




































BANGLADESH JOURNAL OF MULTIDISCIPLINARY SCIENTIFIC RESEARCH 10(2) (2025), 12-20 

12 

        MULTIDISCIPLINARY SCIENTIFIC RESEARCH 
          BJMSR VOL 10 NO 2 (2025) P-ISSN 2687-850X E-ISSN 2687-8518 

         Available online at https://www.cribfb.com 

     Journal homepage: https://www.cribfb.com/journal/index.php/BJMSR 

                                                                                                                                                                                                    Published by CRIBFB, USA 
                                                                                                                                     

THE INTERPLAY OF INVESTOR PSYCHOLOGY, ACCOUNTING 

INFORMATION, AND FINTECH IN SHAPING INVESTMENT 

DECISIONS: EVIDENCE FROM OMAN       
 

 Mohamed Zaheeruddin (a)1     Suneel Kumar (b)     
 

(a) Lecturer, University of Technology and Applied Sciences- Shinas, Oman; E-mail: mohamed.zaheer@utas.edu.om 
(b)Lecturer, University of Technology and Applied Sciences- Shinas, Oman; E-mail: suneel.kumar@utas.edu.om 
                     

 
A R T I C L E I N F O 

 
 

Article History: 

 

Received: 29th October 2024 

Reviewed & Revised: 29th October 2024 

to 10th March 2025 

Accepted: 11th March 2025 
Published: 15th March 2025 

 
Keywords: 

 
Investor Psychology, Accounting  

Information, FINTECH, Investment 

Decisions, Behavioral Finance,  

Oman, Investment Interest,  

Economic Diversification 

 
JEL Classification Codes: 

 

G41 

       

      Peer-Review Model:  

 

      External peer review was done through  
      double-blind method.        

 
A B S T R A C T      

 
The rapid economic revolution in Oman over the recent years has flickered an increased awareness of 

behavioral finance, investment tactics, and financial know-how. Traditional finance theories often 

overlook the role of biases and heuristics in investment decisions, particularly in developing markets 

like Oman, where financial literacy and technological adoption are still evolving. The primary goal of 

this study is to investigate the impact of investors’ psychology, accounting information, and fintech 

exposure on investment decisions among individuals in Oman. The study focuses on evaluating how these 

factors impact the investment interest and decision-making processes among Omani individuals, 

particularly examining the mediating role of investment interest in these relationships. A quantitative 

research approach was adopted, utilizing a structured questionnaire distributed among Omani 

individuals. Data was collected from 504 respondents to analyze their investment psychology, access to 

accounting information, and level of fintech adoption. The survey-based methodology enabled a 

comprehensive examination of the relationships between these factors and investment decision-making. 

The study found that investor psychology enhances investment interest, which further influences 

investment decisions positively. The results of this study show a positive impact of available information 

on investment interest and investment decisions. Additionally, exposure to fintech platforms enables 

more informed decision-making. The findings of this study suggest that investor psychology, accounting 

information, and fintech exposure significantly shape investment decisions by enhancing investment 

interest and facilitating better decision-making among individuals in Oman. 

 
 

© 2025 by the authors. Licensee CRIBFB, USA. This open-access article is distributed under the 
terms and conditions of the Creative Commons Attribution (CC BY) license 
(http://creativecommons.org/licenses/by/4.0).  

            

 

INTRODUCTION 

Oman is witnessing a growing awareness of behavioral finance, investment tactics, and financial know-how (Haddad & 

Hornuf, 2019). The country endures its economic diversification, making individual investment decisions pivotal in driving 

personal wealth and contributing to national growth. However, despite increasing investment avenues and intensifying 

advanced technologies in financial markets and instruments, understanding the factors shaping investment decisions in 

Oman remains unaddressed. Unlike traditional finance theories that assume rationality, behavioral finance acknowledges 

that biases, sentiments, and heuristics significantly determine individual financial actions (Peón & Antelo, 2021). Given the 

increasing reliance on fintech solutions and data-driven decision-making, it is essential to explore how investor psychology, 

available accounting information, and fintech exposure influence investment interest and decision-making (Kaiser & 

Menkhoff, 2020). This study adopts a quantitative research approach through a structured questionnaire distributed among 

Omani individuals to analyze the relationships between investor psychology, accounting information, fintech adoption, and 

investment decisions. Though investment decisions are influenced by a combination of psychological, technological, and 

informational factors, these aspects have been explored only to a limited extent in Oman. While global research has 

examined these parameters as influential factors in investment decisions, most studies focus on developed economies. Some 

recent studies emphasize the importance of investor behavior in developing markets where financial literacy is lower and 

fintech implementation is still in its promising stages (Haddad & Hornuf, 2019). However, there is still limited research on 

how these aspects shape investment behavior in Oman (Kaiser  & Menkhoff, 2020). Investors are influenced by accounting 

information availability when making investment decisions, yet gaps remain in the literature, with limited studies addressing 

                                                      
1Corresponding author: ORCID ID: 0000-0003-0561-8654 
© 2025 by the authors. Hosting by CRIBFB. Peer review is the responsibility of CRIBFB, USA.  

https://doi.org/10.46281/bjmsr.v10i2.2306 

 
To cite this article: Zaheeruddin, M., & Kumar, S. (2025). THE INTERPLAY OF INVESTOR PSYCHOLOGY, ACCOUNTING INFORMATION, AND 

FINTECH IN SHAPING INVESTMENT DECISIONS: EVIDENCE FROM OMAN. Bangladesh Journal of Multidisciplinary Scientific Research, 10(2), 

12-20. https://doi.org/10.46281/bjmsr.v10i2.2306 

http://creativecommons.org/licenses/by/4.0/)
http://creativecommons.org/licenses/by/4.0/)
https://www.openaccess.nl/en
https://doi.org/10.46281/bjmsr.v10i2.2306
https://orcid.org/0000-0003-0561-8654
https://orcid.org/0000-0002-7883-6700


Zaheeruddin & Kumar, Bangladesh Journal of Multidisciplinary Scientific Research 10(2) (2025), 12-20

 

13 

this issue (Cascino & Gassen, 2015). Despite extensive financial literacy programs in Oman, there is a need to examine how 

individuals apply this knowledge in their investment appraisal processes (Kaiser & Menkhoff, 2020). Furthermore, 

accounting information training and financial literacy programs highlight the importance of understanding their impact on 

both long-term and short-term investment planning, particularly in rapidly evolving economies (Klapper et al., 2013). 

This study investigates whether exposure to fintech stimulates interest in investment opportunities and how 

psychological tendencies and available accounting information impact individual investment decisions in Oman. It 

specifically examines whether investor psychology enhances investment interest, whether accounting information guides 

investor choices, and whether fintech platforms facilitate or hinder informed decision-making (Haddad & Hornuf, 2019; 

Kaiser & Menkhoff, 2020). The paper is organized as follows: A review of the pertinent literature that served as a guide for 

the creation of the hypotheses is given in Section 2. The research methodology used is described in depth in Section 3, and 

results and discussions are presented in Section 4, and the paper concludes in Section 5. 

 

LITERATURE REVIEW 

Investor Psychology 

Behavioral finance is a novel branch of study in finance that studies the psychological factors of investors during their 

investment appraisal process. The psychology of investors refers to behavioral aspects that inspire an individual during their 

investment. These include emotions, societal biases, cognitive errors, spending patterns, confidence level, self-control, and 

risk aptitude. Understanding these psychological factors is crucial in identifying the investment choices of individual 

investors (Baker & Ricciardi, 2014). Prospect theory, introduced by Kahneman and Tversky (1979), emphasizes how people 

evaluate their potential gains and losses differently based on their behaviors. The theory suggests that investors are habitually 

risk-averse when observing potential gains but risk-seeking when confronting potential losses, indicating that a more 

nuanced understanding of investor psychology is essential. Barberis and Thaler (2003) suggest that emotional factors 

significantly influence individuals’ financial activities. Cognitive biases, such as overconfidence and loss avoidance, have 

a significant impact on investment decisions. For example, investors often exhibit overconfidence in their ability to forecast 

market trends, leading to excessive trading and suboptimal investment outcomes (Odean, 1998). Furthermore, prospect 

theory proposes that individuals perceive losses more intensely than corresponding gains, which alters risk-taking behavior 

(Kahneman & Tversky, 1979). These psychological factors indicate that understanding investor behavior is crucial for 

predicting investment interests and decisions. Research has shown that individuals who are sensitive to their biases are more 

likely to make rational investment choices (Gervais & Odean, 2001; Yusoh et al., 2024). 

 

Accounting Information 

Accounting information refers to the data available through financial statements and reports that support stakeholders in 

understanding a company's financial health. The availability of precise and pertinent accounting information is crucial for 

individuals to make informed decisions regarding their investments. It serves as an essential source of data for investors, 

enabling them to assess the financial health of companies and make informed decisions. Investors depend on accounting 

information to evaluate the performance and risk associated with their investments. High-quality accounting information 

contributes to market efficiency by reducing informational asymmetry and enhancing investor confidence. Research has 

indicated that investors with knowledge of accounting principles are more likely to accurately interpret financial statements 

and make informed investment decisions (Yuan et al., 2022). This knowledge is fundamental in the context of FINTECH, 

where investors heavily rely on digital platforms to access financial information. 

 

FINTECH Exposure 

Financial Technology (FINTECH) encompasses technological innovations that aim to challenge traditional financial 

approaches in delivering financial services. It includes applications such as mobile banking and blockchain technology 

(Arner et al., 2016). FINTECH has made financial services more accessible and efficient, particularly for retail investors. 

The rise of FINTECH has transformed investment strategies, enabling individuals to use innovative tools and platforms to 

manage their investments. According to Arner et al. (2016), FINTECH enhances user-friendliness and competency in 

financial markets, allowing investors to make faster and more informed decisions. However, the effectiveness of FINTECH 

tools often depends on the investor's financial knowledge and technological literacy (Zavolokina et al., 2016). A study 

identified that financially literate individuals are more likely to adopt FINTECH solutions, leading to increased investment 

activity. Additionally, FINTECH exposure can broaden investors' understanding of various investment opportunities, 

thereby fostering more informed decision-making. The interplay between investor psychology, accounting information, and 

FINTECH exposure is critical in understanding investment decisions. These factors are interconnected and can influence 

one another (Alaaraj & Bakri, 2020). For instance, a better understanding of accounting principles can reduce the adverse 

effects of psychological biases, leading to more rational investment decisions. Additionally, the availability of reliable 

accounting information through FINTECH platforms can enhance financial literacy and promote better investment practices. 

 

Investment Interest 

Investment interest refers to an individual's attention and willingness to invest in different financial instruments. It 

encompasses the emotional and motivational aspects that drive an individual's investment readiness. Studies show that 

investment interest is influenced by various factors, including personal goals, societal influences, risk tolerance, and external 

market conditions (Riedl & Smeets, 2017). This highlights the importance of studying how external factors influence 

individual perspectives and behaviors within the investment context. 

 



Zaheeruddin & Kumar, Bangladesh Journal of Multidisciplinary Scientific Research 10(2) (2025), 12-20

 

14 

Investment Decision-Making 

Investment decision-making refers to the process by which individuals select various investment options based on their 

financial objectives, risk tolerance, and available information. Investment decision-making is influenced by both rational 

analysis and emotional factors, leading to diverse outcomes (Hirshleifer, 2001). Behavioral decision theory suggests that 

individuals often rely on simplified models to make decisions, which can result in bias (Simon, 1979). Understanding these 

decision-making frameworks can provide insight into why individuals often deviate from optimal decision-making. 

 

Theoretical Framework 

Behavioral Finance Theory 

Behavioral finance theory examines the psychological factors influencing investors during their investment appraisal 

process. It suggests that investors are not always rational and are often influenced by emotions, cognitive biases, heuristics, 

and social factors. Cognitive biases such as overconfidence, loss aversion, and anchoring may lead to suboptimal investment 

choices. Emotions like anxiety, greed, and over-excitement affect investment behavior. Psychological shortcuts are used in 

decision-making, which can result in systematic errors. In this study, investor psychology plays a central role in interpreting 

accounting information and FINTECH literacy, which ultimately impacts investment decisions. 

 

Accounting Information and Investment Decisions 

Accounting information is essential for making informed investment decisions. It helps individuals analyze financial reports, 

study market trends, and explore investment opportunities. However, investors’ ability to interpret and use accounting 

information is influenced by behavioral biases and their exposure to financial knowledge. Investors use balance sheets, 

income statements, and other reports to evaluate a company's financial health. However, biases like confirmation bias can 

cause investors to focus only on data that aligns with their existing beliefs. Precise and accurate financial disclosures are 

essential to investor confidence. Misinterpretation of financial statements due to limited exposure to FINTECH platforms 

may influence investment decisions. An investor's ability to assess financial risks is directly influenced by their cognitive 

biases and past investment experiences. 

 

FINTECH Exposure and Investment Behavior 

FINTECH has enhanced access to financial information, markets, and trading tools, thus encouraging more excellent 

investment activity. However, exposure to FINTECH also presents challenges, such as information overload and digital 

security risks. Digital Financial Literacy is vital to using FINTECH platforms effectively. Misunderstanding financial 

statements and algorithmic recommendations may occur if investors lack proper digital financial literacy, leading to poor 

investment choices. Overreliance on AI-driven platforms or robo-advisors may lead to riskier investment decisions. The 

increased accessibility to financial markets through FINTECH platforms may promote frequent trading, which can trigger 

behavioral traps like herd mentality. 

 

Research Gap  

In summary, investor psychology, accounting information, and FINTECH exposure all play significant roles in shaping 

investment decisions. Research has shown that these factors are interconnected and can influence one another. However, 

there are still gaps in understanding how these factors interact, especially in developing economies such as Oman. There is 

a need for further exploration into how investor psychology and accounting knowledge when combined with FINTECH 

exposure, influence investment behavior in Oman. Additionally, the role of financial literacy programs in enhancing 

investment decision-making remains under-researched. This study seeks to bridge these gaps by examining how investor 

psychology, accounting information, and FINTECH exposure influence investment decisions in Oman. The study will 

analyze how psychological biases, the availability of accounting information, and exposure to FINTECH platforms affect 

individual investors' choices. 

 
Figure 1. Conceptual Framework of the Study 

Source: Developed by authors 



Zaheeruddin & Kumar, Bangladesh Journal of Multidisciplinary Scientific Research 10(2) (2025), 12-20

 

15 

The framework explains the factors influencing investment decisions through investment interest. It highlights 

three key determinants: Investors' Psychology, Accounting Information, and Fintech Exposure, which collectively shape an 

individual's interest in investment. Investors' Psychology reflects behavioral biases and risk perception, while Accounting 

Information signifies financial literacy and data-driven decision-making. Fintech Exposure represents the role of digital 

financial services in shaping investment behavior. These factors influence Investment Interest, which subsequently drives 

the final Investment Decision. The model underscores the interconnected impact of psychological, informational, and 

technological aspects in rational investment decision-making. 

This study seeks to bridge critical gaps in understanding the aspects that shape investment behavior among 

individual investors in Oman. Explicitly, it examines the impact of investor psychology, available accounting information, 

and exposure to FINTECH platforms on investment interest and decision-making. By addressing these aspects, the research 

aims to provide a comprehensive analysis of how psychological tendencies affect investment choices, the extent to which 

accounting information guides investor interest, and whether FINTECH exposure facilitates or impedes informed financial 

decision-making. Through this inquiry, the study not only contributes to the existing body of knowledge on investment 

behavior but also offers valuable insights for policymakers, financial institutions, and investors to develop strategies that 

enhance financial literacy and promote more informed investment decisions in Oman's evolving economic landscape. 

Therefore, this study considers the following hypotheses (Paths in SEM Model): 

. 

H1: Higher psychological readiness (e.g., confidence in managing finances) positively influences an individual’s interest in 

investing. 

H2: Better knowledge of accounting practices increases investment interest due to better decision-making. 

H3: Greater exposure to FINTECH platforms increases investment interest due to the convenience and accessibility of 

investments. 

H4: Investors with stronger psychological resilience (e.g., risk tolerance) make more confident and timely investment 

decisions. 

H5: Investors who are knowledgeable about accounting are more likely to make informed investment decisions. 

H6: Greater use of FINTECH platforms leads to quicker and more informed investment decisions. 

H7: Higher investment interest positively influences actual investment decisions, as those interested are more likely to act 

on opportunities. 

RESULTS AND DISCUSSIONS 

Data for this study was collected from 504 Omani respondents through an online survey circulated via email. The survey 

instrument included various sections to collect responses about the demographic details of the respondents, investor 

psychology, accounting information, FINTECH exposure, investment interest, and decision-making. In the opening section 

of the questionnaire, respondents were assured about the confidentiality and ethical use of data collected through the survey.  

The reliability of the questionnaire was examined using Cronbach's Alpha. As shown in Table 1, the Cronbach's Alpha for 

research variables was more than 0.8, which shows that the scales were reliable.  

 

Table 1. Scale Reliability 

 
S.N.  Scale Number of Items Cronbach's Alpha 

1 Investor's Psychology  13 0.90 

2 Accounting Information  7 0.92 

3 FINTECH Exposure 7 0.92 

4 Investment Interest 7 0.89 

5 Decision-Making  7 0.89 

 

To add to the research context and demographic details of the respondents, data presented in Table 2 shows that 

this study covered most of the significant governorates of the Sultanate of Oman. A total of 71.4% of the respondents 

represented North Al Batinah, followed by Buraimi, which was represented by 9.5% of the respondents. A total of 2.4% of 

respondents represented each of Al Dhahira and Musandam separately. Muscat, Al Dakhiliya, South Al Batinah, and Others 

were each represented by 3.6% of respondents. Moreover, the respondents of this study included 72.6% females and 27.4% 

males. This study involved respondents with a minimum age of 20 years. Additionally, the education profile of the 

respondents shows that 11.9% of the respondents had accomplished their high school studies, whereas others had 

accomplished graduate (71.4%), postgraduate (9.5%), and doctoral degrees (4.8%). A total of 2.4% of respondents had 

accomplished some other certificates such as diplomas, etc. A total of 52.4% of the respondents were married, and 47.6% 

were unmarried, which shows that a large proportion of the respondents were young and single. The income profile of the 

respondents shows that 47.6% of the respondents had monthly individual income less than 500 Omani Rials (OMR); 

however, 29.8% of the respondents had a monthly income of 501-1000 OMR, respondents earning 1500-2000 OMR, and 

more than 2000 OMR monthly counted for 6.0% in each category (see Table 2).  

 

Table 2. Respondent's Demographic Profile 

 
Variables Particulars Frequency Percent 

Region North Al Batinah  360 71.4 

Muscat 18 3.6 

Al Dakhiliya  18 3.6 



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16 

Al Dhahira  12 2.4 

South Al Batinah  18 3.6 

Musandam  12 2.4 

Buraimi  48 9.5 

Others 18 3.6 

Gender Male 138 27.4 

Female 366 72.6 

Age 20-30 Years 312 61.9 

31-40 Years 102 20.2 

41-50 Years 78 15.5 

More than 50 Years 12 2.4 

Education Graduate 360 71.4 

Post Graduate 48 9.5 

Doctorate 24 4.8 

High School 60 11.9 

Other 12 2.4 

Marital Status Married 264 52.4 

Unmarried 240 47.6 

Monthly Income <500 OMR 240 47.6 

501-1000 OMR 150 29.8 

1001-1500 OMR 54 10.7 

1500 - 2000 OMR 30 6.0 

>2000 OMR 30 6.0 

 

Correlation coefficients were computed to examine the relationships between variables. As shown in Table 3, an 

investor's psychology is optimistic with the accounting information (r = 0.71, Sig. 0.01 levels); this indicates that an 

individual with a positive psychology toward investment will be equipped with accounting information. Further, investor 

psychology and Fintech exposure are associated positively (r = 0.62, Sig. 0.01 levels), which indicates that an individual 

with Fintech exposure will show positive investor psychology. Additionally, investor's psychology associates positively (r 

= 0.72, Sig. 0.01 levels) with investment interest. The available statistics show that an individual with a positive investor 

psychology will show high investment interest. Also, a similar positive relationship was observed between investors' 

psychology and decision-making (r = 0.69, Sig. 0.01 levels). Other dyadic combinations between variables were also found 

to be positively correlated, such as accounting information associates positively (r = 0.70, Sig. 0.01 levels) with investment 

interest; and decision-making (r = 0.67, Sig. 0.01 levels). Similarly, as shown in Table 3, fintech exposure associates 

positively (r = 0.71, Sig. 0.01 levels) with investment interest and decision-making (r = 0.64, Sig. 0.01 levels).   

 

Table 3. Correlation Matrix 

 
S.N. Variables 1 2 3 4 

1 Investor's Psychology          

2 Accounting Information  0.71**       

3 FINTECH Exposure 0.62** 0.74**     

4 Investment Interest 0.72** 0.70** 0.71**   

5 Decision-Making  0.69** 0.67** 0.64** 0.79** 

**. Correlation is significant at the 0.01 level (2-tailed). 

 

Testing the Research Model  

The research model was tested using the Structural Equation Modeling (SEM) technique. The model shown in Figure 2 was 

tested on seven popular model-fit indices, such as GFI, AGFI, SRMR, RMSEA, NFI, TLI, and CFI. The threshold values 

and observed values are presented in Table 4. The observed value for the Goodness-of-fit index was 0.99, which is above 

the required acceptable value (0.95) for a good model fit. The GFI indicates that the model explains 99% of the variance-

covariance matrix. This substantial value demonstrates a high level of agreement between the model and the observed data, 

supporting its validity. Moreover, the computed value for AGFI was 0.90, which exceeds the threshold value (0.80) for a 

good model fit. The available statistics show that the AGFI, which adjusts for the model's complexity, exceeds the 

recommended value. It provides evidence to conclude that the model balances a good fit with parsimony, further reinforcing 

its adequacy. Additionally, the observed value for SRMR was 0.05, which is less than the threshold value (0.08) for a good 

model fit. The SRMR shows a low level of residual error between the observed and predicted correlations. A value of 0.05 

reflects an excellent fit, showing minimal discrepancies in the research model. However, the RMSEA value of 0.12, above 

the threshold of 0.08, could be influenced by the complexity of the research model, as more significant or more intricate 

models often result in inflated RMSEA values (Kline, 2016). RMSEA is sensitive to model complexity, meaning that more 

extensive models can overfit the data, resulting in a higher RMSEA value (Kline, 2016). This is because RMSEA penalizes 

models that overestimate the fit by including too many parameters relative to the data. In the present research model, multiple 

parameters might have resulted in a high model fit index.   

The values for other model-fit indices, such as NFI, TLI, and CFI, were observed at 0.99, 0.96, and 0.99, 

respectively. The results of the fit indices statistics show a good model fit. The NFI value offers an excellent fit, confirming 

that the model explains the data significantly better than a null model. On the other hand, the TLI reflects a strong balance 

between model fit and thriftiness, highlighting the model's robust alignment with the observed data. Moreover, the CFI 



Zaheeruddin & Kumar, Bangladesh Journal of Multidisciplinary Scientific Research 10(2) (2025), 12-20

 

17 

value, near its maximum of 1.0, strongly supports the model's goodness of fit, indicating an almost perfect match between 

the proposed and observed covariance structures.  

The above analysis and model fit indices show that six out of seven values offered a good model fit. Though the 

value of RMSEA was above the threshold value, based on the other six statistics, the research model significantly explains 

the impact of investors' psychology, accounting information, and Fintech exposure on the individual's investment interest 

and investment decision-making. Though RMSEA is a commonly used fit index, Kline (2016) recommends considering 

various fit indices to examine the model quality. In cases where RMSEA exceeds the threshold, other indices such as GFI, 

AGFI, NFI, TLI, SRMR, and CFI provide a more comprehensive evaluation of model fit (Kline, 2016). The excellent 

performance of these indices supports the conclusion that the model fits the data well despite RMSEA's higher value. 

 

Table 4. Summary of Model Fit Statistics 

 
S.N. Fit Index Recommended Values Observed Values  Comment 

1 GFI >=0.95 0.99 Good Fit 

2 AGFI >=0.80 0.90 Good Fit 

3 SRMR <=0.08 0.05 Good Fit 

4 RMSEA <=0.08 0.12 Poor Fit 

5 NFI >=0.95 0.99 Good Fit 

6 TLI >=0.95 0.96 Good Fit 

7 CFI >=0.95 0.99 Good Fit 

GFI=Goodness-of-fit index   

NFI=Normed-fit index  

AGFI=Adjusted Goodness-of-fit 
TLI=Tucker-Lewis index  

SRMR= Standard Root Mean Square Residual  

CFI = Comparative Fit Index 
RMSEA= Root Mean Square Error of Approximation  

 
 

 
Figure 2. Research Model 

 

Direct path coefficients were computed to analyze the impact of predictors on the dependent variables. As shown 

in Table 5, all the predictors have a significant positive impact on their dependent variables. An individual's investment 

psychology increases his/her investment interest; accounting information available to the respondents further enhances the 

investment interest, and respondents' Fintech exposure has a positive impact on their investment interest. Additionally, 

investment interest, Fintech exposure, and investors’ psychology significantly promote an individual's investment decisions.   

 

Table 5. Direct Path Coefficients 

 
S.N. Predictor Dependent Variable Coefficient Sig.  

1 Investors’ psychology Investment Interest 0.23 0.01 

2 Accounting Information Investment Interest 0.17 0.01 

3 FINTECH Exposure Investment Interest 0.33 0.01 

4 Investment Interest Investment Decision Making 0.58 0.01 

5 FINTECH Exposure Investment Decision Making 0.11 0.01 

6 Investors’ psychology Investment Decision Making 0.14 0.01 

 

The Role of Psychological Factors in Investment Decisions 

Psychological factors are found to have a significant impact on investment interest (β = 0.23, p = 0.01) and, to a lesser 

extent, investment decision-making (β = 0.14, p = 0.01). This shows that individuals with well-organized financial behavior, 

such as consistent savings and planning, exhibit a superior inclination toward investment activities. The mediating effect on 

investment decision-making indicates that despite the fact that investor psychology provides the foundation for investment 



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18 

interest, other factors, viz., fintech exposure and accounting information, also have a crucial role to play in shaping final 

investment choices. This is consistent with behavioral finance theories, which claim that an individual’s emotional 

characters shape their readiness to take on investment risks and explore various financial opportunities (Shapira & Venezia, 

2001; Pompian, 2006). Confidence and secure financial situations are the result of well-organized financial habits, which in 

turn enhances their willingness to invest (Lusardi & Mitchell, 2011). 

 

Influence of Accounting Information on Investment Interest 

The findings reveal that there is a positive but yet relatively low impact of accounting information on investment interest (β 

= 0.17, p = 0.01). This specifies that while financial reports and accounting statements contribute to investor preparedness 

to take part in investment activities, they are not the key drivers of investment eagerness. This aligns with prior studies 

postulates that investment decisions are influenced by a variety of factors beyond traditional accounting data (Aren & 

Aydemir, 2015; Barberis & Thaler, 2003). 

Given the increasing intricacy of financial markets and the user-friendliness of alternative investment tools, 

traditional accounting information must be augmented with more innovative financial literacy initiatives to enhance its 

impact. As suggested by research conducted by Huston (2010), gamified investment education, collaborative data 

visualization tools, and AI-based financial advisory services may help bridge the gap between raw accounting data and 

actionable investment insights. Moreover, governing bodies and financial institutions must collaborate to streamline 

financial disclosures and make them more investor-friendly, thereby fostering more significant engagement with accounting 

information (Ball, 2006; Ali et al., 2024). 

 

FINTECH Exposure and Its Growing Importance 

The most interesting finding is the substantial impact of fintech exposure on both investment interest (β = 0.33, p = 0.01) 

and investment decision-making (β = 0.11, p = 0.01). The sturdy association between fintech exposure and investment 

interest highlights the transformative role of digital financial platforms, robo-advisors, and mobile banking applications in 

promoting investor engagement. These hi-tech inventions have not only given everyone access to financial markets but also 

boosted financial learning and awareness among investors (Zhang, 2025). The availability of real-time financial data, robotic 

advisors, and smooth and continuous trading practices has expressively inclined investor’s willingness to discover additional 

financial opportunities (Venkatesh et al., 2003). 

The comparatively lower direct impact on investment decision-making proposes that while fintech augments 

approachability and attention, investors may still trust traditional evaluation methods and psychological factors before 

binding to financial decisions. This aligns with global trends where fintech serves as an enabler rather than a sole determinant 

of investment choices. This directly aligns with study findings of (Benedetti & Rodríguez-Garnica, 2023) that though fintech 

plays an enabler role through improved information spreading and transactional comfort, it does not entirely substitute the 

conventional elements of investment valuation, such as fundamental analysis and investor sentiment. 

 

Investment Interest  

Investment interest emerges as a critical arbitrating variable, unveiling the most substantial direct influence on investment 

decision-making (β = 0.58, p = 0.01). This suggests that people who develop an initial investment curiosity are more likely 

to decipher that interest into actual investment actions. The finding is similar to the prior studies revealing that investor 

eagerness plays a crucial role in enabling financial decision-making and market participation (Lusardi & Mitchell, 2014; 

Barberis & Thaler, 2003). This highlights the importance of financial education and awareness campaigns to inspire 

investment interest, which in turn can drive more extensive involvement in financial markets. As suggested by Kou and Lu 

(2025), the user-friendliness and ease of digital investment platforms have made investment opportunities further perceptible 

and approachable, thus cultivating initial interest among budding investors. Furthermore, study findings highlight that 

fintech and investors’ psychology contribute indirectly to investment decisions by first influencing investment interest. 

Habitual financial activities such as consistent savings and planning create a foundation and help support investment 

engagement over time (Huston, 2010) 

 

CONCLUSIONS 

The study highlights the intricate relationship between investor psychology, accounting information, and fintech in shaping 

investment decisions in Oman. It demonstrates how psychological factors and accounting information contribute to 

generating investment interest, while fintech plays a crucial role in modernizing the investment landscape. The research also 

emphasizes the significant mediating role of investment interest, suggesting that nurturing enthusiasm and curiosity about 

investments is vital to translating initial interest into actual investment actions. The rapid development of fintech has 

transformed investment engagement, making it more accessible to a broader population. The ease of access to fintech-driven 

investment platforms has reduced traditional barriers, enabling individuals to explore diversified portfolios and make 

informed decisions. However, while fintech enhances engagement, it does not eliminate the need for financial literacy and 

psychological preparedness for risk-taking, underscoring the importance of combining fintech with investor education. The 

moderate influence of investor psychology and accounting information further highlights the need for comprehensive 

financial education programs. Teaching individuals about financial planning, risk assessment, and market analysis can 

complement fintech adoption, ensuring that investment decisions are both accessible and well-informed. Regulatory bodies 

and policymakers should integrate financial literacy initiatives with fintech platforms to provide tailored insights and 

recommendations to users based on their investment preferences and risk tolerance. Investment interest plays a crucial 

mediating role, showing that individuals who actively seek knowledge and demonstrate enthusiasm for investments are 



Zaheeruddin & Kumar, Bangladesh Journal of Multidisciplinary Scientific Research 10(2) (2025), 12-20

 

19 

more likely to translate their interest into concrete financial decisions. This underscores the importance of targeted 

interventions such as workshops, seminars, and digital investment simulations to cultivate a proactive investment mindset 

among potential investors. 

This study uniquely bridges the gap in understanding how investor psychology, accounting information, and fintech 

exposure collectively shape investment decisions in Oman, a rapidly developing economy. The research emphasizes the 

critical role of investment interest in mediating the effects of these factors, highlighting the importance of financial literacy 

and psychological preparedness in conjunction with fintech adoption. The study findings contribute to behavioral finance 

literature by signifying how emotional and technological factors interact in the decision-making process. Traditional 

investment theories often highlight rational analysis, whereas this study emphasizes the substantial role of investor 

psychology and fintech accessibility in shaping investment behavior (Shiller, 2015). Understanding the moderate influence 

of investors’ psychology and accounting information, targeted financial literacy initiatives can support investors' ability to 

make informed decisions (Lusardi & Mitchell, 2014). Financial institutions and policymakers can focus on assimilating 

fintech solutions with traditional investment platforms to meet investors' growing needs. As investment interest has a 

significant impact on investment decision-making, awareness campaigns, and education programs for investors should 

highlight the benefits and risks associated with different investment avenues.  

This study is limited by its focus on individual investors in Oman, which may not be representative of other regions 

with different levels of financial literacy or technological exposure. Additionally, the research does not account for potential 

biases in self-reported data or the evolving nature of fintech, which may impact the generalizability of the findings over 

time. Future research may expand on additional psychological and technological factors that influence investment behaviors 

in emerging markets. Investigating elements such as risk tolerance, behavioral biases, and artificial intelligence-driven 

investment tools can provide a more comprehensive understanding of how modern investors make financial decisions. By 

continuing to explore these variables, scholars and practitioners can develop more effective strategies to enhance financial 

inclusion, empower investors, and drive sustainable economic growth in Oman and beyond. 

 
 
Author Contributions: Conceptualization, M.Z. and S.K.; Methodology, M.Z.; Software, M.Z.; Validation, M.Z.; Formal Analysis, M.Z. and S.K.; 

Investigation, M.Z. and S.K..; Resources, M.Z. and S.K.; Data Curation, M.Z.; Writing –Original Draft Preparation, M.Z. and S.K.; Writing –Review & 

Editing, M.Z. and S.K.; Visualization, M.Z., Supervision, M.Z.; Funding Acquisition, M.Z. and S.K. Authors have read and agreed to the published version 

of the manuscript.  

Institutional Review Board Statement: Ethical review and approval were waived for this study because the research does not deal with vulnerable groups 
or sensitive issues. 

Funding: This paper is the outcome of a research grant funded by the University of Technology and Applied Sciences—Shinas, Oman. 

Acknowledgments: Not applicable.  
Informed Consent Statement: Informed consent was obtained from all subjects involved in the study since it is voluntary, and the statement is included 

on the first page of the questionnaire. 

Data Availability Statement: The data presented in this study are available on request from the corresponding author. The data are not publicly available 
due to restrictions.  

Conflicts of Interest: The authors declare no conflict of interest.     

  

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https://doi.org/10.1111/j.1745-6606.2010.01170.x
https://doi.org/10.2307/1914185
https://documents.worldbank.org/curated/en/144551502300810101
https://doi.org/10.1186/s40854-024-00668-6
https://dl.icdst.org/pdfs/files4/befc0f8521c770249dd18726a917cf90.pdf
https://doi.org/10.1111/0022-1082.00078
https://doi.org/10.2307/j.ctt1287kz5
http://dx.doi.org/10.54254/2754-1169/2024.19205
http://dx.doi.org/10.54254/2754-1169/2024.19205
http://creativecommons.org/licenses/by/4.0).
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