Theory of Planned Behavior Role in Investment Decisions in Islamic Securities

Subject Areas : Financial and Behavioral Researches in Accounting

raziyeh salehi amniyeh khozani ¹ (Department of Accounting, Najafabad Branch, Islamic Azad University, Najafabad, Iran)
arezoo aghaei chadegani ² (Department of Accounting, Najafabad Branch, Islamic Azad University, Najafabad, Iran)

Received: 2021-06-27 Accepted : 2021-09-01 Published : 2021-08-23

Keywords: Islamic securities, Theory of planned behavior, Sukuk,

Abstract :

  Investing in Islamic financial instruments leads to the collection of stagnant capital and the allocation of resources in an optimal way and economic development, which is possible by identifying the factors affecting investment in this type of securities. The theory of planned behavior is able to predict a person's behavior and action through three factors. The purpose of this research is to determine the role of theory of planned behavior in investment decisions in Islamic securities. This research investigates the effect of theory of planned behavior factors such as attitude toward behavior, subjective norm and perceived behavioral control on investment decisions in Islamic securities (Sukuk). This research is behavioral study and survey research which is conducted using questionnaire. This research is conducted in Tehran Stock Exchange in 2019 and population consists of all investors in Tehran Stock Exchange and the sample consists of 164 filled and returned questionnaires. To analysis research hypotheses, SEM method and PLS software are used. The results show that attitude toward behavior and perceived behavioral control have effect on investors’ intention to invest in Islamic securities but subjective norm has no effect on investors’ intention to invest in Islamic securities. Moreover, the results show that investors’ intention has no significant effect on investors’ decision to invest in Islamic securities.

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