Subjective Knowledge, Perceived Ability, Motivation, and Age: A Mediated Moderation Model of Antecedents of Stock Market Investors’ Information Search

Abstract

Information search is one of the major steps in the consumer purchase decision-making process and is also essential in making a sensible choice. Researchers have attempted in a variety of ways over the past few decades to explore consumers’ information search behaviour, largely for consumer goods. Today’s rapidly expanding financial services markets are also attracting researchers’ interest in investigating investors’ information search processes. Investors pursue information search activity to manage their expected return on their investment. The information search process helps them to create knowledge for better decision-making. Financial service providers are keen to understand investors’ information search process to establish client-centric advisory services. The present study focuses on exploring relationships among the antecedents of stock market investors’ pre-purchase information search behaviour. In a mediated moderation model, interrelationships between subjective knowledge perceived ability to search, and motivation to search were investigated. The role of investors’ age was also explored as a moderating variable.