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This article aims to systematically review the literature published in recognized journals focused on cognitive heuristic-driven biases and their effect on investment management activities and market efficiency. It also includes some of the research work on the origins and foundations of behavioral finance, and how this has grown substantially to become an established and particular subject of study in its own right. The study also aims to provide future direction to the researchers working in this field.

For doing research synthesis, a systematic literature review (SLR) approach was applied considering research studies published within the time period, i.e. 1970–2021. This study attempted to accomplish a critical review of 176 studies out of 256 studies identified, which were published in reputable journals to synthesize the existing literature in the behavioral finance domain-related explicitly to cognitive heuristic-driven biases and their effect on investment management activities and market efficiency as well as on the origins and foundations of behavioral finance.

This review reveals that investors often use cognitive heuristics to reduce the risk of losses in uncertain situations, but that leads to errors in judgment; as a result, investors make irrational decisions, which may cause the market to overreact or underreact – in both situations, the market becomes inefficient. Overall, the literature demonstrates that there is currently no consensus on the usefulness of cognitive heuristics in the context of investment management activities and market efficiency. Therefore, a lack of consensus about this topic suggests that further studies may bring relevant contributions to the literature. Based on the gaps analysis, three major categories of gaps, namely theoretical and methodological gaps, and contextual gaps, are found, where research is needed.

The skillful understanding and knowledge of the cognitive heuristic-driven biases will help the investors, financial institutions and policymakers to overcome the adverse effect of these behavioral biases in the stock market. This article provides a detailed explanation of cognitive heuristic-driven biases and their influence on investment management activities and market efficiency, which could be very useful for finance practitioners, such as an investor who plays at the stock exchange, a portfolio manager, a financial strategist/advisor in an investment firm, a financial planner, an investment banker, a trader/broker at the stock exchange or a financial analyst. But most importantly, the term also includes all those persons who manage corporate entities and are responsible for making their financial management strategies.

Currently, no recent study exists, which reviews and evaluates the empirical research on cognitive heuristic-driven biases displayed by investors. The current study is original in discussing the role of cognitive heuristic-driven biases in investment management activities and market efficiency as well as the history and foundations of behavioral finance by means of research synthesis. This paper is useful to researchers, academicians, policymakers and those working in the area of behavioral finance in understanding the role that cognitive heuristic plays in investment management activities and market efficiency.

This study explores the role of organisational culture in promoting collective coping strategies in construction project teams in the United Arab Emirates (UAE). Three collective coping strategies were examined, including problem-focused, relationship-focused and emotion-focused coping strategies.

O'Reilly et al.’s (1991) organisational culture profile (OCP) assessed organisational culture values. Data were collected through an online questionnaire from practitioners in the United Arab Emirates (UAE) construction organisations.

The findings show a high correlation between competitiveness culture values and problem-focused team coping strategy. Relationship-focused team coping strategy was found to have a high correlation with emphasis on rewards and performance orientation values. Conversely, an emotion-focused team coping strategy correlates highly with competitiveness, supportiveness and emphasis on rewards cultural values.

The cross-sectional design of the survey and the UAE context may present limits to the generalisability of findings.

Limited attempts have been made to study collective coping in construction project teams. The study paves the path for exploring emergent socio-psychological concepts in construction organisations, including the impact of organisational culture on team collective coping with adverse events.

Understanding the pivotal impact of culture on successful team coping provides managers with valuable insights into managing situational adversity in construction project teams.

Despite its devastating nature, the COVID-19 pandemic has also catalyzed a substantial surge in the adoption and integration of technological tools within economies, exerting a profound influence on the dissemination of information among participants in stock markets. Consequently, this present study delves into the ramifications of post-pandemic dynamics on stock market behavior. It also examines the relationship between investors' sentiments, underlying behavioral drivers and their collective impact on global stock markets.

Drawing upon data spanning from 2012 to 2023 and encompassing major world indices classified by Morgan Stanley Capital International’s (MSCI) market and regional taxonomy, this study employs a threshold regression model. This model effectively distinguishes the thresholds within these influential factors. To evaluate the statistical significance of variances across these thresholds, a Wald coefficient analysis was applied.

The empirical results highlighted the substantive role that investors' sentiments and behavioral determinants play in shaping the predictability of returns on a global scale. However, their influence on developed economies and the continents of America appears comparatively lower compared with the Asia–Pacific markets. Similarly, the regions characterized by a more pronounced influence of behavioral factors seem to reduce their reliance on these factors in the post-pandemic landscape and vice versa. Interestingly, the post COVID-19 technological advancements also appear to exert a lesser impact on developed nations.

This study pioneers the investigation of these contextual dissimilarities, thereby charting new avenues for subsequent research studies. These insights shed valuable light on the contextualized nexus between technology, societal dynamics, behavioral biases and their collective impact on stock markets. Furthermore, the study's revelations offer a unique vantage point for addressing market inefficiencies by pinpointing the pivotal factors driving such behavioral patterns.

Different age groups display different shopping patterns in terms of how and where consumers buy products. During times of crisis, such behavioural differences become even more striking yet remain under-researched with respect to elderly consumers. This paper investigates the impact of age on retail-related behavioural changes and behavioural stability of elderly shoppers (in comparison to younger consumers) during a crisis.

The authors surveyed 643 Austrian consumers to assess the impact of perceived threat on behavioural change and the moderating effect of age groups. Based on findings from this survey, they subsequently conducted 51 semi-structured interviews to understand the causes of behavioural change and behavioural stability during a crisis.

Elderly shoppers display more stable shopping behaviour during a crisis compared to younger consumers, which is influenced by perceived threat related to the crisis. Such findings indicate that elderly shoppers reinforce their learnt and embedded shopping patterns. The causes of change and stability in behaviour include environmental and inter-personal factors.

Through the lens of social cognitive theory, protection motivation theory and dual process theory, this research contributes to an improved understanding of changes in shopping behaviour of elderly consumers, its antecedents and consequences during a time of crisis. The authors reveal reasons that lead to behavioural stability, hence the absence of change, in terms of shopping during a crisis. They further outline implications for retailers that might wish to better respond to shopping behaviours of the elderly.

This study aims to build on the well-documented case of the Olympus scandal to dissect how social networks and corporate culture enabled corporate elites to commit fraud across multiple generations of leaders.

A flexible pattern matching approach was used to identify matches and mismatches between behavioural theory in corporate governance and the patterns observed in data from diverse sources.

The study applies the behavioural theory of corporate governance from different perspectives. Social networks and relationships were essential for the execution of the fraud and keeping it secret. The group of corporate elites actively created opportunities for committing misappropriation. This research presents individuals committing embezzlement because the opportunity already exists, and they can enrich themselves. The group of insiders who committed the fraud elaborated the rationalizations to others and asked outside associates to help rationalise the activities, while usually individuals provide rationalizations to themselves only.

The social processes among actors described in this case can inform the design of mechanisms to detect these behaviours in similar contexts.

This study provides both perspectives on the fraud scandal: the one of the whistle-blowers, and the opposing side of the transgressors and their associates. The extant case studies on Olympus presented the timeframe of the scandal right after the exposure. The current study dissects the events during the fraud execution and presents the case in a neutral or a negative light.

This paper aims to deepen the current knowledge of seasonality by investigating visitors’ intentional and behavioural patterns during peak and off-peak seasons. It compares the variation in several key behavioural factors, namely, duration of stay, party size, revisit intention, spending and breakdown of spending in different sectors in hospitality and tourism including entertainment, restaurant, accommodation and transportation. Moreover, this research expands the understanding by examining the effectiveness of two innovative strategies of offering a digital app and organising a unique event to tackle seasonal imbalances through stimulating visitors’ intention to change their timing of visit from peak to off-peak periods.

The author initially used a Delphi approach to gather experts’ opinion on the two scenario settings: event organisation and a trip planner app. The scenarios aimed to potentially encourage visitors to change their visit time to off-peak seasons. Then, using a quantitative survey, the travel habits and spending behaviours of 310 participants were captured. Furthermore, the survey assessed their intention to travel during off-peak seasons in response to the implementation of the two innovative strategies.

The results revealed that although the number of visitors who travel in off-peak seasons may be lower, their daily spending is higher than peak season visitors. In addition to total spending per day, the duration of stay, part size, quality of accommodation and re-visit intention of visitors indicated significant variation between peak and off-peak seasons. According to the statistical analysis’ results, organising events (including festivals) proves more effective in encouraging visitors to travel during off-peak seasons compared to digital innovation (i.e. a trip planner app). This finding is in line with the tenets of the Jobs-to-be-Done Theory of innovation.

This study contributes by conceptualising the mechanism of seasonality and its impacts on subsectors of tourism and hospitality. To the best of the author’s knowledge, this is one of the few empirical research that compares the behavioural patterns of visitors including their average spending per day between peak and off-peak seasons. Previous studies focused on specific regions or sectors, whereas this research investigates visitors’ behaviour on a broader scale to provide more comprehensive view. Furthermore, this study is novel due to practising an outside-in approach through investigating the effectiveness of the two innovative strategies aimed at addressing seasonality in the hospitality and tourism industry from visitors’ point of view.

It has been established that values, beliefs and norms are good predictors of pro-environmental behaviour; however, it is less explored how these constructs can be influenced. The purpose of this paper is to assess whether the COVID-19 pandemic, as a shock event, was a “game changer” or it had limited impacts on deep-rooted travel patterns.

To understand whether the pandemic has influenced people’s value orientations with regards to sustainable travel, the authors have made use of the value–belief–norm (VBN)theory of environmentalism and conducted a large-scale survey in Germany, Italy, France, The Netherlands and UK (N = 1545).

The findings showed that the pandemic caused only temporary change in deep-rooted travel patterns as (self-reported) pre-pandemic behaviour of respondents align with their value orientations and proved to be a good predictor of projected travel behaviour. Based on projected travel behaviour and value orientations, four market segments were identified – Frontrunners, Laggards, Comfortable Crowd and Entitled Stewards. While all segments showed willingness to adapt, the authors found variations in the extent of adaption and in the phases of the customer journey where travellers are likely to make changes.

According to our knowledge, using the VBN theory of environmentalism to understand the impact of shock events on deep-rooted travel patterns represents a new perspective. Moreover, to the best of authors’ knowledge, this study is one of the first, written in the midst of the COVID-19 pandemic, which looks at the impact of the health crisis on deep-rooted travel patterns, instead of the commonly studied risk perception.

This study aimed to identify subgroups of esports players based on their gaming behavior patterns across game genres and compare self-efficacy, social efficacy, loneliness and three dimensions of quality of life between these subgroups.

324 participants were recruited from prolific academic to complete an online survey. We employed latent profile analysis (LPA) to identify subgroups of esports players based on their behavioral patterns across genres. Additionally, a one-way multivariate analysis of covariance (MANCOVA) was conducted to test the association between cluster memberships and development and well-being outcomes, controlling for age and gender as covariates.

LPA analysis identified five clusters (two single-genre gamer groups, two multigenre gamer groups and one all-genre gamer group). Univariate analyses indicated the significant effect of the clusters on social efficacy, psychological health and social health. Pairwise comparisons highlighted the salience of the physical enactment-plus-sport simulation genre group in these outcomes.

This study contributes to the understanding of the development and well-being benefits experienced by various esports consumers, as well as the role of specific gameplay in facilitating targeted outcomes among these consumer groups.

This study aims to systematically review various behavioral biases that impact an investor’s decision-making process. The prime objective of this paper is to thematically explore the behavioral bias literature and propose a comprehensive framework that can elucidate a more reasonable explanation of changes in financial markets and investors’ behavior.

Systematic literature review (SLR) methodology is applied to a portfolio of 71 peer-reviewed articles collected from different electronic databases between 2007 and 2021. Content analysis of the extant literature is performed to identify the research themes and existing gaps in the literature.

This research identifies publication trends of the behavioral biases literature and uncovers 24 different biases that impact individual investors’ decision-making. Through thematic analysis, an attribute–consequence–impact framework is proposed that explains different biases leading to individual investors’ irrationality. The study further proposes directions for future research by applying the theory–characteristics–context–methodology framework.

The results of this research will help scholars and practitioners in understanding the existence of various behavioral biases and assist them in identifying potential strategies which can evade the negative effects of these biases. The findings will further help the financial service providers to understand these biases and improve the landscape of financial services.

The essence of the current paper is the application of the SLR method on 24 biases in the area of behavioral finance. To the best of the authors’ knowledge, this study is the first attempt of its kind which provides a methodical and comprehensive compilation of both cognitive and emotional behavioral biases that affect the individual investor’s decision-making.

Purchasing real estate is one of the most important and complex decisions in a life of an individual, which should take numerous factors into account. The purpose of this research is to identify which behavioral factors significantly affect the intention to buy real estate. Since the real estate market is continuously changing, along with other economic and life conditions, it is expected that different generations have different characteristics which affect their behavior; therefore, it is important to analyze generational influence on buyers' behavior.

A survey analysis was conducted on a sample of 434 respondents in Croatia. Partial least squares structural equation modeling was used to obtain the results. The moderating effect of generational affiliation was observed.

Overconfidence significantly affects intention to buy real estate, but it doesn't affect the level of importance individuals give to financial factors. On the other hand, herding significantly affects the level of importance given to financial factors, whereas it does not directly affect buying intention. A significant moderating effect of generational affiliation was found for the impact of overconfidence on financial factors, suggesting a negative effect for younger generations and a positive effect for older generations.

This research proposes a novel unique model with both behavioral and financial factors as predictors of the intention to buy real estate, together with generational differences in buyers' behavior. Understanding normal human behavior is crucial to determine how buyers' decisions and intentions change under the influence of certain biases or characteristics such as generational affiliation.