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Decision making is a complex process that involves risk. All decision made by investors should be concerned about the level of risk they are willing to tolerate. The level of risk they are willing to absorb will lead to their investment strategy they should go for, aggressive, moderate or conservative. For that reason, the factors affecting investors' investment strategy should be taken into consideration. This study attempts to develop a conceptual framework in relation to factors determining investors' investment strategy. In the first part, the paper will describe the development of the theories, and then review previous literature that provides empirical evidence on factors affecting investors' decision.
Riffin et al. (Tue,) studied this question.