Intergenerational Shifts in Equity Investment Behavior: From Traditional Media to Social Media Among Family Business Investors

Abstract

This study examines the changing patterns of behavioural decision-making in equity investments among family business investors, with a particular focus on the intergenerational shift from traditional media sources such as newspapers and television to digital and social media platforms. The study aims to understand how generational influence, digital literacy, and technological expectations affect behavioural intention and the quality of investment decision-making within family-owned businesses. Using a purposive sampling technique, data were collected from 227 respondents from family-owned enterprises through a structured questionnaire. The main variables considered in the study include performance expectancy, effort expectancy, social influence, sentiment, credibility, family generational influence, behavioural intention, and investment decision-making. The collected data were analysed using SPSS and AMOS. The analyses included reliability testing, correlation analysis, regression analysis, mediation analysis, and structural equation modelling (SEM). The findings reveal that second- and third-generation family investors show a stronger preference for social media platforms due to their higher level of digital fluency and familiarity with technology. Furthermore, behavioural intention was found to mediate the relationship between digital transformation factors and the quality of investment decision-making. The study highlights the growing influence of digital platforms and social media on investment behaviour among different generations in family businesses. The study provides practical implications for financial institutions, fintech firms, and policymakers in developing intergenerational digital literacy initiatives and creating user-friendly investment platform ecosystems within family businesses. The study also contributes to the existing literature by integrating technology adoption models with intergenerational behavioural finance perspectives and by positioning family generational influence as an important independent construct in understanding investment decision-making in family firms.