Demographic Factors and Herding Behaviour of Investors: Moderating Role of Islamic Religiosity


  • Saeed Ahmad Sabir PhD Scholar, School of Economics, Finance and Banking, Universiti Utara Malaysia
  • Tasawar Javed Assistant Professor, Department of Management Sciences, The Islmia University of Bahawalpur, Pakistan
  • Waseem Ul Hameed School of Economics, Finance and Banking, Universiti Utara Malaysia
  • Hummaira Qudsia Yousaf Assistant Professor, Department of Management Sciences, Superior University Lahore, Pakistan



Herding behaviour, Islamic religiosity, Demographic factors, Pakistan stock exchange (PSX)


Investors indulge in biases while making investment decision because investment decision making in stock market is a difficult process. One of the factors that affect risk taking behaviour of individual investors is Demographic factor. However, little work has been done to investigate the effect of demographic factors on herding behaviour of individual investors of Pakistan stock exchange. Therefore, the ultimate aim of this study is to highlight the role of the effect of demographic factors on herding behavior of investors with moderating role of Islamic religiosity. Quantitative research method was employed and data collected was collected from 166 individual investors by using survey questionnaires. Convenience sampling method was used to collect the data. Partial Least Squares analysis was conducted to test the hypotheses. The findings of this study directed that Islamic religiosity moderate the relationship of demographic factors with herding behaviour. This study is contributed a new empirical insights on behaviour of Pakistan stock market’s investors, therefore the results of this study have implications for policy makers of Pakistan stock exchange (PSX) while they making the strategies related to investment.


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How to Cite

Sabir, S. A. . ., Javed, T. ., Hameed , W. U. ., & Yousaf , H. Q. . (2020). Demographic Factors and Herding Behaviour of Investors: Moderating Role of Islamic Religiosity. Review of Applied Management & Social Science, 3(2), 193-203.