投资者行为与投资决策：巴基斯坦证券交易所的证据

IF 1.2 Q4 MANAGEMENT

Asian Academy of Management Journal Pub Date : 2023-12-06 DOI:10.21315/aamj2023.28.2.1

Muhammad Ali, Nayeem ul, Hassan Ansari, B. Chishty, Chin-Hong Puah, M. Ashfaq

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引用次数: 0

摘要

本研究旨在了解行为因素对巴基斯坦证券交易所（PSX）投资决策的影响。本研究通过调查问卷收集了 318 名个人投资者的原始数据。本研究调查的问题是情绪、过度自信、反应过度和反应不足以及市场效率感知等行为因素如何影响在巴基斯坦证券交易所做出的投资选择，特别强调羊群行为的有限预测能力。样本数据采用基于偏最小二乘法-结构方程模型（PLS-SEM）的方法进行分析。结果表明，金融知识、情绪、过度自信、过度反应和反应不足以及市场效率对投资决策有重大影响。有趣的是，羊群行为在预测投资决策方面没有发挥重要作用。不过，我们确信，这项研究将使我们更好地理解行为因素与巴基斯坦投资者投资决策之间的关系。

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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Investor behaviour and investment decisions: Evidence from Pakistan Stock Exchange

This research aims to understand the influence of behavioural factors on investment decisions in the Pakistan Stock Exchange (PSX). This study gathered primary data using a survey-based questionnaire from 318 individual investors. The issue being investigated in this study is how behavioural elements, such as sentiment, overconfidence, over- and under-reaction, and perceived market efficiency, affect investment choices made on the PSX, with a particular emphasis on the limited predictive power of herd behaviour. The sample data were analysed using partial least square-structural equation modelling (PLS-SEM) based approach. Results indicate that financial knowledge, sentiment, overconfidence, over- and under-reaction, and perceived market efficiency significantly affect the investment decision. Interestingly, herd behaviour does not play a significant role in predicting investment decisions. However, we are certain that this study will provide a better understanding of the relationship between behavioural factors and an investor’s investment decision in Pakistan.

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来源期刊

Asian Academy of Management Journal MANAGEMENT-

CiteScore

1.70

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： The Asian Academy of Management Journal (AAMJ) is a refereed journal that is jointly published by the Asian Academy of Management (AAM) and Penerbit Universiti Sains Malaysia (http://www.penerbit.usm.my). The journal endeavors to provide forums for academicians and practitioners who are interested in the discussion of current and future issues and challenges impacting the Asian Management as well as promoting and disseminating relevant, high quality research in the field of management. The journal has an established and long history of publishing quality research findings from researchers not only in the Asian region but also globally.