Purpose

This study examines the effects of financial literacy and financial risk tolerance on investor behavior by introducing social stigma as a mediator and emotional intelligence as a moderating factor.

Design/methodology/approach

Data is collected from 761 financially independent individual investors, with a minimum age of 25 years, a minimum of five years of stock market experience and residing in five selected major Indian cities. The collected data is subsequently analyzed using SmartPLS. Homogeneous purposive sampling followed by snowball sampling was employed.

Findings

The findings of the study demonstrate a strong and noteworthy impact of financial literacy on investor behavior. The research reveals that social stigma acts as a partial mediator and emotional intelligence plays a significant moderator with direct effects and indirect effects between financial literacy, financial risk tolerance, social stigma and investor behavior.

Research limitations/implications

Exploring emotional intelligence in financial decisions enriches academic programs by integrating it into financial education. Collaboration between academia and financial institutions yields practical tools, infusing emotional intelligence into services. This prompts systemic shifts, reshaping education and societal discourse, fostering inclusive, emotionally intelligent financial landscapes, aiming to redefine both academic teachings and real-world financial practices.

Practical implications

Integrating emotional intelligence into government-led financial literacy programs can transform societal perspectives on financial decision-making. Customized services, destigmatizing workshops and collaborative efforts with academia foster an emotionally intelligent financial landscape, reshaping traditional paradigms.

Social implications

Promoting open societal discussions about finances combats stigma, fostering a supportive space for risk-taking. Emphasizing emotional intelligence in awareness campaigns cultivates inclusivity and confidence. Normalizing financial talks empowers individuals, enhancing their well-being. Elevating both financial literacy and emotional intelligence enhances overall financial health, nurturing a community adept at navigating financial journeys.

Originality/value

This study marks a notable contribution to behavioral finance and social stigma theory by examining their intersection with emotional intelligence. It uniquely introduces social stigma as a mediator and emotional intelligence as a moderator, unexplored in this context. This novelty underscores the research’s significance, offering practical insights into financial well-being.

Peer review

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-08-2023-0626

中文翻译：

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揭示投资行为：通过情商、社会耻辱、金融知识和风险承受能力

目的

本研究通过引入社会耻辱作为中介因素和情商作为调节因素，探讨了金融素养和金融风险承受能力对投资者行为的影响。

设计/方法论/途径

数据收集自 761 名财务独立的个人投资者，他们的年龄至少为 25 岁，至少有 5 年股市经验，居住在印度选定的五个主要城市。随后使用 SmartPLS 分析收集到的数据。采用均质有目的抽样，然后进行滚雪球抽样。

发现

研究结果表明，金融知识对投资者行为具有强大且值得注意的影响。研究表明，社会耻辱在金融素养、金融风险承受能力、社会耻辱与投资者行为之间起部分中介作用，而情商则在金融素养、金融风险承受能力、社会耻辱与投资者行为之间发挥显着的直接和间接影响。

研究局限性/影响

探索金融决策中的情商可以通过将其融入金融教育来丰富学术课程。学术界和金融机构之间的合作产生了实用的工具，将情商融入到服务中。这促使系统性转变，重塑教育和社会话语，培育包容性、高情商的金融格局，旨在重新定义学术教学和现实世界的金融实践。

实际影响

将情商纳入政府主导的金融扫盲计划可以改变社会对金融决策的看法。定制服务、去污名化研讨会以及与学术界的合作，培育了一种高情商的金融格局，重塑了传统范式。

社会影响

促进有关财务的公开社会讨论可以消除耻辱，为冒险创造支持性空间。在意识活动中强调情商可以培养包容性和信心。金融谈判正常化可以赋予个人权力，提高他们的福祉。提高金融素养和情商可以增强整体财务健康，培养善于驾驭金融之旅的社区。

原创性/价值

这项研究通过研究行为金融学和社会耻辱理论与情商的交叉点，标志着对行为金融学和社会耻辱理论的显着贡献。它独特地引入了社会耻辱作为中介和情商作为调节，这在这方面尚未被探索。这一新颖性强调了该研究的重要性，为财务福祉提供了实用的见解。

同行评审

本文的同行评审历史记录位于：https://publons.com/publon/10.1108/IJSE-08-2023-0626