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Predicting Stock Market Investment Intention and Behavior among Malaysian Working Adults Using Partial Least Squares Structural Equation Modeling

Department of Management, Faculty Economic and Business, Widya Dharma University Pontianak, Kota Pontianak, Kalimantan Barat 78243, Indonesia

Faculty of Business and Management, UCSI University, Cheras, Kuala Lumpur 56000, Malaysia

Faculty of Business Administration, Laval University, Quebec City, QC 2325, Canada

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Institute of Technology Management and Entrepreneurship, Universiti Teknikal Malaysia Melaka, Durian Tunggal, Melaka 76100, Malaysia

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Faculty of Entrepreneurship and Business, Universiti Malaysia Kelantan, Pengkalan Chepa, Kota Bharu 16100, Malaysia

Author to whom correspondence should be addressed.

Academic Editors: María del Carmen Valls Martínez and Pedro Antonio Martín Cervantes

Received: 12 March 2021 / Revised: 9 April 2021 / Accepted: 13 April 2021 / Published: 15 April 2021

Abstract

The purpose of this study was to investigate the effects of risk tolerance, financial well-being, financial literacy, overconfidence bias, herding behavior, and social interaction on stock market investment intention and stock market participation among working adults in Malaysia. Adopting the cross-sectional design, this study collected quantitative data from a total of 349 respondents in an online survey via Google form link across various social media platforms. This study used the partial least squares structural equation modeling (PLS-SEM) approach to test the hypotheses. This study revealed the significant positive effects of risk tolerance, herding behavior, and social interaction on stock market investment intention. Stock market investment intention also had a significant effect on stock market participation. Stock market investment intention was also found to successfully mediate the relationships of risk tolerance and overconfidence bias with stock market participation. When it comes to stock market investment, the government and related authorities should focus on developing programs and policies that provide a financial safety net for investors and promote investment-related social platforms. This study linked risk tolerance, financial well-being, financial literacy, overconfidence bias, herding behavior, social interaction, stock market investment intention, and stock market participation. This is one of the few early attempts to address issues in light of the stock market investment participation among the working adults in a developing country. View Full-Text

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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

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MDPI and ACS Style

Yang, M.; Mamun, A.A.; Mohiuddin, M.; Al-Shami, S.S.A.; Zainol, N.R. Predicting Stock Market Investment Intention and Behavior among Malaysian Working Adults Using Partial Least Squares Structural Equation Modeling. Mathematics 2021, 9, 873. https://doi.org/10.3390/math9080873

AMA Style

Yang M, Mamun AA, Mohiuddin M, Al-Shami SSA, Zainol NR. Predicting Stock Market Investment Intention and Behavior among Malaysian Working Adults Using Partial Least Squares Structural Equation Modeling. Mathematics. 2021; 9(8):873. https://doi.org/10.3390/math9080873

Chicago/Turabian Style

Yang, Marvello, Abdullah A. Mamun, Muhammad Mohiuddin, Sayed S.A. Al-Shami, and Noor R. Zainol 2021. "Predicting Stock Market Investment Intention and Behavior among Malaysian Working Adults Using Partial Least Squares Structural Equation Modeling" Mathematics 9, no. 8: 873. https://doi.org/10.3390/math9080873

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