Mohd Adil|Yogita Singh|Mohd Shamim Ansari
How financial literacy moderate the association between behaviour biases and investment decision?
Aligarh Muslim University|Aligarh Muslim University|Aligarh Muslim University
purpose purpose study examine impact behavioural biases ie overconfidence riskaversion herding disposition investment decisions amongst gender authors examine moderation effect financial literacy relationship behaviour biases investment decisions amongst gender designmethodologyapproach study considered crosssectional research design survey data collected structured questionnaire 253 individual investors delhincr region analyse validity reliability pearson correlation cronbachs alpha test taken account respectively testing hypothesis hierarchical regression analysis used study findings results study reveal amongst male investors influence riskaversion herding investment decision negative statistically significant influence overconfidence investment decision positive significant however influence disposition found statistically insignificant results stated amongst female investors effect riskaversion herding investment decision negative statistically significant however effect overconfidence disposition statistically insignificant influence investment decision observed financial literacy significantly influenced investment decisions amongst male female investors results interaction effect amongst male investors stated interaction overconfidence investment decision significantly influenced financial literacy however interaction financial literacy remaining three biases ie riskaversion herding disposition found insignificant results interaction effect financial literacy overconfidence riskaversion disposition herding found statistically significant amongst female investors research limitationsimplications based present research finding study productive portfolio manager policymakers time making investment portfolio investors based behavioural biases study recommends investors need training programmes workshops seminars enhance financial literacy financial knowledge investors helps overcome behavioural biases making investment decision originalityvalue current study aims explore whether several behavioural biases affect investment decisions amongst gender moreover authors would like examine whether associations moderated financial literacy sense financial literacy might also show substantial part prediction investments current study might first study examines moderation effect financial literacy amongst male female investors