新兴市场风险倾向、风险感知与风险行为之间的关系

Fazelina Sahul Hamid, G. J. Rangel, F. Taib, R. Thurasamy
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引用次数: 21

摘要

本文报告了支持新兴市场投资者风险倾向、风险感知和冒险行为之间关系的证据。主要数据采用经过验证的结构化问卷收集,问卷由受访者自行填写:共有来自8家证券经纪公司的162名投资者。使用多元回归来测试确定的行为特征对投资决策的直接和间接影响。风险倾向与冒险行为呈正相关,而风险感知与冒险行为负相关。进一步发现,风险感知在一定程度上调节了风险倾向的影响。这表明,在投资者的思维过程中,情境情境的感知框架减少了,但它并没有完全压倒投资者的风险寻求或风险厌恶的先天人格特征。从事冒险行为的倾向在本质上更多是心理上的。进一步探讨了本研究的意义。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
THE RELATIONSHIP BETWEEN RISK PROPENSITY, RISK PERCEPTION AND RISK-TAKING BEHAVIOUR IN AN EMERGING MARKET
This paper reports evidence to support a relationship between risk propensity, risk perception, and risk-taking behaviour of investors in an emerging market. Primary data were gathered using a validated structured questionnaire, which was self-administered by respondents: there were 162 investors from 8 stockbroking companies. A multiple regression was used to test the direct and indirect effects of the identified behavioural characteristics on investment decision. Risk propensity was found to be positively related to risk-taking behaviour whereas risk perception was negatively related to risk-taking behaviour. It was further found that risk perception partially mediates the effect of propensity to take risk. This suggests that the perceptual framing of a situational context in the investors’ thought processes reduces but it does not totally overwhelm the innate personality traits with respect to either the investor’s risk-seeking or risk-averseness. The tendency to engage in risky behaviour is more psychological in nature. The implications of the research are further explored.
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