Financial risk propensity and investment decisions: An empirical analysis using behavioural biases

IF 1.7 Q3 MANAGEMENT

IIMB Management Review Pub Date : 2024-09-01 DOI:10.1016/j.iimb.2024.06.004

引用次数: 0

Abstract

The study aims to determine the influence of behavioural biases on financial risk propensity. It also attempts to examine the influence of financial risk propensity on investment decisions and the mediational role of financial risk propensity on the relationship between behavioural biases and investment decisions. A survey by questionnaire method is adopted to collect data from 203 respondents using the purposive sampling technique among the investors. The study has found that prospect, herding, and heuristics dimensions of behavioural bias have a significant impact on financial risk propensity, and in turn, financial risk propensity has a significant impact on investment decisions. The results of the study can help to develop more realistic investment valuation models in light of the revised risk-return expectations of investors who act contrary to the traditional concept of rational utility maximisers.

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金融风险倾向与投资决策：利用行为偏差进行实证分析

本研究旨在确定行为偏差对金融风险倾向的影响。研究还试图探讨金融风险倾向对投资决策的影响，以及金融风险倾向对行为偏差与投资决策之间关系的中介作用。本研究采用问卷调查法，在投资者中使用目的性抽样技术向 203 名受访者收集数据。研究发现，行为偏差的前景、羊群效应和启发式维度对金融风险倾向有显著影响，反过来，金融风险倾向对投资决策也有显著影响。研究结果有助于根据投资者修正后的风险收益预期开发更符合实际的投资估值模型，因为投资者的行为与传统的理性效用最大化者概念相悖。

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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来源期刊

IIMB Management Review MANAGEMENT-

CiteScore

3.20

自引率

5.90%

发文量

审稿时长

68 days

期刊介绍： IIMB Management Review (IMR) is a quarterly journal brought out by the Indian Institute of Management Bangalore. Addressed to management practitioners, researchers and academics, IMR aims to engage rigorously with practices, concepts and ideas in the field of management, with an emphasis on providing managerial insights, in a reader friendly format. To this end IMR invites manuscripts that provide novel managerial insights in any of the core business functions. The manuscript should be rigorous, that is, the findings should be supported by either empirical data or a well-justified theoretical model, and well written. While these two requirements are necessary for acceptance, they do not guarantee acceptance. The sole criterion for publication is contribution to the extant management literature.Although all manuscripts are welcome, our special emphasis is on papers that focus on emerging economies throughout the world. Such papers may either improve our understanding of markets in such economies through novel analyses or build models by taking into account the special characteristics of such economies to provide guidance to managers.