Abstract :

This study examines the simultaneous impact of Financial Technology (Fintech) and Personal Values on the investment decisions of individual investors in the Vietnamese stock market. The research model integrates the Theory of Planned Behavior (TPB), the Technology Acceptance Model (TAM), and the Personal Values Theory. Survey data collected from 382 individual investors in Vietnam were analyzed using SPSS software. Empirical results indicate that Fintech factors (Perceived Usefulness, Perceived Ease of Use, Technology Trust) and Personal Values (Self-Concept, Risk Propensity) all have statistically significant positive impacts on Investment Decisions. Among these, Perceived Usefulness of Fintech exerts the strongest influence. On this basis, the study proposes policy and managerial implications for securities firms, Fintech developers, and state regulatory authorities.

---

Keywords :

fintech., individual investors, Investment Decision, personal values, Vietnamese stock market.

---

References :

1. Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179-211. https://doi.org/10.1016/0749-5978(91)90020-T
2. Bandura, A. (1977). Self-efficacy: Toward a unifying theory of behavioral change. Psychological Review, 84(2), 191–215.
3. Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The Quarterly Journal of Economics, 116(1), 261-292. https://doi.org/10.1162/003355301556400
4. Cao, M. M., Nguyen, N. T., & Tran, T. T. (2021). Behavioral factors on individual investors’ decision making and investment performance: A survey from the Vietnam stock market. Journal of Asian Finance, Economics and Business, 8(3), 845–853. https://doi.org/10.13106/jafeb.2021.vol8.no3.0845
5. Che Hassan, N., Abdul-Rahman, A., Ab. Hamid, S. N., & Mohd Amin, S. I. (2024). What factors affecting investment decision? The moderating role of fintech self-efficacy. PLOS ONE, 19(4), e0299004. https://doi.org/10.1371/journal.pone.0299004

6. Chuang, L. M., Liu, C. C., & Kao, H. K. (2016). The adoption of fintech service: TAM perspective. International Journal of Management and Commerce Innovations, 3(2), 706-715.
7. Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319-340. https://doi.org/10.2307/249008
8. Gai, K., Qiu, M., & Sun, X. (2018). A survey on Fintech. Journal of Network and Computer Applications, 103, 262-273. https://doi.org/10.1016/j.jnca.2017.10.011
9. Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2014). Multivariate Data Analysis(7th ed.). Pearson Education.
10. Mayfield, C., Perdue, G., & Chao, K. (2008). Investment management products and services: Personality traits and investment decision making. Journal of Financial Services Marketing, 13(3), 212-231. https://doi.org/10.1057/fsm.2008.18

11. Nguyen, T. H., & Le, P. N. (2022). Impact of mobile trading applications on trading behavior of individual investors in Vietnam. Journal of Economics & Development, 298, 45-55.
12. Pham, V. H., Tran, T. T., & Vu, Q. D. (2021). Personal values and rational psychology in stock portfolio selection decisions. Journal of Banking, 14, 32-40.
13. Risius, M., & Spohrer, K. (2017). A blockchain research framework: What we (don’t) know, where we go from here, and how we will understand the cashless society. Business & Information Systems Engineering, 59(6), 385-409. https://doi.org/10.1007/s12599-017-0506-0
14. Schwartz, S. H. (1992). Universals in the content and structure of values: Theoretical advances and empirical tests in 20 countries. Advances in Experimental Social Psychology, 25, 1-65. https://doi.org/10.1016/S0065-2601(08)60281-6
15. Schwartz, S. H. (2012). An overview of the Schwartz theory of basic values. Online Readings in Psychology and Culture, 2(1), 1-20. https://doi.org/10.9707/2307-0919.1116
16. Tran, M. C., & Nguyen, V. T. (2020). Financial Technology (Fintech) and changes in personal financial behavior of F0 investors in Vietnam. Journal of New Financial Research, 15(2), 112-125.