الفهرس | Only 14 pages are availabe for public view |
Abstract This study aims to investigate directly, and indirectly, the relationships between individual investors’ usage of media and media credibility, individual investors’ behavioral biases/factors (overconfidence, investors’ sentiment, herding, risk tolerance, and financial satisfaction), and their investment decisions at the Egyptian stock market. We have studied these relationships using the partial least squares (PLS) approach. A conceptual framework was developed to test the relationship between the study’s variables. In order to collect primary data, a questionnaire was designed and data has been collected from individual investors at the Egyptian stock market. The valid questionnaires are 240. SPSS and Smart PLS software have been used to analyze the primary data, and to measure the direct and indirect relationships between more than two variables. The results of this study mainly show that individual investors’ media usage and media credibility have a significant direct positive effect on their behavioral biases/factors and on their investment decisions. Furthermore, behavioral biases/factors (overconfidence, investors’ sentiment, herding, and financial satisfaction) have a significant positive effect on investors’ investment decisions. The results of this study also show that behavioral biases/factors (overconfidence, investors’ sentiment, herding, risk tolerance and financial satisfaction) partially mediate the relationship between investors’ usage of media and media credibility, and their investment decisions. Some theoretical and practical implications of these findings are discussed. |