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In this study, we investigated the factors that influence investor's propensity to invest which called investment behavior. Factors known to have an impact on individual investment decisions are psychological and cognitive errors, socioeconomic and environmental factors, and financial, economic and environmental factors. Among those factors, financial and environmental factors including the level of knowledge in terms of financial economy, harmonization of income and expenditure, and liquidity constraints are empirically investigated. Among the personal factors the liquidity constraints has been turned out to have significant impact on decision-making about investments. The findings that liquidity constraints have an impact on the investment behavior and there are differences between investment behaviors according to the purposes of investment, and the liquidity constraints has impact on them have significant meanings. Generally, investment behaviors are kinds of inherent characteristics, in other words, hard to be changed or affected. But the study results indicate that investment behaviors can be affected personal economic conditions. So, when advices or consulting regarding investments is made, not only the personi¯s investment behavior but also the personi¯s economic conditions, especially if the person is under liquidity constraints should be considered. Also, investors should take into accounts his or her economic conditions when making investment decisions.

international journal of economics and finance

An Analysis on the Effects of Economic Conditions on Investment Behavior: Focusing on Level of Finance Knowledge, Income-Expenditure Balance and Liquidity Constraints