“Influence of Personality Traits on Investment

Decisions”

(A Study of Potential Investors of EFU Life Assurance)

By
__________________________________

Tayyaba Jamali

1935178

MBA E

Submitted to

Ms. Rana Imroze

Dated:
28/03/2020

Shaheed Zulfiqar Ali Bhutto Institute of Science and Technology (SZABIST)

Karachi

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Table of Content
Chapter 1: Introduction....................................................................................................................3
1.1 Background............................................................................................................................3
1.1.2 Insurance Sector in Pakistan............................................................................................6
1.2 Research Problem..................................................................................................................7
1.3 Research Purpose...................................................................................................................8
1.4 Research Objectives...............................................................................................................8
1.5 Research Questions................................................................................................................8
1.6 Research Hypothesis..............................................................................................................8
1.7 Significance of the Study.......................................................................................................9
1.8 Scope and Limitations of the Study.......................................................................................9
Chapter 2: Literature Review.........................................................................................................10
2.1 The Rise of Behavioral Finance...........................................................................................10
2.2 Personality............................................................................................................................10
2.3 Role of Personality in Investing Behavior...........................................................................12
2.4 Big Five Model....................................................................................................................14
2.4.1 Openness.......................................................................................................................15
2.4.2 Conscientiousness.........................................................................................................15
2.4.3 Extraversion...................................................................................................................16
2.4.4 Agreeableness................................................................................................................16
2.4.5 Neuroticism...................................................................................................................16
2.5 Influence of personality trait on investment decisions.........................................................17
2.6 Theoretical Framework........................................................................................................18
Behavioral Finance theory......................................................................................................18
Self-efficacy Theory...............................................................................................................18
Theory of Planned Behavior...................................................................................................19
Social Investment Theory.......................................................................................................19
Prospect Theory......................................................................................................................19
Chapter 3: Research Methodology................................................................................................20
3.1 Research Design...................................................................................................................20
3.2 Research Context.................................................................................................................20

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 3.3 Sample Size..........................................................................................................................21
3.4 Sampling Technique............................................................................................................21
3.5 Instrument Selection............................................................................................................21
3.6 Variables..............................................................................................................................22
3.7 Model...................................................................................................................................23
3.8 Statistical Analysis...............................................................................................................24
Bibliography..................................................................................................................................25

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Chapter 1: Introduction
1.1 Background
In the present situation, cash assumes a significant job in people’s life. So as to conquer the
issues in future one needs to put away their cash. The budgetary framework supports the reserve
funds amongst the financial specialists as well as channels them to their ideal in addition to
successful usage. In the present serious period, the different speculation roads are accessible to
the speculators. Investors when all is said in done have excitement to put resources into those
specific roads which will create the greatest comes back with least dangers. Investment choice is
among the most significant matters in the present financial exchange. Individuals settle on
speculation choices dependent on various key as well as specialized instruments [ CITATION
Rah171 \l 1033 ]. The investment choices remembers for different speculation procedures,
recurrence of venture, timespan, targets of venture, factors influencing venture choices as well as
some more. One of the supreme significant components influencing the money related choices
made by financial specialists is the personality traits [ CITATION Rah171 \l 1033 ].

Personality is gotten from the Latin word "persona" that signifies "to talk over'. Personality is
among the principle mental features that influence the behavior of humans. During 1936, two
American analysts, Gordon Allport as well as H. S. Odbert, conjectured: Those singular contrasts
which are generally striking as well as socially applicable in individuals' lives will in the long
run become encoded into their language; the more significant such a distinction, the almost
certain is it to get communicated as a solitary word. The components of the character qualities
incorporate Agreeableness, Extroversion, Conscientiousness, Openness and Neuroticism.

Agreeableness implies a person’s capacity to coexist with different people. Extroversion implies
the people who are loquacious, amiable, enthusiastic as well as self-assured. It is that mirrors the
solace level of people with the connections. Conscientiousness alludes to individuals who are
trustworthy, capable, sorted out as well as orderly. Openness alludes to the individual's interests
as well as innovativeness. Neuroticism implies individual's capacity to withstand with pressure.

To effectively explore the monetary world, a person should be having option to identify as well
as respond suitably to different situations that need progressively preemptive, however maybe
excessive, procedures or increasingly uninvolved, traditional decisions [ CITATION Gam12 \l

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1033 ]. In the evaluation of sentiments, it is basic to perceive the power of the experience of the
excited states just as the personnel differences in the inclination to react with these specific
emotions through time just as conditions, that is personality traits [ CITATION Laz94 \l 1033 ].
In the course of the recently 15 eras there’ve been an extending number of studies regarding the
effect that characteristics of personality have on money related acumen just as decisions.
[ CITATION Gib06 \l 1033 ]. Generally, theories of finance infer that venture choices should be
originated on anticipated usefulness. Witch is, the greatest decisions include those which expand
the usual usefulness of the acquired money. Business analysts describe opportunity as a objective
list which have to be used as soon as settling on that response for investing.

The sanity of a single financial specialist has lingered the focal point of business analysts since
long. Behavioral Finance hypothesis discusses that human instinct could limit or bound
confinement discernment throughout speculation decisions [ CITATION Bar991 \l 1033 ]
contended that decisions of investment particularly in stocks is a troublesome errand, since the
financial specialist needs to accumulate as well as examine the data regarding elective stocks.
Clinicians characterized singular conduct by concentrating on personal qualities as well as
recognized numerous elements influencing speculation choice [ CITATION Sal02 \l 1033 ]

Budgetary counsels modify their programs of investment based on their customer's personality.
A person's certainty to play out some assignment is significant feature in effective dynamic
besides [CITATION Ban77 \t \l 1033 ] named this certainty as self-viability. [ CITATION Far16
\l 1033 ] Assessed this self-adequacy in money related part of ladies as well as discovered
monetary self-adequate ladies are confident as well as oversee funds well. Personality
contemplates have spoken much regarding predispositions affecting speculation choice however
[ CITATION Kru00 \l 1033 ] pointed that personality is multidimensional as well as numerous
different variables work alongside personality so the component over that personality impacts is
yet not replied. Various exact examinations thinking about the connection among different
personality qualities as well as person's speculation dynamic are accessible in writing. Be that as
it may, the vast majority of these need solid hypothetical foundations as well as there is a critical
need to get why in addition to how certain person's with a specific arrangement of characteristics
shows a specific budgetary conduct [ CITATION Hus19 \l 1033 ].

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Financial Behavior can be characterized as the use, sparing, investment as well as arranging
activities of the person in the budgetary arenas [ CITATION Oze19 \l 1033 ]. The improvement
of monetary markets, contrasts in speculator outline as well as unpredictability of money related
items increment the significance of evaluating the budgetary conduct of individual financial
specialists. Financial Behavior, which is the focal point of enthusiasm of analysts for the motives
expressed, has pulled in enthusiasm from both microeconomic as well as macroeconomic
viewpoints by specialists as well as makers of policy. Budgetary perspectives in addition to
practices affect money related choices on financial matters, for example, consumption, sparing,
planning as well as investment. Money related choices of people are compelling on budgetary
welfare levels. So as to settle on the correct choices on the administration of cash, for example,
the assessment of interests in the correct venture devices, spending as well as reserve funds, it is
vital for people to expand their monetary proficiency levels as well as assess their choices as far
as hazard, return along with cost [ CITATION Oze19 \l 1033 ].

There are numerous inward as well as outer variables influencing the financial behavior of
people. One among the inward variables which impact financial behavior is personality. Personal
character is a moderately lasting type of individual contemplations, feelings, thought processes
as well as practices [CITATION McC92 \t \l 1033 ]. A few measurements identified with
character have been uncovered by the analysts. [ CITATION Gol90 \l 1033 ] expressed that five
in number components rose in his investigation dependent on modifiers in the word reference as
well as recommended that character research could be composed inside the system of these five
in number elements. Personality qualities are among the significant mental variables influencing
the financial behavior of individual financial specialists. Singular speculators might be well-
thought-out as financial specialists who are exchanging monetary regions for their own benefit.
In contrast to professional investors, particular investors might be progressively influenced by
psychological as well as sociological variables [ CITATION Oze19 \l 1033 ].

Personality characteristics of a person are intrinsic in personality [CITATION McC87 \t \l

1033 ]. Be that as it may, a person's self-viability creates over perception, inspiration, and
friendship as well as afterward impacts his conduct [CITATION Ban77 \t \l 1033 ]. The self-
adequacy convictions may permit natural personality qualities to form into conduct.

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[ CITATION Lon15 \l 1033 ] Deliberated Big five model of five personalities attributes to
delineate individual conduct.

Customary finance speculations suggest that individuals act objectively as well as their practices
can be anticipated. In any case, ongoing exact study has demonstrated that it is hard to legitimize
financial specialists' practices through ordinary discerning speculations, together with the capital
resource evaluating model, that demonstrates how speculators picked their ranges on the
efficiency wilderness, given their inclinations as well as transactions among expected returns in
addition to hazard [ CITATION Sha64 \l 1033 ], besides the effective market theory, that infers
about the financial market is proficient if safety costs precisely mirrored entirely significant data
in deciding those costs [ CITATION Fam70 \l 1033 ], in light of the fact that advertise members
in reality frequently carried on eccentrically. The keen factors which possibly will impact the
practices by means of mental as well as individual attributes have been dismissed. Behavior
finance clarifies these marvels by bearing in mind the points of view of brain science
[ CITATION Wan16 \l 1033 ]

1.1.2 Insurance Sector in Pakistan

In any country, the insurance business assumes a significant job in the monetary framework by
giving reimbursement of monetary hazard in the economy and fills in as an institutional investor
for both capitals as well as currency market instruments. In the same way as other developing
nations, Pakistan's insurance industry’s size is generally little concerning its Gross Domestic
Product. The full size of the insurance business in different nations relies upon the idea of
protection markets, administrative conditions, accounting systems, and monetary improvement.
Besides, the interest for protection relies upon genuine extra cash of the imminent policyholder,
the person's inclination about the requirement for budgetary security, monetary condition,
financing costs, swelling as well as protection premium rates. In the developing nations, the
markets of insurance business are described as providers of protection benefits as supply, as a
rule, surpasses requests in such economies. In the context of Pakistan where 67.5% of the
populace lives in countryside regions and because of the low per capita income, the insurance
business has not had the option to make considerable interest in its services [ CITATION Sta03 \l
1033 ].

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Pakistan’s insurance industry is controlled under the 2000s Insurance Ordinance. In the previous
some years, it has changed into a creating and quickly developing business sector which is
commonly isolated into three segments: general insurance, life insurance, and medical insurance.
Pakistan’s government built up the Insurance Department in April 1948 as a division of the
Commerce Ministry; the point of this office is to deal with issues identified with the insurance
business. Pakistan’s service industry adds 54% to the national GDP, 24% of that total comes
from insurance, alongside transport, store up, finance and communication. The Security and
Exchange Commission of Pakistan (SECP), Insurance Division, is attempting to enhance the
picture of the Insurance Industry of Pakistan by giving orders on money related security and
straightforwardness, code of good administration as well as a sound business run-through.
Pakistan's general indicators of economy exhibited enhancement in 2015, those indicators
include regulation of current account deficiency, inferable from proceeding with a decrease in
global prices of oil, alongside an elevate in settlements from overseas.

1.2 Research Problem

This investigation emphasis on examining the influence of various traits of personality on the
investment decisions of potential investors of the EFU Life Assurance. A speculator's attention
in the stock market is impacted by an enormous amount of components. Securities trade's
exhibition isn't only the consequence of coherent qualities or group behavior, be that as it may,
then again is a direct result of the effect of personality traits which are as yet puzzling the
investigators. Past investigations in the financial behavior research have focused on crowd
predisposition as well as mien effects. In any case, little writing is found with respect to the
impact of personal characteristics on the decisions of people regarding stock investment in this
research context (Karachi). Specially none has been done Assurance Company. Several studies
have been done this topic but still there is need to conduct this study in the context of Assurance
Company in Karachi. What's more, to understand the practices of investors of stock, this
investigation is likewise worried about the people who never before been engaged with straight
exchanges of stock yet possibly will be prospective investors which are roused to partake in
venture of stock.

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1.3 Research Purpose
The aim of this research is to determine the impact of personality traits on investment decisions.
1.4 Research Objectives

 To determine the impact of personality traits on investment decisions.

 To determine the mediating role of individual’s risk tolerance behavior on investment
decisions.

1.5 Research Questions

 What is the impact of personality traits on investment decisions?
 What is the mediating role of individual’s risk tolerance behavior on investment
decisions?

1.6 Research Hypothesis

H1. There is an impact of personality traits on investment decisions

H0: There is no impact of personality traits on investment decisions

H1: There is relationship between personality traits and investment decisions.

H0: There is no relationship between personality traits and investment decisions.

H1: Risk Tolerance moderates the relationship between traits and investment decisions.

H0: Risk Tolerance doesn’t moderate the relationship between traits and investment decisions.

1.7 Significance of the Study

This study has a certain commitments to the scholarly world as well as industry. To start with, as
per the behavioral finance studies, a complete assessment of the stock investment choices of
people has not been led. This investigation gives observational proof on how personality
qualities impact singular recognitions that thus affect their aims to take an interest in the
securities exchanges. This will also help commercial world to know that which personality traits
of people good in making investment decision and which will benefit them most. The research
will create a major impact in the behavioral finance field by examining the relationship between
various personality trait variables which impact the overall investment decision of investor.

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Exploring the severity of the strengths and limitations of these variables may b useful, which in
turn can allow us to access how much weight financial investors add to each independent
variable when making their decisions. This can benefit management from a corporate viewpoint
by offering insight into their financial investor’s decision making and raising awareness of the
problem of subjectivity and efficiency, encouraging them to help reduce these prejudices in order
to boost productivity.

1.8 Scope and Limitations of the Study

The investigation doesn't cover the whole populace of EFU’s investors because of restriction of
time as well as assets. The consequences of the research will depend on the information about
the population sample of the potential investors as well as their investment decision choice. As
the information will be gathered by self-report questionnaire, there is a chance of biasedness in
the respondents. The outcomes should be summed up with alert as well as may not hold useful
for the whole populace as the sample size is 385 in particular. To make great speculation, we
ought to go for progressively diverse populace. Moreover, as the investigation was to gauge the
individual behavior of financial specialists, a worry is still there that either these sorts of
deliberate practices will work in genuine behavior. Despite this, for a person to do a
demonstration, he/she should devise the aim to do that demonstration.

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Chapter 2: Literature Review

2.1 The Rise of Behavioral Finance

A subfield of demeanor financial aspects, Behavioral Finance, recommends that mental impacts
as well as predispositions impact the financial practices of investors as well as monetary
specialists. Besides, impacts in addition to tendencies can be the hotspot for explanation of an
extensive scope of market oddities along with clearly advertises irregularities in the financial
trade, such as, extreme climbs or falls in stock expense[ CITATION Ken191 \l 1033 ].

Studies throughout the globe had been chipping away at enlightening their understanding with
respect to investment choice of person. After at that point, when behavioral finance appeared
such works had been given more significance. Currently an adequate measure of work is
accessible to portray the way such mental, segment, relational as well as natural elements impact
one's investment dynamic procedure. To put it basic, indicating the way character attributes sway
on one's investment choice.

Behavioral Finance disposes of the suppositions of levelheadedness as well as reasonable

estimating, trying to clarify watched manner in monetary markets by utilizing the standards of
brain science. Madness can be credited to social inclinations, that are either intellectual or
passionate, the two of which can prompt poor as well as unreasonable money related choices
[ CITATION Ima17 \l 1033 ]. Kahneman & Tversky (1979) gave the early mental hypotheses
which establish the establishment of Behavioral Finance, as well as they likewise created vision
hypothesis which clarifies misfortune revulsion. Silliness is promptly perceptible when, for
instance, individuals bet against the chances or acknowledge greater hazard for lesser profit.
Financial behavior tries to clarify madness as well as the nearness of market irregularities, for
example, the schedule impacts as well as beneficial exchanging.

2.2 Personality
Business analysts progressively see personality as a kind of non-psychological aptitude which
can have significant ramifications for the financial choices which people take as well as the
results they accomplish [CITATION Cob11 \t \l 1033 ]. This point of view has created
enthusiasm for the procedure of character transformation. [ CITATION Alm11 \l 1033 ] Contend

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that in contrast with intellectual capacity character qualities are receptive to parental conduct;
interests in instruction, as well as approach intercessions making character change a chance well
into parenthood.

Personality qualities reflect people's trademark instances of insights, feelings, just as practices.
Personal attributes infer steadiness in addition to soundness somebody who marks great on a
specific quality just as Extraversion is dependent on to be affable in various situations as well as
sometimes [ CITATION Die20 \l 1033 ]. Consequently, superiority intellect research sets on the
likelihood that people differentiate from one another to the extent where they stay on a great deal
of basic trademark estimations which suffer after some time just as across conditions. The most
extensively used course of action of characteristics is known as the Big Five Model. This system
consolidates five wide characteristics which can be reviewed with the condensing OCEAN:
Openness, Conscientiousness, Extraversion, Agreeableness, just as Neuroticism [ CITATION
Die20 \l 1033 ].

At the point once we lookout persons nearby us, among the main effects which hit us is the way
by which different people are different from one another. Some individuals are chatty whereas
some are extremely calm. Few are active however some are routinely apathetic individuals.
Some worry a lot; some never give off an impression of being eager. Every time we use one of
such terms, terms such as "garrulous," "calm," "dynamic," or "on edge," to portray everybody
nearby us, we’re conferring a person's personality the signature behaviors which persons are
different from one another. Personality analysts try to depict as well as understand such
differences.

Personality qualities consider regarding major capacities that people are different [ CITATION
Mat03 \l 1033 ]. As indicated by attribute analysts, there are a set quantity of such (dimensions
like Conscientiousness, Extraversion, or Agreeableness), as well as each personnel tumbles some
spot on each estimation, inferring that they potentially will be small, average, or great on a
specific characteristic. Personality characteristics are persevering fundamental propensities to
carry on specifically courses specifically circumstances. Demeanor is what could be compared to
character, in addition to a troublesome, under controlled disposition in earliest stages foretells
future culpable. The most urgent character attribute which foretell insulting is hastiness that

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possibly will reveal deficiencies in the official elements of the cerebrum [ CITATION Far01 \l
1033 ].

2.3 Role of Personality in Investing Behavior

Durand says personal characteristics are astoundingly steady the minute you arrive at the age of
30. In this way, in the event that you decide your character attributes at a primary stage in your
contributing vocation as well as see how they will influence your dynamic then you ought to
have the option to evade a few missteps. He likewise marks note of the way that two of the
elements, neuroticism as well as extraversion, appear to assume a bigger job contrasted with
different attributes [ CITATION Mor14 \l 1033 ].

Investors keep score great in neuroticism are pulled in to hazard, however they appear to think
that it’s upsetting. They need to take care of business, however appear to be unequipped for
doing as such; they’ll trade hazardous shares just to purchase others [ CITATION Mor14 \l
1033 ]. In any case, neuroticism is related with elevated feeling. Greater extraversion marks are
related with better yields, considerably in the wake of changing for chance. Durand says,
"Extraverts are pulled in to greater hazard, however they oversee it better, receiving more
significant yields for greater hazard, which ought to be the situation as indicated by customary
account hypothesis" [ CITATION Mor14 \l 1033 ].

Simultaneously, observational examinations which endeavor to measure the financial comes

back to personality frequently expect that grown-ups' personal characteristics are stable
[ CITATION Hei10 \l 1033 ]. This supposition that is advantageous on the grounds that it
suggests that character attributes aren’t motivated by the monetary result viable. Be that as it
may, synchronization as well as switch causation might inclination our outcomes if this suspicion
doesn't grasp [CITATION Cob111 \t \l 1033 ].

Many financial specialists are unconscious of the proof that specific personal characteristics are
more flexible compared to subjective capacity over the existence cycle as well as are
progressively delicate to speculation by guardians in addition to different wellsprings of
ecological impacts at later ages than are psychological qualities. Social arrangement intended to
remediate shortages in accomplishment can be powerful by working outside of simply
psychological channels [ CITATION Bor08 \l 1033 ].

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The character of an investor's has been of very enthusiasm to specialists of Behavioral Finance
scientists in comprehending his venture conduct. In the hypothesis of arranged conduct, the
creators prepared option to the hypothesis of contemplated activities by including various
indicator factors likewise named as foundation factors at the individual, social as well as data
level with present ones [ CITATION Hus19 \l 1033 ]. Bandura (1982) talked about that self-
efficacy of a person is likewise subject to the specific circumstance as well as occurrence, it go
about as an intellectual component that clarifies certain conduct of the character. Rothwell,
Khan, & Cherney (2016) reasoned about financial self-viability goes about as a go between
money related information as well as investment choice. Exceptionally honest people are self-
assured in their investigative abilities in addition to have a significant level of monetary self-
adequacy; psychotics are chance averters since they appear to be increasingly undermined by the
earth so they’re additionally projected to possess low money related self-viability [ CITATION
Chi11 \l 1033 ].

Norman (1963) recommended passionate dependability, extroversion, culture, suitability, as well

as uprightness to be the stock of character. The rundown of descriptive words as sees with
character was recognized as the Big Five scientific categorization that incorporates extroversion,
pleasantness, good faith, neuroticism, as well as transparency [ CITATION Joh99 \l 1033 ].
Analysts have indicated that personal characteristics possibly will anticipate various extents of
human practices, inclinations, as well as influences [ CITATION Ben14 \l 1033 ]. Personality
attributes were uncovered to relate with deals execution [ CITATION Fur08 \l 1033 ], scholarly
achievement [ CITATION OCo07 \l 1033 ], along with perspectives toward realism as well as
cash [ CITATION Sha00 \l 1033 ]. As to money related field, personality characters were
appeared to associate with present moment versus long haul speculation decisions [ CITATION
May081 \l 1033 ], just as financial specialists' hazard taking exercises as well as their
presentation in venture portfolio [ CITATION Dur13 \l 1033 ]. Mayfield, Perdue, & Wooten
(2008) explored a few mental precursors of speculation aims as well as proposed that outgoing
people have greater aims for momentary contributing, though those with more neuroticism in
addition to hazard avoidance qualities abstained from putting resources into transient tools.

Durand & Newb (2013) found that the characters of investors were related with their dynamic in
regards to venture assortments as well as results. Durand & Newb (2013) distinguished that the

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dependence of people on the accessibility experiential as well as manner influence was related
with their personality characteristics. Ben-Shahar & Golan (2014) gave exact proof that character
qualities as well as individual tendencies were identified with their attributes in lodging
residency, as well as venture practices in land. Chang, Chen, & Fang (2016) bring into being that
the speculators in common supports show character attributes of certainty, good faith,
agreeability, high passionate knowledge, as well as adaptability. Character qualities affected the
practices of common store speculators fundamentally, as well as the attributes of people
influence character characteristics in addition to their venture practices. Moreover, it was
recommended that people with significant levels of extroversion as well as receptiveness had
greater hazard resistance than those with elevated levels of principles [ CITATION Pan13 \l
1033 ]. Oehler, Wendt, Wedlich, & Horn (2018) gave test proof that extroversion as well as
neuroticism fundamentally affected the practices of people. People who were outgoing were
appeared to pay more for money related resources, as well as people who were masochist held
resources with a lesser amount of hazard.

2.4 Big Five Model

Why some people are different than other? What makes someone what their personality is? Each
person has their own one of a kind idea type of personality, in case they are shimmering or
spared, fragile or intense. Investigators who endeavor to flatter out the investigation of what our
personality is describe character as single complexities in the way people will once all is said in
done contemplate, sense just as act. There are various ways to deal with measuring of character,
however psychologists have generally deserted endeavoring to disconnect mankind
consummately into types or maybe, they stress around qualities of personality [ CITATION
Pap17 \l 1033 ].

For what reason do people respond some other method to comparative conditions? In modern
psychology, The Big Five qualities of character are 5 extensive places that describe human
character as well as record for singular contrasts[ CITATION Thi20 \l 1033 ]. The Big Five were
made throughout the 1970s by 2 groups of investigators. These groups were driven by Paul Costa
and Robert R. McCrae of the National Institutes of Health and Warren Norman and Lewis
Goldberg of the University of Michigan at Ann Arbor and the University of Oregon, as
demonstrated by Scientific American [ CITATION Pap17 \l 1033 ]. The Big Five are the

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elements that build up each character of a person. A person possibly will have a struggle of
responsiveness, a lot of sincere trust, an ordinary proportion of extraversion, a great deal of
charm just as basically no neuroticism using any and all means. Or on the other hand someone
could be obnoxious, maniacal, free, and upstanding just as barely open in any way shape or form.

Study which used the verbal philosophy showed that a critical number of the character
descriptors established in the lexicon sort out without a doubt shield. Like it was, huge numbers
of the terms which we utilize to portray people are equal arguments. Right now, the remote
possibility that we have to realize whatever an individual resembles, we don't really have to ask
how pleasant they are, the means by which tempting they are, as well as how sociable they are.
Somewhat, in light of the fact that friendly persons will in general be amicable as well as
sociable, we can condense this character dimension with a solo word. Someone who is agreeable,
neighborly, as well as gregarious would ordinarily be depicted as an "Extrovert." As soon as we
realize she is an extrovert, we can accept that she is agreeable, friendly, as well as sociable.

2.4.1 Openness
Not to be mistaken for one's propensity to be open as well as uncover their considerations along
with sentiments, Openness with regards to the Big Five alludes all the more explicitly to
Openness to Experience, or receptiveness to thinking about new thoughts. This attribute has
likewise been designated "Keenness" by certain specialists, however this phrasing has been to a
great extent relinquished on the grounds that it infers that individuals high in Openness are
increasingly insightful, which isn't really valid [ CITATION Owe20 \l 1033 ].

Transparency depicts a person's tendency to reflect uniquely. The individuals who are great in
Openness generally will be creative, voracious, as well as intellectual. They encourage toying
with considerations as well as discovering new experiences. People who are little in Frankness
generally will be viable, customary, as well as focused on the concrete. They will all in all keep
up a key good ways from the darken as well as follow conventional ways. In the cerebrum,
Openness is by all accounts identified with how much certain mind districts are unified. Those
individuals who are high in Openness appear to have more association among unique cerebrum
locales that possibly will clarify why they’re bound to see associations where others don't
[ CITATION Owe20 \l 1033 ].

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2.4.2 Conscientiousness
Good faith delineates a person's level of target heading just as enterprising nature. The people
who are high in Conscientiousness are sifted through just as chose, besides can sacrifice prompt
delight for long haul accomplishment. The individuals who are near to the ground right now
incautious as well as effortlessly diverted. In the mind, Conscientiousness is related with frontal
flap action. The anterior projection can be supposed as the "official mind," directing as well as
controlling the more creature in addition to intuitive motivations from different regions of the
cerebrum [ CITATION Owe20 \l 1033 ].

2.4.3 Extraversion
Extraversion depicts a person's inclination to search for impelling from the outer world,
especially as thought from others. Extraverts associate viably with others to acquire kinship,
appreciation, domination, rank, vitality, as well as emotion. Self-observers, at the other hand,
moderate their vitality, as well as try not to fill in as hard to secure such social rewards. In the
mind, Extraversion is apparently related to dopamine movement. Dopamine can be supposed as
the "return" synapse, as well as is the principle substance related with our impulse to seek after
an objective. The exemplary model is a rodent in a labyrinth, whose mind siphons out dopamine
as he wildly looks for the cheddar. Extraverts will in general have more dopamine action,
demonstrating that they’re progressively receptive to the potential for a prize. Self-observers
have less dopamine action, as are less inclined to put them out to pursue down remunerations
[ CITATION Owe20 \l 1033 ].

2.4.4 Agreeableness
Suitability portrays how much a person composes the necessities of others over their own
prerequisites. People who are incredible in Agreeableness encounter a great deal of empathy just
as will all in all get enchant out of filling in just as managing others. Individuals who are little in
Appropriateness will as a rule experience less empathy in addition to place their own interests in
front of others. In the mind, great Agreeableness has been related with expanded movement in
the predominant fleeting gyrus, an area answerable for language preparing as well as the
acknowledgment of feelings in others [ CITATION Owe20 \l 1033 ].

2.4.5 Neuroticism
Neuroticism depicts a person's tendency to react to stressors by means of undesirable emotional
state, counting dread, bitterness, nervousness, blame, as well as disgrace. This quality can be
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accepted as an alert system. People practice adverse emotional state a as a sign that something is
not directly on the earth. Dread is a reaction to risk; coerce a reaction to having accomplished
something incorrectly. In any case, only one out of every odd individual has a comparative
reaction to a given situation. High Neuroticism scorers will undoubtedly react to a condition with
solid undesirable feelings. Little Neuroticism scorers will undoubtedly get over their difficulty
just as continue forward. In the mind, Neuroticism seems to identify with the inter-connection of
a few areas, incorporating locales engaged with handling adverse boosts, (for example, irate
appearances or forceful canines) as well as managing adverse feelings. One examination found a
relationship among high Neuroticism as well as changed serotonin handling in the cerebrum.

2.5 Influence of personality trait on investment decisions

Past investigations propose that attributes of personality influence investment decisions of people
[ CITATION Cry12 \l 1033 ]. People who are extraverted are agreeable, need significant
examination, emphasis around outer events as well as data besides have a comical disposition.
An investor with a prevailing extraversion quality possibly will misjudge the increase as well as
think little of the misfortune, inferable from his hopeful character. Pleasing people are typically
agreeable, solid, unassuming as well as regard others' supposition as well as exhortation. An
investor with a prevailing suitability characteristic is bound to depend on an expert's assessment
as well as ponders that it is difficult to make their own decisions of investment. Honest
individuals have a particular degree of sureness as well as are cautious, investigative, procedural
in addition to self-taught along with will in general have clear venture objectives. Neuroticism is
identified with passionate unsteadiness, discouragement as well as conceit. Exceptionally
masochist people will in general overemphasize the hazard once the market smashes as well as
possibly will belittle advantage once the market is great. Financial specialists with high
receptiveness to encounters display a solid inclination for feeling, innovative things as well as
unpredictability. They effectively acknowledge new market data as well as may oftentimes alter
speculation folders with variations in advertise circumstances [ CITATION Pak15 \l 1033 ].

In the journey to increase a superior image of monetary markets, business analysts as well as
money related examiners have been attempting to reveal those components which influence the
conduct of an individual financial specialist. It turns into an intriguing inquiry as well as territory
of unique enthusiasm for researchers as well as professionals, that how as well as why some

Page | 18
people perform superior at the securities exchanges. Replies to these inquiries have been given
by [CITATION Kah791 \t \l 1033 ] in clarifying the mental predispositions identified with a
financial specialist conduct. These discoveries have begun another influx of request in social
fund as well as specialists began searching for other mental in addition to mental components
that possibly will delineate person's conduct in overseeing accounts [ CITATION Dur131 \l 1033
].

Traits of investors have a generous job in constructing their perception as well as psychology
which possibly will influence choice. Tauni & Iqbal (2017) by utilizing Big five contended that
exchanging choice includes speculator character that figures money related decisions.
Psychology below some condition reacts in definite manner that recognize one people compared
to other [ CITATION Rob09 \l 1033 ]. It is hard to lure an unmistakable streak which separate
character as well as cognizance notwithstanding, so as to comprehend the prospective as well as
huge impact on individual money related choices study on non-psychological factors are
significant. Conlin, Kyrolainen, & Kaakinen (2015) distinguished the interest of stock
cooperation on financial specialist's character. The Big Five model is called the most itemized,
experimental, information determined study contemplates in the chronicled previous of character
brain science [ CITATION Riz15 \l 1033 ]. Mueller & Plug (2006) utilizing Big 5 model
discovered noteworthy job of character in profit management.

2.6 Theoretical Framework

Theoretical Framework provides us summary of the theories about personality traits and
investment decisions which are developed through previous studies on our variables.

Behavioral Finance theory

Theory of Behavioral Finance was proposed by Richard Thaler [ CITATION Jai15 \l 1033 ].

Theory of Behavioral Finance is a reaction to strange behaviors. It explains that how behavior of

investors formulates their investment decision. Understanding theory of behavioral finance

makes investors able to forecast movements of market and profit from them.

Page | 19
Self-efficacy Theory
Albert Bandura proposed self-efficacy theory in 1977. Self-efficacy is a certainty of a person in
his/her capacities to make certain decisions [ CITATION Tic18 \l 1033 ]. Essentially in the
domain of finance, it is accepted that a few people have more certainty compared to others and
can deal with their finances very well. Self-efficacy of person develops by motivation, cognition,
and affection and then impacts it behavior. Theory of self-efficacy will permit innate personality
traits to transform into behavior.

Theory of Planned Behavior

The Theory of Planned behavior was proposed by Ajzen and Fishbein [ CITATION Arm01 \l
1033 ]. This theory anticipates the intentions of a person involved in a behavior at a particular
time and place. This theory emphasis that the behavioral intentions (investment decisions) are
impacted by the attitude (personality traits) regarding the probability that the behavior will have
predictable consequences as well as assessment of risk and profits of that consequence.

Social Investment Theory

Theory of social investment was proposed by Robert and Smith [CITATION Rob05 \t \l 1033 ].

People have a center obligation in choosing and dealing with their social condition. Accordingly,

such a particular domain straightforwardly influences their character. This theory suggests that

changes in personality traits of individuals are because of the selection of their own lives which

impacts their behavior so their investment decisions are impacted by their personality traits.

Prospect Theory
Prospect theory has a place with the social financial subgroup, depicting how people settle on a

decision among probabilistic options wherever hazard is included and the likelihood of various

results is obscure so this supports the fact that investment decisions are influenced by personality

traits. This hypothesis was detailed in 1979 and additionally created in 1992 by Amos Tversky as

well as Daniel Kahneman, considering it more mentally correct the way investment decisions are

made and influenced by the personality traits.

Page | 20
Chapter 3: Research Methodology

3.1 Research Design

The Research onion illustrates the stages involved in the development of a research work and

was developed by Saunders et al, (2007). In other words, the onion layers give a more detailed

description of the stages of a research process. The philosophy utilized in this study is positivism

because here responses will be verified empirically. Positivism expects that information is

autonomous of the subject being contemplated. This study is descriptive and deductive in nature

as the study merely aims to test the established hypothesis based on the discussed theory in the

new context (EFU Life Assurance employees). So we are using general principles to create a

specific conclusion about the topic in our context. A structured questionnaire for primary data

collection would be used. That questionnaire would contain close ended questions along with

demographics. Research choose would be mono method based because the study collects

information through one quantitative method that is using questionnaire and then verifies it

empirically. The study is cross sectional time horizon, which is one at time, whereby the data

must be collected. This study is concerned with the investment decisions by evaluating different

personality of investors at particular time.

3.2 Research Context

The target population for this investigation is the potential investors of EFU Life Assurance. The

study has unknown population of the total employees of whole EFU Life Assurance but that are

under different designations, genders, and age brackets of 23-28, 28-33, 33-38, 39 and above. As

there are three levels of employees; top level, middle level and lower level. So, the study will

Page | 21
collect data from top management level and middle management level which comes under age

bracket of 25-45 that includes both male and female employees. Furthermore, lower level

employees would not choose, as they are not investing in markets.

3.3 Sample Size

The sampling method for this research is used up of Saunders table [ CITATION Sau06 \l

1033 ]. By putting confidence level 95% and margin of error 5%, the finalized sample size is 385

for population of employees to get the near approximate result and also enough to represent

entire population.

3.4 Sampling Technique

There are two types of sample techniques probability and non- probability. In this research quota

non probability sampling would be used. As this study is constrained to collect data only from

head office of EFU life Assurance Company and cannot target the whole population of EFU

employees from other regions as well. Furthermore, the sample would be divided among 60:40

ratios of male and female for data collection.

3.5 Instrument Selection

The questionnaire used in this study is self-administrative and taken from few journals. The

questionnaire has been divided into 3 parts. In 1st part, it contains the demographic question

related to the respondents. The 2nd part consist of scale relating to measure the variable

personality trait which was borrowed from Mayfield et al. (2008) which includes 15 questions.

The 3rd part is comprised of scale measuring the variable investment decision, which was

borrowed from Grable and Lytton (1999), journal. It is comprised of 10 questions. The study

have chosen this questionnaire not the others because this perfectly matches my research topic

Page | 22
and secondly we cannot make our own questionnaire but we can borrow questionnaire from

other researchers or authors.

3.6 Variables

Independent: Extroversion, Agreeableness, Openness to Experience, Conscientious, Neuroticism

Mediator: Risk tolerance

Dependent: Investment Decision

3.7 Model

Extroversion

Agreeableness

Openness to Experience Risk Tolerance Investment Decision

Conscientious

Neuroticism
Page | 23
3.8 Statistical Analysis

For research analysis, firstly descriptive analysis describes the data in the form of mean,

variance, standard deviation which enable to present the data in more meaningful way and

reaches into conclusion regarding hypotheses. After this inferential analysis to measure either

there is positive or negative impact of personality traits on investment decisions of potential

investors of EFU head offices employees to satisfy the objective and that represents the result of

whole population. The study would be analyzed on the basis of parametric tests that assumes

certain characteristics of data known as assumptions. Most of the parametric tests require that the

distribution of the test is normally distributed (or bell-shaped) with 0 mean, with 1 standard

deviation and a symmetric bell shaped curve. The study assumes that the tests required the linear

correlation between dependent and independent variables. Generally, linearity can be tested or

explored by correlation and regression. To test the assumption of multicollinearity, VIF and

Condition indices can be used, especially in regression analyses. A value of VIF >10 indicates

multicollinearity is present and the assumption is violated.

The assumption of homoscedasticity describes a situation in which the random disturbance in the

relationship between the independent variables and the dependent variable) is the same across all

values of the independent variables.  Once all the ordinary least square assumption has been

tested then we will determine, then we will use regression analysis to determine the impact of

personality traits on investment decisions. Lastly the impact of moderation effect of risk

tolerance on the relation between personality decision and investment decision will be determine.

Page | 24
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