Financial Literacy and Investment Decisions: Evidence from Pakistan
References
Abreu, M., & Mendes, V. (2010). Financial literacy and portfolio diversification. Quantitative Finance, 10(5), 515–528. https://doi.org/10.1080/14697680902878105
Ahmad, M., & Shah, S. Z. A. (2020). Overconfidence heuristic-driven bias in investment decision-making and performance: mediating effects of risk perception and moderating effects of financial literacy. Journal of Economic and Administrative Sciences, (n.d).
Ajzen, I. (1991). The theory of planned behaviour. Organizational Behavior and Human Decision Processes, 50(2), 179–211.
Ali, A., Rahman, M. S. A., & Bakar, A. (2015). Financial Satisfaction and the Influence of Financial Literacy in Malaysia. Social Indicators Research, 120(1), 137–156. https://doi.org/10.1007/s11205-014-0583-0
Al-Tamimi, H., & Bin Kalli, A. A. (2009). Financial literacy and investment decisions of UAE investors. Journal of Risk Finance, 10(5), 500–516. https://doi.org/10.1108/15265940911001402
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).
Bandura, A. (1986). Social foundations of thought and action: A social cognitive theory. Englewood Cliffs, NJ: Prentice Hall.
Bartoszuk, K., Deal, J. E., & Yerhot, M. (2021). Parents’ and college students’ perceptions of support and family environment. Emerging Adulthood, 9(1), 76-87.
Brau, J. C., Holmes, A. L., & Israelsen, C. L. (2019). Financial Literacy among College Students. Journal of Financial Education, 45(2), 179-205.
Calcagno, R., & Monticone, C. (2015). Financial literacy and the demand for financial advice. Journal of Banking & Finance, 50, 363-380.
Campbell, J. Y. (1996). Understanding risk and return. Journal of Political economy, 104(2), 298-345.
Carvalho, L. S., Meier, S., & Wang, S. W. (2016). Poverty and economic decision-making: Evidence from changes in financial resources at payday. American Economic Review, 106(2), 260-84.
Cheng, C. (2019). Women's Education, Intergenerational Coresidence, and Household Decision‐Making in China. Journal of Marriage and Family, 81(1), 115-132.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of management, 37(1), 39-67.
Devercelli, A. E., & Beaton-Day, F. (2020). Better Jobs and Brighter Futures.
Douissa, I. Ben. (2020). Factors affecting College students’ multidimensional financial literacy in the Middle East. International Review of Economics Education, 35(December), 100173. https://doi.org/10.1016/j.iree.2019.100173
Gallery, N., Gallery, G., Brown, K., Furneaux, C., & Palm, C. (2011). Financial Literacy and Pension Investment Decisions. Financial Accountability & Management, 27(3), 286–307. https://doi.org/10.1111/j.1468-0408.2011.00526.x
Gao, M. (2015). Demographics, family/social interaction, and household finance. Economics Letters, 136, 194-196.
Gennetian, L. A., Rodrigues, C., Hill, H. D., & Morris, P. A. (2018). Stability of income and school attendance among NYC students of low-income families. Economics of Education Review, 63, 20-30.
Goyal, K., & Kumar, S. (2021). Financial literacy: A systematic review and bibliometric analysis. International Journal of Consumer Studies, 45(1), 80-105.
Grohmann, A. (2018). Financial literacy and financial behavior: Evidence from the emerging Asian middle class. Pacific Basin Finance Journal, 48(November 2017), 129–143. https://doi.org/10.1016/j.pacfin.2018.01.007
Kajtazi, A., & Moro, A. (2019). The role of bitcoin in well diversified portfolios: A comparative global study. International Review of Financial Analysis, 61, 143-157.
Karakurum-Ozdemir, K., Kokkizil, M., & Uysal, G. (2019). Financial Literacy in Developing Countries. Social Indicators Research, 143(1), 325–353. https://doi.org/10.1007/s11205-018-1952-x
Khawar, S., & Sarwar, A. (2021). Financial literacy and financial behavior with the mediating effect of family financial socialization in the financial institutions of Lahore, Pakistan. Future Business Journal, 7(1), 1-11.
Klapper, L., Lusardi, A., & Oudheusden, P. V. (2021). Financial literacy around the world: Insights from the standard & poor's rating services global financial literacy survey. Retrieved from https://gflec.org/wp-content/uploads/2015/11/3313-Finlit_Report_FINAL-5.11.16.pdf?x28148
Klapper, L., Lusardi, A., & Panos, G. A. (2013). Financial literacy and its consequences: Evidence from Russia during the financial crisis. Journal of Banking and Finance, 37(10), 3904–3923. https://doi.org/10.1016/j.jbankfin.2013.07.014
Klapper, L., Lusardi, A., & Van Oudheusden, P. (2015). Financial literacy around the world. World Bank. Washington DC: World Bank.
Li, Y., Ling, L., Zhang, D., & Wu, J. (2021). Lead investors and information disclosure: A test of signaling theory by fuzzy‐set qualitative comparative analysis approach. Managerial and Decision Economics, 42(4), 836-849.
Lopus, J. S., Amidjono, D. S., & Grimes, P. W. (2019). Improving financial literacy of the poor and vulnerable in Indonesia: An empirical analysis. International Review of Economics Education, 32(February), 100168. https://doi.org/10.1016/j.iree.2019.100168
Lusardi, A. (2019). Financial literacy and the need for financial education: evidence and implications. Swiss Journal of Economics and Statistics, 155(1), 1-8.
Mahdavi, M., & Horton, N. J. (2014). Financial knowledge among educated women: Room for improvement. Journal of Consumer Affairs, 48(2), 403-417.
Moschis, G. P. (1987). Consumer socialization: A life-cycle perspective. Lexington, MA: Lexington Books.
Mouna, A., & Anis, J. (2017). Financial literacy in Tunisia: Its determinants and its implications on investment behavior. Research in International Business and Finance, 39, 568–577. https://doi.org/10.1016/j.ribaf.2016.09.018
Mumtaz, M. Z., & Smith, Z. A. (2021). The behavior of household finance on demographic characteristics in Pakistan. Economic Research-Ekonomska Istraživanja, 34(1), 1409-1427.
Noor, N., Batool, I., & Arshad, H. M. (2020). Financial literacy, financial self-efficacy and financial account ownership behavior in Pakistan. Cogent Economics & Finance, 8(1), 1806479.
Nurcahyono, N., Hanum, A. N., & Sukesti, F. (2021). The COVID-19 outbreak and its impact on stock market returns: Evidence from Indonesia. Jurnal Dinamika Akuntansi Dan Bisnis, 8(1), 47-58.
Ouachani, S., Belhassine, O., & Kammoun, A. (2021). Measuring financial literacy: a literature review. Managerial Finance, 47(2), 266–281. https://doi.org/10.1108/MF-04-2019-0175
Philippas, N. D., & Avdoulas, C. (2020). Financial literacy and financial well-being among generation-Z university students: Evidence from Greece. The European Journal of Finance, 26(4-5), 360-381.
Potrich, A. C. G., Vieira, K. M., & Mendes-Da-Silva, W. (2016). Development of a financial literacy model for university students. Management Research Review, 39(3), 356-376.
Rahies, M. K., Khan, M. A., Askari, M., Ali, Q., & Shoukat, R. (2022). Do risk tolerance and financial literacy impact the investment intention of securities investors in Pakistan?. Empirical Economic Review, 5(1), 104-137.
Rasool, N., & Ullah, S. (2020). Financial literacy and behavioural biases of individual investors: empirical evidence of Pakistan stock exchange. Journal of Economics, Finance and Administrative Science, 25(50), 261–278. https://doi.org/10.1108/JEFAS-03-2019-0031
Raut, R. K. (2020). Past behaviour, financial literacy and investment decision-making process of individual investors. International Journal of Emerging Markets, 15(6), 1243–1263. https://doi.org/10.1108/IJOEM-07-2018-0379
Santos, Elisabete; Abreu, M. (2013). Financial Literacy, Financial Behaviour and Individuals’ Over-indebtedness. In Technical University of Lisbon.
Sinha, N., & Yang, Y. (2021). Strategic Diversification for Asynchronous Asset Trading: Insights from Generalized Coherence Analysis of Cryptocurrency Price Movements. Ledger, 6.
Sui, Y., & Niu, G. (2018). The urban–rural gap of Chinese household finance. Emerging Markets Finance and Trade, 54(2), 377-392.
Tinungki, G. M., Robiyanto, R., & Hartono, P. G. (2022). The effect of COVID-19 pandemic on corporate dividend policy in Indonesia: The static and dynamic panel data approaches. Economies, 10(1), 11.
Van, L. T. H., Vo, A. T., Nguyen, N. T., & Vo, D. H. (2021). Financial Inclusion and Economic Growth: An International Evidence. Emerging Markets Finance and Trade, 57(1), 239–263. https://doi.org/10.1080/1540496X.2019.1697672
Volpe, R. P., Kotel, J. E., & Chen, H. (2002). A survey of investment literacy among online investors. Journal of Financial Counseling and Planning, 13(1), 1-13.
Xu, L., & Zia, B. (2013). Financial Literacy in the Developing World. SSRN Electronic Journal, 1–24. https://doi.org/10.2139/ssrn.2248863
Yasmin, F., Kouser, R., e Hassan, I., & Ahmad, W. (2014). Determinants of economic literacy at university level: A case of Pakistan. Pakistan Journal of Commerce and Social Sciences (PJCSS), 8(3), 914–924.