Investment decisions could be affected by behavioral biases associated with personal characteristics. This study empirically investigates the effect of personal characteristics on investors’ investment decision through risk tolerance. Furthermore, investment experience moderates the nexus between personal characteristics and risk tolerance. The scale consisting of 24 items was used related to selected constructs and variables. Data was collected form 175 individual investors of Pakistan Stock Exchange. PLS-SEM was used to make statistical analysis. The findings indicate that extraversion has substantial positive impact on investment decisions. Moreover, risk tolerance partially mediates the relationship between extroversion and investment decisions. The relationship between introversion and investment decisions is negative and risk tolerance partially mediates the aforesaid relationship. Furthermore, it is statistically proved that investment experience substantially moderates the association between extraversion and risk tolerance. However, investment experience does not play any conditional role in the association between introversion and risk tolerance. This study can be helpful for financial advisors to provide best consultancy to their clients (investors), while considering their personal characteristics.

International Center for Tax and Development estimated that majority of the countries collect 80% of total revenue from taxation. However, most of the developing countries including Pakistan face difficulty in taxation compliance. In Pakistan, taxation system faces a major barrier to compliance in terms of trust deficit among citizens regarding tax authorities. The current study  attempted to assess the influence of tax technology on taxation compliance and how it helps to formulate fairness perception about the taxation system. It employed Technology Acceptance model (TAM) to extract the variables of the study according to the local setting of Pakistan. The population of the study consisted of individual tax filers including two segments of the society, that is, salaried individuals and self-employed individuals. Snowball sampling technique was used to collect the data by using a self-administered questionnaire. The selected sample generated 169 complete and useable observations/responses. The data was analyzed by Structural Equation Modeling (SEM) through Smart PLS. The findings indicated a significant direct influence of perceived usefulness, perceived ease of use, and facilitating conditions on tax compliance. Moreover, fairness perception showed a significant positive influence on tax compliance, supported by fairness heuristic theory. The perceived tax fairness significantly mediates the association of the perceived ease of use and facilitating conditions with tax compliance. However, this mediation was not found in the relationship between perceived usefulness and tax compliance. This study could help tax administrators to cope with the issue of trust deficit among tax files and state authorities.