The effect of the information channel on the investment decision: The bull and bear market and investment experience as a moderator

Abstract

This study aims to examine the factors affecting the decisions of investors. For this, the effect of the information channels (Telegram, Twitter, friend/peer, brokerage house and investors’ research), the investors’ experience and the bull and bear market effect on investment attitude and intention were investigated. Also, the investors’ experience and the bull and bear market effect were applied as moderators in the research. An experimental research method was used, and three studies were designed. According to research results, information channels significantly affected investors’ decisions and differed from each other. In addition, the attitudes and intentions towards information channels differ regarding investors’ investment experiences. While individuals that have experience are prone to invest more based on their research, potential investors rely more on information channels that provide private messaging. JEL Classification: G1, G4