Investors' monetary attitude and participation in the stock market with the presence of financial self-efficacy
Subject Areas : Financial and Behavioral Researches in Accounting
1 - Department of Accounting and Finance, South Tehran Branch, Islamic Azad University, Tehran, Iran
Keywords: money attitude, financial self-efficacy, financial knowledge and risk attitude,
Abstract :
Finance is a combination of attitude, knowledge, skills and self-efficacy for making decisions and managing money that is best suited to a person's living conditions and in an enabling environment that includes, but is not limited to, access to financial resources. Therefore, the purpose of this research is to investigate the effect of investors' monetary attitude on participation in the stock market with the presence of financial self-efficacy. the statistical population of this research consists of managers and experts of investment companies in Tehran Stock Exchange, based on Cochran's formula, 384 people were questioned in the statistical population and were selected as a statistical sample. Based on the nature and method of data collection, the current research is a descriptive-correlational research and is applied in terms of purpose to examine the research variables, questionnaires of money attitude (Klontez et al. (2011), financial self-efficacy (Lon (2011), financial knowledge (Perry and Morris (2005)), risk attitude (Zhang et al. (2019)) based on a five-point Likert scale were used. Became and the results of hypothesis testing using structural equation method (SEM) and analysis by SmartPLS software show the confirmation of all presented hypotheses.
References:
1. آقابابایی، محمد ابراهیم؛ خادمی، سمانه. (1398). بررسی عوامل تأثیرگذار بر رفتار مدیریت مالی شخصی در میان جوانان ایران، راهبرد مدیریت مالی، سال 6، شماره 24، ص 144-124.
2. جعفرپور دهاقانی، زهره و سلام زاده، آرش و ایل بیگی خمسه نژاد، حمیدرضا. (1401). تبیین نگرش دانشجویان ایرانی رشته‌های کارآفرینی، مدیریت و حسابداری نسبت به پول، کسب پول و تصمیم‌گیری‌های اخلاقی،پنجمین کنفرانس بین المللی مدیریت، گردشگری و تکنولوژی.
3. دیانتی دیلمی، زهرا و حنیفه‌زاده، محمد. (1394). بررسی سطح سواد مالی خانواده‌های تهرانی و عوامل مرتبط با آن، فصلنامه علمی پژوهشی دانش مالی تحلیل اوراق بهادار، سال هشتم، شماره 26، ص 115-139.
4. رمضان زاده، محمدمهدی؛ عبدی شاهسوار، مینا. (1399). تأثیر نگرش مالی و دانش مالی بر ظرفیت مالی افراد با درنظرگرفتن نقش خودکارآمدی مالی مشتریان بانک ملت، اقتصاد و بانکداری اسلامی، شماره 33، ص 58-33.
5. زارعی، سپیده؛ عقیلی، سیدوحید و وثوقی، منصور. (1400). تحلیل جامعه‌شناختی نگرش به پول: مورد مطالعه جوانان شهر تهران، مجله مطالعات توسعه اجتماعی ایران، سال سیزدهم، شماره سوم.
6. کمیجانی، اکبر؛ عربی، هادی و توسلی، محمداسماعیل. (1391). بررسی و نقد نظریه‌های اندیشه وران اقتصادی غرب درباره ماهیت پول، فصلنامه پژوهش‌های اقتصاد ایران، سال نفدهم، شماره 51، ص 155-137.
7. گیلانی نیا صومعه سرائی، بهنام؛ منتظری، آزیتا. (1399). عوامل تاثیرگذار بر خودکارآمدی مالی در میان دانشجویان حسابداری، رویکردهای پژوهشی نوین در مدیریت و حسابداری، شماره51، ص 48-36.
8. مدنی لواسانی، شایسته و وثوقی، منصور. (1393). معنای اجتماعی پول از دیدگاه زنان متاهل شهر کرج، مجله پژوهش‌های انسان شناسی ایران، شماره 7، ص 47-67.
منابع لاتین
9. Ali, Waqas. Javaid, Rehman. Ali, Shujahat. Akram, Yasir. Ul Haq, Ayaz. (2019). Influence of life events on the financial satisfaction of individuals. IBT Journal of Business Studies, 15(1), pp 123-137.
10. Akhtar, F., and Das, N. (2019). Predictors of investment intention in Indian stock markets: extending the theory of planned behaviour. Intern. J. Bank Mark. 37, 97–119. doi: 10.1108/ijbm-08-2017-0167
11. Aydin, A. E., and Akben Selcuk, E. (2019). An investigation of financial literacy, money ethics and time preferences among college students: a structural equation model. Intern. J. Bank Market. 37, 880–900. doi: 10.1108/ijbm-05- 2018-0120.
12. Barsky, R. B., Juster, F. T., Kimball, M. S., and Shapiro, M. D. (1997). Preference parameters and behavioural heterogeneity: an experimental approach in the health and retirement study. Q. J. Econ. 112, 537–579. doi: 10.1162/ 003355397555280.
13. Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The quarterly journal of economics, 116(1), 261-292.
14. Bandura, A. (2004). Swimming against the mainstream: e early years from chilly tributary to transformative mainstream. Behavior Research and erapy, 42.
15. Bandura A. (2005). The evolution of social cognitive theory. In K. G Smith & M.A. Hitt (Eds.) Great Minds in Management. Oxford University Press: 9-35.
16. Bayer, P. J., Bernheim, B. D., and Scholz, J. K. (2009). The effects of financial education in the workplace: evidence from a survey of employers. Econ. Inq. 47, 605–624. doi: 10.1111/j.1465-7295.2008.00156.x.
17. Cappa, F., Collevecchio, F., Oriani, R. & Peruffo, E. (2022). Banks responding to the digital surge through Open Innovation: Stock market performance effects of M&As with fintech firms, Journal of Economics and Business, 121: 106079.
18. Cheng, Y.-F., Mutuc, E. B., Tsai, F.-S., Lu, K.-H., and Lin, C.-H. (2018). Social capital and stock market participation via technologies: the role of households’ risk attitude and cognitive ability. Sustainability 10:1904. doi: 10.3390/ su10061904.
19. Clark-Murphy, M., and Soutar, G. N. (2004). What individual investors value: some Australian evidence. J. Econ. Psychol. 25, 539–555. doi: 10.1016/s0167-4870(03) 00056-4.
20. Chen, H., and Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Serv. Rev. 7, 107–128. doi: 10.1016/s1057-0810(99) 80006-7.
21. Christiansen, C., Rangvid, J., & Joensen, J. S. (2005). Do More Economists Hold Stock?. CAF, Centre for Analytical Finance.
22. Cole, S. A., & Shastry, G. K. (2009). Smart money: The effect of education, cognitive ability, and financial literacy on financial market participation (pp. 09-071). Boston, MA: Harvard Business School.
23. Derecskei, Anita Kolnhofer. (2018). Relations between risk attitudes, culture and the endowment effect, Engineering Management in Production and Services, 10 (4): 7-20.
24. Deng, J. Z. X. (2019). Financial literacy, housing value and household financial market participation: evidence from urban China. China Econ. Rev. 55, 52–66. doi: 10.1016/j.chieco.2019.03.008.
25. Dietz, B. E., Carrozza, M., and Ritchey, P. N. (2003). Does financial self-efficacy explain gender differences in retirement saving strategies? J. Women Aging 15, 83–96. doi: 10.1300/j074v15n04_07.
26. Farrell, L., Fry, T. R., and Risse, L. (2016). The significance of financial self-efficacy in explaining women’s personal finance behaviour. J. Econ. Psychol. 54, 85–99. doi: 10.1016/j.joep.2015.07.001.
27. Faison, A. D. (2019). Financial Knowledge is Power: Exploring the Protective Benefits of Financial Self-Efficacy Among Young Adults. Phoenix, AZ: Arizona State University.
28. García, R., & Tessada, J. (2013). The Effect of Education on Financial Market Participation: Evidence from Chile. Santiago, Chile: Working Paper.
29. Gibson, Kelly S. Waters, Thaddeus P. Bailit, Jennifer L. (2014). Maternal and Neonatal Outcomes in Electively Induced Low-Risk Term Pregnancies, 211(3): 249- 265.
30. Gürdal, M. Y., Kuzuba¸s, T. U., and Saltoglu, B. (2017). Measures of individual ˘ risk attitudes and portfolio choice: evidence from pension participants. J. Econ. Psychol. 62, 186–203. doi: 10.1016/j.joep.2017.06.010.
31. Halim, E.K.Y and Astuti, D. (2015). Financial stressors, Financial Behaviour, risk tolerance, financial solvency, financial knowledge and financial satisfaction. Journal of management, 3: 19-23.
32. Hong, J. S. G., & Lancaster, M. J. (2004). Microstrip filters for RF/microwave applications (Vol. 167). John Wiley & Sons.
33. Hayat, A., and Anwar, M. (2016). Impact of behavioural biases on investment decision; moderating role of financial literacy. Moder. Role Financial Liter. 2016:14.
34. Hadi, F. (2017). Effect of emotional intelligence on investment decision making with a moderating role of financial literacy. China USA Bus. Rev. 16, 53–62.
35. Hung, A. Parker, A. M., & Yoong, J. (2009). Defining and measuring financial literacy. RAND Working Paper Series WR-708. Santa Monica, CA: RAND Corporation.
36. Huston, S. J. (2010). Measuring Financial Literacy. Journal of Consumer Affairs, 44(2): 296-316.
37. Kahneman, D. (2013). Thinking fast and slow. New York, United States: Farrar, Straus and Giroux.
38. Klontz, B., Britt, S. L., Mentzer, J., and Klontz, T. (2011). Money beliefs and financial behaviours: development of the klontz money script inventory. J. Financial Ther. 2, 1–22.
39. Keller, C., and Siegrist, M. (2006a). Investing in stocks: the influence of financial risk attitude and values-related money and stock market attitudes. J. Econ. Psychol. 27, 285–303. doi: 10.1016/j.joep.2005.07.002.
40. Keller, C., and Siegrist, M. (2006b). Money attitude typology and stock investment. J. Behav. Finance 7, 88–96. doi: 10.1207/s15427579jpfm0702_3.
41. Keller, C., and Siegrist, M. (2006b). Money attitude typology and stock investment. J. Behav. Finance 7, 88–96. doi: 10.1207/s15427579jpfm0702_3.
42. Lusardi, A. (2012). Financial literacy or financial capability? Financial Literacy and Ignorance (Vol. 2017).
43. Lown, J. M. (2011). Development and validation of a financial self-efficacy scale. Journal ofFinancial Counseling and Planning, 22(2).
44. Lin, Chaonan. Yu-Jen Hsiao, Cheng-Yung Yeh (2017). Financial literacy, financial advisors, and information sources on demand for life insurance. Pacific-Basin Finance Journal.
45. Mindra, Rachel. Moya, Musa (2017). "Financial self-efficacy: a mediator in advancing financial inclusion", Equality, Diversity and Inclusion: An International Journal, 36 (2).
46. Montford, W., and Goldsmith, R. E. (2016). How gender and financial self-efficacy influence investment risk taking. Intern. J. Consumer Stud. 40, 101–106. doi: 10.1111/ijcs.12219.
47. Nosic, A., and Weber, M. (2010). How riskily do I invest? The role of risk attitudes, ´ risk perceptions, and overconfidence. Dec. Analy. 7, 282–301. doi: 10.1287/ deca.1100.0178.
48. Noussair, C. N., Trautmann, S. T., and van de Kuilen, G. (2013). Higher order risk attitudes, demographics, and financial decisions. Rev. Econ. Stud. 81, 325–355. doi: 10.1093/restud/rdt032.
49. Robb, C.A. and Woodyard, A. (2011), Financial knowledge and best practice behavior, Journal of Financial Counseling and Planning, 22 (1): 60-70.
50. Rothwell, D. W., Khan, M. N., and Cherney, K. (2016). Building financial knowledge is not enough: financial self-efficacy as a mediator in the financial capability of low-income families. J. Commun. Pract. 24, 368–388. doi: 10.1080/ 10705422.2016.1233162
51. Surendarm G. Subramanya Sarma, V.V. (2019). Financial literacy and financial planning among teachers of higher education - astudy of critical factors of select variables. International Journal of Pure and Applied Mathematics, 18 (18). pp 1627- 1649.
52. Sehgal, Prachee. Ranjeet Nambudiri, Sushanta Kumar Mishra (2017). Teacher effectiveness through self-efficacy, collaboration and principalleadership. International Journal of Educational Management,31 (4).
53. Van Rooij, M., Lusardi, A., & Alessie, R. (2011). Financial literacy and stock market participation. Journal of Financial Economics, 101(2), 449-472.
54. Wang, Alex. (2009). Interplay of Investors’ Financial Knowledge and Risk Taking. The journal of behavioral finance, 10, pp 204–213.
55. Wood, R., and Zaichkowsky, J. L. (2004). Attitudes and trading behaviour of stock market investors: a segmentation approach. J. Behav. Finance 5, 170–179. doi: 10.1207/s15427579jpfm0503_5.
56. Yong, Chen-Chen. Yew, Siew-Yong. Wee, Chu-Kok. (2018). Financial Knowledge, Attitude and Behaviour of Young Working Adults in Malaysia. Institutions and Economies, 10(4): 21- 48.
57. Yamauchi, K. T., & Templer, D. J. (2011). The development of a money attitude scale. Journal of personality assessment, 46 (5): 522-528.
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59. Zhang, X., Wang, Z., Hao, Z. & Liu, J. (2022). Stock market entry timing and retail investors' disposition effect, International Review of Financial Analysis, 8: 102205.
1. آقابابایی، محمد ابراهیم؛ خادمی، سمانه. (1398). بررسی عوامل تأثیرگذار بر رفتار مدیریت مالی شخصی در میان جوانان ایران، راهبرد مدیریت مالی، سال 6، شماره 24، ص 144-124.
2. جعفرپور دهاقانی، زهره و سلام زاده، آرش و ایل بیگی خمسه نژاد، حمیدرضا. (1401). تبیین نگرش دانشجویان ایرانی رشته‌های کارآفرینی، مدیریت و حسابداری نسبت به پول، کسب پول و تصمیم‌گیری‌های اخلاقی،پنجمین کنفرانس بین المللی مدیریت، گردشگری و تکنولوژی.
3. دیانتی دیلمی، زهرا و حنیفه‌زاده، محمد. (1394). بررسی سطح سواد مالی خانواده‌های تهرانی و عوامل مرتبط با آن، فصلنامه علمی پژوهشی دانش مالی تحلیل اوراق بهادار، سال هشتم، شماره 26، ص 115-139.
4. رمضان زاده، محمدمهدی؛ عبدی شاهسوار، مینا. (1399). تأثیر نگرش مالی و دانش مالی بر ظرفیت مالی افراد با درنظرگرفتن نقش خودکارآمدی مالی مشتریان بانک ملت، اقتصاد و بانکداری اسلامی، شماره 33، ص 58-33.
5. زارعی، سپیده؛ عقیلی، سیدوحید و وثوقی، منصور. (1400). تحلیل جامعه‌شناختی نگرش به پول: مورد مطالعه جوانان شهر تهران، مجله مطالعات توسعه اجتماعی ایران، سال سیزدهم، شماره سوم.
6. کمیجانی، اکبر؛ عربی، هادی و توسلی، محمداسماعیل. (1391). بررسی و نقد نظریه‌های اندیشه وران اقتصادی غرب درباره ماهیت پول، فصلنامه پژوهش‌های اقتصاد ایران، سال نفدهم، شماره 51، ص 155-137.
7. گیلانی نیا صومعه سرائی، بهنام؛ منتظری، آزیتا. (1399). عوامل تاثیرگذار بر خودکارآمدی مالی در میان دانشجویان حسابداری، رویکردهای پژوهشی نوین در مدیریت و حسابداری، شماره51، ص 48-36.
8. مدنی لواسانی، شایسته و وثوقی، منصور. (1393). معنای اجتماعی پول از دیدگاه زنان متاهل شهر کرج، مجله پژوهش‌های انسان شناسی ایران، شماره 7، ص 47-67.
منابع لاتین
9. Ali, Waqas. Javaid, Rehman. Ali, Shujahat. Akram, Yasir. Ul Haq, Ayaz. (2019). Influence of life events on the financial satisfaction of individuals. IBT Journal of Business Studies, 15(1), pp 123-137.
10. Akhtar, F., and Das, N. (2019). Predictors of investment intention in Indian stock markets: extending the theory of planned behaviour. Intern. J. Bank Mark. 37, 97–119. doi: 10.1108/ijbm-08-2017-0167
11. Aydin, A. E., and Akben Selcuk, E. (2019). An investigation of financial literacy, money ethics and time preferences among college students: a structural equation model. Intern. J. Bank Market. 37, 880–900. doi: 10.1108/ijbm-05- 2018-0120.
12. Barsky, R. B., Juster, F. T., Kimball, M. S., and Shapiro, M. D. (1997). Preference parameters and behavioural heterogeneity: an experimental approach in the health and retirement study. Q. J. Econ. 112, 537–579. doi: 10.1162/ 003355397555280.
13. Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The quarterly journal of economics, 116(1), 261-292.
14. Bandura, A. (2004). Swimming against the mainstream: e early years from chilly tributary to transformative mainstream. Behavior Research and erapy, 42.
15. Bandura A. (2005). The evolution of social cognitive theory. In K. G Smith & M.A. Hitt (Eds.) Great Minds in Management. Oxford University Press: 9-35.
16. Bayer, P. J., Bernheim, B. D., and Scholz, J. K. (2009). The effects of financial education in the workplace: evidence from a survey of employers. Econ. Inq. 47, 605–624. doi: 10.1111/j.1465-7295.2008.00156.x.
17. Cappa, F., Collevecchio, F., Oriani, R. & Peruffo, E. (2022). Banks responding to the digital surge through Open Innovation: Stock market performance effects of M&As with fintech firms, Journal of Economics and Business, 121: 106079.
18. Cheng, Y.-F., Mutuc, E. B., Tsai, F.-S., Lu, K.-H., and Lin, C.-H. (2018). Social capital and stock market participation via technologies: the role of households’ risk attitude and cognitive ability. Sustainability 10:1904. doi: 10.3390/ su10061904.
19. Clark-Murphy, M., and Soutar, G. N. (2004). What individual investors value: some Australian evidence. J. Econ. Psychol. 25, 539–555. doi: 10.1016/s0167-4870(03) 00056-4.
20. Chen, H., and Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Serv. Rev. 7, 107–128. doi: 10.1016/s1057-0810(99) 80006-7.
21. Christiansen, C., Rangvid, J., & Joensen, J. S. (2005). Do More Economists Hold Stock?. CAF, Centre for Analytical Finance.
22. Cole, S. A., & Shastry, G. K. (2009). Smart money: The effect of education, cognitive ability, and financial literacy on financial market participation (pp. 09-071). Boston, MA: Harvard Business School.
23. Derecskei, Anita Kolnhofer. (2018). Relations between risk attitudes, culture and the endowment effect, Engineering Management in Production and Services, 10 (4): 7-20.
24. Deng, J. Z. X. (2019). Financial literacy, housing value and household financial market participation: evidence from urban China. China Econ. Rev. 55, 52–66. doi: 10.1016/j.chieco.2019.03.008.
25. Dietz, B. E., Carrozza, M., and Ritchey, P. N. (2003). Does financial self-efficacy explain gender differences in retirement saving strategies? J. Women Aging 15, 83–96. doi: 10.1300/j074v15n04_07.
26. Farrell, L., Fry, T. R., and Risse, L. (2016). The significance of financial self-efficacy in explaining women’s personal finance behaviour. J. Econ. Psychol. 54, 85–99. doi: 10.1016/j.joep.2015.07.001.
27. Faison, A. D. (2019). Financial Knowledge is Power: Exploring the Protective Benefits of Financial Self-Efficacy Among Young Adults. Phoenix, AZ: Arizona State University.
28. García, R., & Tessada, J. (2013). The Effect of Education on Financial Market Participation: Evidence from Chile. Santiago, Chile: Working Paper.
29. Gibson, Kelly S. Waters, Thaddeus P. Bailit, Jennifer L. (2014). Maternal and Neonatal Outcomes in Electively Induced Low-Risk Term Pregnancies, 211(3): 249- 265.
30. Gürdal, M. Y., Kuzuba¸s, T. U., and Saltoglu, B. (2017). Measures of individual ˘ risk attitudes and portfolio choice: evidence from pension participants. J. Econ. Psychol. 62, 186–203. doi: 10.1016/j.joep.2017.06.010.
31. Halim, E.K.Y and Astuti, D. (2015). Financial stressors, Financial Behaviour, risk tolerance, financial solvency, financial knowledge and financial satisfaction. Journal of management, 3: 19-23.
32. Hong, J. S. G., & Lancaster, M. J. (2004). Microstrip filters for RF/microwave applications (Vol. 167). John Wiley & Sons.
33. Hayat, A., and Anwar, M. (2016). Impact of behavioural biases on investment decision; moderating role of financial literacy. Moder. Role Financial Liter. 2016:14.
34. Hadi, F. (2017). Effect of emotional intelligence on investment decision making with a moderating role of financial literacy. China USA Bus. Rev. 16, 53–62.
35. Hung, A. Parker, A. M., & Yoong, J. (2009). Defining and measuring financial literacy. RAND Working Paper Series WR-708. Santa Monica, CA: RAND Corporation.
36. Huston, S. J. (2010). Measuring Financial Literacy. Journal of Consumer Affairs, 44(2): 296-316.
37. Kahneman, D. (2013). Thinking fast and slow. New York, United States: Farrar, Straus and Giroux.
38. Klontz, B., Britt, S. L., Mentzer, J., and Klontz, T. (2011). Money beliefs and financial behaviours: development of the klontz money script inventory. J. Financial Ther. 2, 1–22.
39. Keller, C., and Siegrist, M. (2006a). Investing in stocks: the influence of financial risk attitude and values-related money and stock market attitudes. J. Econ. Psychol. 27, 285–303. doi: 10.1016/j.joep.2005.07.002.
40. Keller, C., and Siegrist, M. (2006b). Money attitude typology and stock investment. J. Behav. Finance 7, 88–96. doi: 10.1207/s15427579jpfm0702_3.
41. Keller, C., and Siegrist, M. (2006b). Money attitude typology and stock investment. J. Behav. Finance 7, 88–96. doi: 10.1207/s15427579jpfm0702_3.
42. Lusardi, A. (2012). Financial literacy or financial capability? Financial Literacy and Ignorance (Vol. 2017).
43. Lown, J. M. (2011). Development and validation of a financial self-efficacy scale. Journal ofFinancial Counseling and Planning, 22(2).
44. Lin, Chaonan. Yu-Jen Hsiao, Cheng-Yung Yeh (2017). Financial literacy, financial advisors, and information sources on demand for life insurance. Pacific-Basin Finance Journal.
45. Mindra, Rachel. Moya, Musa (2017). "Financial self-efficacy: a mediator in advancing financial inclusion", Equality, Diversity and Inclusion: An International Journal, 36 (2).
46. Montford, W., and Goldsmith, R. E. (2016). How gender and financial self-efficacy influence investment risk taking. Intern. J. Consumer Stud. 40, 101–106. doi: 10.1111/ijcs.12219.
47. Nosic, A., and Weber, M. (2010). How riskily do I invest? The role of risk attitudes, ´ risk perceptions, and overconfidence. Dec. Analy. 7, 282–301. doi: 10.1287/ deca.1100.0178.
48. Noussair, C. N., Trautmann, S. T., and van de Kuilen, G. (2013). Higher order risk attitudes, demographics, and financial decisions. Rev. Econ. Stud. 81, 325–355. doi: 10.1093/restud/rdt032.
49. Robb, C.A. and Woodyard, A. (2011), Financial knowledge and best practice behavior, Journal of Financial Counseling and Planning, 22 (1): 60-70.
50. Rothwell, D. W., Khan, M. N., and Cherney, K. (2016). Building financial knowledge is not enough: financial self-efficacy as a mediator in the financial capability of low-income families. J. Commun. Pract. 24, 368–388. doi: 10.1080/ 10705422.2016.1233162
51. Surendarm G. Subramanya Sarma, V.V. (2019). Financial literacy and financial planning among teachers of higher education - astudy of critical factors of select variables. International Journal of Pure and Applied Mathematics, 18 (18). pp 1627- 1649.
52. Sehgal, Prachee. Ranjeet Nambudiri, Sushanta Kumar Mishra (2017). Teacher effectiveness through self-efficacy, collaboration and principalleadership. International Journal of Educational Management,31 (4).
53. Van Rooij, M., Lusardi, A., & Alessie, R. (2011). Financial literacy and stock market participation. Journal of Financial Economics, 101(2), 449-472.
54. Wang, Alex. (2009). Interplay of Investors’ Financial Knowledge and Risk Taking. The journal of behavioral finance, 10, pp 204–213.
55. Wood, R., and Zaichkowsky, J. L. (2004). Attitudes and trading behaviour of stock market investors: a segmentation approach. J. Behav. Finance 5, 170–179. doi: 10.1207/s15427579jpfm0503_5.
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