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This paper aims to explore the relevance of bounded rationality to the practice of institutional investors in Malaysia. Understanding institutional investor behavior is important, as it can determine the asset prices and consequently the market behavior.

A set of questionnaires is used to solicit information regarding the understanding and practical application of behavioral finance theories and strategies among fund managers in the Malaysian investment management practice. In the process, bounded rational theory is aimed to be validated. Fund managers’ possible bounded rational behavior is assessed with reference to their investment management approaches and strategies right from individual beliefs and acquisition of information, as well as investment management and strategies used.

The findings lend support to the notion that institutional investors too, being normal human beings, are expected to think and behave in a boundedly rational manner as postulated in bounded rational theory. The sources of bounded rationality are individual, institutional and social forces. Thus, portfolio trading and investment management strategies are exposed to wide varieties of behavioral risks. Despite the notions that behavioral risks are real and the impact on fund performance could be pervasive, fund managers’ self-awareness regarding control and institutional readiness to govern behavioral risks in investment practices is still low.

Empirical evidence drawn in the current paper is subjected to small sample size and specific focus on Malaysian context. Despite this limitation, the sample is statistically sufficient and provides a fair representation, as well as quality opinions, of fund manager’s investment management behavior in Malaysia. This research provides valuable implications to practitioners (fund managers) and regulators (investment management and capital market policymakers). In practice, the current study draws some practical ideas, especially for buy-side institutional investors, on the source and impact of behavioral biases on fund management practices and performance. For regulators, this research highlighted the needs and possible ways to regulate these behavioral risks.

The current paper provides new insights on the theory and practice of the institutional investor. In theory, this research provides evidence of bounded rationality of institutional investor behavior, practicing in the asset management industry in the emerging markets of Malaysia. This evidence lends support to the validity of the bounded rationality theory in explaining institutional investor behavior. In practice, thisresearch provides new insights on the relevance of behavioral finance perspectives and strategies in the asset management industry practice and policy.

Investor risk perception is a personalized judgement on the uncertainty of returns pertaining to a financial instrument. This study identifies key psychological and demographic factors that influence risk perception. It also unravels the complex relationship between demographic attributes and investor's risk attitude towards equity investment.

Exploratory factor analysis is used to identify factors that define investor risk perception. Multiple regression is used to assess the relationship between demographic traits and factor groups. Kruskal–Wallis test is used to ascertain whether the factors extracted differ across demographic categories. A risk perception framework based on these findings is developed to provide deeper insight.

There is evidence of the relationship and influence of demographic factors on risk propensity and behavioural bias. From this study, it is apparent that return expectation, time horizon and loss aversion, which define the risk propensity construct, vary significantly based on demographic traits. Familiarity, overconfidence, anchoring and experiential biases which define the behavioural bias construct differ across demographic categories. These factors influence the risk perception of an individual with respect to equity investments.

The reference for the framework of this study is limited as there has been no precedence of similar work in academia.

This paper establishes that information seekers make rational decisions. The paper iterates the need for portfolio managers to develop and align investment strategies after evaluation of investors' risk by including these behavioural factors, this can particularly be advantageous during extreme volatility in markets that concedes the possibility of irrational decision making.

This study highlights that regulators need to acknowledge the investor's affective, cognitive and demographic impact on equity markets and align risk control measures that are conducive to market evolution. It also creates awareness among market participants that psychological factors and behavioural biases can have an impact on investment decisions.

This is the only study that looks at a three-dimensional perspective of the investor risk perception framework. The study presents the relationship between risk propensity, behavioural bias and demographic factors in the backdrop of “information” being the mediating variable. This paper covers five characteristics of risk propensity and eight behavioural biases, such a vast coverage has not been attempted within the academic realm earlier with the aforesaid perspective.

Do women exhibit greater financial risk aversion than men? We answer this question using attitudinal and behavioral specifications of risk aversion drawn from the 2010 Survey of Consumer Finances (SCF). To approximate attitudinal specification of risk aversion, we use individuals’ self-reported financial risk tolerance. We use individuals’ relative risk aversion, that is, the effect of wealth on the proportion of assets categorized as risky as behavioral specification of risk aversion. We find that while women display greater attitudinal risk aversion, gender difference in behavioral risk aversion depends upon individuals’ marital status and role in household finances. Single women exhibit greater behavioral risk aversion compared to single men. However, this gender difference does not exist when we compare behavioral risk aversion of married women and men in charge of household finances.

The purpose of this paper is to explore the influence of several core behavioural propensities on financial risk tolerance (FRT). Additionally, this paper examines the moderating effect of ethnicity on the relationship between behavioural propensities and FRT.

A sample of 1,204 completed and usable questionnaires were collected from undergraduate students majoring in business, economics and finance and analysed them using SmartPLS 2.0 software.

The findings reveal that propensity for trust has the highest impact on FRT followed by propensity for regret and happiness in life, while propensity for social interaction is not significantly associated with FRT. Ethnicity significantly moderates the relationship between three behavioural propensities (propensity for regret, propensity for trust and happiness in life) and FRT.

This study contributes to the assessment of individuals’ FRT incorporating behavioural propensities, which in turn contributes to the field of behavioural finance.

This paper aims to examine the impact of online reviews on behavioral intentions via perceived risk. Perceived risk is both analytical and emotional. Stimulus–organism–response (S–O–R) framework guided this study to explore the interaction between online reviews, perceived risk and behavioral intentions.

The conceptual model proposed in this research has been validated using confirmatory factor analysis (CFA) and structural equation modeling to assess the measurement model and the validity of the scale, based on primary responses collected from 473 travelers.

Findings of this study suggest the role of online consumer reviews in reducing the perceived risk associated with experience dominant services like tourism. Process model test proves the mediating role of perceived risk between online reviews and behavioral intentions. Results indicate the significance of online review in lowering the perceived risk leading to positive behavioral intentions.

Destination marketing organizations (DMOs) should understand the role of online reviews in effectively reducing risk and uncertainty, thereby influencing behavioral intentions.

This paper is unique in attempting to empirically examine the mediating role of perceived risk between online reviews and behavioral intentions. The study is a forerunner in using S–O–R framework to test the interaction between online review, perceived risk and behavioral intention.

Considered alone, risk is static; the purpose of this paper is to illustrate risk not as static but as a fluid condition dependent, for example, upon circumstances of its context in changeable vulnerability and behavioural responses of people facing risk.

Psychology provides strong evidence of behavioural response when facing hazards; technological disasters providing more evidence of behavioural responses to hazards and risk than response to disasters assumed to be “natural”. Initial and subsequent behavioural responses may critically affect ultimate outcomes. Post-event inquiries into technological disasters have revealed actions and inactions which created or aggravated subsequent consequences and their aftermath.

Decisions taken at a Japanese school between the 2011 earthquake and tsunami, and details of the 2017 fire at a tower-block in London, UK, indicate, in spite of training, that rigidity, uncertainty, hesitation or waver may affect critical decisions and their consequences. Pre- and post-disaster behaviour may not follow preferred patterns. Fear of imagined or real events may induce unanticipated denial of the reality of risk. Physical changes made after assessments of risk may not be recognised as affecting risk.

Few published examples exist of public inquiries following disasters assumed to be from natural causes.

Reports of inquiries into technological disasters provide significant examples of behavioural responses which, if replicated, may influence outcomes of disasters labelled as “natural”.

Awareness of risk as a fluid condition will facilitate realisation of effects upon risk of uncompleted or ongoing works, inappropriate behavioural responses, undeveloped resilience and of the need for regular reassessments of risk.

This study encourages comprehension of risk as an evolving and fluid condition.

This study provides real-world evidence for the relationship between strategic communication from a global/multinational perspective and the effectiveness of corporate message strategies in the context of environment risk communication. Among sustainability issues, particulate matter (PM) air pollution has threatened the health and social wellbeing of citizens in many countries. The purpose of this paper is to apply the message framing and attribution theories in the context of sustainability communication to determine the effects of risk message characteristics on publics’ risk responses.

Using a 2 (message frame: gain vs loss) × 2 (attribution type: internal vs external) × 2 (country: China vs South Korea) between-subjects experimental design, the study examines the message framing strategies' on publics' risk responses (i.e. risk perception, risk responsibility attribution held toward another country and sustainable behavioral intention for risk prevention).

Findings include (1) main effects of message characteristics on participants’ risk responses; (2) the impact of country difference on participants’ differential risk responses and (3) three-way interactions on how risk message framing, risk threats type and country difference jointly affect not only participants’ risk perception and risk responsibility attribution but also their sustainable behavioral intention to prevent PM.

Although this study used young–adult samples in China and South Korea, the study advances the theory building in strategic environmental risk communication by emphasizing a global/multinational perspective in investigating differences among at-risk publics threatened by large-scale environmental risks.

The study's findings provide evidence-based implications such as how government agencies can enhance the environmental risk message strategy so that it induces more desired risk communication outcomes among at-risk publics. Insights from our study offer practical recommendations on which message feature is relatively more impactful in increasing intention for prosocial behavioral changes.

This study on all measured risk responses reveals important differences between at-risk young publics in China and South Korea and how they respond differently to a shared environmental risk such as PM. The study's findings provide new evidence that media coverage of global environmental issues needs to be studied at the national level, and cross-cultural comparisons are imperative to understand publics’ responses to different news strategies. Thus, this study offers implications for practitioners to understand and apply appropriate strategies to publics in a social way across different countries so as to tailor risk communication messaging.

This study offers new insights to help connect message framing effects with communication management practice at the multi-national level, providing recommendations for government communication practitioners regarding which PM message features are more likely to be effective in forming proper risk perception and motivate sustainable actions among at-risk publics in different countries.

The purpose of this paper is to investigate the influence of six core behavioural factors on financial risk tolerance (FRT). The study also analyses the role of religiosity in the relationship between behavioural factors and FRT.

Empirical data were collected using a survey questionnaire. A total of 1,679 questionnaires were distributed to six public universities in the Klang Valley. However, only 1,204 questionnaires were completed and used for analysis. This study employs structural equation modelling to validate and assess proposed research model.

The results of the analysis demonstrated some new findings. The findings indicate that propensity for regret, propensity for trust, happiness in life, propensity to attribute success to luck and propensity for overconfidence have a significant influence on FRT while propensity for social interaction does not. The results also provide support for the moderating effects of religiosity in the proposed research model.

The findings highlight the important role of behavioural determinants to assess individuals’ FRT. Understanding FRT is a complex process that goes beyond the exclusive use of behavioural factors. Thus, more research is clearly needed to resolve which additional factors can be used by financial advisors to increase the explained variance in FRT differences.

To better understand what inhibits people from participating in collaborative consumption, this paper aims to develop research models of users and non-users to examine the relationship between perceived risks and intentions to use peer-to-peer (P2P) accommodation. Moreover, differences of risk perceptions and behavioral intentions between P2P accommodation users and non-users were identified.

The method of convenience sampling was used to collect data. Excluding the invalid questionnaires, 520 were kept for further analysis. In this paper, SPSS and partial least squares (PLS) were used to analyze the data.

The findings highlighted the important role of perceived risks in determining tourists’ intentions to use P2P accommodation. The results showed that non-users have higher perceived risks in regards to all four risk dimensions (psychological risk, physical risk, performance risk and social risk), and they also have significantly lower behavioral intentions to use P2P accommodation than the users. For users, only the psychological risk has significant negative effects on behavioral intentions, while for non-users, both psychological and physical risks are important inhibitors.

This paper contributes to a better understanding of the antecedents that influence consumers’ participation in collaborative consumption in the P2P accommodation domain. Second, it extends the literature on perceived risk by discussing users and non-users in this market. Finally, this research provides insights into the P2P accommodation market in China, which enables online travel platforms to develop targeted marketing strategies.

为更好了解协同消费的顾客参与，本论文构建了使用者和非使用者模型来检验其感知风险和使用P2P住宿行为意向的关系。此外，本论文也试图探讨使用者和非使用者在感知风险和行为意向方面的差异。

研究样本采取方便抽样方式，共回收520份有效问卷。本论文采用SPSS和偏最小二乘法（PLS）分析数据。

研究结果凸显了感知风险对影响游客使用P2P住宿的重要作用。P2P 住宿非使用者不仅有更高的感知风险（表现在四个风险维度上：心理风险，身体风险，性能风险和社会风险），而且比使用者有更低的使用意向。对于使用者来说，只有心理风险对行为意向有显著地影响作用；对于非使用者，心理风险和身体风险都是影响行为意向的因素。

本论文对于阻碍P2P住宿的参与因素进行了深入探讨。其次，本论文通过讨论使用者和非使用者的差异拓展了感知风险相关研究。最后，本论文研究了P2P住宿业在中国的市场情况，为在线旅行平台开发目标市场策略提供了启示。

P2P 住宿，Airbnb, 感知风险，使用者和非使用者，行为意向

This paper aims to contribute to the corporate social responsibility (CSR) literature by providing holistic insights into financial analysts’ personal values, perceived behavioural risk and investment decisions relating to the social aspects of CSR. Specifically, this paper examines whether analysts’ personal values, such as religiosity, spirituality and social consciousness, influence their investment decisions relating to a highly profitable firm that is alleged of exploiting labour rights. This study also examines the mediating role of analysts’ perceived behavioural risk between personal values and investment decisions.

Data were collected, using a scenario-based survey, from 145 financial analysts at both public and private companies in Pakistan.

The results show that analysts’ values, including religiosity, spirituality and social consciousness, have a significant negative impact on their investment decisions. The results also demonstrate that perceived behavioural risk mediates the relationship between these values and investment decisions.

This study has implications for the globalised business world, regulators and researchers for incorporating personal and ethical values into risk and investment decision-making.

This study establishes the importance of analysts’ personal values in risky investment decision-making.