Mind over Market? Determinants of Individual Investment Decisions in Vietnam’s Stock Market

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F70883521%3A28120%2F25%3A63593238" target="_blank" >RIV/70883521:28120/25:63593238 - isvavai.cz</a>

Result on the web

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DOI - Digital Object Identifier

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Result language

angličtina

Original language name

Mind over Market? Determinants of Individual Investment Decisions in Vietnam’s Stock Market

Original language description

This study examines the determinants of individual investors’ stock investment decisions, with a focus on psychological and demographic characteristics. Building on this model, based on prospect theory, the theory of planned behavior, and the life-cycle hypothesis,the study investigates the influence of five main determinants: attitude towards investment, risk tolerance, broker advice, herding behavior, and concern for Environmental, Social, and Governance (ESG) issues. It also examines how age moderates the relationshipbetween risk tolerance and investment decisions. The authors collected data from 259 individual investors using a structured questionnaire and analysed data through PLS-SEM. The results indicate that attitudes towards investment, risk tolerance, broker advice, andESG concerns are positively related to the investment decision, with attitudes being the most crucial drivers. In contrast, the effect of herding behavior was insignificant. The findings also support the critical role of age in moderating negatively the effects of risktolerance on investment decisions, such that this influence is attenuated among elderly risktakers. These findings highlight the vital roles of psychological and informational factors, illustrating how these relationships are influenced by demographic context. The studycontributes to the literature by incorporating psychological, social, and sustainability factors into a comprehensive model of investor behaviour and proposes implications for financial advisors, policymakers, and educators seeking to boost market participation andresponsible investing.

Czech name

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Czech description

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Type

D - Article in proceedings

CEP classification

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OECD FORD branch

50201 - Economic Theory

Project

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Continuities

V - Vyzkumna aktivita podporovana z jinych verejnych zdroju

Publication year

2025

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection

The 8th International Conference on Finance, Accounting and Auditing

ISBN

978-632-615-179-4

ISSN

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e-ISSN

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Number of pages

24

Pages from-to

2689-2712

Publisher name

NATIONAL ECONOMICS UNIVERSITY PUBLISHING HOUSE

Place of publication

Hanoi

Event location

Hanoj

Event date

Dec 13, 2025

Type of event by nationality

WRD - Celosvětová akce

UT code for WoS article

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