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Investors’ Behavioral Intention in Mutual Fund Investments in India: Applicability of Theory of Planned Behavior

Author

Listed:
  • Heena Thanki

    (Shri Jairambhai Patel Institute of Business Management and Computer Applications)

  • Naliniprava Tripathy

    (Indian Institute of Management Shillong)

  • Sweety Shah

    (LJ University)

Abstract

This study examines the impact of subjective norm, attitude and perceived control behavior (financial literacy) on investors’ behavioral intention to invest in mutual funds based on the theory of planned behavior. We have applied Structural Equation Modelling - path analysis to examine the influence of financial literacy, subjective norms, and attitude on the behavioral investment intention of mutual fund investors. The study’s findings indicate that Investors’ choice to invest in a mutual fund is positively prejudiced by their subjective norms, attitude, and financial literacy. Subjective norms significantly influence investment decisions more than attitude and financial literacy. Age, gender, and level of education have no moderating effect on attitude, subjective norms, and financial literacy. The study is proved to be unique to the literature on behavioral finance. The study’s findings are eye-opening as the investment intentions in the mutual fund are influenced by subjective norms, indirectly signaling that investors lack awareness of mutual fund investment.

Suggested Citation

  • Heena Thanki & Naliniprava Tripathy & Sweety Shah, 2025. "Investors’ Behavioral Intention in Mutual Fund Investments in India: Applicability of Theory of Planned Behavior," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 32(3), pages 975-996, September.
    • Handle: RePEc:kap:apfinm:v:32:y:2025:i:3:d:10.1007_s10690-024-09477-4
    DOI: 10.1007/s10690-024-09477-4
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    JEL classification:

    • C39 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Other
    • G19 - Financial Economics - - General Financial Markets - - - Other
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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