In today’s scenario, money plays an important role in one’s life. In order to overcome the problems in future one has to invest his or her money. The Indian financial system nurtures the savings among the investors and channels them to their optimum and effective use. In today’s competitive era, the various investment avenues are available to the investors. Investors in general have enthusiasm to invest in those particular avenues which will produce the maximum returns with minimum risks. Investment decision is one of the most important issues in today’s stock market. People make investment decisions based on different fundamental and technical tools.

The investment decisions includes on various investment strategies, frequency of investment, time period, objectives of investment, factors affecting investment decisions and many more. One of the most important factors affecting the financial decisions made by investors is the psychological biases (Camerer 1997; Bailey 2012; Breuer, Riesener, and Salzmann 2014).

Personality Traits:

Personality is derived from the latin word “persona” which means “to speak through’. Personality is one of the main psychological factor which affect the human behavior. In 1936, two American psychologists, Gordon Allport and H. S. Odbert, hypothesized: "Those individual differences that are most salient and socially relevant in people's lives will eventually become encoded into their language; the more important such a difference, the more likely is it to become expressed as a single word." The dimensions of the personality traits include Agreeableness, Extroversion, Conscientiousness, Openness and Neuroticism.

· Agreeableness means a person’s ability to get along with others.

· Extroversion means the persons who are talkative, sociable, lively and assertive. It is that reflects the comfort level of persons with the relationships.

· Conscientiousness refers to people who are dependable, responsible, organized and systematic.

· Openness refers to the person’s interests and creativity.

· Neuroticism means person’s ability to withstand with stress.

Peoples, who are inclined towards extraversion, would like to focus on the outer world of people and activity. They direct energy from interacting with people and from taking action. People who are inclined towards introversion would focus on their own inner world of ideas and experiences. They direct their energy and attention inward and receive energy form reflecting on their thoughts, memories and feelings. People who prefer sensing will take in information that is real and tangible. They are the observant about the specifics of what is going around them (Briggs et al 1980). People who adapt intuition will take information by seeing the big picture, focusing on the relationships and connections between the facts. People who prefer to use thinking in decision making like to look at the logical consequences of a choice or action. People who prefer to use feeling in decision making like to consider what is important for them and to others. People who prefer to use their Judging process in the outer world like to live in a planned, orderly way, seeking to regulate and manage their lives. People who prefer to use their Perceiving process in the outer world like to live in a flexible, spontaneous way, seeking to experience and understand life, rather than control it (Briggs et al 1980)

Behavioral Biases:

In traditional finance theory, everyone is rational in maximizing wealth but many a times; our rationality is influenced by our emotions & irrational financial decisions. The study of behavioral finance focuses on how human beings create and manage their financial assets. Behavioral finance means psychological and sociological factors that influence the financial decision making process of individuals, groups, entities.

Conservatism: When the changes takes place then the people will take more time to adjust to that changes. When the changes take place people may under react or overreact to the situation.

Overconfidence: The investors are overconfident that they can predict the future better. Due to their overconfident, they take risks without expecting returns. It may be self attribution bias and hindsight bias. They become overconfident that they can predict future after getting success in the previous years. Men are more overconfident than women. These are miscalibration, illusion of control, better than average effect and excessive optimism.

Herding: Herding is a situation when there is a lack of individual decision-making or thoughtfulness, which causes people to think and act in the same way as the majority of the people around them do.

Regret: A regret theory says that people regret if they make a wrong choice and.consider this while making decisions in future.

REVIEW OF LITERATURE:

Personality traits of investors and the risk tolerance as well as their psychological biases affect the financial decisions (Durand, Newby, and Sanghani 2006; Murgea 2010; Thomas and Rajendran 2012; Venter, Michayluk, and Davey 2007).

Mayfield et al (2008) examined the five personality traits and their investment management. The data was collected from 194 respondents by questionnaire. The data was analysed through kurtosis, skewness and chi square. They concluded that the persons who were creative and non traditional preferred large investment risk. There was negative relation between extraversion and investment specific risk tolerance. Risk averse people did not invest in long term assets. The people who were open to their experience preferred to invest in long term assets. Verma (2008) examined the effect of personality type and demographic attributes of the individual investors on choice of investment avenues. The data was collected by structured questionnaire from 500 investors and the data was analyzed with chi square. She found that investors mostly preferred real estate than mutual funds and then insurance. The investors were not fond of debentures and others. Mittal and Vyas (2009) conducted a study to know how the income of the individual investors affect the investment decisions and by behavioral biases. The data was collected from through questionnaire from 428 investors in Indore. The data was analyzed by anova. They concluded that the level of over confidence increases with the increase in income. Income had a great impact on the overconfidence level, overreact and loss/regret but there was no significant impact of self attribution bias, framing effect. Zoghlami and Matoussi (2009) identified the psychological biases which influenced the most to the behavior of Tunisian investors. The data was collected from 100 brokers the data was analyzed by univariate and multivariate analysis. They concluded that Tunisian investors were influenced by five psychological biases that is under confidence, under opportunism, precaution, and conservatism and information inferiority complex.

Inaishi et al (2010) examined the effect of overconﬁdent investor behavior in stock market with the help of simulation. They found that when the overconﬁdent in the market investors increased the market dealing increased and rising trends also increased. They also showed that the rising trends made investors more overconﬁdent. Parashar (2010) conducted an empirical study to know the effect of personality traits on choice of Investment avenues by investors and on risk taking capacity of investors. The data was collected from 100 respondents. They concluded that people were risk takers and adventurous invest their money in equity and real estate. The females who were less risk-averse preferred to invest their money in bank fixed deposits whereas males preferred to invest in real estate. Lin (2011) explored the relation among psychological traits, demographics and behavioral biases of investors in Taiwan stock market. The data was collected from 554 respondents. The data was analyzed by SEM. The investors who had stronger extraversion and openness personality traits would confirm the market information in order to avoid herding and overconfidence. They further observed that males were more overconfident than females and older people had high disposition effect than young people. Masomi and Ghayekhloo (2011) studied the effect of behavioral factors on investment decisions making at Tehran stock exchange. The data was collected from 40 institutional investors. The data was analysed with the help of factor analysis and descriptive statistics. They found that fundamental analysis was more used in investment decision making than technical analysis. The factors market information, underlying stock and the stock price change was mostly affect the investment decision making. Peterson et al (2011) conducted a study to know the personality traits of investors during the last decade of 2000-2010 in stock market. They had reported the results of 2,600 individuals who had undergone the Investing Personality Test from 2005-2010. The test included 60 items from the IPIP-NEO based on the Big Five model and then they took test disclosed financial statistics included their prior five year investment returns, largest loss in the prior five years and made decisions in a series of hypothetical investment scenarios. Chin (2012) examined the relationship between psychological biases and the decision making of share market investor in Malaysia. The data was collected from the 246 respondents. The data was analyzed with the help of descriptive, annova and regression. He found that overconfidence, conservatism bias and regret had significant impact on investor decision making but herding behavior had no relationship with investor decision making.

Jamshidinavid et al (2012) examined the relation between Personality traits and demographic ones on the financial behavior prejudices in Tehran Stock in 2011. The data was collected from 215 people. The data was analyzed by correlation and SEM. They concluded that four personality traits and three demographics were influenced the three behavioral biases in investment. Ramanujam and Ramkumar (2012) analyzed the risk attitude and personality traits of the working women in the stock market. The data was collected from 360 investors. The data was analysed by t test, factor analysis and percentages. They concluded that the important determinants of investor’s behaviour were the source of information, awareness on the information in internet, preparatory work, financial advisors help and learning interest among the investors. Zaidi and Tauni (2012) identified the relation between Personality Traits, Demographics and Overconfidence Bias of investors in Lahore Stock Exchange. The data was collected from 170 respondents. The data was analysed by chi square and correlation. They concluded that there was positive relation between overconfidence bias and Consciousness, Agreeableness, Extroversion whereas negative relation between Overconfidence bias and Neuroticism. Bashir et al (2013) investigated the influence of demographics factors and personality traits on the behavioral biases and risk taking behavior in Pakistan. The data was collected from 225 bankers and finance students. The data was analyzed by SEM. They concluded that personality traits had significant relation except disposition effect with overconfidence, herding behavior and risk taking. The demographic factors had no relation with behavioral biases.

Charles and Kasilingam (2014) studied the importance of personality traits and its influence on investment decisions of investors. The data was collected from 742 investors. The multistage random sampling technique was used. They also studied the association between demographic and investment and personality variables. The data was analysed by canonical correlations which revealed that there was significant correlation among demographic and investment and personality variables. Pak and Mahmood (2015) studied the impact of personality traits on risk tolerance. They found that some of the personality traits affect the risk tolerance level which will ultimately affect the investment decisions of the investors. Parameshwari and Krishnan (2015) analysed the relation among the personality traits of investors and their risk profile and their attitude towards investment. They found that most of the respondent were conservative in nature and preferred to invest in risk free securities. There was relation between neuroticism and marital status of the investors only. They found that there was great influence of agreeableness, conscientious and risk ability on the investment behavior of the individuals. Rzeszutek et al (2015) they found that not only that frequent retail investors were susceptible to various behavioral biases when making decisions but also that the degree of susceptibility was stronger in this group than among those who were only casually engaged in investing. Chavali and Mohanraj (2016) studied the relationship between risk tolerance and investment decisions and found that the investors prefer sure gain rather than uncertain future.

From the above discussion, we try to understand the relation between investment decisions and personality traits of the investors. We can say that the people have different personality traits and the investment decisions depend on the personality of the people. Some personality traits have positive relation and some personality traits have negative relation with the investment decisions. There is relation between behavioral biases and investment decisions of investors also. Some dimensions of behavioral biases have positive relation and some behavioral biases have negative relation with the investment decisions of the investors.

OBJECTIVES OF THE STUDY:

1. To study the relation between various dimensions of personality traits and investment decisions.

2. To study the relation between various dimensions of behavioral biases and investment decisions.

Figure 1: Theoretical Framework

HYPOTHESES OF THE STUDY:

H₀₁: There is no relation between Personality Traits and Investment Decisions of Investors

H₀₂: There is no relation between Behavioral Biases and Investment Decisions of Investors

RESEARCH METHODOLOGY:

Sample size The data was collected from 500 investors.

Sampling Area The area of research covered in this study was the investors who invest through LSE Securities ltd. in Punjab State.

Sampling Technique The purposive sampling technique was used in this study.

Questionnaire A well designed structured questionnaire has been used to conduct the field survey.

Sources of data For this study, primary data was collected from respondents with the help of well structured questionnaire from the investors of stock market and secondary data was collected from journals, books, and websites and from the review of literature.

Pilot Study A pilot study was conducted on a sample of 50 investors to test the reliability and Cronbach alpha was found 0.857 which is more than 0.6 which means that the data was reliable.

RESULTS AND DISCUSSION:

Demographic profile of investors:

The demographic profile of the respondent was presented in Table 1. There are 369 individual investors who responded to the questionnaire are males and 131 individual investors who responded to the questionnaire are females. There are 345 investors are married and 155 investors are unmarried.

There are 168 investors which are in below or equal to 30 age group, 192 investors which are in 31-40 age group, 118 investors are in 41-50 age group and 22 investors are above 50. There are 196 investors who have done Bachelors Degree, 264 investors who have done Masters Degree, 23 investors who have done M.Phil Degree and 17 investors who have done Doctorate Degree. There are 26 investors have annual income below 200000, 220 investors have income in between 200000-500000, 134 investors have income in between 500000-1000000 and 20 investors have income above 1000000.

Table 1: Demographic profile of the investors

	Gender of the respondents
Sr. No.	Gender	Respondents	Percent
1	Male	369	73.8
2	Female	131	26.2
	Total	500	100.0
	Marital status of respondents
1	Married	345	69.0
2	Unmarried	155	31.0
	Total	500	100.0
	Age of respondents
1	Below or equal to 30	168	33.6
2	31-40	192	38.4
3	41-50	118	23.6
4	Above 50	22	4.4
	Total	500	100.0
	Qualification profile of Respondents
1	Bachelors	196	39.2
2	Masters	264	52.8
3	M.Phil	23	4.6
4	Doctorate	17	3.4
	Total	500	100.0
	Income of the Respondents
1	Below Rs. 2,00,000	126	25.2
2	Rs. 2,00,001- Rs. 5,00,000	220	44.0
3	Rs. 5,00,001- Rs. 10,00,000	134	26.8
4	Above Rs. 10,00,000	20	4.0
	Total	500	100.0

RELATIONSHIP AMONG PERSONALITY TRAITS, BEHAVIORAL BIASES AND INVESTMENT DECISIONS:

This section represents the relationship among personality traits, emotional intelligence and investment decisions. The multiple regression was applied to test the relationship among these variables. Personality traits and behavioral biases are independent variable and Investment decisions is dependent variable. For personality traits 44 item scale has been used which is on 5 point likert scale, for behavioral biases scale has been used which is on 5 point likert scale and for Investment decisions 34 item scale has been used which is also on 5 point likert scale.

Relation Between Personality Traits and Investment Decisions of Investors:

H_1
(a) : There is relation between Agreeableness and Investment Decisions of Investors

H_1
(b) : There is relation between Extroversion and Investment Decisions of Investors

H_1
(c) : There is relation between Conscientiousness and Investment Decisions of Investors

H_1
(d): There is relation between Openness to Experience and Investment Decisions of Investors

H_1
(e) : There is relation between Neuroticism and Investment Decisions of Investors

The table 2 shows that the fitted model is statistically significant at p<0.05 The result from the multiple regression analysis reveals that the model derives a prediction level at 0.603 or 60.3 per cent. Coefficient of determination explains the extent to which changes in the dependent variable can be explained by the change in the independent variables. The R-square value which is a coefficient of determination that determines the proportion of variance in the dependent variable at 0.364 or 36.4 per cent explains the variability of the dependent variable (investment decisions).

Table 2: Model Summary of Multiple Regression

Model	R	R Square	Adjusted R Square	Std. Error of the Estimate
1	.603	.364	.358	.38693

The study used ANOVA to establish the significance of the regression model. The F- ratio in the ANOVA table measures the overall regression model fit for the data. The table reveals that the independent variables are statistically significant at F (5, 494) = 56.584, p <0.05 which shows that the model is good fit for the data.

It can be noted from the table 3 that the t-test for significance of individual independent variable is significant for the variables X₁₂₁, X₁₂₂andX₁₂₃at 0.05 level.

Thus, the hypotheses H_1(d)and H_1(e)are rejected and H_1(a), H_1(b), and H_1(c) are accepted. It means that there is relation between agreeableness, extroversion, openness to experience and investment decisions. There is no relation between conscientiousness, neuroticism and investment decisions.

Table 3: Coefficients in Multiple Regression

INTERCEPT = 1.789
Independent variable (Personality traits)	Dependent variable (Risk tolerance)
	Beta	T	Sig
Agreeableness X₁	.461	10.083	.000
Extroversion X₂	.148	3.376	.002
Conscientiousness X₃	-.269	-5.247	.265
Openness To Experience X₄	-.006	-.136	.000
Neuroticism X₅	.022	.537	.681

Intercept of the equation is1.789. The coefficients of significant variables are 0.461(X₁), 0.148(X₂), - 0.269 (X ₄)

The highest value of coefficient is for variable X₁(Agreeableness) indicates that it is the most important predictor of Investment decisions. The investors are more agreed they invest more in stock market. Agreeable individuals are usually cooperative, reliable and respect others’ opinion and advice. An investor with a dominant agreeableness trait is more likely to rely on others opinion. An increase in agreeableness by one point leads to positive change of 0.461 points in investment decisions of investors. Extrovert investors enjoy being with people who are full of energy and experience positive emotions. The investors who are more extrovert they invest more in stock market. An increase in extroversion by one point leads to positive change of 0.148 points in investment decisions of investors. The people are conscientious they invest les in stock market. Conscientious people have certain degree of confidence, careful and tend to have certain goals and tend to have clear investment goals. There is significant relation between conscientiousness and investment decisions of investors. An increase in conscientiousness by one point leads to negative change of 0.269 points in investment decisions of investors.

The investors who are high in Neuroticism are emotionally reactive. Their reactions tend to be more concentrated than normal. They are more likely to interpret ordinary situations as threatening and minor frustrations as hopelessly difficult. So, there is no significant relation between neuroticism and in investment decisions of investors.. The investors who are more open to experience they take more risk. Investors with high openness to experience show a strong preference for new things. He easily accept new market information and change his investment portfolio frequently with change in market situation. There is no significant relation between openness to experience and investment decisions of investors. The results also gain support from the prior findings (Bashir et al., 2013; Parameshwari and Krishnan, 2015; Chavali and Mohanraj, 2016).

Relation between Behavioral Biases and Investment Decisions of investors

H_2
(a) : There is relation between Overconfidence and Investment Decisions of Investors

H_2
(b) : There is relation between Conservatism and Investment Decisions of Investors

H_2
(c) : There is relation between Herding and Investment Decisions of Investors

H_2
(d): There is relation between Regret and Investment Decisions of Investors

The table 4 shows that the fitted model is statistically significant at p<0.05 The result from the multiple regression analysis reveals that the model derives a prediction level at 0.615 or 61.5 per cent. Coefficient of determination explains the extent to which changes in the dependent variable can be explained by the change in the independent variables. The R-square value which is a coefficient of determination that determines the proportion of variance in the dependent variable at 0.379 or 37.9 per cent explains the variability of the dependent variable (investment decisions).

Table 4 : Model Summary of Multiple Regression

Model	R	R Square	Adjusted R Square	Std. Error of the Estimate
1	.615	.379	.374	.38205

The study used ANOVA to establish the significance of the regression model in table 5. The F- ratio in the ANOVA table measures the overall regression model fit for the data. The table reveals that the independent variables are statistically significant at F (5, 494) =75.471, p <0.05 which shows that the model is good fit for the data.

Table 5 : Model Fitness in Multiple Regression

Model 1	Sum of Squares	Df	Mean Square	F	Sig.
Regression	44.064	4	11.016	75.471	.000
Residual	72.252	495	.146
Total	116.316	499

It can be noted from the table 6 that the t-test for significance of individual independent variable is significant for the variables X₁₄₁andX₁₄₄at 0.05 level.

Thus, the hypotheses H_3(b)and H_3(c)are rejected and H_3(a)and H_3(d) are accepted. It means that there is relation between overconfidence, regret and Investment decisions. There is no relation between conservatism, herding and Investment decisions.

Intercept of the equation is 1.428. The coefficients of significant variables are 0.385(X₁₄₁), 0.218(X₁₄₄)

The highest value of coefficient is for variable X₁₄₁(Overconfidence) indicates that it is the most important predictor of Investment decisions. There is significant relation between overconfidence and Investment decisions. An increase in overconfidence by one point leads to positive change of 0.385 points in Investment decisions of investors. Investors sometime may become over-confident about their own investment decisions. They think that their investment decisions are always right. These results are supported by evidence documented by Norsinger (2002).

There is significant relation between regret and investment decisions. An increase in regret by one point leads to positive change of 0.218 points in investment decisions of investors. The investors who consider their past experience invest more and invest very securely in stock market and take more risk. Everyone will have the experience of feeling regret in life and it is normal. The investors feel regret when they buy at a high price and sell at a low price. They tend to hold the stocks too long until the price reaches lower than the buying price. This is consistent with the findings of Shefrin (2009). The results of this study are also supported by studies done by Muermann and Volkman (2007). There is no significant relation between conservatism and investment decisions. This is the mentality of people to be conservative or risk averse and stick to their prior views and they find newer options to be costly. There is no significant relation between herding and investment decisions. The results also gain support from the prior findings (Chin, 2012).

Table 6 :Coefficients from Multiple Regression models

INTERCEPT = 1.004
Independent variable	Dependent variable
	Beta	T	Sig
Overconfidence	.385	11.578	.000
Conservatism	.024	1.202	.230
Herding	.001	.068	.946
Regret	.218	8.466	.000

FINDINGS:

In this study we tried to study the relationship among personality traits and the investment decisions of the investors. Generally, the demographic variables such as age, income, gender, marital status and educational status influence the decision making. With respect to the personality traits of the people, the present study is supporting the hypothesis. We can say that the people have different personality traits. Investment decisions depends on the personality of the people. Some personality traits have positive relation and some personality traits have negative relation with the investment decisions of the investors. The extroversion trait of the people had positive relation with the investment decisions of the investors. The investors who were talkative and sociable took more risk and invest more as compared to the shy people. The investors who were opened and creative took more risk and invest more as compared to other people. The other traits neuroticism had no relation with the investment decisions of the investors. The investors will choose that investment avenue which has potential risk and return. The determinants of risk attitude of individual investors are of great interest in a growing area of finance known as behavioral finance. The rational investor will accept only that risk which he can compensate. The investors who had overconfidence bias invest more in stock market. They are overconfident that they can predict the future better. The investors who had regret bias also invest more in stock market. Overconfidence and Regret bias have positive relation with the investment decisions of the investors.

It is known that each individual has different personality traits. Likewise, it is possible that each individual faces with psychological biases. Moreover, each individual faces with different psychological biases to the different degree. As suggested by behavioral finance, risk attitudes of individuals have multiple dimensions as well as their personality traits and psychological biases. The fact that investors are aware of psychological biases with which they can face by knowing their own personality traits and also make decisions depending on their financial risk tolerance can provide an important advantage in financial markets where there is a fierce competition. According to the research findings, it is seen that each personality faces with different biases and each investor has different risk tolerances. In this case, the most important factor is the knowledge of investors on their own personality and psychological biases. In other words, this is how they know themselves, because a personality that an individual have and a personality that he wants to be can vary. On the other hand, investors may not know the reason why mistakes or failures arise from or the opinion which cause those mistakes or failures.

SUGGESTIONS:

· The finance companies should design the investment avenues according to the personality traits factor of the investors.

· The finance companies must provide value added services to investors. It is essential for the companies to guide the investors to take right decisions regarding investment.

· The financial advisors should focus on the behavioral biases of the investors in order to provide good return to the investors.

· The aged investors also conservative in nature so they also want secured future. They specially focus on those avenues which are secured in nature.

· The individual investor should not always follow the majority of investors. The investors should not invest in a particular stock solely on the basis of advice or past performance of the stock. They should try to research about his investments before the investing in market. So, companies need to focus on this individual investor for capturing the market.

CONCLUSION:

The results of this study implies that investment advisors should consider personal characteristics and individual risk tolerance, among other factors, when giving investment investors’ personality traits to address the clients’ financial needs and advice them about relevant financial services in an efficient manner. Also, our study confirms that investors will not behave rationally in all situations. Sometimes, they may show opportunistic or irrational behavior in the investment decision-making process. The study provides valuable insight in understanding the relationships between personality traits and investment decisions in a transition economy context. The study also provides the relation between the behavioral biases and investment decisions of the investors. The companies should focus on the different personality traits of investors to link between the investor and investment. So, the investment companies should design their investment products according to the risk taking capacity and the personality traits of the investors.

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Received on 17.04.2017 Modified on 30.04.2017

Asian J. Management; 2017; 8(3):819-826.

DOI: 10.5958/2321-5763.2017.00129.9