An Empirical Investigation on Behavioral Determinantson, Impact on Investment Decision Making, Moderating Role of Locus of Control

Zahid Ikram


This study aims to investigate the influence of behavioral biases (Representative Bias and Availability Bias) on investment decisions with the moderating role of Locus of control. The relationship was examined by administering a questionnaire and by collecting empirical data from investors about their own perception of these biases collected through self administered questionnaire from Stoke Exchange and several brokerage houses. The study was found that the Representative Bias and Availability Bias have a significant positive impact on  investor investment decision and Locus of Control play a moderating role between Representative bias and investment decision. Other implications and limitations of the study are also discussed.

Keywords: Representative Bias and Availability Bias, Illusion of Control Biases, Locus of Control, Investment Decision.

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