The Impact of Financial Investment Quality Factors on Investment Satisfaction of Individual Financial Investors

다국어 초록 (Multilingual Abstract)

In a financial environment where digital transformation is accelerating, the structure of investment satisfaction formation among individual financial investors is being restructured from a traditional service-oriented evaluation to a product- and platform-oriented evaluation. This study aims to empirically examine the structural relationships through which financial investment product quality and financial institution service quality influence investment satisfaction via the mediating roles of individual investment propensity and reference group interaction in a digital-based indirect investment environment, while simultaneously verifying their direct effects and the moderating effect of age. To test the hypotheses, a structural equation modeling (SEM) analysis was conducted using survey data from 400 individual investors in South Korea with experience in indirect investment products.
The results indicate that financial investment product quality significantly influences both individual investment propensity and reference group interaction, thereby affecting investment satisfaction through both direct and indirect pathways. In contrast, financial institution service quality was found to have a statistically significant direct effect on investment satisfaction, while its indirect effects through mediating variables were not significant. In addition, individual investment propensity exhibited the strongest direct effect on investment satisfaction, highlighting the critical role of psychological factors in shaping investors' overall evaluation of investment experiences. Reference group interaction also showed a significant positive effect, although its influence varied across age groups. The multi-group analysis revealed that certain structural relationships differ by age, indicating that the mechanisms of investment satisfaction formation are not uniform across generations. This study contributes to extending the theory of investment satisfaction formation in the context of digital indirect investment by clarifying the distinct roles of product quality, service quality, and investor characteristics, and by empirically identifying structural differences according to age.