| Summary: | 碩士 === 國立虎尾科技大學 === 企業管理系經營管理碩士班 === 107 === The investment decision-making process is affected not only by standard financial theories but also depends on various other factors, one of which is psychological characteristics affecting investor’s cognition then moderate their trading behavior. The specific objective of this study is to evaluate how behavioral characteristics related to the psychological aspect and key financial information sources impact investor’s trading behavior. Simultaneously, an examination of how these psychological characteristics regulate the association of information sources acquired by investor and their financial behavior is also conducted. To achieve such goal, a sample of 316 retail investors attending the Vietnamese stock market was analyzed by performing ordinal probit regression. The results of this study provide evidence to reinforce previous findings in the application of behavioral finance in analyzing investor behavior. Specifically, among five personality traits examined in this study, there are four characteristics found to impact the investor trading frequency including Openness, Conscientiousness, Extraversion, and Neuroticism. On the relationship between information sources and investment behavior, all three sources mentioned above are demonstrated to have significant effects on the investor’s financial decisions. In addition, when evaluating the way in which the selection of information sources for investment decision-making process is subject to investor’s individual personality traits, the study found evidence that investors who are distinct in their personality characteristics tend to be dissimilar in their stock purchasing behavior when they obtaining financial information from different sources. Consequently, the findings of this study could aid in the existing literature by setting a construct to implement empirical research in a new context of an emerging and developing economy like Vietnam. Thanks to its practical value, this study may create a framework for the financial advisory sector regarding customer profiling based on demographics and psychographics characteristics.
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