Document Type



Doctor of Philosophy (PhD)


Business Administration

First Advisor's Name

Karen Paul

First Advisor's Title

Committee Chair

Second Advisor's Name

Aya Chacar

Third Advisor's Name

William Newburry

Fourth Advisor's Name

Isadore Newman


Investor preferences, positive psychology, political ideology, and socio-demographic variables

Date of Defense



Previous research on investor preferences focused mainly on the relationship between socio-demographic variables and risk tolerance. This study extends the research in this area by focusing on three aspects of investor preferences: risk tolerance, time horizon, and estate intentions. The objective is to provide a more comprehensive model of investor preferences, including both psychological and attitudinal variables. This study addresses the following: Are socio-demographic variables sufficient to predict investor preferences? Is there a difference between males and females? How much additional variance is explained by including political ideology, positive psychology attitudes, and pro-social attitudes? Are these attitudinal variables simply additive or are they interactive?

Data were collected from MBA students and senior undergraduate students in a major research university in South Florida. A scale was developed to measure estate intentions, a construct that has never been examined in management studies. The findings supported the expectation that psychological variables would be positively correlated with the dependent variables. However, I expected that pro-social attitudes would be a moderator variable, and this expectation was not realized. This dissertation contributes to the investor preferences field in several ways. First, it demonstrates the importance of psychological and attitudinal variables in explaining investor preferences. I also found differences between males and females regarding risk tolerance. This study can provide financial advisers with a deeper understanding of the importance of psychological and attitudinal variables in determining investor behavior. Finally, the results of this study augment and expand stakeholder theory. This study brings the investor into the stakeholder model, enhancing the descriptive, explanatory, and predictive capabilities of stakeholder theory. Future research could replicate this study using real investors in different locations for cultural variation, or using a panel of respondents for a longitudinal study.