Determinants of Mutual Funds Investment Intentions: Big Five Personality Dimension

  • Sachit Paliwal Assistant Professor, ADDOE, Amity University Noida, India
  • Shraddha Bhadauria Assistant Professor, GLA University, Mathura, India
  • Subhash Pratap Singh Assistant Professor, Rajiv Gandhi South Campus, Banaras Hindu University, India
Keywords: Mutual Funds, Big Five Personality, Theory of Planned Behaviour


Over the past several decades the behaviours of investors have been the focal point of many researchers to understand the psychological antecedents for investment decision. This paper attempts to examine the impact of specific personality traits on investment intentions to purchase mutual funds with specific focus on the Big Five personality taxonomy.
To scrutinize the specific personality predictors, this study employs the multiple regression using theory of planned behaviour (TPB).
The research indicated that individuals who are extraverted intend to engage in mutual fund investment, while those who are higher in neuroticism less intended to engage in this activity. In addition to this, Individuals who are higher on agreeableness are also intended to engage in mutual fund investment.
Managerial Implications:
The study will aid mutual fund providers to manage the portfolio of mutual fund according to investors' personality traits.
Scope for further research / Limitation:
Due to time constraints, the study is confined to Delhi-NCR only. The study can considered as a pilot study
and could be further explored to more cities in India.