Measuring the Validity of the Instrument of Information Asymmetry, Accounting Information, Personal Values, Investment Satisfaction and Investor Decision : An Empirical Analysis of Pakistani Stock Exchanges

This study deals with the investment decision and investment satisfaction from the behavioral perspective of individual investors of Pakistani Stock Exchanges. The factors those adversely affect the trading attitude and activities of the stock market investors in Pakistan are the area of concern. In this study, we have constructed a model to measure the validity and reliability of adopted instrument of information asymmetry, accounting information, personal values, investment satisfaction and investment decision. The population of this study was the individual investors of Pakistani stock exchanges. The sample size was 100 investors of Lahore Stock Exchange and Islamabad Stock Exchange to measure the validity of the instrument. Convergent validity was checked through confirmatory factor analysis. Average variance extracted value of each variable is greater than 0.5 and construct reliability is also greater than 0.7 which is finest for the validity of the adopted instrument