Die Persönlichkeit als Erklärungsansatz interindividueller Unterschiede im Anlegerverhalten an der Börse
Based on the insights from Behavioral Finance the present dissertation analyses the personality as an explanatory approach for inter-individual differences in the behavior of stock market investors. The examination of such correlations aims at providing investors with an in depth view into their psyche, which is supposed to be one major driver of specific investing patterns. This self-knowledge might serve as a starting point for possible changes in behavior. The impact of personality dispositions on investors' behavior was firstly derived and explained theoretically. Secondly an empirical investigation was conducted to verify nine developed scales to measure investor behavior. The specificity of the stock market confronts investors with a variety of information and risks, which might cause stress reactions depending on their personality structure. The nine behavior patterns covered in this dissertation, upon which investors draw in order to deal with potentially stressful situations, can be divided into problem- and emotion-oriented. Out of the five most important personality factors neuroticism, extraversion, and conscienciousness were regarded as particularly meaningful with regard to their impact on investor behavior. It was assumed that investors high on the neuroticism scale tend to show emotion-oriented behavior. Investors either high on the extraversion or on the conscienciousness scale are likely to use mainly problem-oriented measures. Accordingly in 27 hypotheses for neuroticism predominantly emotion-oriented stress handling strategies were expected and for extraversion and conscienciousness problem-oriented strategies. The survey comprised 302 participants who were mostly between 20 and 51 years, 91% men. The test persons were dedicated, interested and informed investors. They filled in a questionnaire online, which was composed of scales on neuroticism, extraversion and conscienciousness taken from the NEO-FFI and the following nine investor behavior scales: Information processing, analytical decision making, intuitive decision making, perception of control, enjoyment of risk, early selling of win positions, momentum-strategy in a win situation, keeping of loss positions, contra-strategy in a loss situation. The scale's internal consistencies were between a = .57 und .95. Regression calculations were used for the verification the hypotheses. In order to derive a more comprehensive picture of the influence factors on investor behavior, socio-demograpic variables and the investor experience were taken into account as additional variables beside the personality dimensions. Out of the socio-demograpic variables only the age had an impact on investor behavior scales, albeit a fairly small one. The investor's experience had a slightly stronger impact. Mainly the emotion-oriented stress handling measures were supported such as passive information processing, keeping of loss positions, early selling of win positions, external perception of control and risk aversion. Extraversion correlated positive with intuitive decision making and momentum-strategy in a win situation. Regarding conscienciousness the hypotheses on analytical decision making and internal perception of control could be supported. However in general, the impact of personality dimensions on investor behavior was relatively low, and especially the one of extraversion and conscienciousness.
info:eu-repo/classification/ddc/330, Börse, Anlageverhalten, Persönlichkeitspsychologie, Wirtschaft, Persönlichkeit, Anleger, Investor, Behavioral Finance
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