Document Type : Original Research


Department of Accounting, Shandiz Institute of Higher Education, Mashhad, Iran


The present study seeks to identify the three factors of emotional intelligence, risk aversion and locus of control over risky investment intentions, with the aim of assisting investors in making decisions that are more rational and examining the role of literacy and possible advice to investors to promote financial knowledge and understanding. The data were collected through a questionnaire and composed 219 individual investors. In order to achieve the objectives of the research, the method of structural equations modelling for direct hypotheses and hierarchical regression for indirect hypotheses were used. The results showed that emotional intelligence has no significant effect on risky investment intentions. In contrast, it was found that risk aversion can have a significant negative impact on risky investment intentions. It was also determined that the locus of control has no effect on risky investment intentions. The structural equations modeling is based on discover complex relationships between variables. Using this method helps to identify hidden relationships between components. Hierarchical regression method can also be useful to find the effects of variables. In this research, these two techniques have been used.


Main Subjects


©2022 The author(s). This is an open access article distributed under the terms of the Creative Commons Attribution (CC BY 4.0), which permits unrestricted use, distribution, and reproduction in any medium, as long as the original authors and source are cited. No permission is required from the authors or the publishers.

Ahmadi, P., & Alamzadeh, N. (2017). Emotional Intelligence. Publication of Cultural Studies, First Edition.
Ajzen, I. (2002). Perceived behavioral control, self-efficacy, locus of control, and the theory of planned behavior. Journal of Applied Social Psychology, 665-683.
Akerlof, G., & Shiller, R. (2010). Hayvansal Güdüler (Spiritus Animalis) (N. Domanic & L. Konyar, Trans.).
Ameriks, J; Wranik, T; Salovey, P. (2009). Emotional intelligence and investor behavior. CFA Digest, 100-104.
Aqayar, S., & Sharifi, P. (2007). Emotional Intelligence and Management. Journal of Management, 119 and 120.
Aren, S., & Aydemir, S. (2014). A literature review on financial literacy. Journal of Financial Research and Studies, 5(11), 33-49.
Aydemir , & Aren. (2017). Do the effects of individual factors on financial risk-taking behavior diversify with financial literacy? Kybernetes, 46(2), 1706-1734.
Baron, R. (1968). Authoritarianism, locus of control and risk taking. Journal of Psychology: Interdisciplinary and Applied, 141-143.
Carpentier, A; Brijs, K; Declercq, K; Brijs, T. (2014). The effect of family climate on risky driving of young novices: the moderating role of attitude and locus of control. Accident Analysis and Prevention, 53-64.
Chen, H., & Volpe, R. (1998). An analysis of personal financial literacy among college students. Financial Services Review, 7(2), 107-128.
Chiao, J., & Kuhnen, C. (2009). Geneticdeterminants of financial risk taking. 4(2).
Ciarrochi, J., Chan, A., & Bajgar, J. (2001). Measuring emotional intelligence in adolescents. Personality and Individual Differences, 31(7), 1105-1119.
Diacon, S. (2004). Investment risk perceptions: do consumers and advisers agree? International JournalofBankMarketing, 22(3), 180-198.
Dianti Deilami, Z., & Hanifehzadeh, Mohammad. (2015). Study of the level of financial literacy of Tehran families and related factors. Quarterly Journal of Financial Knowledge, Securities Analysis, 115-139.
Dobbin, R., & Fiedling, S. (1994). portfolio Theory and investment management. black well, oxford.
Gong, B. a., & Yang, c. (2012). “Gender differences in risk attitude: field experiments on the Matrilineal Mosuo and The Patriarchal Yi”, Journal of Economic Behavior & Organization. 59-65.
Grable, J., & Joo, S. (2000). A cross-disciplinary examination of financial risk tolerance. Consumer Interests Annual, 46, 151-157.
Imanipour, N., & Kanani, m. (2009). Identifying the factors affecting the decision to leave venture capitalists. Entrepreneurship Development, 4, 84-67.
Jalali, S. A. (2002). Quarterly Journal of Education. Emotional Intelligence, 70-69.
Joshi, S. (2013). A study of risk taking behaviour of adolescent students in relation to emotional intelligence. International Journal for Research in Education, 2(6), 33-36.
Kamalian, A., Poori, M , & Yaghoubi, N. (2011). Emotional intelligence and corporate entrepreneurship: an empirical study. Journal of Basic and Applied Scientific Research, 1(6), 471-478.
Lai, P. a., & Tam, K. (2012). Gender discrepancy’s impact on perceived risk and investment decision: a review of financial practitioners. Journal of Advances Research in Management, 27-37.
Maryam, Ramezanpoor; Dostar, Mohammad; Esmaeil Javadian Leng. (2014). Study of the effect of investors' personality traits on their risk-taking in Tehran Stock Exchange. Third Accounting and Management Conference, Tehran University Conference Ce.
McCarty, B. (2000). Researching the dynamics of risk-taking and social learning: an exploratory study of Irish entrepreneurs. Irish Marketing Review, 13(1), 46-60.
Olson, K. (2006). A literature review of social mood. Journal of Behavioral Finance, 193-203.
Pakizeh, K., Akhavananuri, M. R., & Karimkhani, M. (2015). Ranking Factors Affecting the Innovation of Investable Companies from the Perspective of Venture Capital Investigators.
Perry, V., & Morris, M.D. (2005). Who is in control? The role of self- perception, knowledge, and income in explaining consumer financial behavior. Journal of Consumer Affairs, 39(2), 299-313.
Powell, M., & Ansic, D. (1997). Gender differences inrisk behaviourin financial decision-making: an experimentalanalysis. Economic Psychology, 18, 605-628.
Ramezanzadeh, H., & Sadati Kiyadehi, S. (2013). Emotional intelligence (management of emotion, emotion and emotion). Ravan Publications, 2-13.
Rotter, J. (1966). Generalized expectancies for internal versus external control of reinforcement. Psychological Monographs: General and Applied, 1-28.
Salovey, P. J., & Mayer, J.D. (1990). Emotional intelligence. Imagination, Cognition and Personality, 185-211.
Salovey, P., & Mayer , J. (1990). Emotional intelligence. Imagination, Cognition and Personality, 185-211.
Satterfield, J. (1998). Cognitive-affective states predict military and political aggression and risk taking. The Journal of Conflict Resolution, 667-690.
Schoemaker, P. (1993). Determinants of risk- taking: behavioral and economic views. Journal of Risk and Uncertainty, 6(1), 49-73.
Servon, L., & Kaestner, R. (2008). Consumer financial literacy and the impact of online banking on the financial behavior of lower-income bank customers. Journal of Consumer Affairs, 42(2), 271-305.
Shahrbani, S. (2012). The effect of financial literacy and emotions on intent to control personal budget: a study among Israeli college students. International Journal of Economics and Finance, 156-163.
Sitkin, S., & Weingart, L.R. (1995). Determinants of risky decision–making behavior: a test of the mediating role of risk perceptions and propensity. Academy of Management Journal, 38(6), 1573-1592.
Soltani, I., & Charki, Iman. (2017). Study of Factors Affecting Citizens' Trust in Service-Based Organizations: Case Studies of Bushehr Port Municipality. Journal of Applied Studies in Management and Development Sciences(7).
Wang, M., Keller, C., & Siegrist, M. (2011). Thelessyouknow,themoreyouareafraidof–asurveyon riskperceptionsofinvestmentproducts. JournalofBehavioralFinanc, 12(1), 9-19.
Weber, E., Betz, E., & Blais, A. (2002). A domain-specific risk- attitude scale: measuring risk perceptions and risk behaviors. Journal of Behavioral Decision Making, 263-290.
Weber, E., Blais, A., & Betz, E. (2002). A domain-specific risk- attitude scale: measuring risk perceptions and risk behaviors. Journal of Behavioral Decision Making, 15(4), 263-290.
Yip, J., & Cote, S. (2013). The emotionally intelligent decision maker: emotion- understanding ability reduces the effect of incidential anxiety on risk taking. Psychological Science, 24(1), 48-55.