305"],"abstract_inverted_index":{"Purpose-":[0],"This":[1,99,184],"study":[2,75,100,185,233,243],"is":[3,18,58,126,158,244,251,272],"conducted":[4],"to":[5,19,40,109,128],"determine":[6,110],"the":[7,38,49,63,74,77,111,120,131,143,152,167,180,193,199,227,247,273],"impact":[8,24,112,228],"of":[9,73,83,106,113,122,155,176,196,221,229,241],"behavioral":[10,22,50,114,146,189,265],"biases":[11,51,115,147,231,266],"on":[12,25,258],"individuals'":[13],"investment":[14,28,149,172,268],"decisions.":[15,54,150],"The":[16,71,85,134,174,239],"focus":[17],"directly":[20],"analyze":[21],"factors'":[23],"retail":[26,78],"investors'":[27],"decisions,":[29,43],"as":[30],"individuals":[31],"generally":[32],"neither":[33],"have":[34],"in-depth":[35],"knowledge":[36],"nor":[37],"expertise":[39],"make":[41],"effective":[42],"and":[44,62,88,116,148,216,232,261],"they":[45],"do":[46],"not":[47],"understand":[48],"affecting":[52],"their":[53],"Study":[55],"Design/methodology/approach-":[56],"It":[57],"a":[59,93,103,218],"primary":[60,252],"study,":[61],"relationships":[64],"are":[65,76,192],"developed":[66],"using":[67],"structural":[68],"equation":[69],"modeling.":[70],"respondents":[72],"individual":[79,203,255],"security":[80],"market":[81],"investors":[82,204,256],"Pakistan.":[84],"instrument's":[86],"reliability":[87],"validity":[89],"were":[90],"checked":[91],"with":[92,119],"small":[94],"sample":[95],"before":[96],"data":[97],"collection.":[98],"also":[101,159],"employs":[102],"moderating":[104],"variable":[105],"financial":[107,117,139,207,214],"literacy":[108,140],"decisions":[118,208],"mediation":[121,153,271],"risk":[123,156],"perception.":[124],"SmartPLS":[125],"used":[127],"find":[129],"out":[130],"impact.":[132],"Findings-":[133],"results":[135],"show":[136],"that":[137,249],"moderator":[138],"significantly":[141,170],"affects":[142],"relationship":[144],"between":[145],"Similarly,":[151],"effect":[154],"perception":[157],"found":[160],"significant.":[161],"Except":[162],"for":[163,235],"loss":[164],"aversion,":[165],"all":[166],"independent":[168],"variables":[169],"impacted":[171],"decision-making.":[173,269],"findings":[175,200],"previous":[177],"studies":[178],"support":[179],"results.":[181],"Research":[182],"Implications-":[183],"has":[186],"incorporated":[187],"four":[188],"biases,":[190,212],"which":[191],"most":[194],"common":[195],"these.":[197],"Hence,":[198],"can":[201],"benefit":[202],"in":[205,267,277],"making":[206],"by":[209,246],"reducing":[210],"these":[211,234],"improving":[213],"literacy,":[215],"developing":[217],"better":[219],"understanding":[220],"risk.":[222],"Future":[223],"researchers":[224],"may":[225],"check":[226],"other":[230],"institutional":[236],"investors.":[237],"Originality/value-":[238],"originality":[240],"this":[242,278],"well-supported":[245],"fact":[248],"it":[250],"research.":[253,279],"Most":[254],"decide":[257],"available":[259],"fundamental":[260],"technical":[262],"data,":[263],"ignoring":[264],"Moderated":[270],"missing":[274],"link":[275],"addressed":[276]},"counts_by_year":[{"year":2026,"cited_by_count":6},{"year":2025,"cited_by_count":13},{"year":2024,"cited_by_count":1}],"updated_date":"2026-11-07T11:25:07.637180","created_date":"2024-02-01T00:00:00"}
