Financial Behavior, Aramco's IPO, Financial Literacy, Financial Self-efficacy, Patriotism, Environmental Concerns.


This study investigates the main reasons behind the purchase of Aramco shares. It examines whether the following financial variables: financial literacy, financial self-efficacy, financial behavior and financial perceived value influence the attitude towards Saudi Aramco's IPO. Other variables dealing with environmental concerns and patriotism perception were added to this analysis, making it one of the pioneer studies in this field. A primary data collection through a survey questionnaire and structural equation modeling (SPSS-AMOS-26) were followed to study our research hypotheses. Our findings highlight a significant relationship between patriotism level, environmental concerns and attitude towards Saudi Aramco's IPO, which may encourage financial institutions to slot this investors’ psychosocial side in their marketing strategy, making environment sustainability a part of their corporate identity. Our study will also open the way for further investigation on the role played by these variables on financial decision making and to what extend a financial organization can use them to enhance its performance and gain investors’ attention. 


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