المستخلص: |
This current study aims to identify the relationships between investors’ usage and credibility of media, investors’ behaviors and their investment decisions using the partial least squares (PLS- SEM) approach on a sample of 240 individual investors at the Egyptian stock market. This study contributes insights into the role of media channels in disseminating information into the Egyptian stock market and how it could affect the investors’ decisions directly and indirectly via the investors' overconfidence and sentiment behaviors. These insights are helpful for individual investors, companies, and other interested parties in the Egyptian stock market, and for academicians interested in behavioral finance as an emerging trend of study, and in interdisciplinary studies between marketing and finance. The results of this study show that the investors’ usage and credibility of media positively influence both the investors’ behaviors (investor sentiment, and overconfidence) and their investment decisions. Moreover, investors' sentiment and overconfidence positively influence their investment decisions. In addition, investors’ sentiment and overconfidence play a mediating role in the relationship between investors’ media usage and perceived credibility and their investment decisions. The results highlight that companies and individual investors should give more attention toward the media and information disseminated into the Egyptian stock market through, especially the new media channels (internet and social media) in order to enhance their communications and interactions, reduce rumors and increase media credibility levels to help individual investors reach and obtain good information to rationalize their decisions.
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