Factors forming irrational Lithuanian individual investors' behaviour

Jekaterina Kartašova


The paper aims to identify factors forming irrational individual investors’ behaviour on the Lithuanian stock market. For this purpose and on the basis of the results of scientific literature research, factors forming irrational behaviour of individual investors were identified and used for preparing a questionnaire for individual investors actively trading on the Lithuanian stock market. In addition, a complex research methodology for identifying factors forming/determining irrational investor behaviour was developed. The results of the study identify basic factors forming Lithuanian individual investors’ behaviour on the stock market and illustrate the logical relationship between these factors and individual investors’ personal characteristics such as gender, age, investment experience and profession.


individual investors’ behaviour; irrational behaviour; factors forming irrational behaviour; behavioural finance; cognitive and emotional biases

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"Business Systems & Economics" ISSN online 2029-8234