We analyze the influence of individuals’ degree of extraversion and neuroticism on the determinants of their risk-taking behavior in investment decisions. As there are no studies that investigate the influence of personality traits on risk attitude, risk perception, and return expectations in investment decisions simultaneously, we provide a meaningful contribution to existing literature. We use a unique data set that contains 342 undergraduate business students’ questionnaire responses measuring the students’ degree of extraversion and neuroticism as well as their risk attitude, risk perception, and return expectations. Therefore, we are able to identify which determinants of risk-taking are influenced by extraversion and neuroticism and induce individuals to take investment risks. We find that more extraverted individuals are less risk averse, whereas more neurotic subjects are more risk averse. Beside these results, we find that more conscientious individuals are more risk averse and perceive investments in assets as more risky. Further research should consider individuals’ personality as an influence factor on the determinants of risk-taking behavior in investment decisions.

中文翻译：

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外向性和神经质与风险态度、风险感知和回报预期的关系。

我们分析了个人的外向性和神经质程度对其投资决策冒险行为的决定因素的影响。由于没有研究同时调查人格特质对投资决策中风险态度、风险感知和回报预期的影响，我们对现有文献做出了有意义的贡献。我们使用了一个独特的数据集，其中包含 342 名本科商科学生的问卷回答，用于衡量学生的外向性和神经质程度，以及他们的风险态度、风险感知和回报期望。因此，我们能够确定哪些风险承担的决定因素受到外向性和神经质的影响，并诱导个人承担投资风险。我们发现越外向的人越不规避风险，而越神经质的受试者就越厌恶风险。除了这些结果之外，我们还发现，越认真的人越厌恶风险，并认为资产投资风险更大。进一步的研究应该将个人的个性作为投资决策中风险承担行为决定因素的影响因素。