Using the Theory of Planned Behaviour and Risk Propensity to Measure Investment Intentions among Future Investors

The purpose of this study is to determine individual factors that are likely to influence the investment decisions of potential investors. The study uses the dimensions of Ajzen’s (1991) theory of planned behaviour (attitudes, subjective norms, and perceived behavioural control) and Sitkin and Weingart’s (1995) risk propensity as predictors of investments intentions. The study used a self-administered questionnaire of a sample of business students in an undergraduate institution. It was found that attitudes, subjective norms, perceived behavioural control, and risk propensity were significant predictors of investment intentions. We also found that risk propensity did not moderate the relationship between the predictors (attitudes, subjective norms, and perceived behavioural control) and the dependent variable, intentions to invest. These findings are consistent with prior research and do show support for the theory of planned behaviour. Additionally, this study provides evidence of risk as further supporting the theory of planned behaviour.