试着思考：认知负荷对群体金融风险承担影响的实验研究

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-01-16 DOI:10.1016/j.frl.2025.106823

E. Lahav, R. Manos, G. Kashy-Rosenbaum, N. Sitbon

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引用次数: 0

摘要

在当今的企业舞台上，决策过程是由董事会和投资委员会等专业团体执行的。这些决定通常是在认知负荷下做出的。本研究探讨认知负荷对群体投资决策的影响。我们进行了一个类似游戏的投资实验，涉及个人、团体和性别异质群体，其中一半的参与者被置于认知负荷下。研究结果表明，认知负荷增加了个人和群体的冒险精神。加入一个团队并在前几轮经历损失也会增加风险，尽管过去损失的影响在认知负荷下会减弱。讨论了企业决策的实际意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Trying to think: An experimental study of the impact of cognitive load on financial risk taking by groups

In today's corporate arena, decision-making processes are performed by professional groups such as directorates and investment committees. These decisions are often made under cognitive load. This study explores the impact of cognitive load on group investment decisions. We conduct a game-like investment experiment involving individuals, groups, and gender-heterogeneous groups, with half of the participants placed under cognitive load. The findings reveal that cognitive load increases risk-taking for both individuals and groups. Joining a group and experiencing losses in previous rounds also increase risk-taking, although the effect of past losses weakens under cognitive load. Practical implications for corporate decision-making are discussed.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance