This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Abbott–Chapman, J.; Denholm, C.; Wyld, C. (2008). Social support as a factor inhibiting teenage risk-taking: Views of students, parents and professionals. Journal of Youth Studies 11(6): 611–627.Search in Google Scholar
Adger, W. N. (2000). Social and ecological resilience: Are they related? Progress in Human Geography 24(3): 347–364. http://dx.doi.org/10.1191/030913200701540465.Search in Google Scholar
Asebedo, S.; Payne, P. (2019). Market volatility and financial satisfaction: The role of financial self-efficacy. Journal of Behavioral Finance 20(1): 42–52.Search in Google Scholar
Awais, M.; Laber, M. F.; Rasheed, N.; Khursheed, A. (2016). Impact of financial literacy and investment experience on risk tolerance and investment decisions: Empirical evidence from Pakistan. International Journal of Economics and Financial Issues 6(1): 73–79.Search in Google Scholar
Bagozzi, R. P. (2000). The poverty of economic explanations of consumption and an action theory alternative. Managerial and Decision Economics 21(3–4): 95–109.Search in Google Scholar
Block, J. (1995). A contrarian view of the five-factor approach to personality description. Psychological Bulletin 117(2): 187−215. DOI: 10.1037/0033-2909.117.2.187.Search in Google Scholar
Breaban, A.; Noussair, C. N. (2018). Emotional state and market behavior. Review of Finance 22(1): 279–309.Search in Google Scholar
Brooks, C.; Sangiorgi, I.; Saraeva, A.; Hillenbrand, C.; Money, K. (2022). The importance of staying positive: The impact of emotions on attitude to risk. International Journal of Finance & Economics 1−30. https://doi.org/10.1002/ijfe.2591.Search in Google Scholar
Brooks, C.; Williams, L. (2021). The impact of personality traits on attitude to financial risk. Research in International Business and Finance 58: 101501. DOI: 10.1016/j.ribaf.2021.101501.Search in Google Scholar
Buhr, K.; Dugas, M. J. (2009). The role of fear of anxiety and intolerance of uncertainty in worry: An experimental manipulation. Behaviour Research and Therapy 47(3): 215–223.Search in Google Scholar
Campbell, J. Y. (2006). Household finance. The Journal of Finance 61(4): 1553–1604.Search in Google Scholar
Campos-Vazquez, R. M.; Cuilty, E. (2014). The role of emotions on risk aversion: A prospect theory experiment. Journal of Behavioral and Experimental Economics 50: 1–9. DOI: 10.1016/j.socec.2014.01.001.Search in Google Scholar
Carleton, R. N.; Norton, M. P. J.; Asmundson, G. J. (2007). Fearing the unknown: A short version of the Intolerance of Uncertainty Scale. Journal of Anxiety Disorders 21(1): 105–117.Search in Google Scholar
Chatterjee, A.; Hambrick, D. C. (2011). Executive personality, capability cues, and risk taking: How narcissistic CEOs react to their successes and stumbles. Administrative Science Quarterly 56(2): 202–237.Search in Google Scholar
Cobb-Clark, D. A.; Schurer, S. (2012). The stability of big-five personality traits. Economics Letters 115(1): 11–15. Search in Google Scholar
Conlin, A.; Kyröläinen, P.; Kaakinen, M.; Järvelin, M. R.; Perttunen, J.; Svento, R. (2015). Personality traits and stock market participation. Journal of Empirical Finance 33: 34–50.Search in Google Scholar
Cope, A.; Rock, A.; Schmeiser, M. D. (2013). Risk perception, risk tolerance and consumer adoption of mobile banking services. DOI: 10.2139/ssrn.2048565.Search in Google Scholar
Dhiman, B.; Raheja, S. (2018). Do personality traits and emotional intelligence of investors determine their risk tolerance? Management and Labour Studies 43(1–2): 88–99. DOI: 10.1177/0258042x17745184.Search in Google Scholar
Dietz, B. E.; Carrozza, M.; Ritchey, P. N. (2003). Does financial self-efficacy explain gender differences in retirement saving strategies? Journal of Women & Aging 15(4): 83–96.Search in Google Scholar
Droms, W. G. (1987). Investment asset allocation for PFP clients. Journal of Accountancy 163(4): 114−118.Search in Google Scholar
Dugas, M. J.; Buhr, K.; Ladouceur, R. (2004). The role of intolerance of uncertainty in etiology and maintenance. Expert Review of Neurotherapeutics 12(8): 937−947. DOI: 10.1586/ern.12.82.Search in Google Scholar
Farrell, L.; Fry, T. R.; Risse, L. (2016). The significance of financial self-efficacy in explaining women’s personal finance behaviour. Journal of Economic Psychology 54: 85–99.Search in Google Scholar
Fathollah Nouri, M. (2020). The influence of intolerance of uncertainty on decision making in individuals with high traitanxiety. Thesis. Available at: https://studenttheses.uu.nl/handle/20.500.12932/39337.Search in Google Scholar
Fessler, D. M.; Pillsworth, E. G.; Flamson, T. J. (2004). Angry men and disgusted women: An evolutionary approach to the influence of emotions on risk taking. Organizational Behavior and Human Decision Processes 95(1): 107–123.Search in Google Scholar
Field, A. (2009). Discovering statistics using SPSS (introducing statistical methods). Sage Publications Ltd.Search in Google Scholar
Finucane, M. L.; Alhakami, A.; Slovic, P.; Johnson, S. M. (2000). The affect heuristic in judgments of risks and benefits. Journal of Behavioral Decision Making 13(1): 1–17.Search in Google Scholar
Forbes, J.; Kara, S. M. (2010). Confidence mediates how investment knowledge influences investing self-efficacy. Journal of Economic Psychology 31(3): 435–443.Search in Google Scholar
Forgas, J. P. (1995). Mood and judgment: The affect infusion model (AIM). Psychological Bulletin 117(1): 39–66. https://doi.org/10.1037/0033-2909.117.1.39.Search in Google Scholar
Forgas, J. P.; Bower, G. H. (1987). Mood effects on person-perception judgments. Journal of Personality and Social Psychology 53(1): 53−60. DOI: 10.1037//0022-3514.53.1.53.Search in Google Scholar
Fornell, C.; Larcker, D. F. (1981). Structural equation models with unobservable variables and measurement error: Algebra and statistics. Los Angeles, CA: Sage Publications Sage CA.Search in Google Scholar
Freeston, M. H.; Rhéaume, J.; Letarte, H.; Dugas, M. J.; Ladouceur, R. (1994). Why do people worry? Personality and Individual Differences 17(6): 791–802.Search in Google Scholar
Friborg, O.; Barlaug, D.; Martinussen, M.; Rosenvinge, J. H.; Hjemdal, O. (2005). Resilience in relation to personality and intelligence. International Journal of Methods in Psychiatric Research 14(1): 29–42.Search in Google Scholar
Frijda, N. H. (1987). Emotion, cognitive structure, and action tendency. Cognition and Emotion 1(2): 115–143.Search in Google Scholar
Gambetti, E.; Giusberti, F. (2012). The effect of anger and anxiety traits on investment decisions. Journal of Economic Psychology 33(6): 1059–1069.Search in Google Scholar
Gibson, R. J.; Michayluk, D.; Van de Venter, G. (2013). Financial risk tolerance: An analysis of unexplored factors. Financial Services Review 22: 23–50.Search in Google Scholar
Goldberg, L. R. (1990). An alternative “description of personality”: The big-five factor structure. Journal of Personality and Social Psychology 5: 9(6): 1216–1229.Search in Google Scholar
Gondaliya, V.; Dhinaiya, G. (2016). Assessing financial risk tolerance: Do demographic, socioeconomic and attitudinal factors work. International Journal of Marketing & Financial Management 4(5): 32–38.Search in Google Scholar
Grable, J. (1999). Financial risk tolerance revisited: The development of a risk assessment instrument. Financial Services Review 8(3): 163–181. DOI:10.1016/s1057–0810(99)00041–4.Search in Google Scholar
Grable, J. E. (2016). Financial risk tolerance. In: Xiao, J. J. (ed.), Handbook of consumer finance research. Springer. 19–31.Search in Google Scholar
Grable, J. E.; Joo, S.–H. (2004). Environmental and biophysical factors associated with financial risk tolerance. Journal of Financial Counseling and Planning 15(1): 73−82.Search in Google Scholar
Hair, J. F.; Ortinau, D. J.; Harrison, D. E. (2010). Essentials of marketing research. Vol. 2. New York, NY: McGraw-Hill/Irwin.Search in Google Scholar
Hallahan, T. A.; Faff, R. W.; McKenzie, M. D. (2004). An empirical investigation of personal financial risk tolerance. Financial Services Review 13(1): 57–78.Search in Google Scholar
Hamurcu, C. (2019). Does resilience affect aversion-based behavioral finance biases? Journal of Accounting, Finance and Auditing Studies 5(1): 254–269.Search in Google Scholar
Hari, J.; Pirsch, E.; Rawitzer, H. (2018). Women are scaredy-cats and men are conquerors? Journal of Financial Services Marketing 23(2): 128–139.Search in Google Scholar
Hassan Al-Tamimi, H. A.; Anood Bin Kalli, A. (2009). Financial literacy and investment decisions of UAE investors. The Journal of Risk Finance 10(5): 500–516. DOI: 10.1108/15265940911001402.Search in Google Scholar
Hassan, E. U.; Shahzeb, F.; Shaheen, M.; Abbas, Q.; Hameed, Z.; Hunjra, A. I. (2013). Impact of affect heuristic, fear and anger on the decision making of individual investor: Aconceptual study. World Applied Sciences Journal 23(4): 510–514.Search in Google Scholar
Henseler, J.; Ringle, C. M.; Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science 43(1): 115–135. Search in Google Scholar
Johnson, E. J.; Tversky, A. (1983). Affect, generalization, and the perception of risk. Journal of Personality and Social Psychology 45(1):20–31.Search in Google Scholar
Kuhnen, C. M.; Knutson, B. (2011). The influence of affect on beliefs, preferences, and financial decisions. Journal of Financial and Quantitative Analysis 46(3): 605–626. Search in Google Scholar
Lapp, W. M. (2010). The missing link: Financial self-efficacy’s critical role in financial capability. San Francisco, CA: EARN Research Institute. 54–63. Search in Google Scholar
Larkin, C.; Lucey, B. M.; Mulholland, M. (2013). Risk tolerance and demographic characteristics: Preliminary Irish evidence. Financial Services Review 22(1). DOI: 10.2139/ssrn.1969375.Search in Google Scholar
Lee, C. J.; Andrade, E. B. (2011). Fear, social projection, and financial decision making. Journal of Marketing Research 48(SPL): S121–S129.Search in Google Scholar
Leon, F. M.; Angie, A. (2020). Factors affecting financial risk tolerance on young investors in Indonesia. Indonesian Management and Accounting Research 18(1): 48–61.Search in Google Scholar
Lerner, J. S.; Keltner, D. (2001). Fear, anger, and risk. Journal of Personality and Social Psychology 81(1): 146–159. https://doi.org/10.1037/0022-3514.81.1.146.Search in Google Scholar
Lerner, J. S.; Tiedens, L. Z. (2006). Portrait of the angry decision maker: How appraisal tendencies shape anger’s influence on cognition. Journal of Behavioral Decision Making 19(2): 115–137.Search in Google Scholar
Lown, J. M. (2011). Development and validation of a financial self-efficacy scale. Journal of Financial Counseling and Planning 22(2): 54–63.Search in Google Scholar
Marlatt, G. A. (1985). Situational determinants of relapse and skill-training interventions. In: Marlatt, G. A.; Gordon, J. R. (eds.), Relapse prevention: Maintenance strategies in the treatment of addictive behaviors. 71–127. Search in Google Scholar
McCrae, R. R.; Costa, P. T. (1987). Validation of the five-factor model of personality across instruments and observers. Journal of Personality and Social Psychology 52(1): 81–90. https://doi.org/10.1037/0022-3514.52.1.81.Search in Google Scholar
Muktadir-Al-Mukit, D. (2020). Do sociodemographic factors have influence on risk tolerance level of stock market investors? An analysis from a developing country perspective. South Asian Journal of Business Studies 11(2): 149–173. DOI: 10.1108/sajbs-11-2019-0193.Search in Google Scholar
Nguyen, L.; Gallery, G.; Newton, C. (2019). The joint influence of financial risk perception and risk tolerance on individual investment decision-making. Accounting & Finance 59(1): 747–771.Search in Google Scholar
Nunnally, J. C. (1994). Psychometric theory 3E. New York, NY: Tata McGraw-Hill Education.Search in Google Scholar
Nusair, K.; Hua, N. (2010). Comparative assessment of structural equation modeling and multiple regression research methodologies: E-commerce context. Tourism Management 31(3): 314–324.Search in Google Scholar
Oshio, A.; Taku, K.; Hirano, M.; Saeed, G. (2018). Resilience and Big Five personality traits: A meta-analysis. Personality and Individual Differences 127: 54–60.Search in Google Scholar
Owen, J. M. (2011). Transdiagnostic cognitive processes in high trait anger. Clinical Psychology Review 31(2): 193–202.Search in Google Scholar
Panksepp, J. (2005). Affective consciousness: Core emotional feelings in animals and humans. Consciousness and Cognition 14(1): 30–80.Search in Google Scholar
Patel, M. B.; Dave, G. (2019). A study of impact of bio-psychosocial characteristics of an investor on financial risk tolerance with special reference to investors in Anand City. International Journal of Innovative Studies in Sociology and Humanities (IJISSH) 4(4): 97–103.Search in Google Scholar
Pease, C. R.; Lewis, G. J. (2015). Personality links to anger: Evidence for trait interaction and differentiation across expression style. Personality and Individual Differences 74: 159–164.Search in Google Scholar
Rai, K.; Gupta, A.; Tyagi, A. (2021). Personality traits leads to investor’s financial risk tolerance: A structural equation modelling approach. Management and Labour Studies 46(4): 422–437. DOI: 10.1177/0258042x211018955.Search in Google Scholar
Rosser, B. A. (2019). Intolerance of uncertainty as a transdiagnostic mechanism of psychological difficulties: A systematic review of evidence pertaining to causality and temporal precedence. Cognitive Therapy and Research 43(2): 438–463.Search in Google Scholar
Rustichini, A.; DeYoung, C. G.; Anderson, J. C.; Burks, S. V. (2012). Toward the integration of personality theory and decision theory in the explanation of economic and health behavior. SSRN Electronic Journal. DOI: 10.2139/ssrn.2119057.Search in Google Scholar
Salignac, F.; Marjolin, A.; Reeve, R.; Muir, K. (2019). Conceptualizing and measuring financial resilience: A multidimensional framework. Social Indicators Research 145(1):17–38.Search in Google Scholar
Sarwar, D.; Sarwar, B.; Raz, M. A.; Khan, H. H.; Muhammad, N.; Azhar, U.; Kasi, M. K. (2020). Relationship of the Big Five personality traits and risk aversion with investment intention of individual investors. The Journal of Asian Finance, Economics and Business 7(12): 819–829. DOI: 10.13106/jafeb.2020.vol7.no12.819.Search in Google Scholar
Schaefer, R. E. (1978). What are we talking about when we talk about “risk”? A critical survey of risk and risk preference theories. Laxenburg: IIASA. Schulreich, S.; Gerhardt, H.; Heekeren, H. R. (2016). Incidental fear cues increase monetary loss aversion. Emotion 16(3): 402–412.Search in Google Scholar
Seo, M.–G.; Barrett, L. F. (2007). Being emotional during decision making—good or bad? An empirical investigation. Academy of Management Journal 50(4): 923–940.Search in Google Scholar
Shafiezadeh, R. (2012). The relationship between resilience and the big five personality factors. Knowledge & Research in Applied Psychology 13(3): 95–102.Search in Google Scholar
Shusha, A. A. (2017). Does financial literacy moderate the relationship among demographic characteristics and financial risk tolerance? Evidence from Egypt. Australasian Accounting, Business and Finance Journal 11(3): 67–86.Search in Google Scholar
Smith, B. W.; Dalen, J.; Wiggins, K.; Tooley, E.; Christopher, P.; Bernard, J. (2008). The brief resilience scale: Assessing the ability to bounce back. International Journal of Behavioral Medicine 15(3):194–200.Search in Google Scholar
Spielberger, C.; Jacobs, G.; Russell, S.; Crane, R. (1983). Assessment of anger: The state-trait anger scale. Advances in Personality Assessment 2: 161–189.Search in Google Scholar
Stajkovic, A. D.; Bandura, A.; Locke, E. A.; Lee, D.; Sergent, K. (2018). Test of three conceptual models of influence of the big five personality traits and self-efficacy on academic performance: A meta-analytic pathanalysis. Personality and Individual Differences 120: 238–245.Search in Google Scholar
Stajkovic, A. D.; Luthans, F. (1998). Social cognitive theory and self-efficacy: Going beyond traditional motivational and behavioral approaches. Organizational Dynamics 26(4): 62–74 https://doi.org/10.1016/S0090-2616(98)90006-7.Search in Google Scholar
Sung, J.; Hanna, S. D. (1996). Factors related to risk tolerance. Financial Counseling and Planning 7: 11–20.Search in Google Scholar
Tang, S.; Huang, S.; Zhu, J.; Huang, R.; Tang, Z.; Hu, J. (2019). Financial self-efficacy and disposition effect in investors: The mediating role of versatile cognitive style. Frontiers in Psychology 9: 2705. DOI: 10.3389/fpsyg.2018.02705.Search in Google Scholar
Thompson, E. R. (2007). Development and validation of an internationally reliable short-form of the positive and negative affect schedule (PANAS). Journal of Cross-Cultural Psychology 38(2): 227–242.Search in Google Scholar
Wahl, I.; Kirchler, E. (2020). RIsk SCreening on the Financial Market (RISC–FM): A tool to assess investors’ financial risk tolerance. Cogent Psychology 7(1): 1714108. DOI: 10.1080/23311908.2020.1714108.Search in Google Scholar
Weber, E. U.; Hsee, C. (1998). Cross-cultural differences in risk perception, but cross-cultural similarities in attitudes towards perceived risk. Management Science 44(9): 1205–1217.Search in Google Scholar
Young, S.; Gudjonsson, G. H.; Carter, P.; Terry, R.; Morris, R. (2012). Simulation of risk-taking and its relationship with personality. Personality and Individual Differences 53(3): 294–299. DOI: 10.1016/j.paid.2012.03.014.Search in Google Scholar
*** The Kaiser–Meyer–Olkin (KMO) test for sampling adequacy. Available at: https://www.statisticshowto.com/kaiser-meyer-olkin/.Search in Google Scholar
