What Matters Most in Risky Investment Intentions? Financial Phantasy and Mindfulness in an Emerging Market Behavioral Finance

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Published: Jun 30, 2026
Keywords:
Behavioral Finance, Risky Investment Intention, Financial Phantasy, Mindfulness, PLS-SEM, IPMA, Pakistan Stock Exchange

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Hamza Ahmad
Department of Management Sciences, Muslim Youth University, Islamabad Pakistan.
https://orcid.org/0009-0003-7698-4966
Mirza Nasir Jahan Mehdi
Department of Management Sciences, Muslim Youth University, Islamabad Pakistan.
https://orcid.org/0009-0009-7700-0838
Muhammad Bilal Khan
Registrar's Office, Muslim Youth University, Islamabad. Pakistan.³
https://orcid.org/0000-0003-0049-7785

Abstract

This study investigates how personality, cultural values, financial phantasy, and mindfulness influence risky investment intention in an emerging market. Using pilot data from 50 Pakistan-based market participants and PLS-SEM, the findings show that power distance and uncertainty avoidance strongly shape financial phantasy, while agreeableness is the strongest direct predictor of risky investment intention. Financial phantasy increases risky investment intention, whereas mindfulness shows a negative direct and moderating tendency. Importance–performance analysis further identifies financial phantasy and mindfulness as key areas for investor education and behavioral risk management. The study extends behavioral finance by identifying not only whether psychology matters in investment decisions, but which psychological and cultural factors deserve the greatest practical attention.

Article Details

How to Cite
Ahmad, H., Jahan Mehdi , M. N., & Bilal Khan, M. (2026). What Matters Most in Risky Investment Intentions? Financial Phantasy and Mindfulness in an Emerging Market: Behavioral Finance. Journal of Workplace Behavior, 7(1), 79–91. Retrieved from https://charisma-jwb.com/index.php/jwb/article/view/342
Issue
Vol. 7 No. 1 (2026): Journal of Workplace Behavior (JoWB)
Section
Articles
Author Biographies

Hamza Ahmad, Department of Management Sciences, Muslim Youth University, Islamabad Pakistan.

Hamza Ahmad holds BBA and MBA degrees from IIUI and an MS in Finance from Riphah International University. He has 15 years of combined experience in academia and public-sector institutions, including service as Coordinator at IIUI and as an Instructor and Staff Officer with the Pakistan Army at key educational institutions. His expertise includes academic administration, leadership, training, coordination, and educational management.

Mirza Nasir Jahan Mehdi , Department of Management Sciences, Muslim Youth University, Islamabad Pakistan.

Mirza Nasir Jahan Mehdi (PhD) is Head of the Department of Management Sciences at Muslim Youth University, Islamabad. He holds a PhD in Management Sciences from NUML, Islamabad, an MS from COMSATS University Islamabad, and an MBA in Banking and Finance. His research interests include corporate finance, financial markets, strategic management, organizational behavior, human resource management, and quantitative research methods. He is actively engaged in postgraduate teaching, research supervision, academic leadership, and industry–academia collaboration.

Muhammad Bilal Khan, Registrar's Office, Muslim Youth University, Islamabad. Pakistan.³

Bilal Khan is an accomplished higher education administrator with over 17 years of experience in university governance, academic administration, policy implementation, regulatory compliance, and institutional management. He has served in leading institutions including FAST-NU, NUST, Foundation University, and Riphah International University. Holding a PhD in Business Administration, he currently serves as Registrar at MY University Islamabad, where he promotes efficient governance, academic integrity, student-centered administration, and institutional excellence.