Investigating the Relationship between Past Behaviors and Financial Literacy with the Intention to Invest in the Stock Market with the Mediating Role of Individual Variables

Objective: The purpose of this study was to investigate the relationship between past behaviors and financial literacy with the intention to invest in the stock market with the mediating role of individual variables. The main question in this research is: What is the relationship between past behaviors and financial literacy with the intention to invest in the stock market with the mediating role of individual variables of stock exchange investors in Isfahan? Methods: The present study is an applied research. This research is descriptive-causal and because the data is done through sampling of the population to investigate the distribution of characteristics of the statistical population, this research is from the field of survey (field finding). The statistical population in this study included investors of the stock exchange in the city of Isfahan. The statistical sample obtained by Cochran's formula is equal to 384 people. To ensure 450 randomly available questionnaires, 392 questionnaires were completed and analyzes were performed based on the same number of samples. In this study, data were collected by field method using a questionnaire. Also, to ensure the validity, the questionnaire was provided to experts such as professors and academic researchers, as well as managers and senior experts, whose opinions also confirmed the validity of the questionnaire. With the initial distribution of 30 questionnaires, the reliability coefficient for the questionnaire, which contains 26 questions. Results: According to the data analysis, the results showed that attitudes, mental norms, perceived behavioral control and past behavior have a positive and significant effect on the intention to invest in the stock market. Also, past behavior, financial literacy has a positive and significant effect on attitude and also financial literacy has a positive and significant effect on perceived behavioral control. Past behavior and financial literacy have a positive and significant effect on the intention to invest in the stock market through attitude and also financial literacy has a positive and significant effect on the intention to invest in the stock market through perceived behavioral control. Conclusion: The research results confirm all hypotheses except the fourth hypothesis. Suggestions based on the results of the research are presented as follows: Regarding the first hypothesis, it is suggested to change the attitude of investors to a positive attitude by holding wo