Financial advice seeking and investment performance: Research on individual investors in the Vietnam stock market
0
Online Published:
10/12/2025
Section:
Finance, Banking, Accounting, and Auditing
Main Article Content
Abstract
This study investigates how seeking financial advice affects the investment performance of individual investors in the Vietnam stock market. Based on primary data collected from an online survey of 362 investors from December 2023 to March 2024, the research measures performance via self-reported satisfaction on a 5-point Likert scale. Utilizing an Ordered Probit regression model and marginal effect analysis, the findings demonstrate that seeking financial advice, possessing higher financial literacy, and maintaining a reasonable trading frequency significantly enhance investors' perceived performance. Conversely, the disposition effect, self-protection bias, and mental accounting bias exert significant negative impacts. Other behavioral factors, such as overconfidence and hindsight bias, alongside demographic characteristics, show no statistically significant influence. The study contributes to behavioral finance theory by proposing that in emerging markets with low financial literacy, professional advice serves not only as an informational signal but also as a structured bias-correction mechanism, with its effectiveness increasing with the degree of delegation. Practical recommendations are provided for investors, advisors, and regulators to enhance the advisory ecosystem.
Keywords
Behavioral bias; Investment performance; Financial advice seeking; Financial literacy; Vietnam
Article Details
Field of Economic (JEL Codes)
G00 - General - General, G11 - Portfolio Choice • Investment Decisions - General Financial Markets
References
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Gerrans, P., & Hershey, D. A. (2017a). Financial Adviser Anxiety, Financial Literacy, and Financial Advice Seeking. Journal of Consumer Affairs, 51(1), 54–90. https://doi.org/10.1111/joca.12120
Gerrans, P., & Hershey, D. A. (2017b). Financial Adviser Anxiety, Financial Literacy, and Financial Advice Seeking. Journal of Consumer Affairs, 51(1), 54–90. https://doi.org/10.1111/joca.12120
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Graham, J. R., Harvey, C. R., & Huang, H. (2009). Investor competence, trading frequency, and home bias. Management science, 55(7), 1094-1106. https://doi.org/10.1287/mnsc.1090.1009
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How to Cite
Nguyen, T. N. L., Linh, A. P. N. T. M., & Phan, C. T. (2025). Financial advice seeking and investment performance: Research on individual investors in the Vietnam stock market. Journal of Finance - Marketing Research, 4(1en). https://doi.org/10.52932/jfm.v4i1en.1055