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The Influence of Personality Traits on Stock Investment Retention: Insights from Thai Investors

Author

Listed:
  • Alicha Treerotchananon

    (Faculty of Mass Communication, Chiang Mai University, Chiang Mai 50200, Thailand)

  • Chuleeporn Changchit

    (College of Business, Texas A&M University—Corpus Christi, Corpus Christi, TX 78412, USA)

  • Robert Cutshall

    (College of Business, Texas A&M University—Corpus Christi, Corpus Christi, TX 78412, USA)

  • Ravi Lonkani

    (Faculty of Business Administration, Chiang Mai University, Chiang Mai 50200, Thailand)

  • Thanu Prasertsoontorn

    (Faculty of Business Administration, Chiang Mai University, Chiang Mai 50200, Thailand)

Abstract

Understanding the psychological factors that influence investment decisions is crucial for predicting stock investment retention. This study investigates the mediating role of the Big Five personality traits in stock investment retention, utilizing a modified version of the theory of planned behavior. By examining the influence of investors’ perceived risk and attitudes toward stock investment, data collected via an online survey with The Association of Thai Securities Companies (ASCO) were analyzed using Structural Equation Modeling (SEM). The findings reveal that extraversion, openness, and conscientiousness significantly impact attitudes toward stock investing, which in turn affects investment retention. However, personality traits do not directly influence risk perception. This research provides unique empirical evidence of the independence between the Big Five personality traits and risk perception among Thai stock investors, underscoring the importance of personality in shaping investment behavior through its effect on attitudes.

Suggested Citation

  • Alicha Treerotchananon & Chuleeporn Changchit & Robert Cutshall & Ravi Lonkani & Thanu Prasertsoontorn, 2024. "The Influence of Personality Traits on Stock Investment Retention: Insights from Thai Investors," JRFM, MDPI, vol. 17(11), pages 1-20, October.
    • Handle: RePEc:gam:jjrfmx:v:17:y:2024:i:11:p:486-:d:1508500
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    References listed on IDEAS

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    1. Gunnvald Svendsen & Jan-Are Johnsen & Live Almås-Sørensen & Joar Vittersø, 2013. "Personality and technology acceptance: the influence of personality factors on the core constructs of the Technology Acceptance Model," Behaviour and Information Technology, Taylor & Francis Journals, vol. 32(4), pages 323-334.
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