Abstract
PurposeThe study assesses impact of individual cultural values on investment choices (aggressive or conservative), of 450 investors with behavioural biases and risk propensity in serial as mediators in the relationship.Design/methodology/approachThe study used serial mediation analysis using Hayes model 6 for creating six models.FindingsFindings of the study indicated that individualism traits are inclined to aggressive investment choices due to presence of overconfidence biases. Uncertainty avoidance and longtermism traits of investors resulted in aggressive investment choices due to presence of herd mentality bias. The moderating impact of past investing experiences was found significant.Originality/valueThe study indicates the importance of cultural values and past investing experiences of investors that may develop biases to assess investment choices and decisions of investors.
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