Role of big-five personality traits in predicting behavioral intention: A case of Indian corporate bond investors

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Personality traits are qualities that make a person distinctive and describe stable behavior patterns. Therefore, understanding the influence of personality traits on behavioral intention will help predict investors’ investment decisions. This study aims to assess the impact of personality traits, i.e., openness to experience, neuroticism, conscientiousness, agreeableness, and extraversion, on investors’ behavioral intentions. Moreover, it assesses the mediating effect of attitude, subjective norms, and perceived behavioral control between investors’ personality traits and behavioral intention. The study employed a structured questionnaire on a sample of 413 retail investors. Further, obtained data were empirically examined on Smart-PLS 3.3 using the PLS-SEM method. The study found that perceived behavioral control, subjective norms, and attitude positively affected behavioral intention. However, the personality traits did not influence the intention directly. Further, mediation analysis revealed that attitude and subjective norm fully mediated the relationship between extraversion, neuroticism, openness, and intention. In contrast, attitude and subjective norms did not exhibit a mediating relationship between agreeableness, conscientiousness, and intention. Finally, perceived behavioral control fully mediated the relationship between personality traits and intention, except for conscientiousness. The study contributes by extending the applicability of the theory of planned behavior by examining the impact of big-five personality traits on behavioral intention and mediating the role of the theory of planned behavior’s dimension between personality traits and intention.

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    • Figure 1. Conceptual framework
    • Table 1. Measurement items
    • Table 2. Respondents’ demographic profile
    • Table 3. Measurement models
    • Table 4. Fornell-Larcker criterion test
    • Table 5. Heterotrait-monotrait ratio (HTMT) test
    • Table 6. Structural path analysis
    • Table 7. Mediation analysis
    • Conceptualization
      Rajeev Matha, Geetha E., Raghavendra, Kishore L.
    • Data curation
      Rajeev Matha, Kishore L., Shivaprasad S. P.
    • Formal Analysis
      Rajeev Matha, Geetha E., Raghavendra, Kishore L., Shivaprasad S. P.
    • Funding acquisition
      Rajeev Matha, Geetha E., Raghavendra, Kishore L.
    • Investigation
      Rajeev Matha, Geetha E., Raghavendra, Kishore L.
    • Methodology
      Rajeev Matha, Raghavendra, Kishore L.
    • Resources
      Rajeev Matha, Geetha E.
    • Software
      Rajeev Matha, Shivaprasad S. P.
    • Validation
      Rajeev Matha, Geetha E., Raghavendra, Kishore L.
    • Writing – original draft
      Rajeev Matha, Geetha E., Raghavendra, Kishore L.
    • Writing – review & editing
      Rajeev Matha, Geetha E., Raghavendra, Kishore L., Shivaprasad S. P.
    • Project administration
      Geetha E., Raghavendra, Kishore L.
    • Supervision
      Geetha E., Raghavendra, Kishore L.
    • Visualization
      Geetha E.