The impact of extroversion and neuroticism on the attitude and perception of risk and investors' return expectations with the moderating role of financial literacy

Subject Areas : Financial and Behavioral Researches in Accounting

Rahman Khanigonbad ¹ , Mansour Garkaz ² , khadije Eslami ³ , alireza maetoofi ⁴ , ali khozain ⁵

1 - Department of Accounting, Gorgan Branch, Islamic Azad University, Gorgan, Iran
2 - Department of Accounting, Gorgan Branch, Islamic Azad University, Gorgan, Iran
3 - Department of Accounting, Bandargaz Branch, Islamic Azad University, Bandargaz, Iran
4 - Department of Accounting, Gorgan Branch, Islamic Azad University, Gorgan, Iran
5 - Department of Accounting, Aliabad Katul Branch, Islamic Azad University, Aliabad Katul, Iran

Received: 2024-11-15 Accepted : 2025-04-08 Published : 2025-06-21

Keywords: investors' return expectations, extroversion, risk perception, neuroticism, financial literacy, risk attitude,

Abstract :

 The aim of the present study was to investigate the effect of extroversion and neuroticism on risk attitude, risk perception and investors' return expectations with regard to the moderating role of financial literacy in the Tehran Stock Exchange. This research is descriptive in terms of purpose, applied in terms of the nature of the research, descriptive in terms of the approach, comparative in terms of the field research environment. Also, the current research is cross-sectional in terms of the research method, in terms of the study, in terms of the unit of analysis, people, and in terms of the time horizon of the research. The statistical population of the present study is the investors of the Tehran Stock Exchange Organization. Sampling was done using random sampling method and the sample size was determined to 384 people using Cochran's formula. In order to measure the personality traits of extroversion and neuroticism from the Big Five Scale-10 (BFI-10) indicators of Mirbozuri et al. And in order to measure financial literacy, the financial literacy model of Stella et al. (2020) was used. The research hypotheses were examined based on the results obtained from examining the questions using descriptive and inferential statistics and using appropriate tests. The results showed that extroversion and neuroticism have a significant effect on risk perception, risk attitude and return expectations of investors in Tehran Stock Exchange. .

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