Abstract
Purpose – The purpose of this study is to analyze how the behavioral characteristics of Korean individual investors affect investment performance.
 Design/Methodology/Approach – Through the survey method, we tried to examine the behavioral bias characteristics and behavioral bias investment decisions on performance during the COVID-19 period. Multiple regression and SPSS PROCESS were used to find the effect of the behavioral characteristics and behavioral decisions on performance with financial literacy as the moderator.
 Findings – As a result of multiple regression analysis, it was found that among the biased investment characteristics, overconfidence and mental accounting statistically affect investment results. In the analysis through the SPSS PROCESS model, the level of financial literacy was found to be significant as a moderating variable, and it was also found that biased investment decision plays a role as a mediating parameter in investment performance.
 Research Implications – This study is meaningful in providing insight into the behavioral investment characteristics of individual investors by presenting an empirical analysis of the behaviorally biased characteristics and behaviorally biased investment decisions of individual investors on investment performance in Korea.
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