Title: Extending theory of planned behaviour for predicting investment intention of millennials by including risk-taking propensity

Authors: Shikha Bhatia; Nidhi Singh

Addresses: International Management Institute New Delhi, New Delhi, India ' Jaipuria Institute of Management, Noida, India

Abstract: The study aims to review the theory of planned behaviour (TPB) and extend it with a risk-taking propensity to examine the influence on investors' behavioural intention to invest in the stock market in the context of a developing nation. The study uses a cross-sectional sampling process and a quantitative approach. PLS-SEM approach was applied to determine the suggested relationship between the constructs. The study's findings suggest that TPB variables are highly significant to measure the behavioural intention of an individual. The study helps to identify the factors which predict the intention to invest. The findings point towards the need for improving financial attitude, financial self-efficacy, subjective norms, and the risk-taking propensity of millennials to increase their investment intention in the long run. The financial institutions, policymakers, and other related agencies must take concrete steps to enhance individuals' awareness and risk ability towards financial products and investment options.

Keywords: theory of planned behaviour; risk-taking propensity; investment intention; millennial's; attitude; subjective norms; financial self-efficacy; partial least squares structural equation modelling; PLS-SEM; India; empirical.

DOI: 10.1504/AAJFA.2023.133414

Afro-Asian Journal of Finance and Accounting, 2023 Vol.13 No.5, pp.551 - 573

Received: 23 Oct 2020
Accepted: 13 Oct 2021

Published online: 15 Sep 2023 *

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