Financial Investment Research Articles

Comparison of the Energy Contributions of Different Types of Ground Heat Exchangers Related to Cost in a Working Ground Source Heat Pump System

Geothermal systems face adoption challenges due to their high initial investment cost. Accurate cost analyses and a more precise understanding of updated prices could assist geothermal industry projects in obtaining investment financing and better money management with the right equipment. As the cost of geothermal installations can vary widely depending on case and location, it seems essential to clarify the factors and parameters that determine the cost of the system. These include the type of loop system, the ground conditions, the type of heat pump, the system size, and the geographical location. The scope of this study is to compare the operation of various types of ground heat exchangers (GHEs) present in a Ground Source Heat Pump (GSHP) system installed in the coastal area of the Mediterranean climate zone of Cyprus. The highlight of this work is that it presents real installation cost data as well as recorded total energy contributed by the GHEs to the GSHP system of a HP cooling and heating capacities of 101 kW and 117 kW, respectively. The input contribution from the GHEs to the HP is 85,650 kWh (308,340 MJ) in summer and 25,880 kWh (93,168 MJ) in winter. It is shown that, among the three groups of GHEs investigated, the open-well GHE complex has the lowest cost per kWh ratio (0.32 EUR/kWh), followed by the vertical GHE complex (1.05 EUR/kWh), and lastly by the helical coil GHE (2.77 EUR/kWh). This clearly suggests that when underground water is available, the open-well GHE is much more favorable than other GHE types.

The Monetary Theory of Production and the Supermultiplier: What Determines Savings?

ABSTRACT The paper presents a closed-economy stock-flow consistent model aimed at outlining the natural synthesis between two fundamental pillars of the post-Keynesian approach: the supermultiplier (SM) model and the monetary theory of production based on the notion of endogenous money. Such integration allows the defining of the whole economic mechanism describing the financing of autonomous components and investments, as well as the determination of output and saving within a monetary economy of production. Our contribution argues that the endogenous money theory plays a non-ancillary role within the SM approach. By comparing different scenarios describing the financing of autonomous components of demand and investments (bank loans, retained profits, CB, and equity emissions), we point out that the endogenous process of money creation is the only structural mechanism through which the autonomous components can exist and be independent of current income, and Keynesian causality materializes in the long-run. In general, it is the initial finance of investments and autonomous components through endogenous money that allows them to be ex-post founded by household saving. Conversely, the initial finance through the existing stock of wealth, although it does not intact the investments-saving causality, can be considered only a temporary spin-off of the endogenous money process.

Owner satisfaction and prognosis for return to work after pancarpal arthrodesis in working dogs in the United Kingdom: a retrospective study (2011–2020)

BackgroundPancarpal arthrodesis (PCA) is a commonly performed procedure in the UK. However, it is not known whether working dogs in the UK and other European countries with carpal injuries that have undergone unilateral PCA are able to return to working ability as determined by the owner. Medical records from a referral hospital in the UK were reviewed retrospectively for cases of working dogs treated using unilateral PCA. Case files and radiographs were retrospectively analysed for cause of injury, diagnosis, and complications. The ability of the dog to work after surgery and owner satisfaction with the outcome were assessed using telephone questionnaire.Results50% (5/10, 50%) owners stated their dog could perform normal duties, 4/10 (40%) could perform most duties with some allowances. Outcome was not as good for dogs working on steep, uneven fell terrain. 80% (8/10, 80%) owners rated the level of post-operative lameness as unaffected with a normal gait. 90% (9/10, 90%) owners were either very satisfied or satisfied with the outcome of the procedure, and 90% owners stated the financial investment was worthwhile.ConclusionsUnilateral PCA carries a good prognosis for working dogs with high owner satisfaction. Caution should be advised for dogs expected to work on steep, uneven fell terrain.

The behavioral biases on investment decision behavior: Evidence from Indonesia

The purpose of this study to analyze the behavior of investors in making financial investments in Indonesia. Although the overall financial literacy level in Indonesia has increased, individuals with higher levels of financial literacy tend to make more rational investment decisions. Being well-literate can be interpreted as the personal ability to understand and create financial concepts. However, some individuals still need help understanding investment products and services in Indonesia. This is due to the fact that there are still individuals who invest in illegal products. This study focuses on four biases: overconfidence bias, optimism bias, herding effect, and flexing, using quantitative analysis. The decision to invest is influenced by the thoughts of each investor and their optimistic behavior in seeking the highest return on their investment. This study used primary data with descriptive quantitative analysis. The number of respondents used in the overall research was 400, with criteria for investment products. The result of this study shows that the variable of overconfidence, optimism, and flexing affects the behavior of financial investment decisions. However, the variable bias herding effect does not affect the behavior of financial investment decisions. In conclusion, investors should be more cautious in making investment decisions by paying attention to the variables of overconfidence, optimism, herding effect, and flexing social media in Indonesia.

Investment volatility during red sea crisis: Study in Asean country

The objective of this research is to investigate the volatility of investment instruments, with the aim of providing the best model for predicting investment value. In this topic, the main concepts and theories that underpin the research are presented. Efficient market hypothesis and rational expectations theory stand out, providing a solid basis for understanding the context of the investigation. The methodology adopted for this research GARCH modelling to analysis investment instrument and the impact of its volatility. Data collection was carried out through yahoo finance website and investing website during red sea war event. The research identified optimal GARCH models for different indexes and assets: GARCH (1,1) for JCI, STI, SET, and Bitcoin, E-GARCH (1,1) for KLSE, PSE, and VSE, and GJR-GARCH (1,1) for Gold. It discussed volatility persistence and leverage effects during the Red Sea War, considering model sensitivities, geopolitical impacts, and research limitations. This research's practical and theoretical implications inform financial risk management, highlighting the importance of robust volatility modeling. The findings can enhance portfolio optimization and investment strategies during geopolitical instability. These insights underscore the need for sophisticated approaches to manage financial risks effectively. This research uses advanced GARCH models to analyze volatility during the Red Sea Crisis, revealing asset-specific behaviors under geopolitical stress. The findings improve financial risk management and investment strategies in unstable conditions, enhancing volatility predictions and professional practices.

Practising urban agriculture positively influences household organic waste management habits: A quantitative study from Florianópolis, Brazil.

Proper household organic waste management practices are crucial to limit the negative environmental and health impacts that can result from inappropriate municipal waste treatment. The environmental impacts of organic waste have previously been described in the literature, and the main treatment strategy for managing such waste relies on technical facilities such as biodigesters. However, such technologies require significant financial investments, which could hinder their application in areas with lower economic power. Among the several available organic waste treatment strategies, composting for urban agricultural (UA) use has become increasingly popular. Although the literature suggests that UA can contribute to organic waste management by encouraging self-treatment practices, investigations into how practising UA can influence household waste management behaviours have been limited thus far. To this end, we analyse the role of practising UA along with other demographic variables, such as age, gender, education, income and housing conditions, in influencing citizens' household organic waste management behaviours. The city of Florianópolis, Brazil was selected as a case study since that municipality recently passed a new organic waste regulation law that supports the use of organic compost in UA. We surveyed 206 individuals regarding their household organic waste management habits in four behavioural areas: (i) separation, (ii) use of public services, (iii) self-treatment and (iv) reduction. The dataset comprises 102 individuals who were actively engaged in UA activities and 104 who were not involved in UA to compare habits of the two groups. The results show that UA practitioners are more likely to separate and self-treat their organic waste and use the derived compost for gardening activities. The use of public facilities for organic waste management is influenced by people's housing conditions. Respondents who lived in an apartment with no access to a garden logically had a lower willingness than did those with garden access to self-treat the organic waste produced. On the other hand, the results show that UA practitioners compost their own organic waste regardless of their housing conditions. The results show a strong, positive influence of practising UA on self-composting and thereby highlight the role of such practices in sensitizing urban residents to waste management issues and supporting local organic waste management strategies. Although the debate over the role of UA in organic waste management is still open, we reveal that highlighting this role could support a shift towards a circular approach to organic waste treatment.

Integrating LSTM Networks with Mean-Variance Optimization for Enhanced Portfolio Construction: An Empirical Study on UK Stock Market

Portfolio optimization has long been a central theme in finance. With ongoing advancements in machine learning, there is a significant opportunity to integrate predictive methods into portfolio optimization. This paper proposes leveraging Long Short-Term Memory (LSTM) networks alongside the established Mean-Variance (MV) optimization framework to construct optimal portfolios. These portfolios aim to help financial investors effectively manage and mitigate risk while maximizing returns. The study meticulously screened the leading stocks of 12 prominent UK companies listed on the London Stock Exchange (LSE), known for their influence and visibility. Initially, the study applies the LSTM networks to predict stock price volatility and integrates these predictions into the MV model to allocate portfolio weights effectively. To underscore the superiority of the proposed approach, the study compares cumulative returns from portfolios optimized for maximum and minimum variance Sharpe ratios with real data against the FTSE100 index over the same period. The results demonstrate that the portfolio optimized with the maximum Sharpe ratio significantly outperforms both the conservative minimum variance portfolio and the FTSE100 index. This empirical evidence underscores the practical value of integrating advanced machine learning techniques with established financial theory, enabling more innovative and efficient investment strategies to meet the evolving needs of financial investors.

A Statutory Analysis of the Role of the Courts in Protecting Financial Consumers' Rights in the Zimbabwean Banking Sector: The Penelope Case in Context

Abstract The Zimbabwean banking sector has experienced several tumultuous challenges since 2000. This is owing chiefly to the political and economic challenges the country has experienced. Poorly conceived and ill-timed policies have also wreaked havoc in the Zimbabwean banking sector. Financial consumers have sometimes lost their savings to hyper-inflation or overnight policy changes in Zimbabwe. The change in currencies is a good example of how financial consumers have seen their deposits and savings at banks and other related financial institutions eroded to nothing. In 2018, the Reserve Bank of Zimbabwe (RBZ) issued a directive for all banks to convert all deposits made prior to October 2018 from the United States (US) dollar denomination to the Zimbabwean dollar (bond notes and coins). This was done on an exchange rate of one US dollar as to one Zimbabwean dollar, yet in reality, the local currency had been devalued. The RBZ directive left individuals and corporates reeling from exchange losses. The directive was akin to a heist and many people lost trust and confidence in the Zimbabwean banking sector. While many financial consumers suffered in silence, some decided to take their banks to court, demanding a reimbursement of their deposits in the currency in which they deposited or alternatively, the equivalent of the original deposit using the correct exchange rate. This article examines the role of the courts in upholding the rights of financial consumers in the Zimbabwean banking sector in the light of the Penelope case. It also discusses how the Zimbabwean courts could assist in preserving the sanctity of the bank-client relationship among banks and financial customers. In addition, the article explores the role of the courts in challenging unjust laws that affect financial consumers' investments in banks. The strengths and weaknesses of the Zimbabwean banking regulatory framework are further discussed to assess if it is robust enough to protect financial consumers. The article recommends that the courts should objectively set aside unjust laws in the interest of justice to enable banks and other financial institutions to honour their contractual obligations. Policymakers should not adopt poor policies that infringe upon financial consumers' rights. Keywords: Banking sector; consumer protection; financial consumer; deposits; exchange rate; courts.

Blockchain Espousal in Legal Compliance with Corporate Governance

There is much exhilaration about blockchain technology in practically every business, including financial, and significant investments are being made worldwide. In order to uncover critical criteria for blockchain espousal in corporate governance, we undertook a systematic examination of a sample of 52 articles (10 industrial and 42 academics) through a preliminary research period from 2012 to 2020. We perform textual and empirical research to build a paradigm for decentralised autonomous governance. Additionally, we relate classic corporate governance theories to blockchain espousal using this framework. Our research also focuses on how blockchain technology may be used to improve the way corporations are run, now and in the future, as well as its possible consequences. By doing a systematic study and conducting an analysis of the text, we uncovered other gaps in the earlier academic and industrial literature and common tendencies. In addition, as part of our empirical research, we are compiling a one-of-a-kind blockchain investment database to make future investment projections. In addition, in the course of and after the COVID-19 conference, we researched the many ways blockchain technology may be used to improve corporate governance. According to our findings, previous academic publications prefer to concentrate on regulation and Initial Coin Offerings (ICOs). In contrast, previous publications in the sector have focused on exchanges and cryptocurrencies. Final thoughts on the impact of blockchain technology on corporate governance from the perspectives of behaviour, law & regulatory requirements, ethical considerations and managerial practices.

Мой идеальный университет: физические и нефизические категории среды в представлениях студентов

<p>The article addresses the issue of identifying the needs of modern students in relation to the university educational environment. The study involved 48 architecture students aged 18 to 27 years (M=19.81; Mo=19; SD=1.82), including 83.33% girls (n=40) and 16.67% boys (n=8). The aim was to identify the most significant categories of the university educational environment. The research, which utilized a projective method – an essay titled "My Ideal University" – and content analysis of the responses, revealed that students consider non-physical categories to be the most important for effective and comfortable study. These categories include the organization of the educational process, the quality of the teaching staff, the curriculum, and opportunities for personal development. To confirm these results, a chi-square test was conducted, showing that non-physical categories of the educational environment were significantly more important than physical ones (χ2=14.812, df=1, p=0.001). The most prominent physical environment categories mentioned by students included the equipment of offices and classrooms, the aesthetic qualities of the space, well-organized university grounds, coworking spaces, and rest areas in the interior. The data obtained can provide practical recommendations for designing new campuses or renovating and reconstructing existing universities. Precisely determining the optimal conditions for an effective and comfortable educational process will help avoid excessive financial investments in improving the physical environment.</p>

A Critical Study of Behavioural Factors Affecting Mutual Funds Investors with Special Reference to Pune District

The recently developed field of behavioural finance makes an effort to comprehend and clarify how investors are largely affected by emotions and perceptive errors in their decision-making process while investing. Psychological work suggests that investors do not behave in such a way in many scenarios. The capacity and ability of individuals to resolve complicated issues is limited, especially decision on financial investment. Behavioural factors play a pivotal role in determining the investment decisions. The study attempts to probe the mutual funds investment decision-making process of investors of Pune district so as to frame a model regarding investment decision-making

Channel and pricing strategies in a risk-averse dual-channel supply chain: portfolio trade credit financing and platform investment

ABSTRACT This paper considers a dual-channel supply chain where the supplier can distribute products through an online platform and a capital-constrained traditional offline retailer. The retailer needs to fund its business by a portfolio financing of trade credit and platform investment to enter the market. With the price-dependent market uncertain demand, the supplier faces choices among direct, traditional, and dual channels for product distribution. We use the CVaR criterion to formulate the retailer’s risk-averse behaviour. Then derive the optimal retail channel strategy in a Stackelberg game model where the platform leads by setting a revenue-sharing rate. Our results unveil a Pareto improvement region in revenue sharing rates within the portfolio financing scheme. As the slotting fee escalates, the supplier tends towards traditional channels. Conversely, with a modest slotting fee, a threshold emerges for the retailer’s risk aversion, delineating the optimal retail channel. High retailer risk aversion favours the dual channel, while lower aversion steers all members towards the direct channel. Theoretical findings are validated through numerical analysis.

Current status, challenges and analysis of financial investment for students: A case study of Vietnam

In the dynamic landscape of global finance, the necessity for financial literacy has become increasingly prominent, especially among younger generations who face unprecedented financial risks and complexities. The paper outlines the critical role of financial education within school curricula, emphasizing its importance in preparing youth to navigate the complexities of financial products and services effectively. As financial responsibilities and decision-making increasingly shift from institutions to individuals, the need for comprehensive financial education from an early age is more pronounced than ever. The paper explores various aspects of implementing financial education in schools, addressing the challenges of integrating such programs into existing curricula, securing necessary resources, and adequately training educators. Through a review of successful case studies from different countries, such as Australia, Brazil, and the United States, effective strategies and practices are highlighted. Particularly, we focus on the analysis the financial case studies of Vietnamese students. These examples demonstrate the importance of political support, stakeholder involvement, and sustainable program implementation to ensure the longevity and impact of financial education initiatives. Additionally, the paper provides a comparative analysis of financial education learning frameworks, which illustrates the diverse approaches tailored to specific educational and national contexts. This analysis underscores the importance of adapting financial education to meet local needs while aligning with broader educational goals. Furthermore, some key policy recommendations are offered to guide schools in supporting and committing to financial education. These include developing clear, measurable objectives for financial literacy programs, creating high-quality teaching materials, and fostering collaborations among governments, educational institutions, and financial experts. Lastly, the paper discusses methods for monitoring and evaluating the effectiveness of financial education programs. It stresses the need for both quantitative and qualitative assessments to ensure these initiatives meet their goals and contribute to the overall financial well-being of students. The conclusion calls for a sustained commitment to financial education, advocating for its integration into national educational policies and curricula. This strategic approach aims to leverage significant economic events to reinforce the value of financial literacy, ensuring that future generations are equipped to make informed financial decisions and contribute positively to the economy.

Does banking relationships promote environmental, social, and governance performance? Empirical evidence from A‐share listed firms in China

AbstractThis study investigates the impact of banking relationships on corporate environmental, social, and governance (ESG) performance using data from A‐share listed firms in China from 2009 to 2019. Results show that banking relationships negatively impact corporate ESG performance. Mechanism analysis finds that banking relationships increase agency costs and financial investment, thereby diminishing ESG performance. Corporate executives with banking backgrounds and banks holding firm shares dampen ESG performance, whereas firms holding bank shares do not yield significant impact on ESG performance. Our study also finds that the negative impact of banking relationships on ESG performance is mitigated by analyst attention and supervisory institutional investors.

Doing gender in energy communities: A gendered perspective on barriers and motivators

In the transition to a renewable energy system, the European Union champions community-based initiatives like energy communities to promote decarbonization as well as broader societal benefits. Despite these goals, there is a marked underrepresentation of women in energy communities. In 15 qualitative interviews with experts in community-led energy organizations mainly from Germany, our study addresses women specific barriers for participation. The modal organizational setup poses barriers in terms of existing male overrepresentation, technical knowledge as entry requirement, a focus on financial investment, heavy and inflexible time requirements, and the lack of social integration of energy communities. Organizational realities align little with women`s motivators for participation, which encompass environmental enthusiasm and social engagement. The nature of the discovered barriers is compatible with the concept of "doing gender", where malleable, socially constructed organizational arrangements perpetuate traditional gender roles and thereby hierarchies.

PENGARUH KEMAJUAN TEKNOLOGI (SOSIAL MEDIA), LITERASI KEUANGAN TERHADAP MINAT INVESTASI MAHASISWA FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS MATARAM

Technology is a symbol of progress in the development of the era. Technology changes the pattern of activities in a person's daily life. Many people use and manage their finances online because of its convenience, starting from savings, buying and selling transactions, In the field of investment, there is a lot of fraud due to lack of knowledge and people who are easily tempted by the returns offered, these reasons underlie the need for each individual to understand financial literacy before taking investment action. The purpose of this study was to examine how Social Media and financial literacy affect investment interest of FEB UNRAM students. With 96 respondents, this study used an associative quantitative methodology using a questionnaire for data collection and SPSS program for data processing. The results showed that financial knowledge and technology (Social Media) have a positive and substantial influence on investment interest. Furthermore, technology and financial literacy factors have an influence of 35% of the total influence, while the rest is influenced by other variables.

A study of the impact of digital finance usage on household consumption upgrading: Based on financial asset allocation perspective

This paper analyzes the impact of digital financial usage on household consumption upgrading using data from the China Household Finance Survey (CHFS) 2015–2019. Overall, using digital financial services stimulates household consumption and enhances consumption patterns. Mechanistic analysis indicates that digital financial usage positively influences consumption upgrading by optimizing household financial asset allocation. This is evidenced across four dimensions: participation in risky financial markets, augmentation of risky asset allocation, and enhancement of financial investment portfolio diversity and efficacy. Furthermore, the influence of digital financial usage on consumption upgrading varies according to age, wealth, and region differences.

From Bench to Babies - Drug Development for Male Subfertility.

Infertility is estimated to affect more than 50 million couples around the world, with male factor accounting for half of these cases, yet there is a notable absence of effective treatment options for men, other than in-vitro fertilisation (IVF) or intracytoplasmic sperm injection (ICSI). This review considers unlicensed and empirical treatments used for male subfertility, including hormonal therapy, phosphodiesterase inhibitors, and antioxidants. Compounds generally demonstrate variable improvements in sperm function but benefits for fertility are less clear. There is a pressing need for effective treatment options for subfertile men, however, our knowledge of sperm function is limited, restricting the identification of precise treatment targets. The traditional drug discovery pathway is also notorious for its extensive resource and time requirements, often extending over decades and demanding significant financial investment. Unfortunately, a substantial number of potential therapies fail before reaching the marketplace. Furthermore, reliance on mammalian models is not possible in the drug development process for male subfertility, due to significant variability between animals and man. We review recent breakthroughs and highlight novel methods aimed at improving the effectiveness and efficiency of drug discovery for male subfertility. High-throughput screening, combinatorial chemistry, and the repurposing of established medications have great potential. These strategies offer the promise of accelerating the pace of drug development, curbing the extensive demand for resources, and, in the case of drug repurposing, diminish the demand for comprehensive pharmacokinetic and pharmacodynamic studies. As these innovative approaches are adopted, the feasibility of addressing male subfertility through scientific advancements appears to be increasingly attainable.

Socio-cultural challenges in collections digital infrastructures

PurposeThis paper aims to explore the accelerations and constraints libraries, archives, museums and heritage organisations (“collections-holding organisations”) face in their role as collection data providers for digital infrastructures. To date, digital infrastructures operate within the cultural heritage domain typically as data aggregation platforms, such as Europeana or Art UK.Design/methodology/approachSemi-structured interviews with 18 individuals in 8 UK collections-holding organisations and 2 international aggregators.FindingsDiscussions about digital infrastructure development often lay great emphasis on questions and problems that are technical and legal in nature. As important as technical and legal matters are, more latent, yet potent challenges exist too. Though less discussed in the literature, collections-holding organisations' capacity to participate in digital infrastructures is dependent on a complex interplay of funding allocation across the sector, divergent traditions of collection description and disciplinaries’ idiosyncrasies. Accordingly, we call for better social-cultural and trans-sectoral (collections-holding organisations, universities and technological providers) understandings of collection data infrastructure development.Research limitations/implicationsThe authors recommend developing more understanding of the social-cultural aspects (e.g. disciplinary conventions) and their impact on collection data dissemination. More studies on the impact and opportunities of unified collections for different audiences and collections-holding organisations themselves are required too.Practical implicationsSustainable financial investment across the heritage sector is required to address the discrepancies between different organisation types in their capacity to deliver collection data. Smaller organisations play a vital role in diversifying the (digital) historical canon, but they often struggle to digitise collections and bring catalogues online in the first place. In addition, investment in existing infrastructures for collection data dissemination and unification is necessary, instead of creating new platforms, with various levels of uptake and longevity. Ongoing investments in collections curation and high-quality cataloguing are prerequisites for a sustainable heritage sector and collection data infrastructures. Investments in the sustainability of infrastructures are not a replacement for research and vice versa.Social implicationsThe authors recommend establishing networks where collections-holding organisations, technology providers and users can communicate their experiences and needs in an ongoing way and influence policy.Originality/valueTo date, the research focus on developing collection data infrastructures has tended to be on the drive to adopt specific technological solutions and copyright licensing practices. This paper offers a critical and holistic analysis of the dispersed experience of collections-holding organisations in their role as data providers for digital infrastructures. The paper contributes to the emerging understanding of the latent factors that make infrastructural endeavours in the heritage sector complex undertakings.

Pengaruh Literasi Keuangan dan Pengetahuan Investasi terhadap Minat Investasi dengan Perilaku Keuangan Sebagai Variabel Intervening pada Gen Z di Kota Bengkulu.

This study aims to determine whether financial literacy and investment knowledge have a direct influence on investment interest, and to determine the effect of financial literacy and investment knowledge on investment interest through mediation of financial behavior. The research approach used in this research is associative. The type of data used in this research is quantitative data and the data source using primary data, namely research data obtained directly from the original source (respondents). The population in this study is generation Z in Bengkulu City. From the calculation using the formula (Hair et al, 2014) with a total of 150 respondents. This research data was processed using the smartPLS version 4 analysis tool and Smart-PLS is an alternative method of SEM analysis using partial least squares or partical last square (PLS). Dirrect Effect research results conclude that the first hypothesis of financial literacy affects investment interest, the second hypothesis of investment knowledge has a significant positive effect on investment interest, the third hypothesis of financial literacy has a significant positive effect on financial behavior, the fourth hypothesis is not supported because investment knowledge has no significant effect on financial behavior, the fifth hypothesis is not supported because investment interest has no significant effect on financial behavior. The research results of the indirect effect resulted in the sixth hypothesis not supported because, financial literacy directly has no effect on investment interest through financial behavior as an intervening variable, the seventh hypothesis is not supported because, investment knowledge directly has no effect on investment interest through financial behavior as an intervening variable.