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Generally, the theory suggests that investors can achieve higher returns if they are willing to take on higher risks, particularly when investing in the stock market. Many investors focus solely on the stock market, which allocating at least 15% of their income for higher returns and passive income as purpose (Pino in How much should you be investing? Some experts recommend at least 15% of your income. Fortune recommends, 2024 [11]). Using the Theory of Planned Behaviour (TPB) to explore how various factors, such as Risk Tolerance (RT), Expected Return (ER), Financial Knowledge (FK), and Psychological Factors (PF), with mediated by Income Level (IL), to influence Investment Decision-Making (IDM). This research employs Structural Equation Modelling (SEM) by using SmartPLS to analyze data from a stratified sample of preferred investment products, which categorized into three (3) parts: FD only, DS only, and both FD and DS. The A structured questionnaire using a 5-point Likert scale to measure 350 respondents. The findings reveal that ER and PF significantly impact IL, while RT, ER, and PF have a significant positive effect on IDM.

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Investor Preferences and Decision-Making with a Mediating Effect of Income Level: A Comparative Study of Fixed Deposits and Dividend Stocks for Passive Income Investors with Income as a Mediating Variable

  • 章节

  • 发表日期：

    2026年

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  • Aeryn Shiyin Ching,
  • Tinfah Chung

摘要

Generally, the theory suggests that investors can achieve higher returns if they are willing to take on higher risks, particularly when investing in the stock market. Many investors focus solely on the stock market, which allocating at least 15% of their income for higher returns and passive income as purpose (Pino in How much should you be investing? Some experts recommend at least 15% of your income. Fortune recommends, 2024 [11]). Using the Theory of Planned Behaviour (TPB) to explore how various factors, such as Risk Tolerance (RT), Expected Return (ER), Financial Knowledge (FK), and Psychological Factors (PF), with mediated by Income Level (IL), to influence Investment Decision-Making (IDM). This research employs Structural Equation Modelling (SEM) by using SmartPLS to analyze data from a stratified sample of preferred investment products, which categorized into three (3) parts: FD only, DS only, and both FD and DS. The A structured questionnaire using a 5-point Likert scale to measure 350 respondents. The findings reveal that ER and PF significantly impact IL, while RT, ER, and PF have a significant positive effect on IDM.