Purpose

This study aims to explain investors’ intention to invest in the stock market amid the COVID-19 pandemic by expanding the Theory of Planned Behavior (TPB).

Design/methodology/approach

This study adopts a quantitative approach, and a questionnaire-based survey was conducted to collect responses from existing and potential individual investors. To test the relationships between variables, structural equation modeling was used.

Findings

The findings indicated that investors’ attitude and perceived behavioral control had a significant influence on investment intentions. Further, perceived knowledge of COVID-19 improved the ability to predict the intention to invest. Moreover, psychological risk significantly moderated the association between subjective norms related to investors and their attitudes. Overall, the tested model was able to better account for the intention of investors in stock market investments.

Research limitations/implications

In this study, only the investor reactions in the context of an emerging market were evaluated, and future studies could focus on different market contexts and perform comparative studies. Financial markets could be considered as a mechanism that has a direct impact on the wealth distribution of society, and the key findings of this study could be used to promote investment in emerging markets, where participation is comparatively low.

Originality/value

The TPB was expanded by incorporating investors’ perceived knowledge of COVID-19 and psychological risk dimensions, which were then tested in an emerging market context to fill the knowledge gap identified in the contemporary behavioral finance literature.

中文翻译：

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预测投资者在 COVID-19 期间投资股市的意图：我们可以使用计划行为的扩展理论吗？

目的

本研究旨在通过扩展计划行为理论（TPB）来解释投资者在 COVID-19 大流行期间投资股票市场的意图。

设计/方法论/途径

本研究采用定量方法，通过问卷调查收集现有和潜在个人投资者的反馈。为了测试变量之间的关系，使用了结构方程模型。

发现

研究结果表明，投资者的态度和感知行为控制对投资意向有显着影响。此外，对 COVID-19 的感知知识提高了预测投资意向的能力。此外，心理风险显着调节了与投资者相关的主观规范与其态度之间的关联。总体而言，测试模型能够更好地反映投资者的股市投资意愿。

研究局限性/影响

本研究仅评估了新兴市场背景下的投资者反应，未来的研究可以针对不同的市场背景进行比较研究。金融市场可以被视为对社会财富分配有直接影响的机制，这项研究的主要发现可以用来促进对参与度相对较低的新兴市场的投资。

原创性/价值

TPB 通过纳入投资者对 COVID-19 的感知知识和心理风险维度进行了扩展，然后在新兴市场背景下进行了测试，以填补当代行为金融文献中发现的知识空白。