Abstract
The principal objective of the study is to find out the impact of overconfidence on investor’s
investment decisions and to know whether risk perception and religiosity moderately affect the
relationship between the overconfidence and investor’s investment decision. Data is collected
through a well-structured questionnaire. Systematic sampling is used, and the sample size is
156. Statistical results indicate a significant impact of overconfidence on investor’s investment
decisions. For the moderating part of the model, however, there is no empirical evidence of
religiosity and risk perception as a moderating effect. Thus, the study depicts that there is an
impact of overconfidence on investor’s investment decisions, but there is no moderating
impact of religiosity & risk perception. The review is useful for the brokers, investors in
making decisions regarding the buying and selling of stocks, and also for entrepreneurs. This
study is also exclusive and has greater importance as the role of religiosity and risk perception
does not imply together before in the Pakistani stock market. The current research is also
constructive for the scholars to further study the impact in a different context with further
modified variables.
Faryal Fahim, Akhtiar Ali, Mubashir Ali Khan, Rizwan Ahmed Khan. (2019) Impact of Overconfidence on Investor’s Investment Decision: Moderating Role of Risk Perception and Religiosity-A Survey of Pakistan Stock Exchange, Journal of Independent Studies and Research-Management, Social Sciences and Economics, Volume-17, Issue-2.
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