Mediating role of fundamental anomalies on the relationship between behavioral factors and investment performance

Alharthi Saleh Ahmad, Suresh Ramakrishnan, Adnan Ali, Hafiz Waqas Kamran, H. G. Sulimany
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Abstract

This study examines the behavioral factors like heuristics, prospect factors, emotions, and social interaction on the investment performance of the listed firms in Saudi Arabia. Furthermore, the association between behavioral factors and investment performance is investigated through the mediating role of fundamental anomalies. For data collection, the questionnaire technique was applied by utilizing the items from existing literature linked with the variables of interest. Furthermore, data were empirically examined through descriptive statistics, demographic analysis, and a two-step (measurement model and structural model) approach using the Statistical Package for the Social Sciences (SPSS) and Smart (partial least squares) PLS. Under the measurement model, the study items’ reliability, validity, and internal consistency were investigated. The study findings through the measurement model confirm the reliability and validity of the latent constructs as measured through selected items. On the other side, the structural model affirms a significant and positive impact of emotions, heuristics, and social interaction on investment performance in the Saudi Stock Exchange. Moreover, fundamental anomalies significantly mediate the relationships between heuristics factors and investment performance, emotions and investment performance, and social interactions and investment performance. Conclusively, the empirical findings would greatly support various stakeholders, including existing and proposed investors, financial analysts, stockbrokers, and governmental policymakers interested in judging the role of behavioral factors and market anomalies toward investment performance in Saudi Arabia.
基本面异常对行为因素与投资业绩之间关系的中介作用
本研究探讨了启发式、前景因素、情绪和社会互动等行为因素对沙特阿拉伯上市公司投资业绩的影响。此外,还通过基本面异常的中介作用研究了行为因素与投资绩效之间的关联。在数据收集方面,通过利用现有文献中与相关变量有关的项目,采用了问卷调查技术。此外,还利用社会科学统计软件包(SPSS)和智能(偏最小二乘法)PLS,通过描述性统计、人口统计分析和两步法(测量模型和结构模型)对数据进行了实证研究。在测量模型下,对研究项目的信度、效度和内部一致性进行了调查。通过测量模型得出的研究结果证实了通过所选项目测量的潜在构念的信度和效度。另一方面,结构模型证实了情绪、启发式和社会互动对沙特证券交易所投资绩效的显著和积极影响。此外,基本面异常在启发式因素与投资绩效、情绪与投资绩效以及社会互动与投资绩效之间起到了重要的中介作用。总之,这些实证研究结果将极大地支持各利益相关方,包括现有的和拟议中的投资者、金融分析师、股票经纪人以及有兴趣判断行为因素和市场异常对沙特阿拉伯投资绩效的作用的政府政策制定者。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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