Investors from the whole world are looking for those stock markets that are less affected by interest rates. Pakistan is a good place to invest and the investors from the whole world are considering Pakistan for future ventures. The current study, therefore, aims to analyze the factors affecting investors’ decision making in Pakistan with the interaction effect of locus of control. The primary data are gathered from 300 respondents. Structural equation modelling (SEM-PLS) is used to analyze the interactions among variables. The study finds positive impact of availability and representative biases on investment decision making. The study could not find any moderating role of locus of control. The results imply that decisions made by Pakistani investors are driven by the most easily or currently available information and they trust on the information obtained from family and friends without any authentication and verification. One possible description of insignificant moderation effect of locus of control can be the sample traits used in the study, e.g., personal characteristics, that change from culture to culture. Another description of these findings may be the association between heuristic biases, including availability, representative and psychological biases and decision-making regarding investment is not personality specific.

Abstract
1. Introduction
2. Literature Review
3. Data and Methodology
    3.1. Variables Description
4. Empirical Results
    4.1. Demographic Information of Respondents
    4.2. Assessment of Measurement Model
    4.3. Assessment of Structural Model
5. Discussions and Conclusions
    5.1. Practical Implications
    5.2. Recommendations
    5.3. Limitations and Future Directions
References

• Hafiz Waqas KAMRAN(Faculty of Business Administration, Iqra University, Karachi, Pakistan) Corresponding Author
• Abthal QAISAR(Lyallpur Business School, Government College University, Faisalabad, Pakistan.)
• Nayyer SULTANA(Department of Public Administration, Government College Women University, Faisalabad, Pakistan.)
• Muhammad Atif NAWAZ(Department of Economics, The Islamia University of Bahawalpur, Pakistan)
• Hafiz Tanveer AHMAD(Lyallpur Business School, Government College University, Faisalabad, Pakistan)