An-Najah National University Faculty of Graduate Studies INVESTORS' AWARENESS OF CYBER SECURITY RISK AND ITS IMPACT ON THE INTENTION TO INVEST: A CROSS-SECTIONAL STUDY ON INVESTORS FROM PALESTINE By Mohammad Najeh Hisham Zuhud Supervisor Dr. Islam Abdeljawad This Thesis is Submitted in Partial Fulfilment of the Requirements for the Degree of Master of Finance, Faculty of Graduate Studies, An-Najah National University, Nablus - Palestine. 2025 ii INVESTORS' AWARENESS OF CYBER SECURITY RISK AND ITS IMPACT ON THE INTENTION TO INVEST: A CROSS-SECTIONAL STUDY ON INVESTORS FROM PALESTINE By Mohammad Najeh Hisham Zuhud This Thesis was defended successfully on 17/04/2025 and approved by: iii Acknowledgment Alhamdulillah, thank you, Allah, for the blessings, guidance, and directions to complete this master's journey. Selawat and salam to the Final Prophet, Muhammad (p.b.u.h.) . I extend my heartfelt gratitude and appreciation to my esteemed professor, Dr. Islam Abdeljawad, my dear supervisor, who has been a constant source of support and guidance throughout this academic journey. I am deeply thankful for your boundless dedication, valuable insights, and unwavering patience with every query and comment. Your expertise and knowledge have had the greatest impact on the completion of this work . Also, I would like to express my heartfelt gratitude to my beloved parents, my father and mother, for their unconditional love, endless support, and constant prayers, which have been the foundation of my success and perseverance throughout this journey. In addition, I would like to express my gratitude to my dear brothers and sisters for their unwavering encouragement, heartfelt support, and for always standing by my side throughout this journey. iv Declaration I, the undersigned, declare that I submitted the thesis entitled: INVESTORS' AWARENESS OF CYBER SECURITY RISK AND ITS IMPACT ON THE INTENTION TO INVEST: A CROSS-SECTIONAL STUDY ON INVESTORS FROM PALESTINE I declare that the work provided in this thesis, unless otherwise referenced, is the researcher’s own work, and has not been submitted elsewhere for any other degree or qualification. Student's Name Mohammad Najeh Hisham Zuhud Signature: Date: 17/04/2025 v Table of Contents [ Acknowledgmen ………………………………………………………………………. iii Declaration ……………………………………………………………………………. iv Table of Contents ………………………………………………………………………. v List of Tables ………………………………………………………………………….. vii List of Figures ………………………………………………………………………. viii Abstract ……………………………………………………………………………... ix Chapter One: Introductio and Literature Review ………………………………………. 1 1.1 Brief introduction …………………………………………………………………... 1 1.2 Study gap …………………………………………………………………………... 2 1.3 Research problem ………………………………………………………………….. 3 1.4 Research question ………………………………………………………………….. 4 1.5 Study objectives ……………………………………………………………………. 5 1.6 Study scope ………………………………………………………………………… 5 1.7 Significant of the study …………………………………………………………….. 6 1.8 Literature Review …………………………………………………………………... 7 1.8.1 Introduction ………………………………………………………………………. 7 1.8.2 Investment intention theories …………………………………………………….. 7 1.8.3 Hypotheses Development ………………………………………………………. 12 1.8.3.1 The direct relationship between variables …………………………………….. 12 1.8.3.2 The indirect relationship between the variables ………………………………. 21 1.8.4 The Conceptual Framework of the Study ………………………………………. 30 1.8.5 Chapter Summary ………………………………………………………………. 31 Chapter Two: Research Methodology ………………………………………………... 32 2.1 Introduction ……………………………………………………………………….. 32 2.2 Data collection and sampling ……………………………………………………... 32 2.3 Questionnaire design ……………………………………………………………… 33 2.3.1 Instrument Validation …………………………………………………………... 34 2.3.2 Instrument Stability ……………………………………………………………... 35 2.4 Statistical approach ……………………………………………………………….. 36 2.5 Conclusion ………………………………………………………………………... 37 Chapter Three: Data Analysis & Results ……………………………………………... 38 3.1 Introduction ……………………………………………………………………….. 38 3.2 Demographic analysis …………………………………………………………….. 38 vi 3.3 Assessment of measurement model ………………………………………………. 40 3.4 Testing the hypothesis …………………………………………………………….. 40 3.4.1 Full collinearity test …………………………………………………………….. 40 3.4.2 Convergent Validity and Composite Reliability of Each Construct ……………. 42 3.4.3 Discriminant Validity by conducting Heterotrait-Monotrait (HTMT) Ratio of Correlation ……………………………………………………………………………. 43 3.5 Assessment of Structural Model ………………………………………………….. 46 3.5.1 Coefficient of Determination (R² Value) ……………………………………….. 46 3.5.2 Predictive Quality (Q²) ………………………………………………………….. 46 3.6 Testing hypothesis ………………………………………………………………... 48 3.6.1 Direct effect …………………………………………………………………….. 48 3.6.2 Indirect path …………………………………………………………………….. 50 Chapter Four: Discussion of Result, conclusion and recommendation ………………. 52 5.1 Introduction ……………………………………………………………………….. 52 4.2 Background Context ……………………………………………………………… 52 4.3 Discussion of the Findings ………………………………………………………... 53 4.3.1 Discussion of the study hypotheses related to direct relationships between variables …………………………………………………………………………………... 54 4.3.2 Discussion of the study hypotheses related to indirect relationships between variables ………………………………………………………………………… 65 4.4 Conclusion ………………………………………………………………………... 73 4.5 Recommendations ………………………………………………………………… 75 References …………………………………………………………………………….. 78 ملخصال ب ..………………………………………………………………………………… vii List of Tables [ Table (2.1): Sample identification using G*Power …………………………………… 33 Table (3.1): D emographic characteristics of respondents (n=260) ………………….. 38 Table (3.2): S hows the result VIF implies that all the values are less than 5 ……….. 41 Table (3.3): R esults of Average variance extracted (AVE) …………………………. 43 Table (3.4): Heterotrait-Monotrait Ratio of Correlations (HTMT) …………………... 45 Table (3.5): Results of coefficient of determination R² analysis ……………………... 46 Table (3.6): Below presents the Q² results for the latent endogenous variables ……… 47 Table (3.7): Direct path coefficient results of investors' awareness of cyber security risk and its impact on the intention to invest ………………………………………... 48 Table (3.8): Indirect path coefficient results of investors' awareness of cyber security risk and its impact on the intention to invest ………………………………………... 50 Table (4.1): Summary of Results Hypotheses Direct Relationships ………………….. 72 Table (4.2): Summary of Results Hypotheses Indirect Relationships ………………... 72 viii List of Figures [ Figure (1.1): C onceptual Framework of the Study (Direct Impact) …………………. 30 Figure (1.2): C onceptual Framework of the Study (Indirect Impact) ………………... 30 ix INVESTORS' AWARENESS OF CYBER SECURITY RISK AND ITS IMPACT ON THE INTENTION TO INVEST: A CROSS- SECTIONAL STUDY ON INVESTORS FROM PALESTINE By Mohammad Najeh Hisham Zuhud Supervisor Dr. Islam Abdeljawad Abstract This cross-sectional investigation aims to ascertain the degree of Investors' Awareness regarding Cyber Security Risks and its subsequent Influence on Investment Intentions. The research is centered on evaluating the determinants that affect investors' intentions to engage in investment activities within a risk-oriented framework by scrutinizing the level of awareness among investors concerning cybersecurity threats that confront Palestinian enterprises, assessing the repercussions of this awareness on their investment intentions, and examining the moderating function of trust in the correlation between cybersecurity awareness and investment intention. To achieve the study's objectives, descriptive statistics and reliability analysis were employed in this study to ensure a thorough exploration of the data, reveal patterns and trends, test hypotheses, and derive valid conclusions with practical applications. The research population was confined to investors originating from Palestine. The G*POWER software was employed to ascertain the study sample due to the challenges associated with quantifying the population of Palestinian investors, alongside the absence of precise statistics reflecting their numbers. The G*POWER software application was employed, given that the investigator was constrained in their ability to restrict the study population. According to the outcomes generated by the software, in conjunction with the statistical data and the quantity of variables under examination, the research sample comprised 109 Palestinian investors. In order to enhance the precision of the data collected, a total of 382 questionnaires were disseminated, with 260 being returned as valid for subsequent analysis. The researcher used the purposive approach in distributing the questionnaires. To achieve the study's objectives and analyze its hypotheses, this study used a questionnaire consisting of 36 items, as well as eight expressions that measure demographic variables. SMARTPLS 4 and SPSS software were used. The findings revealed that investing intentions in Palestine are strongly influenced by subjective norms, Attitude, risk, cybersecurity awareness, financial knowledge, and trust, with financial culture being crucial in boosting confidence x and decision-making. While trust mediates the association between information quality and investment intention, Attitude mediates the relationship between risk-taking, cybersecurity awareness, and financial knowledge. Yet, neither financial self-efficacy nor trust mediates the associations between investment intention and risk-taking and subjective norms, nor does it mediate the relationship between cybersecurity awareness and investment intention. The study emphasizes the importance of fostering a strong investment culture in Palestine by addressing gaps in financial literacy, subjective norms, and self-efficacy. Key recommendations include implementing targeted financial education initiatives, awareness campaigns, and mentorship programs to enhance confidence in financial decision-making. Additionally, tools and resources tailored to the Palestinian market, transparent information on investment opportunities, and the establishment of community investment groups are suggested to mitigate challenges like market volatility and governance issues. Collaborative efforts with financial institutions and policy measures aimed at improving financial efficiency are also advocated to create an environment conducive to informed and confident investment decisions. Keywords: Cybersecurity Awareness, Subjective Norms, Attitude, Financial Knowledge, Trust, Risk-taking, Financial self-efficacy, Investment intention. 1 Chapter One Introduction and Literature Review 1.1 Brief introduction The internet, with its far-reaching impact, has become a crucial arena for asserting national power. As a result, future global superpowers will be those countries that have either strengthened their cybersecurity defences or developed the capability to effectively launch cyberattacks against adversaries. The COVID-19 pandemic has exacerbated the acceleration of the adoption of digital technologies. Enterprises are now increasingly vulnerable to cyber threats and attacks due to the extensive volume of online data they maintain concerning their clientele, suppliers, investors, partners, and a plethora of other business affiliates. There has been a significant increase in the emphasis on cybersecurity risk disclosure in recent years, particularly following the enforcement of cybersecurity disclosure guidelines by the Securities and Exchange Commission (SEC) in the United States in 2011 (Li, et al., 2018). According to prior research, perceived benefits of the cybersecurity risk framework may influence investment motivation. (Yang, et al., 2020) discovered that investors' investment behaviour exhibited a favourable correlation with their perceptions of the benefits associated with the cybersecurity risk framework. Cybersecurity acumen and data integrity also affect perceived benefits of the risk framework and investment intentions. This study enhances our understanding of the interrelationships among investor confidence, intelligence quotient (IQ), and the advantages of cybersecurity systems. It underscores the connection between investors' perceptions of the benefits and their propensity to invest. Cybersecurity knowledge and data quality influence perceived advantages of the risk framework and investment intent as well. This study helps us to better understand the relationships among investor confidence, IQ, and the benefits of cybersecurity systems. It draws attention to the relationship between investors' view of the advantages and their desire to make investments. Furthermore, the research elucidates that the operational strategies of corporations are contingent upon the trustworthiness of websites functioning as intermediaries. In the 2 relationship between cybersecurity awareness (CSA) and perceived advantages, trust acts as a complete mediator that partially modifies the effect of information quality on the perception of benefits. This investigation indicates that investors possessing trust in a company's website are predisposed to view the cybersecurity framework favorably, thereby influencing their investment choices. Trust theory posits that cognitive-based trust is derived from anticipations of reliability and uniformity. The evolution of internet technology accentuates the significance of trust within the realm of e-commerce. Investigations that incorporate trust into frameworks such as the Technology Acceptance Model (TAM) demonstrate that the intention to purchase online is affected by both confidence and perceived utility. More specifically, an individual's decision-making process is profoundly affected by their trust in an organization. Research focused on the technological dimensions of trust may explore its correlation with privacy, security, and information quality (IQ) (Yang, et al., 2020). Cybercriminal activity directed at national and international entities has been widely documented in the MENA region. Additionally, several prominent cyberattacks have targeted the MENA area. The Stuxnet worm and the spyware Duqu are among the most recognized instances of malware that have assailed the region, both intended to undermine Iran's nuclear program. Nevertheless, the economic landscape of the region is characterized by a significant lack of emphasis on cybersecurity. For instance, Kaspersky Lab has identified that Saudi Arabia is notably susceptible to cybercrime (Kshetri, 2013). The escalating frequency of these attacks has heightened investor awareness regarding cybersecurity threats, which subsequently influences their investment decisions and strategies. 1.2 Study gap Understanding the factors influencing investors' decision-making processes in the dynamic financial market environment is very vital within a risk framework. Previous studies indicate that policies and standards, risk assessment and management, security awareness, education and training, physical security measures, cybersecurity insurance, regulatory compliance initiatives, and the efficacy of security staff could all influence a company's performance (Haapamäki & Sihvonen, 2019). More research is required if one wants to fully understand and demonstrate the extent of effect and contribution these components offer. Previous studies have revealed that people's choices to invest in 3 cybersecurity and the related risks depend on more elements than one may guess. Furthermore, by building a thorough reporting system for cybersecurity vulnerabilities, one may enhance the general quality of information in the area as well as trust and understanding. Despite significant studies in underdeveloped nations, several problems— especially those pertaining to the linkages between investors' trust, cyber awareness, and investment intentions—have not received enough attention. There is very little evidence of this problem from underdeveloped nations. According to (Li, et al., 2018), there has been a lack of comprehensive studies on cybersecurity awareness, both internally and externally within organizations. It is crucial to explore the impact of this variable on investors' investment trends, particularly for companies with a high level of cybersecurity awareness. Nevertheless, cybersecurity remains a costly global concern, necessitating robust collaboration among all stakeholders worldwide. 1.3 Research problem Academics and corporate stakeholders are paying more attention to cybersecurity-related issues. So, investors with high IT knowledge are more likely to trust company-originated disclosures, especially when presented in a neutral tone, as it suggests transparency and honesty in addressing cybersecurity risks (Godewatta, Phang, Prasad, & Xiao, 2024). Likewise, companies that disclose cybersecurity risks tend to perform better in the event of a data breach, as these disclosures are linked to improved risk management practices. On the other hand, investors make the worst investment decisions when the company that had a data breach initiates the disclosure and when there is a substantial gap between the data breach and the initial public announcement. Previous studies of individual investor behavior have examined motivation from an economic standpoint or studied relationships between financial, behavioral, and demographic variables (Mahastanti, 2011). The cybersecurity literature currently does not adequately address these issues. The technical (hardware and software) and intricate components of security systems, such as encryption, firewall technologies, and antivirus software, have received considerable attention from experts and academics when studying cybersecurity (Madnick, et al., 2017). However, individual investor behavior in responding to cyber-security risks does not receive adequate attention. Hence, this study will fill this gap by investigating the 4 effect of personal awareness of cybersecurity risk on the intention to invest for Palestinian investors. Despite the importance of disclosing cybersecurity risk management, it has not received sufficient attention from legislation, regulations, and standards in emerging economies, including Palestine. Palestinian studies have not addressed the impact of disclosing cybersecurity risk management on investment decisions. So, the focus on cybersecurity in Palestine is primarily on mitigating cyberattack risks to enhance customer satisfaction, particularly in the banking sector, rather than on how these disclosures affect investment decisions. Also, the existing research in Palestine tends to concentrate on the technical and organizational aspects of cybersecurity rather than its financial implications, which may explain the lack of studies on investment decision impacts. Consequently, the problem statement must ascertain the level of investors' cognizance regarding cybersecurity risks and the subsequent influence of such awareness on their investment intentions among investors from Palestine. 1.4 Research question Based on the problem statement, the research questions were developed as follows: 1. What is the impact of financial knowledge, cybersecurity awareness, and risk-taking on the Attitude of Palestinian investors ? 2. What is the impact of cybersecurity awareness and information quality on the trust of Palestinian investors ? 3. What is the impact of risk-taking and subjective norms on the financial efficiency of Palestinian investors. 4. What is the impact of Attitude, trust, and financial efficiency on the investment intention of Palestinian investors ? 5. How does Attitude mediate the relationship between financial knowledge, cybersecurity awareness, risk-taking, and investment intention among Palestinian investors ? 6. How does trust mediate the relationship between cybersecurity awareness, information quality, and investment intention among Palestinian investors? 5 7. What is the relationship between financial efficiency and Palestinian investors' investing aim, subjective norms, and risk-taking? 1.5 Study objectives The comprehension of investor behavior about risk awareness is of paramount importance within the continuously changing environment of financial markets. This study aims to explore seven principal aims that illuminate the determinants affecting investors' intentions to invest within a risk-oriented framework. 1. To scrutinize the influence of financial literacy, cybersecurity cognizance, and risk propensity on the attitudes of Palestinian investors. 2. To examine the effect of cybersecurity cognizance and information integrity on the trust established by Palestinian investors. 3. To evaluate the influence of risk propensity and subjective norms on the financial efficacy of Palestinian investors. 4. To appraise the impact of Attitude, trust, and financial efficacy on the investment intentions of Palestinian investors . 5. To investigate the mediating influence of Attitude in the correlation between financial literacy, cybersecurity cognizance, risk propensity, and investment intentions among Palestinian investors . 6. To ascertain the mediating influence of trust in the correlation between cybersecurity cognizance, information integrity, and investment intentions among Palestinian investors. 7. To assess the mediating influence of financial efficacy in the correlation between risk propensity, subjective norms, and investment intentions among Palestinian investors. 1.6 Study scope This study looks more closely at attitude, trust, and financial efficacy mediating roles. It examines how attitude influences financial literacy, cybersecurity awareness, investing tendency, and risk propensity. Additionally, it evaluates how trust affects the relationship between cybersecurity awareness, informational integrity, and investment inclination. It 6 also considers how financial efficacy mediates the relationship between risk propensity, subjective norms, and investment inclination. The current study illuminates the reality of Palestinian investment by concentrating on the social, economic, and cultural elements that define the Palestinian condition and influence investment decisions. It highlights how important it is to raise knowledge of cybersecurity and finance, particularly as the financial and economic markets move toward digital transformation and evolving investment patterns. This study aims to develop and improve investment decision-making in the Palestinian environment. In addition, the purpose of this study is to clarify the connection between the disclosure mechanism and the disclosure of the extent of the risks associated with the investment decision through cyber hacking, as well as the effect that this has on the intention to invest in Palestinian financial companies, particularly those that are listed on the Palestine Stock Exchange. In addition to emphasizing the connection between disclosure and cybersecurity risk management and the choices made by other stakeholders, including credit providers, supervisory authorities, and regulatory organizations, the present study looks at the key characteristics that define investors. 1.7 Significant of the study The present study distinguishes itself from its counterparts by encompassing a comprehensive array of significant and pertinent topics. Firstly, this research accentuates the importance of inquiry within the realms of cybersecurity, particularly its robust association with scientific progress in the contemporary digital landscape. The study elucidates the direct and essential function that relevant economic institutions fulfil in regulating and supervising the financial markets within the same context. In the Palestinian investment milieu, these entities are likewise pivotal in safeguarding the integrity and security of financial systems. Furthermore, the current study aspires to bridge the scientific divide that primarily pertains to the correlation between investment decisions in enterprises listed on the Palestine Stock Exchange and the dissemination of reports on cybersecurity risk management. Furthermore, this research's practical significance lies in its attempt to propose a framework for cybersecurity risk management reporting within companies. This proposal draws upon previous publications and studies 7 to empirically test the impact of the perception of disclosing such reports on investment decisions. In sum, this study holds substantial importance in advancing knowledge within the field of cybersecurity, bridging research gaps, and furnishing valuable insights for the investment decision-making process. 1.8 Literature Review 1.8.1 Introduction This scholarly inquiry aims to explore the cognizance of investors regarding cybersecurity threats and the resultant impact on the investment proclivities of investors within the Palestinian context. The literature review elucidates the mediating roles of Attitude, trust, and financial self-efficacy in relation to the intricate dynamics between cybersecurity awareness, financial literacy, the quality of information, risk-taking tendencies, subjective norms, and investment intentions. In conjunction with the theoretical framework underpinning the research, which informs the study's objectives, this chapter articulates several pivotal terminologies pertinent to the independent variables (cybersecurity, awareness, financial literacy, information quality, risk-taking, subjective norms), the mediating variables (attention, trust, and financial self-efficacy), and the dependent variable (investment intention). A component of the literature investigation conducted for this study involved the identification of relevant research employing variables analogous to those utilized in the present inquiry. We meticulously ensured the validity, reliability, and overall quality of each study examined. Areas necessitating further exploration were identified, and the limitations and deficiencies within the existing body of knowledge were acknowledged. The formulation of the study design, a robust theoretical foundation, and the rationale for the research objectives and hypotheses are contingent upon this review, thereby rendering it essential. Furthermore, it situates the current research within the broader corpus of knowledge and illustrates how it contributes to the enhancement of understanding within the discipline. 1.8.2 Investment intention theories The use of the Theory of Planned Behavior (TPB), Theory of Reasoned Action (TRA), and Prospect Theory as frameworks for investigating investors' awareness of 8 cybersecurity risk and its impact on investment intentions is supported by both empirical evidence and theoretical underpinnings. These theories provide a comprehensive understanding of how attitudes, subjective norms, perceived behavioral control, and risk perceptions influence decision-making processes in financial contexts. The integration of these theories can offer valuable insights into the cognitive and behavioral factors that drive investment decisions in the face of cybersecurity risks. So, combining TPB, TRA, and Prospect Theory offers a robust framework for understanding investment intentions in the context of cybersecurity risks. TPB and TRA provide insights into the motivational and normative factors influencing intentions, while Prospect Theory addresses the cognitive biases and risk perceptions that affect decision-making. So, understanding these theoretical underpinnings can inform the development of strategies to enhance cybersecurity awareness and improve investment decision-making by addressing both behavioral intentions and risk perceptions. While these theories provide a strong foundation for understanding investment intentions in the context of cybersecurity risks, it is important to consider the dynamic nature of these factors. The impact of variables such as financial literacy and evolving cybersecurity threats may vary over time, suggesting the need for continuous research and adaptation of theoretical models to capture these changes effectively (Pandurugan & Al Shammakhi, 2024). 1. Theory of Planned Behaviour (TPB): Icek Ajzen developed the TPB in 1985 to address limitations in the Theory of Reasoned Action by incorporating perceived behavioral control as a key factor influencing intentions and behavior (Bellová & Špírková,, 2021). The theory posits that behavior is directly influenced by behavioral intentions, which are shaped by three components: attitudes towards the behavior, subjective norms, and perceived behavioral control. This theory depends on understanding human behavior mostly requires the framework of planned behavior. Its three main components are the emotional, which deals with emotions and feelings; the behavioral, which deals with behaviors and intentions; and the cognitive, which deals with ideas and beliefs. This social cognition theory offers among the greatest models for illustrating how one's attitude influences their actions. This theory presents a contemporary interpretation of the concept that individuals decide how to behave in each given situation by use of a sequence of cognitive processes. They can 9 eventually separate among many lines of action. According to this theory, the main factor affecting behavior is the existence or lack of intentions to engage in a certain activity; intentions indicate the degree of commitment of a person to do a specific activity. Originally proposed almost 25 years ago, the Theory of Planned Behavior is among the most often used theories for understanding human behavior. According to Yousef (2024), research on this theory in connection with physical activity has been quite thorough. Information-seeking behavior of consumers moderates the main influence of factors on their purchasing intentions, which comprises attitude, subjective standards, and perceived control. Research applying the Theory of Planned Behavior (TPB) to assess fraudulent intentions among accounting practitioners (Bellová & Špírková,, 2021) shows that subjective norms and individual attitudes greatly impact the willingness to commit accounting fraud. Thus, the TPB may offer a whole framework supporting a variety of activities by stressing the interaction between personal beliefs, society conventions, and the sense of agency. 2. Theory of Reasoned Action (TRA): The Theory of Reasoned Action (TRA) was first introduced by Martin Fishbein and Icek Ajzen in the late 1970s. This theory emerged from their collaborative work on understanding the relationship between beliefs, attitudes, and behaviors, which was initially rooted in attitude research using Expectancy Value Models. The TRA was further refined in their seminal book "Belief, Attitude, Intention, and Behavior: An Introduction to Theory and Research" published in 1975, and later in "Understanding Attitudes and Predicting Social Behavior" in 1980, which made the theory more accessible and practical for various applications (Hagger, 2019). In psychology, the reasoned action (TRA) theory is a framework for understanding and forecasting future behavior by means of an analysis of the function played by attitudes and subjective standards. This theory's central concept is that actual conduct of an individual is best predicted by their intentions. Two primary factors influencing these intents are subjective criteria and attitudes on the activity as well as perceived social pressure to engage or refrain. For example, TRA is being investigated in the manner in which social conditions and attitudes affect students' investment decisions within the framework of investing knowledge. This considers cognitive distortions and emphasizes the need of financial facts in guiding decisions. Similarly, research using TRA has demonstrated that attitudes, normative beliefs, and subjective 10 norms have a significant impact on patients with chronic back pain's intention to exercise (Delshad, Hidarnia, & Pourhaji, 2024). In the context of digital payment systems, TRA demonstrates how intents, attitudes, and subjective norms interact to affect users' willingness to adopt digital wallets and aids in explaining the factors driving LinkAja app usage. 3. Prospect Theory: Prospect Theory was first introduced by Daniel Kahneman and Amos Tversky in 1979. This theory emerged as a significant alternative to the classical expected utility theory, providing a more empirically valid explanation of decision-making under risk and uncertainty. Kahneman and Tversky's work has been pivotal in understanding how people evaluate potential losses and gains, challenging the traditional economic models that assumed rational decision-making. The theory has since been applied across various fields, including economics, finance, and law, to better understand human behavior in uncertain situations. Below are some key studies and applications of Prospect Theory (Tunney, 2024). Tunney (2024) and Wei (2023) emphasize how people assess possible gains and losses in comparison to a reference point, exhibit loss aversion (i.e., they are more sensitive to losses than to equivalent gains), and exhibit less sensitivity to changes in wealth. Irrational investment decisions, risk-seeking behavior over losses, and risk aversion over gains are all explained by this theory, which has influenced a variety of fields, including foreign policy decision-making and stock market behavior (Brummer & Oppermann, 2024). In the context of stock markets, Prospect Theory has been used to explain phenomena such as the hummingbird effect and the reversal effect, where investors' behavior shifts during crises, becoming more risk-averse, and where loss aversion plays a critical role in stock reversal strategies, particularly in the Chinese market. Furthermore, Prospect Theory has been applied to portfolio optimization, where it modifies traditional models by incorporating value and probability weighting functions to better reflect investor preferences, leading to more realistic and practical investment strategies (Tagawa & Orito). Based on the above, it must be noted that this theory helps in the ability to make decisions under uncertainty, taking into account the circumstances and psychological factors that affect investment choices. 11 4. Underpinning theory: Based on the above, this section aims to shed light on the importance of the theories that discuss investment intention theories and how they relate to the main variables of this study, as the theory of planned behavior, which is employed in many studies related to investment intention, emphasizes the central role played by attitudes and subjective standards as well as controlling expected behavior in establishing and shaping intentions. Financial knowledge and subjective standards have a significant impact on investors' intentions in many different social and economic activities and behaviors. For instance, the work of Lika elucidates the impact of this theory on cryptocurrency assets and peer- to-peer lending, thereby validating the contribution of these variables in the decision- making process. Conversely, the context emerges as a crucial and central mediator that influences the relationship between financial literacy and investment intentions, as evidenced by research about real estate investments and financial markets. Moreover, trust assumes a fundamental role in environments characterized by considerable risk, such as cryptocurrency assets, where the subject matter of investment influences both investors and their intentions (Singh, Kumar, Goel, & Johri, 2024). It is also imperative to consider financial self-efficacy, which may serve as a substitute for the behavioral control anticipated in certain models, as this competence functions as both a mediating and moderating variable that connects personal attributes, such as risk, with investment intentions. This construct can also facilitate the examination of cybersecurity awareness; although it may not directly address certain contexts related to the stabilization intentions, it influences the trust and risks anticipated by investors, thereby indirectly impacting investment decisions (Galleguillos, Ayala Figueroa, Börger, Letelier, & Juarez, 2024). Furthermore, because individual investors can estimate potential profits and benefits when compared to the associated risks, the expectations theory—which deals with decision-making in the face of a variety of risks—confirms findings that show that their understanding and tolerance of risks can significantly impact investors' intentions. Consequently, it is plausible that although not explicitly or directly discussed, the caliber of information influences both financial literacy and awareness, thereby affecting attitudes and intentions. Accordingly, the theories and variables discussed herein affirm that undertaking investment endeavors necessitates considerable effort and diligence, given the myriad psychological, social, and media factors that interact to shape what is 12 referred to as investor behavior. This study strives to enhance financial culture and foster constructive attitudes by cultivating trust to promote investment across diverse financial contexts (Singh, Kumar, Goel, & Johri, 2024). 1.8.3 Hypotheses Development The present study encompasses four principal hypotheses that delineate and elucidate the interrelationships among the independent, dependent, and mediating variables. An examination of these interconnections among the aforementioned variables will be comprehensively articulated through the following and ensuing relationships and correlations: 1.8.3.1 The direct relationship between variables 1. The relationship between financial knowledge and Attitude: The relationship between financial knowledge and Attitude is multifaceted and significantly influences financial behavior. Financial knowledge is shown to substantially impact financial management behavior, as evidenced by studies on MSMEs, where both financial knowledge and Attitude collectively influence financial management practices by 47.4% (Nadiyani & Lubis, 2024). Similarly, financial knowledge, behavior, and Attitude are crucial in mitigating hyperbolic discounting, a bias that affects long-term financial decision-making, highlighting the importance of these components in shaping intertemporal preferences. Furthermore, financial knowledge acts as both a mediating and moderating variable in the relationship between financial attitudes and behaviors, suggesting that while financial knowledge enhances the effect of financial attitudes on behavior, it also partially moderates this relationship. In the context of employees, financial knowledge and Attitude have a significant positive effect on financial behavior, indicating their combined influence on financial decision-making (SUWADJI, 2024). However, among university students, financial knowledge alone does not significantly affect personal financial management behavior unless accompanied by a positive financial attitude, underscoring the necessity of integrating both knowledge and Attitude for effective financial management. Taken together, these results demonstrate the dynamic and, at times, inverse nature of the link between financial knowledge and a good financial attitude, which is necessary but not sufficient for successfully influencing financial behavior. 13 An additional crucial component of financial culture entails possessing an awareness of one’s financial assets and the proficiency to manage them effectively. Consequently, financial culture is crucial for the formation of Palestinian financial attitudes and the development of these attitudes and behaviors. Assisting individuals in embracing this mentality will empower them to take charge of their financial situation, making educated choices about borrowing, saving, investing, and spending, ultimately maximizing their profits. Many studies have shown that having a good grasp of financial concepts consistently and indirectly affects one's financial conduct, which makes sense given the importance of financial attitudes in this context (Nadiyani & Lubis, 2024). Although financial literacy may not directly explain substantial behavioral changes, this correlation also suggests that it develops an advanced mindset that helps smart financial management. Investors who want to make informed judgments in investing circumstances must first be equipped with the instruments to manage their complicated financial condition and the knowledge to handle it (Bellová & Špírková,, 2021). Therefore, a financial culture including financial education is rather crucial. Implementing appropriate financial education policies can help Palestine's financial inclusion to be improved right away as low financial literacy directly results in limited access to different financial services. Consequently, the enhancement or development of financial culture is crucial for fortifying sound financial positions, as well as for achieving financial inclusion and fostering sound financial practices in Palestine. In accordance with the aforementioned considerations, this study posits the existence of a significant relationship between financial knowledge and Attitude. Thus, this study has formulated the following hypothesis: H1: There is a positive relationship between financial knowledge and Attitude among investors in Palestine. 2. The relationship between cybersecurity awareness and Attitude: The elements influencing the relationship between cybersecurity knowledge and attitudes encompass a broad array of individual and societal behaviors and contexts. Cybersecurity has garnered substantial scholarly interest. examined Palestinian students, who typically exhibit reckless behavior and, as a result, are susceptible to cyberattacks due to their 14 deficiency in knowledge regarding or comprehension of the risks inherent in cybersecurity. This observation aligns with findings indicating that while passive cybersecurity practitioners become increasingly vulnerable, proactive cybersecurity practitioners are more adept at mitigating phishing and other threats (Kuraku, Dinesh, & Samaah, Navigating the link between internet user attitudes and cybersecurity awareness in the era of phishing challenges, 2023). The Theory of Planned Behavior (TPB) framework further elucidates that awareness exerts a more significant influence on cybersecurity behavior than attitude alone (Yousuf, Al-Emran, & Shaalan, 2023). Human factors—encompassing psychological and sociocultural dimensions—are particularly critical in enhancing cybersecurity awareness as they significantly shape the perception of threats and the implementation of security measures. Therefore, the implementation of customized awareness initiatives, alongside the integration of human behavior with technological and legal strategies to bolster cybersecurity resilience in Palestine and worldwide, necessitates the cultivation of a security-aware mindset. This research posits a noteworthy correlation between cybersecurity awareness and attitude, taking into account the aforementioned parameters. Consequently, the study proposes the following hypothesis: H2: There is a favorable correlation between cybersecurity awareness and attitude in the Palestinian investment industry. 3. The relationship between cybersecurity awareness and trust: Many studies have found that understanding cybersecurity closely links with trust in Palestine such as the study by (Salem, Moreb, & Rabayah, 2021) which focuses on assessing the level of Internet users' security awareness among Palestinian learners, highlighting the overall carelessness regarding security measures and the lack of knowledge among users. Likewise, the study by (Hasan et al., 2024), which emphasizes that strict compliance with data privacy and cybersecurity standards within the proposed blockchain-based national digital identity framework reinforces user trust. This suggests that enhancing cybersecurity measures can positively influence trust in digital identity management among Palestinians. Beyond typical internet users to certain industries, including e-banking, where consumers are more prone to monetary losses owing to their ignorance of cybersecurity threats, this lack of understanding spans specific sectors. Given the frequency of cybercrimes, particularly those involving social networks, greater 15 cybersecurity knowledge is required to promote confidence in digital interactions. As seen by the Palestinian police and other authorities' efforts to combat cybercrime, public education, and legislative support may increase trust in these institutions (Amro, 2018). Furthermore, by guaranteeing the stability and continuity of electronic services, the collaborative defense strategies suggested for Palestinian information systems highlight the necessity of a team-based approach to cybersecurity. They can improve confidence between governmental and non-governmental organizations (Qusa, 2014). thorough training programs can lessen the risks to institutional trust from staff and students' lack of knowledge about cybersecurity in educational settings. Increasing cybersecurity awareness is necessary to encourage trust in digital services and systems in Palestine. Given the points mentioned above, this study anticipates that there is a significant relationship between cybersecurity awareness and trust. Consequently, the study posited the following hypothesis: H3: Cybersecurity awareness has a positive relationship with the trust in the Palestinian investment sector. 4. The relationship between information quality and trust: In the Palestinian investment sector, the relationship between trust and information quality is complex and multifaceted, negatively impacting decision-making processes. This requires reducing information asymmetry, which in turn improves trust and decision- making effectiveness, and providing high-quality, accurate, comprehensive, and relevant information. Similarly, Accurate and complete information is vital for effective decision- making. In the Palestinian banking sector, these dimensions of information quality significantly impact decision-making effectiveness, which is crucial for sustainable banking services. It relevant and easily interpretable aids managers in making informed decisions, thereby enhancing the overall effectiveness of decision-making processes in organizations (Sharif, Abumandil, & Obaid, 2018). In addition, High-quality information regarding market size and trade openness can mitigate the negative impacts of conflict on FDI inflows. So, Accurate data on these determinants helps investors make informed decisions, thereby fostering a positive investment environment (Ibrahim, 2024). 16 Furthermore, Information on regulatory frameworks for investments is crucial for market confidence. Clear and reliable information can encourage investments in these sectors, which are vital for sustainable development in Palestine. Considering the above-described aspects, this study expects a strong correlation between information quality and trust. As such, the study proposed the following theory: H4: Information quality has a positive relationship with trust in the Palestinian investment sector. 5. The relationship between risk-taking and Attitude: Research on Pakistani investors revealed that a risk attitude greatly affects the choices made about investments. With financial satisfaction (FS) serving as a mediator and financial self-efficacy (FSE) acting as a moderator, financial risk attitude (FRA) positively influences objective-oriented investment behavior (OOIB). Likewise, risk aversion greatly influences investment decisions; financial attitude serves as a mitigating agent, implying that even in cases of risk aversion, a good financial attitude may help to guide decisions. Furthermore, heavily influencing investment decisions are overconfidence and risk attitudes, particularly in high-risk environments such as stock markets where risk-seeking behavior is frequent (Novandalina, Ernawati, & Adriyanto, 2022). Given that more ambitious firm objectives are linked with a stronger risk attitude, the relationship between risk attitude and entrepreneurial aspirations indicates that persons with a higher risk tolerance are more likely to participate in entrepreneurial activities. Studies on investing prejudices also show that risk-taking personality qualities like herd mentality and loss aversion are correlated with a greater likelihood of being prey to prejudices that might influence investment outcomes (Chen & Handley-Schachler, 2016). Our results imply that in the Palestinian investment industry and other environments, risk- taking and financial attitudes are significantly associated, therefore affecting both the inclination to invest and the type of investments made. The above-described parameters suggest that attitude and risk-taking will show a significant correlation. As so, the investigation presented the next theory hypothesis: H5: In the Palestinian investment industry, attitude and risk-taking correlate positively . 17 6. The relationship between risk taking and financial efficiency: The relationship between risk-taking behaviors and financial efficiency within the Palestinian investment domain is intricate, encompassing a multitude of determinants such as the caliber of financial reporting, market efficacy, and the protocols of risk management. In smaller financial ecosystems, such as that of Palestine, the caliber of financial reports (FRQ) plays a pivotal role in augmenting what is commonly termed as investment efficiency, particularly in scenarios wherein these markets face fiscal constraints and barriers that necessitate the adoption of conservative policies and strategies regarding risk tolerance. It is imperative to acknowledge that mitigating the level of risks associated with management can positively and effectively influence the efficiency of this investment by addressing policies or scenarios of underinvestment (Khan, Mahmood, & Younas, Impact of financial knowledge and investor’s personality traits on investment intention: Role of attitude and financial self-efficac, 2024). Nevertheless, it is essential to elucidate that the Palestine Stock Exchange (PSE) exhibits certain inefficiencies attributable to various factors, including the absence of critical influences on indicators that foster efficiency, such as the share turnover rate and the ratio of capital invested in the market-to-market families, which culminates in the lack of liquidity indicators and price volatility, particularly concerning share prices, and the incapacity to accurately predict them. In addition to the aforementioned points, risk management and strategic planning constitute two pivotal elements in establishing a thriving and sustainable environment for Palestinian small and medium-sized enterprises, as such methodologies may safeguard against risks; consequently, effective risk management of financial assets enhances the performance of these enterprises. However, numerous institutions and companies within this context continue to lack robust management plans (Makkawi, 2023). Following the preceding discussion, the interplay between risk sharing and investment efficiency can enhance this efficiency and may also yield benefits by impacting the exposure of stocks to fundamental economic shocks, which can influence the capacity of investors to navigate these risks. Overall, the Palestinian investment sector's financial efficiency is intricately linked to risk-taking behaviors, market inefficiencies, and the strategic application of risk management practices. 18 According to the criteria above, this study expects a strong correlation between financial efficiency and risk-taking. As a result, the research proposed the following theory: H6: There is a positive correlation between taking risks and being financially efficient in the Palestinian investment industry. 7. The connection between financial efficiency and subjective norms: Financial intentions and actions are significantly influenced by subjective norms, which are defined as the perceived social pressure to engage in or refrain from engaging in a particular conduct. Subjective norms, for example, are a powerful predictor of investment intentions in the context of investment decisions because they impact people's perceptions of acceptable or expected behavior in their social or professional circles (Alleyne & Broome, 2010). Subjective norms, financial attitudes, and self-efficacy significantly impact young entrepreneurs' financial behavioral intentions, suggesting that norms can direct wise financial decision-making (Harahap, Rahayu, & Lestari, 2024). Moreover, investor reactions to financial tactics like the usage of derivatives are influenced by norms; the degree to which existing standards are followed can positively or negatively affect investor judgments. The general principles imply that subjective standards could also affect financial efficiency by influencing investing behaviors and decisions in line with socially acceptable practices, even though these studies do not address the particular context of the Palestinian investment sector. This emphasizes how crucial it is to comprehend and maybe use subjective norms to improve financial efficiency in investment sectors, especially those in Palestine. Given the aforementioned points, this study anticipates that there is a significant relationship between subjective norms and financial efficiency. Consequently, the study posited the following hypothesis: H7: Subjective norms have a positive relationship with financial self-efficacy in the Palestinian investment sector. 19 8. The relationship between attitude and investment intention: Numerous scholarly investigations have demonstrated that Attitude consistently serves as a robust predictor of investment intention, as a favorable attitude toward investment significantly impacts investment intentions in stock markets, real estate, and crowdfunding platforms (Adil, 2023). Furthermore, within the realm of stock market investments, a favorable attitude assumes a mediating function, in conjunction with self- financial efficiency, influencing investment decisions, thereby increasing the likelihood that individuals or investors with a positive perspective, aligned with their capabilities and financial status, will engage in investment activities. Additionally, in the domain of real estate and construction, attitude not only directly influences investors' disposition towards investment but also mediates the impact of other determinants such as self- financial efficiency and anticipated financial returns, thus underscoring its significant role in shaping the investment behavior of investors. In crowdfunding, Attitude, along with perceived behavioral control, positively impacts investment intentions, further reinforcing its importance in decision-making processes (Yulandreano & Rio, 2023). Additionally, studies focusing on millennials reveal that financial Attitude significantly affects investment intention, underscoring the universal applicability of this relationship across different demographic groups. These findings collectively suggest that fostering a positive investment attitude could enhance investment intentions in the Palestinian investment sector, aligning with global trends observed in similar studies. Given the aforementioned discussion, this study anticipates that there is a significant relationship between Attitude and investment intention. Consequently, the study posited the following hypothesis: H8: Attitude has a positive relationship with investment intention in the Palestinian investment sector. 9. The relationship between trust and investment intention: Within the more general framework of investing behavior, investment intentions are much influenced by trust. For mutual funds, where it lessens the effects of perceived behavioral control, subjective norms, and customer relationship marketing on investment intentions, trust, for example, greatly influences investment intentions. In the context of peer-to-peer lending platforms, social impact and platform reputation also help to build confidence, 20 thereby improving investment intentions and actual investments (Soeta, Sembel, & Malau, 2023). of the Palestinian context, perceived commercial obstacles and a lack of required social networks limit the investment interest of the diaspora, which may be seen as a shortage of trust in the local business environment. The unstable political and corporate environment, which inhibits real investment despite a strong emotional inclination for homeland investment, maybe the source of this lack of confidence. Studies looking at the mediating effects of trust and self-confidence on hazardous investment intentions further emphasize the importance of trust in investment decisions, indicating that trust may affect both conscious and unconscious investment decision processes. All things considered, trust turns out to be a crucial element that, depending on the socioeconomic and political environment, as well as the perceived dependability and reputation of investment platforms and prospects, may either help or hinder investment intents. In light of the above-listed factors, this analysis expects that there will be a significant relationship between trust and investment intention. Consequently, the study posited the following hypothesis: H9: Trust has a positive relationship with investment intention in the Palestinian investment sector. 10. The relationship between financial efficiency and investment intention: The relationship between financial efficiency and investment intention in the Palestinian investment sector is multifaceted, involving various factors such as financial constraints, literacy, leverage, and reporting quality. Financial constraints significantly impact investment efficiency, with higher constraints often leading to inefficiencies, particularly in firms with high free cash flow and growth potential (Yulandreano & Rio, 2023). The significant role of rendering informed decisions to cultivate and enhance investment outcomes is underscored by the favorable influence that stems from a robust financial culture and knowledge of investment on investors' decisions, as manifested through their investment intentions. Furthermore, financial leverage plays a crucial and sophisticated role, exhibiting an inverted U-shaped correlation with investment efficiency; this is due to the reliance on the capabilities through which firms endeavor to advance themselves, whereby such leverage either promotes or inhibits investment, that is to say, it remains 21 constant (Liu, 2018). In the pursuit of addressing the asymmetry of information to achieve alignment between the objectives of managers and investors, the necessity for high- quality financial reports is paramount to augmenting the efficiency of investment performance. Consequently, measures of efficiency that signify the proportion of capital allocated in the market and the turnover of shares, which do not exert a substantial influence on market profitability, present obstacles to the Palestinian Stock Exchange; this situation is exacerbated by the inefficiency resulting from the pronounced scarcity of liquidity, which may incite price instability in stocks, alongside the prevailing conditions in the volatile market (Awwad & Razia, 2021). Accordingly, the enhancement of financial culture, the elevation of the quality of financial reports, as well as the formulation of solutions to the challenges confronting market efficiency, are deemed essential to stimulate investors and to bolster investment intention and efficiency within the Palestinian investment sector. Thus, this study proposes a hypothesis that states: H10: Financial efficiency possesses a positive correlation with investment intention in Palestine. 1.8.3.2 The indirect relationship between the variables 1. The mediating role of Attitude in the relationship between financial knowledge and investment intention: The mediating role of attitude between financial knowledge and investment intention aligns with the core constructs and relationships within the Theory of Reasoned Action (TRA) by emphasizing the importance of attitude as a determinant of behavioral intention. TRA posits that an individual's intention to perform a behavior is influenced by their attitude towards the behavior. In the context of financial knowledge and investment intention, attitude serves as a crucial mediator that translates financial knowledge into a willingness to invest. This relationship is supported by several studies that highlight the significant role of attitude in shaping investment intentions (Akhtar & Das, 2019). Investment intentions are determined in great part by financial culture, (Khan, Mahmood, & Younas, Impact of financial knowledge and investor’s personality traits on investment intention: Role of attitude and financial self-efficac, 2024) claim that a positive and constructive attitude toward investing will increase the possibility of actual investment behavior being followed. This implies that this approach serves as a mediator, therefore 22 indirectly affecting the conversion of financial data into investment intentions. Along with the above-mentioned elements, attitude moderates the link between financial knowledge and investment intentions. Numerous research, notably, have shown this; an optimistic view increases the likelihood of sensible investing selections. Regarding Islamic finance, (Dharma, Puteh, Widodo, Alfaqih, & Yahya, 2024) claim that the risk mindset serves as a middle ground between investment goals and financial efficacy. This underlines how much Islamic ethical issues and religious understanding shape investing intentions. In this regard, it is imperative to underline the mediating role of the Attitude in the relationship between Islamic financial culture and investors' intentions to engage in investment activities; this is achieved by stressing the effectiveness of self-financial technology in modifying this relationship, so indicating that technological efficiency possesses the capacity to cultivate and amplify the influence of the Attitude on investment intentions. Research on such settings has been rare inside Palestine; nonetheless, these few studies have shown that the improvement of financial culture and the encouragement of favorable views about investing may significantly influence investors' intentions. Emerging economies especially show this impact as attitudes regarding investment intentions and financial culture help to close the gap between non-participation and involvement in financial markets (Mutlu, Çevik, & Çelebi Boz, 2024). The study has hypothesized that, considering the elements stated Earlie: Hm1: The Attitude mediates the relationship between financial knowledge and investment intention in the Palestinian investment sector. 2. The function of attitude as a mediator in the connection between investment intention and cybersecurity awareness: The mediating role of attitude between cybersecurity awareness and investment intention can be understood through the lens of the Theory of Reasoned Action (TRA) and Prospect Theory. TRA posits that attitude, influences behavioral intentions, which aligns with the idea that a positive attitude towards cybersecurity can mediate the relationship between awareness and the intention to invest in cybersecurity measures. Prospect Theory, on the other hand, suggests that individuals evaluate potential losses and gains, which can influence their investment decisions in cybersecurity. This theory can be applied to understand how attitudes shaped by awareness of cyber threats and potential losses can 23 drive investment intentions. The following sections explore these relationships in detail (Fleischman, Valentine, Curtis, & Mohapatra, 2022). In the same context, Attitude—more especially, its cognitive and emotional components—has been demonstrated in many research to be the mediator between cybersecurity knowledge and investment intention. This helps to explain how investors' behavior is thus affected. According to (Fleischman, Valentine, Curtis, & Mohapatra, 2022), improving knowledge of the cybersecurity concept helps investors to be driven to adopt investing objectives. Cognitive and emotional elements both affect this knowledge and awareness; the former has a more major influence. The possible dangers and benefits of investing in cybersecurity might affect investors' opinions on the issue, therefore influencing their choice to go on. Based on (Gonçalez & Mariano, 2023)study, which supports these results, the expected advantages of cybersecurity dramatically influence investment intentions. This implies that strong attitudes supporting cybersecurity models might affect the decisions on investments. Likewise, it is thought that effect on attitudes toward investments depends on cybersecurity awareness, that is, knowledge of the risks connected with cyberspace and how to lower them (Akhtar & Das, 2019).The study by (Fleischman, Valentine, Curtis, & Mohapatra, 2022). supports previous research findings by showing that the degree of cybersecurity awareness affects these attitudes and subsequently improves security and cyber behavior, especially when investors are faced with investment decisions. Therefore, in Palestine, the augmentation of attitudes through cybersecurity awareness can serve as a mediating factor. Hence, the hypothesis is formulated as follows : Hm2: The Attitude mediates the relationship between cybersecurity awareness and investment intention in the Palestinian investment sector. 3. The mediating role of the trust in the relationship between cybersecurity awareness and investment intention: The mediating role of trust between cybersecurity awareness and investment intention can be aligned with the core constructs and relationships within the Theory of Reasoned Action (TRA) and Prospect Theory. Trust acts as a crucial intermediary that influences the decision-making process, particularly in contexts involving risk and uncertainty, such as cybersecurity investments. So, Trust plays a crucial mediating role in the relationship 24 between cybersecurity awareness and investment intention, generally and specifically in Palestine. Trust is a fundamental element in financial interactions, significantly influencing investment decisions and client satisfaction, as demonstrated by the positive impact of trust-building strategies on investor confidence and decision-making in financial advisory contexts (Harahap, Rahayu, & Lestari, 2024). In the realm of financial technology, trust partially mediates the relationship between security concerns and usage intention, indicating that as trust in security measures increases, so does the intention to use financial technology (Alleyne & Broome, 2010). This relationship is mirrored in the context of cybersecurity investment decisions, where trust influences the decision-making process, particularly when ethical and societal considerations are involved (Fleischman, Valentine, Curtis, & Mohapatra, 2022). In Palestine, trust is a significant barrier to online shopping, and once established, it enhances shopping willingness, suggesting that trust similarly affects investment intentions in cybersecurity (Baidoun & Salem, 2023). Moreover, knowledge of cybersecurity risks—such as identity theft—is very essential in bridging the gap between expectations and capabilities, thereby affecting protective intentions. This knowledge, when paired with confidence, could help to minimize perceived risks and increase confidence in security mechanisms, therefore improving investment intentions. Thus, trust is a vital mediator in both general and Palestinian contexts by encouraging confidence and reducing perceived risks, thereby strengthening the link between cybersecurity awareness and investment intention. Hence, the hypothesis is formulated as follows : Hm3: The trust mediates the relationship between cybersecurity awareness and investment intention in the Palestinian investment sector. 4. The mediating role of the trust in the relationship between information quality and investment intention: The mediating role of trust between information quality and investment intention can be aligned with the core constructs and relationships within the Theory of Prospect Theory. Prospect Theory emphasizes the role of perceived gains and losses in decision-making. Trust can influence how individuals perceive risks associated with investment decisions. For example, trust mediates the relationship between information quality and purchase intention in online transactions, indicating that trust can alter the perceived risks and benefits of a decision (Faizza & Roostika, 2024). Likewise, Trust can be analogous to risk 25 tolerance in Prospect Theory, where it mediates the relationship between behavioral factors and investment performance. This suggests that trust can influence how individuals weigh potential gains and losses, thereby affecting their investment intentions. Based on the above, trust plays a pivotal mediating role in the relationship between information quality and investment intention, both generally and specifically in the context of Palestine. In general, trust is a critical mediator that influences how information quality impacts investment intentions. For instance, in online peer-to-peer lending, trust mediates the relationship between source credibility and argument quality, which are crucial for forming investment intentions (Lin & Huang, 2021). Similarly, in the context of e-retailers, trust mediates the relationship between e-retailer quality, including system and service quality, and customer intention to shop online, although information quality itself did not significantly impact trust or shopping intention. In Palestine, trust also plays a significant role in online shopping behaviors, where it moderates the relationship between website quality and shopping intentions among millennials, especially during the COVID-19 pandemic (Baidoun & Salem, 2023). This suggests that enhancing trust can mitigate perceived risks and improve behavioral intentions. Furthermore, the role of trust in financial decision-making is underscored by the use of financial recommender systems, which help restore investor confidence by transferring trust from traditional investment avenues to these systems (Salem, Moreb, & Rabayah, 2021). Overall, trust serves as a crucial intermediary that can enhance the perceived value and reduce the perceived risks associated. Hence, the hypothesis is formulated as follows : Hm4: The trust mediates the relationship between information quality and investment intention in the Palestinian investment sector. 5. The mediating role of Attitude in the relationship between risk making and investment intention: Prospect Theory suggests that individuals evaluate potential outcomes based on perceived gains and losses. Trust can alter this perception by reducing the perceived risk associated with cybersecurity investments. When trust is high, individuals may perceive the potential losses as less significant, thereby increasing their willingness to invest (Joshi et al., 2024). It is of paramount importance to acknowledge that the precise and efficacious role of the Attitude in mediating the relationship between numerous entities and the intention to 26 invest across various cultural contexts is underscored by a multitude of studies that have concentrated on its characteristics or, alternatively, on its environmental investments and their magnitude. This role partially mediates the relationship between robust and commendable investment performance and the perceived magnitude as well as the intention to invest, occurring during various temporal contexts, including the prospective governance (Wang, Hu, & Chen, 2024). In Saudi Arabia, however, personal Attitude does not significantly mediate the relationship between financial knowledge and risky investment intention, possibly due to the risk-averse cultural context, which emphasizes subjective norms and perceived behavioral control instead (Sobaih & Elshaer, 2023). In Pakistan, Attitude significantly mediates the relationship between financial knowledge, personality traits, and stock market investment intentions, suggesting that a favorable outlook and financial self-efficacy enhance investment intentions (Khan, Shafiq, & Shah, Effect of financial literacy and financial self-efficacy on individuals' investment intention: The mediating role of risk-taking behavior, 2023). The findings derived from the DOSPERT scale reveal that the conduct of investors concerning risk manifests significantly later than the anticipated risks and to a greater extent than the expected benefits, as the so-called national culture exerts a pivotal influence in molding the trends associated with this risk. This assertion is substantiated by the considerable significance of cultural factors in the perception and analysis of risk behavior, encompassing dimensions such as individualism versus collectivism (Breuer, von Nitzsch, Salzmann, & Kollath, 2016). Furthermore, in addition to the aforementioned observations, risk behavior functions as a variable that serves as a partial mediator between financial culture and self-efficacy, both of which are crucial determinants that influence investment intentions. This indicates that enhancing self-efficacy and elevating the level of financial knowledge fosters investor engagement, consequently leading to the development of investment intentions (Khan, Shafiq, & Shah, Effect of financial literacy and financial self-efficacy on individuals' investment intention: The mediating role of risk-taking behavior, 2023)). Collectively, these findings underscore the degree of coherence and interaction that emerges through investment intentions, attitudes, risk considerations, and cultural elements. Hence, the hypothesis pertaining to these factors has been articulated through the subsequent hypothesis: Hm5: Attitude mediates the relationship between risk and investment intention in the Palestinian investment sector. 27 6. The mediating role of financial self-efficacy in the relationship between risk making and investment intention: The mediating role of financial self-efficacy between risk-taking and investment intention can be understood through the lens of both the Theory of Reasoned Action (TRA) and Prospect Theory. Financial self-efficacy, which refers to an individual's belief in their ability to manage financial tasks, plays a crucial role in shaping investment intentions by influencing risk-taking behaviors. This relationship aligns with the core constructs of TRA, which emphasizes the role of attitudes and subjective norms in shaping intentions, and Prospect Theory, which focuses on how individuals evaluate potential losses and gains. The integration of financial self-efficacy as a mediator highlights the psychological and behavioral factors that influence investment decisions (Harini & Subramanian, 2024). According to this, financial self-efficacy assumes a pivotal and mediating function in shaping the interplay between risk tolerance and investment intention, as this efficiency, by enhancing the quality of financial reports, augments investment efficacy, particularly in smaller markets, where various financial constraints and administrative risks significantly influence this correlation (Khan, Mahmood, & Younas, Impact of financial knowledge and investor’s personality traits on investment intention: Role of attitude and financial self-efficac, 2024). Consequently, financial constraints, which profoundly impact investment decision-making, particularly in firms possessing substantial cash liquidity and considerable economic potential while undergoing a phase of presumed growth, may result in these constraints adversely affecting their investment decisions (Kim, Lee, & Paik, 2024). Investors endowed with financial literacy, characterized by financial cognizance and self-efficacy, exhibit a greater propensity to engage in investment activities and undertake risks compared to their counterparts, as risk behavior, as evidenced by research, serves as a mediator between financial culture, self-efficacy, and investment intention. Individuals possessing financial literacy, namely those distinguished by an elevated financial culture, are capable, through their attributes and competencies, of making critical decisions pertaining to investment Journal of Corporate Accounting & Finance. Furthermore, the correlation between market value and asset utilization in Palestine, for instance, is facilitated by robust financial ethics, which culminates in effective asset management, thereby enhancing financial performance and subsequently fostering improved investment intentions (Dwaikat, Abdelbaset, & Queiri, 2023). 28 This information holds significant importance, particularly for Palestinian institutions distinguished by their substantial capital reserves and concentration in public ownership, as investors exhibit considerable apprehensions regarding the potential mismanagement of these assets unless such mismanagement ultimately culminates in enhanced financial outcomes (Dwaikat, Abdelbaset, & Queiri, 2023). In consideration of these findings, the significance of financial efficiency must be leveraged in the formulation of investment decisions through the strategic allocation of capital and the mitigation of adverse consequences associated with risks on investment intentions, thereby underscoring the pivotal role that this efficiency assumes within the context of both public and private markets in Palestine. Consequently, the study advances the sixth effective hypothesis, which articulates: Hm 6: Financial efficiency serves as a mediator in the relationship between risk and investment intentions within the Palestinian investment sector. 7. The mediating role of financial efficiency in the relationship between subject norms and investment intention: The mediating role of financial self-efficacy between subjective norms and investment intention can be understood through the lens of both the Theory of Reasoned Action (TRA) and Prospect Theory. Financial self-efficacy, which refers to an individual's belief in their ability to manage financial tasks, acts as a crucial mediator that influences how subjective norms—social pressures or expectations—translate into investment intentions. This relationship aligns with the core constructs of TRA, which emphasizes the role of attitudes and subjective norms in shaping behavioral intentions, and Prospect Theory, which considers how individuals evaluate potential gains and losses in decision-making (Harini & Subramanian). Therefore, the important and mediating role of financial efficiency in the relationship between subjective standards and investment intention can be highlighted because through it, the accurate understanding of financial resource management can improve performance and play a decisive role in influencing investors' intentions. This is illustrated in the context of online trading, where financial efficiency affects investment intentions by reducing the amount of risks that companies or investors can expect, which leads to enhancing self-efficiency. Financial awareness generally has a significant 29 moderating role in investment decisions. In the Palestinian context, it can be said that faith efficiency associated with improved financial performance mediates the relationship between asset utilization and market value, as it can be said that effective financial efficiency can enhance market perceptions and investment intentions (Dwaikat, Abdelbaset, & Queiri, 2023). However, although subjective criteria have not had a direct and significant impact on investment intentions in many studies, results have been found that financial efficiency can influence this dynamic by providing more objective, informed, and trustworthy investment environments (Raut & Kumar, 2023). Therefore, incorporating strategic management accounting practices can enhance investment efficiency and thus indirectly affect investment intentions by improving the strategic use of intellectual capital. In conclusion, financial efficiency acting as a mediator may significantly increase the likelihood of investment by improving financial performance and literacy, even if subjective standards by themselves would not significantly affect investment intentions. This is particularly true in regions like Palestine, where improving market value requires financial management strategies (Raut & Kumar, 2023): Hm7: The financial efficiency mediates the relationship between subject norms and investment intention in the Palestinian investment sector. 30 1.8.4 The Conceptual Framework of the Study Figure (1.1) Conceptual Framework of the Study (Direct Impact) Figure (1.2) Conceptual Framework of the Study (Indirect Impact) Attitude Trust Financial self- efficacy Financial Knowledge Cybersecurity Awareness Information Quality Risk - Taking Subjective Norms H 1 H 22 H H4 H H7 Investment Intention H8 H9 H10 H5 Financial Knowledge Cybersecurity Awareness Information Quality Risk - Taking Subjective Norms Attitude Financial self- efficacy Investment Intention Trust Hm1 Hm2 Hm5 Hm3 Hm4 Hm6 Hm7 31 The study's primary objective is to evaluate the level of Investors' Awareness regarding Cyber Security Risks and their consequential effect on the investment intentions of Palestinian Investors . It also aims to clarify the connections between investing intents and factors like risk tolerance, financial literacy, cybersecurity awareness, subjective norms, attitudes, trust, and financial self-efficacy. Additionally, the study explores how attitudes, trust, and financial self-efficacy impact cybersecurity awareness, financial literacy, information quality, risk appetite, subjective norms, and investment intents. Alongside these results is the research's theoretical framework, bolsters the study's objectives. A thorough literature review was conducted to find relevant studies that used features similar to those in the current study project. By analyzing these variables, the study will formulate recommendations to enhance investment outcomes by fostering an understanding of Cyber Security Risk Awareness and the interplay of the variables above and their implications for investment. The study uses seventeen main hypotheses, ten of which are direct correlations and seven indirect relationships. 1.8.5 Chapter Summary The study's second chapter offers a theoretical framework, emphasizing the idea of the independent variables, including risk-taking, cybersecurity awareness, financial knowledge, information quality, and subjective standards. Furthermore, the mediating factors include financial self-efficacy, trust, and Attitude. Additionally, the dependent variable was displayed by the intention to invest. The theoretical framework was developed based on the fundamental theories pertinent to the investigation, examining their concepts and connections with the research issue. Previous studies on the link between these variables are also examined. The suggested plan for creating the theoretical framework is also presented in this chapter. The research approach used in the study is covered in detail in the next chapter. 32 Chapter Two Research Methodology 2.1 Introduction This chapter deals with a full description of the method and procedures carried out by the researcher for data collection and sampling, questionnaire design, reliability and validity testing, statistical approach, and research model to implement this study . 2.2 Data collection and sampling First, this investigation aimed to examine the influence of independent variables— namely, cybersecurity awareness, financial literacy, information quality, risk propensity, subjective norms, attitudes, trust, and financial efficacy—on the investment intentions of Palestinian investors within Palestine. The analysis elucidated the effects of these variables on the investment intention, which is treated as the dependent variable, through the hypotheses above. Data were acquired from both primary and secondary sources to gain insights into the research problem, with primary data obtained via a quantitative research instrument, specifically a structured questionnaire, while secondary data were gathered from scholarly books, articles, and scientific journals pertinent to the thesis subject, all of which can be referenced in the accompanying bibliography. Given the significant challenges encountered by the researcher in delineating the population of Palestinian investors due to the unavailability of precise information from relevant authorities, combined with the prevailing political and security circumstances in Palestine (comprising the West Bank and Gaza Strip), which render instability a primary deterrent to investment, the sample for the study was determined utilizing the GPower software. This program facilitated the identification of a sample size of 109 participants, as indicated in Table (2.1). Consequently, the researcher distributed not merely the calculated number of questionnaires but a total of 382, acknowledging the likelihood of non-cooperation from numerous investors concerning the study's objectives, which may result in incomplete responses, as well as the possibility that some participants might be unable to provide accurate answers, thus rendering their data unsuitable for analytical purposes. As a result, 260 questionnaires were retrieved that met the criteria for analysis. The researcher employed a purposive sampling method in the distribution of the questionnaires as a quantitative data collection tool, targeting a specific demographic relevant to the study, wherein participants were selected based on their expertise or 33 involvement in investment activities in Palestine, thereby optimizing time and resources and enhancing data quality. Furthermore, the researcher defends the use of purposive sampling due to the insufficient information regarding the overall population size of Palestinian investors (Walke, 2022). Regarding the application of the GPower program, various scientific and statistical rationales underpin its utilization by researchers. The GPower software enables users to input relevant parameters and compute the requisite sample size, ensuring that the study possesses adequate statistical power to identify significant effects. This program proves advantageous for researchers and ethics committees lacking extensive statistical expertise, as it simplifies the intricate process of sample size estimation (Cunningham & Gardner, 2007). Such capabilities underscore GPower's proficiency in delivering precise sample size calculations, which are vital for informed decision-making and optimizing resource allocation in research endeavors. Table (2.1) Sample identification using G*Power F tests Linear multiple regression: Fixed model, R² deviation from zero Analysis: A priori: Compute required sample size Input: Effect size f² 0.15 α err prob 0.05 Power (1-β err prob) 0.80 Number of predictors 8 Output: Noncentrality parameter λ 16.3500000 Critical F 2.0323276 Numerator df 8 Denominator df 100 Total sample size 109 Actual power 0.8040987 2.3 Questionnaire design The questionnaire is an important tool for collecting the quantitative data used in this research, it was built mainly to meet the needs and answer questions of the research, then the final version was distributed to construction supply chain management in West Bank. It took 4 weeks from the beginning of distributing the questionnaire, collecting it, and 34 returning back to the researcher, the total number of distributed questionnaires was 382, and the researcher retrieved 260 questionnaires, 68% of the sample size. The questionnaire consists of two parts, 5 general questions were used in the first part, which related to the personal information of the respondents (Gender, Age, Qualification, Experience, Inv. Type. Part two contains (36) statements distributed as: (Attitude (3) statements, Cybersecurity Awareness (4) statements), (4) statements measure the level of Financial Knowledge variable. (6) statements measure the level of Financial self-efficacy, (3) statements Investment Intention, (5) Information Qual, (3) Risk taking, (3) Subjective Norms, (5) Trust. Respondents were asked to indicate their level of agreement using a five-point Likert scale (from 5 which means strongly agree to 1 which indicates strongly disagree). (Cicenaite, 2012) said that “Likert scale allows the respondent to choose the degree of agree or disagree with each item in questionnaire when it comes to the stimulus purpose, the different dimensions were measured on 5- point Likert scale to check the participant’s degree of convenient with the statement or not, as below: 1. Strongly disagree (SD). 2. Disagree (D). 3. Neutral (Ne). 4. Agree (A). 5. Strongly Agree (SA). 2.3.1 Instrument Validation Heale & Twycross (2015) define validity as a scientific method that a researcher employs to determine the accuracy with which a concept is measured in a quantitative study. Three primary types of validity exist. The first is content validity, which assesses whether the tool encompasses the complete range associated with the variable or if it's tailored for scaling. The second type, constructive validity, has three kinds of evidence to confirm the research tool's constructive validity: homogeneity, convergence, and theoretical evidence. The last validity measure is criteria validity, which is determined in three ways: convergent, divergent, and predictive. The researcher presented the questionnaire to eight experienced arbitrators from universities and pertinent institutions. These experts 35 provided feedback on the study tool's sections. They ensured that the questionnaire's content and topics aligned with the study's goals and variables. (Heale & Twycross, 2015) emphasize that feedback from the arbitrators is crucial. Their observations and feedback are then reviewed and matched with the study's areas. The researcher incorporated their feedback, refining the questionnaire and finalizing the research methodology. 2.3.2 Instrument Stability To verify the stability of the study tool, the researcher will use Cronbach's alpha equation for the axes, where he will conduct an exploratory survey of several employees according to the study sample. A value of 0.60 and above is considered acceptable for measurement in judging the stability of the questionnaire item. As for the data collected, Acharya, Prakash, Saxena, & Nigam (2013) indicated that there are characteristics that must be available when collecting data while writing scientific research. It is the researcher's ability to reach accurate and reliable results that he resorts to using in scientific research. It should be noted that if the researcher uses a weak and inaccurate tool in collecting information, the study results will be inaccurate, which leads to wasting the efforts of the researcher and the failure of the research as well. Heale & Twycross (2015) explained that what is meant by the accuracy of the scale in science is the researcher's ability to realize the degree to which the scale can achieve logical readings every time it is used, and the reliability of scientific research is calculated in several different ways, but the most common of these methods is the measurement of the coefficient of Alpha Cronbach . Given the significant importance of the reliability coefficient for the study tool, Cronbach's alpha equation is applied to each study section and subsequently to the total section, which encompasses a set of fields. Finally, Internal validity and reliability tests were used to ensure that respondents had no problem understanding the questions, and dimensional analysis was used to establish internal validity. Furthermore, it was sent for evaluation by a number of external raters, where the rater reviews the questionnaire in terms of readability, clarity, and comprehensiveness and provides a level of consensus on the items that should be included 36 in the final questionnaire. Table (2.2) showed the loading, Cronbach’s alpha, and composite reliability for the items of the questionnaire. The data reveals that the 36 items associated with the nine variables, encompassing a total of 36 items, exhibited loading values exceeding 0.60, thus indicating a significant correlation between the questionnaire items and their corresponding variables (Child, 2006). Furthermore, reliability pertains to the consistency of the assessment and its absence of error (Fraenkel & Wallen, 2003); that is to say, all items within the instrument evaluate the same construct and assess the stability or consistency of the instrument, with a statistical measure termed Cronbach's Alpha employed for this purpose. This measure, developed by Lee Cronbach in 1951, is quantified as a numerical value ranging from 0 to 1; an alpha score exceeding 0.7 signifies that the questionnaire is deemed reliable, whereas a score below 0.7 indicates that the questionnaire lacks reliability and necessitates modifications (Fraenkel & Wallen, 2003). 2.4 Statistical approach The construct validity of the questionnaire was rigorously assessed utilizing factor analysis to ascertain its validity. Cronbach's Alpha was used to assess the measurement tool's stability coefficient. Using the statistical software program SPSS 23, the researcher attempted to ascertain the arithmetic means and standard deviations for each item about the independent, dependent, and mediating components. The researcher meticulously dissected and examined the questionnaire using the statistical program Smart PLS 4 and the structural equation modelling methodology. Partial Least Squares Structural Equation Modelling (PLS-SEM), which is extensively used in many different disciplines to analyse complicated interactions between latent variables as assessed by observable variables, is the subject of the comprehensive software package Smart PLS 4 . Both inexperienced and seasoned researchers can use the software because of its well- known and user-friendly graphical user interfac (Sarstedt & Cheah, 2019). 37 Tools for evaluating formative and reflective measuring methodologies are included in Smart PLS 4.These tools include evaluating convergent validity, collinearity, and statistical significance of weights for formative models; for reflective models, they include evaluating indicator loadings, discriminant validity, convergent validity, and internal consistency reliability (Subhaktiyasa, 2024). Furthermore, using tests like PLSpredict, R square, Q square, VIF, significant value, collinearity, and SRMR, the program makes it easier to evaluate structural models (Subhaktiyasa, 2024).For academics and companies looking to use cutting-edge statistical methods for competitive advantage and strategic insights, Smart PLS 4 is an essential tool (Subhaktiyasa, 2024) . The researcher described the most significant statistical methodologies that were employed and that are consistent with the objectives and hypotheses of the investigation after closely examining the primary programs used as analytical tools and considering the Smart PLS 4 program as the most significant analytical tool in terms of its definition, significance, and principal components. The study evaluated the hypotheses using the Full Collinearity and Test for Normality tests. Furthermore, convergence and discriminant validity were utilized to appraise the measurement model. The coefficient of determination (R² value) and predictive quality (Q²) were also employed to evaluate the structural model. 2.5 Conclusion This chapter has identified the methodological approach selected for this thesis study, in this part the researcher identified the research instrument that was applied to test the hypothesis to reach the final results which illustrates the investors' awareness of cyber security risk and its impact on the intention to invest, also in this chapter the researcher identifies the internal validity and reliability of the questionnaire used. A factor analysis testing was done and the results were used to make the necessary modifications on the instrument. Moreover, in this chapter the researcher identified the population and the targeted research sample. Finally, the researcher explained the procedures used to conduct the data collection and analysis. 38 Chapter Three Data Analysis & Results 3.1 Introduction