코스닥 시장에서 투자지식과 심리적 편향이 투자성과에 미치는 영향: 소셜미디어 수용의 조절효과를 중심으로

In the Korean stock market, individual investors maintain a significant presence both in terms of trading volume and stock ownership. However, compared to institutional investors, research on the behavior and performance of individual investors remains relatively insufficient. Moreover, individual investors are often known to make irrational investment decisions rather than rational ones, frequently falling into cognitive errors. This study aims to examine the influence of investment knowledge and psychological factors on investment performance, with a particular focus on the moderating effect of social media on these relationships. A survey-based methodology was employed, and hypothesis testing was conducted using the SPSS statistical program. The main results of this study are as follows: First, among the components of investment knowledge, technical analysis was found to have a significantly positive effect on investment performance. Second, among psychological traits, overconfidence was shown to have a significantly positive effect on investment performance. Third, with regard to the moderating effect of social media, the interaction between overconfidence and social media exhibited a significantly negative effect on investment performance. The results of this study suggest that, for individual investors to achieve consistent returns in the stock market, they should enhance their capabilities in technical analysis and manage psychological biases such as overconfidence. Furthermore, it is important to consider the influence of social media when making investment decisions in the stock market.