Unveiling investment behavior: through emotional intelligence, social stigma, financial literacy and risk tolerance

IF 1.9 Q2 ECONOMICS INTERNATIONAL JOURNAL OF SOCIAL ECONOMICS Pub Date : 2024-04-22 DOI:10.1108/ijse-08-2023-0626

Pooja Chaturvedi Sharma

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Abstract

Purpose

This study examines the effects of financial literacy and financial risk tolerance on investor behavior by introducing social stigma as a mediator and emotional intelligence as a moderating factor.

Design/methodology/approach

Data is collected from 761 financially independent individual investors, with a minimum age of 25 years, a minimum of five years of stock market experience and residing in five selected major Indian cities. The collected data is subsequently analyzed using SmartPLS. Homogeneous purposive sampling followed by snowball sampling was employed.

Findings

The findings of the study demonstrate a strong and noteworthy impact of financial literacy on investor behavior. The research reveals that social stigma acts as a partial mediator and emotional intelligence plays a significant moderator with direct effects and indirect effects between financial literacy, financial risk tolerance, social stigma and investor behavior.

Research limitations/implications

Exploring emotional intelligence in financial decisions enriches academic programs by integrating it into financial education. Collaboration between academia and financial institutions yields practical tools, infusing emotional intelligence into services. This prompts systemic shifts, reshaping education and societal discourse, fostering inclusive, emotionally intelligent financial landscapes, aiming to redefine both academic teachings and real-world financial practices.

Practical implications

Integrating emotional intelligence into government-led financial literacy programs can transform societal perspectives on financial decision-making. Customized services, destigmatizing workshops and collaborative efforts with academia foster an emotionally intelligent financial landscape, reshaping traditional paradigms.

Social implications

Promoting open societal discussions about finances combats stigma, fostering a supportive space for risk-taking. Emphasizing emotional intelligence in awareness campaigns cultivates inclusivity and confidence. Normalizing financial talks empowers individuals, enhancing their well-being. Elevating both financial literacy and emotional intelligence enhances overall financial health, nurturing a community adept at navigating financial journeys.

Originality/value

This study marks a notable contribution to behavioral finance and social stigma theory by examining their intersection with emotional intelligence. It uniquely introduces social stigma as a mediator and emotional intelligence as a moderator, unexplored in this context. This novelty underscores the research’s significance, offering practical insights into financial well-being.

Peer review

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-08-2023-0626

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揭示投资行为：通过情商、社会污名、金融知识和风险承受能力

目的本研究通过引入社会污名作为中介因素和情商作为调节因素，探讨金融知识和金融风险承受能力对投资者行为的影响。随后使用 SmartPLS 对收集到的数据进行分析。研究结果研究结果表明，金融知识对投资者的行为有显著的影响。研究局限性/启示探索金融决策中的情商，将其融入金融教育，从而丰富学术项目。学术界与金融机构之间的合作产生了实用的工具，将情商渗透到服务中。这将促使系统性转变，重塑教育和社会话语，培养包容性的、具有情商的金融景观，旨在重新定义学术教义和现实世界的金融实践。实践意义将情商纳入政府主导的金融扫盲项目，可以改变社会对金融决策的看法。量身定制的服务、消除污名化的研讨会以及与学术界的合作，都能促进情商金融的发展，重塑传统范式。社会意义促进社会公开讨论金融问题，消除污名化，为承担风险创造有利条件。在宣传活动中强调情商，可以培养包容性和自信心。将财务谈话正常化可增强个人能力，提高他们的幸福感。同时提升金融知识和情商可增强整体金融健康，培养善于驾驭金融之旅的群体。原创性/价值本研究通过考察行为金融和社会污名理论与情商的交叉点，为行为金融和社会污名理论做出了显著贡献。它独特地将社会污名作为中介，将情商作为调节因素，这在相关研究中尚属首次。这种新颖性凸显了研究的意义，为财务福祉提供了实用的见解。同行评议本文的同行评议历史见：https://publons.com/publon/10.1108/IJSE-08-2023-0626。

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IF 3.1 3区医学Acta OncologicaPub Date : 2022-04-01 DOI: 10.1080/0284186X.2022.2027516

Anders Högmo, Erik Holmberg, Hedda Haugen Cange, Johan Reizenstein, Johan Wennerberg, Martin Beran, Karin Söderkvist, Eva Hammerlid, Helena Sjödin, Lovisa Farnebo, Karl Sandström, Lalle Hammarstedt-Nordenvall, Katarina Zborayova, Eva Brun

来源期刊

INTERNATIONAL JOURNAL OF SOCIAL ECONOMICS ECONOMICS-

CiteScore

3.20

自引率

5.30%

发文量

期刊介绍： The International Journal of Social Economics publishes original and peer-reviewed theoretical and empirical research in the field of social economics. Its focus is on the examination and analysis of the interaction between economic activity, individuals and communities. Social economics focuses on the relationship between social action and economies, and examines how social and ethical norms influence the behaviour of economic agents. It is inescapably normative and focuses on needs, rather than wants or preferences, and considers the wellbeing of individuals in communities: it accepts the possibility of a common good rather than conceiving of communities as merely aggregates of individual preferences and the problems of economics as coordinating those preferences. Therefore, contributions are invited which analyse and discuss well-being, welfare, the nature of the good society, governance and social policy, social and economic justice, social and individual economic motivation, and the associated normative and ethical implications of these as they express themselves in, for example, issues concerning the environment, labour and work, education, the role of families and women, inequality and poverty, health and human development.