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The Information Behavior of Individual Investors in Saudi Arabia

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The Information Behavior of Individual Investors in Saudi Arabia THE INFORMATION BEHAVIOR OF INDIVIDUAL INVESTORS IN SAUDI ARABIA Nabil Mohammed Elwani, B.S., M.S. Dissertation Prepared for the Degree of DOCTOR OF PHILOSOPHY UNIVERSITY OF NORTH TEXAS May 2016 APPROVED: Shawne D. Miksa, Major Professor Victor R. Prybutok, Committee Member, Interim Dean of the College of Information Barbara Schultz-Jones, Committee Member Suliman Hawamdeh, Chair of the Department of Library and Information Sciences Costas Tsatsoulis, Dean of the Toulouse Graduate School Elwani, Nabil Mohammed. The Information Behavior of Individual Investors in Saudi Arabia. Doctor of Philosophy (Information Science), May 2016, 248 pp., 51 tables, 12 figures, references, 218 titles. Information plays a significant role in the success of investment strategies. Within a non- advisory context, individual investors elect to build and manage their investment portfolios to avoid the cost of hiring professional advisors. To cope with markets’ uncertainty, individual investors should acquire, understand, and use only relevant information, but that task can be affected by many factors, such as domain knowledge, cognitive and emotional biases, information overload, sources’ credibility, communication channels’ accuracy, and economic costs. Despite an increased interest in examining the financial performance of individual investors in Saudi Arabia, there has been no empirical research of the information behavior of individual investors, or the behavioral biases affecting the investment decision making process in the Saudi stock market (SSM). The purpose of this study was to examine this information behavior within a non-advisory contextualization of their investment decision-making process through the use of an online questionnaire instrument using close-ended questions. The significant intervening variables identified in this study influence the individual investors’ information behavior across many stages of the decision making process. While controlling for gender, education, and income, the optimal information behavior of individual investors in the SSM showed that the Experience factor had the greatest negative effect on the Information Seeking Behavior of individual investors. Finally, the Socioeconomic Status (SES) of individual investors in Saudi Arabia was significantly influenced by the employment status, work experience, age, marital status, and income. Copyright 2016 by Nabil Mohammed Elwani ii ACKNOWLEDGEMENTS First and foremost, praises and thanks to Allah, the Almighty, for His showers of blessings throughout my research work to complete the research successfully. I would never have been able to finish my dissertation without the guidance of my committee members, Dr. Shawne Miksa, Dr. Victor Prybutok, and Dr. Barbara Schultz-Jones. Their suggestions, explanations, kindness, understanding, and discussions were enlightening and were a great source of inspiration during my entire dissertation work. I would like to express my deepest gratitude to my major professor, Dr. Shawne Miksa, for giving me the opportunity to do research, providing invaluable guidance, caring, and patience throughout this research. Her dynamism, vision, sincerity and motivation have deeply inspired me. I gratefully thank Dr. Victor Prybutok for teaching me the methodology to carry out the research and to present the research works as clearly as possible. It was a great privilege and honor to work with him. I thank him for helping me during the worst days of my journey. I would also like to thank my parents, Mohammed Elwani and Hayat Kheder for their love, prayers, caring and sacrifices for educating and preparing me for my future. Also I express my thanks to my sisters, Eman and Ameera, and my entire family for their support and valuable prayers. I would like to thank my beautiful children Tamara and Mohammed who are loving, kind, smart, and caring. I can’t wait to see my name on your dissertations. Finally, I would like to thank my wife, Dr. Shahd Qutub. She was always there cheering me up and standing by me through the good times and bad. iii Table of Contents Page ACKNOWLEDGEMENTS ................................................................................................................... iii LIST OF TABLES ............................................................................................................................... vii LIST OF ACRONYMS ......................................................................................................................... xi CHAPTER 1 INTRODUCTION ............................................................................................................ 1 1.1 Background of the Study ......................................................................................... 1 1.2 The Economic Environment in Saudi Arabia and the Saudi Stock Market ............. 5 1.3 The Research Problem ............................................................................................ 7 1.4 Research Questions ................................................................................................ 9 1.5 The Purpose Statement ........................................................................................ 10 1.6 Significance of the Study ....................................................................................... 11 1.7 Delimitations, Limitations, and Assumptions of the Study .................................. 13 1.8 Definition of Terms ............................................................................................... 14 1.9 Summary ............................................................................................................... 14 CHAPTER 2 LITERATURE REVIEW .................................................................................................. 16 2.1 What is Information? ............................................................................................ 16 2.2 A Universal Concept of Information ..................................................................... 20 2.3 Context and Situation ........................................................................................... 23 2.4 Information Needs ................................................................................................ 26 2.5 Information Behavior and Information Seeking Behavior .................................... 29 2.6 Models of Information Behavior ........................................................................... 32 2.6.1 Krikelas’ Model of Information Seeking ...................................................... 32 2.6.2 Ellis’s Information Seeking Behavior Model ............................................... 35 2.6.3 Wilson’s (1997) General Model of Information Seeking Behavior ............. 37 2.7 Information Economics ......................................................................................... 43 2.7.1 Information Goods as a Production Factor ................................................. 45 2.7.2 Behavioral Effects of Information Goods (Information Asymmetry) ......... 49 2.8 The Stock Market .................................................................................................. 50 iv 2.9 Traditional Finance vs. Behavioral Finance ........................................................... 55 2.10 Behavioral Biases Affecting Investors’ Decision Making Process ......................... 61 2.10.1 Cognitive Biases: Belief Perseverance Biases (BPB) .................................. 62 2.10.2 Cognitive Biases: Information Processing Biases (IPB) .............................. 63 2.10.3 Emotional Biases ........................................................................................ 65 2.11 Summary ............................................................................................................... 67 CHAPTER 3 RESEARCH METHODOLOGY ....................................................................................... 69 3.1 Research Design .................................................................................................... 70 3.2 Research Questions .............................................................................................. 71 3.3 Population and Sample ......................................................................................... 71 3.3.1 The Individual Investors in the Saudi Stock Market .................................... 72 3.4 The Institutional Review Board (IRB) Application ................................................. 73 3.5 Survey Instrument Development and Pilot Testing .............................................. 75 3.6 Variables in the Study ........................................................................................... 80 3.7 Data Analysis ......................................................................................................... 85 3.7.1 Evaluating the Quality of the Study ............................................................ 86 3.7.2 Exploratory Factor Analysis (EFA) ............................................................... 87 3.7.3 Structural Equation Modelling (SEM) ......................................................... 89 3.8 Survey Administration and Data Cleaning ............................................................ 93 3.9 Estimating the Socioeconomic Status of Individual Investors .............................. 93 3.10 Summary ............................................................................................................... 96 CHAPTER 4 STUDY RESULTS
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