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Abstract Purpose The purpose of this paper is to investigate the relationship between personality traits, risk-taking attitude and investment decisions among potential private investors in a post-Soviet transition country, i.e. Kazakhstan. The study provides valuable insights to investment experts and policymakers to understand investors' behavior in post-Soviet transition countries. Design/methodology/approach A quantitative research method is used to measure personality traits, risk-taking behavior and investment decisions of the respondents. A survey was conducted among the students and teachers of a business school in Kazakhstan. Based on literature review, two multiple regression models were development and tested in this study. Software packages SPSS and EViews were used to analyze the data. Findings The findings revealed that personality traits have some impact on an individual's risk-tolerance behavior, which, in turn, influences investment decisions about stock, securities and bonds. The results of this study imply that investment advisors should consider personal characteristics and individual risk tolerance, among other factors, when giving investment advice to private investors. Originality/value At present, there is no study or research available about investors' behavior and risk-taking attitudes on post-Soviet transition economies. Therefore, this study will contribute significantly toward the understanding of investors' behavior in these countries and will help policymakers and investment bankers make appropriate suggestions on financial advising.
Pak et al. (Fri,) studied this question.