Linking Capital to Investment Intentions: Applying the Theory of Planned Behaviour in Different Cultural Backgrounds

Abstract

In this paper we apply the Theory of Planned Behaviour (TPB) in order to explore the effects of capital on young individuals’ investment intentions in diverse cultural backgrounds. We hypothesise that human, social and financial capital will indirectly influence investment intention via personal attitudes, subjective norms and perceived behavioural control. Results of bootstrap analyses for indirect effects confirmed the hypothesised relationships. By differentiating between individuals with Greek and English nationality, our findings show that individuals with an individualistic cultural background were willing to invest only social capital while those with a collectivistic background were inclined to invest human and social.