Türkiye ve Pakistan'daki bireysel yatırımcıların yatırım davranışına ilişkin karşılaştırılmalı bir çalışma

Investment behavior comprises of the characteristics that stimulate investment decisions. The purpose of the current study is to investigate and compare the investment behavior of retail investors in Türkiye and Pakistan. The study relies on survey data collected through an online questionnaire. An independent sample t-test is used to investigate the difference in Financial Literacy, Investors' Confidence, Risk Tolerance, Investment Philosophy, and Investment Experience and Investment Choices. It was found that there are some key differences in the behavior of retail investors across both countries. Further, a research model was created, and Path Analysis is used to empirically test the relationship of all mentioned variables with Investment Choices. Path Analysis reveals that the strength of exogenous and endogenous variables' relationship varies widely across countries. All five variables under the study i.e., Financial Literacy, Risk tolerance, Investment Philosophy and Self Confidence proved to be a good predictor of Investment Choices in both countries. The study is among the pioneer ones as very scanty literature is available on the collective relationship of Financial Literacy, Investors' Confidence, Risk Tolerance, Investment Philosophy, and Investment Experience on Investment choices and how their combined effect reflects on investment behavior. Keywords: Investment behavior, Financial literacy, Investment choices, Investment philosophy, Risk tolerance