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Open Access
Article
Publication date: 20 June 2022

Rangapriya Saivasan and Madhavi Lokhande

Investor risk perception is a personalized judgement on the uncertainty of returns pertaining to a financial instrument. This study identifies key psychological and demographic…

6855

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Research limitations/implications

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

Practical implications

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.

Social implications

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.

Originality/value

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.

Details

Asian Journal of Economics and Banking, vol. 6 no. 3
Type: Research Article
ISSN: 2615-9821

Keywords

Open Access
Article
Publication date: 24 August 2018

Alexander Preko, Frederick Doe and Samuel Ato Dadzie

The study presents the push–pull motives and behavioural intentions of youth tourists and how these provide the foundation for the planning and development of Ghana’s tourism…

8085

Abstract

Purpose

The study presents the push–pull motives and behavioural intentions of youth tourists and how these provide the foundation for the planning and development of Ghana’s tourism future. Since youth tourism (YT) is regarded as a niche market globally, the purpose of this paper is to identify the prospects of this form of tourism in a developing nation.

Design/methodology/approach

The study has utilised a convenience sampling approach in gathering data from 557 youth tourists, adapting existing instruments for measuring push–pull motives, satisfaction and behavioural intentions. The reliability and validity of the instruments were established through confirmatory factor analysis, exploratory factor analysis and Cronbach’s α analyses. Structural equation modelling is used to establish relationships.

Findings

The results revealed the positive effects of push and pull factors on tourists’ satisfaction as well as the significant influence of tourists’ satisfaction on youth behavioural intentions. However, push factors positively influenced pull factors of youth tourists.

Research limitations/implications

The conclusion and recommendations of this study might not be congruent with the factors that motivate adults or student tourism, satisfaction and behavioural intentions.

Practical implications

The findings of the research validate the viability of YT activities and the behavioural intentions for future tourism market in Ghana. Ghana’s tourism sector should design interesting and competitive offers that attract youth tourists and address tourism growth.

Originality/value

To date, investigation into motives, satisfaction and behavioural intentions of youth tourists as the basis for future tourism development remains a virgin field in Ghana. This study has timely attempted to address this gap.

Details

Journal of Tourism Futures, vol. 5 no. 1
Type: Research Article
ISSN: 2055-5911

Keywords

Open Access
Article
Publication date: 5 May 2020

Nosheen Rasool and Safi Ullah

Financial literacy is a crucial element of financial decision-making, exerting significant influence on the behaviour of individual investors, while making budgetary, house…

13524

Abstract

Purpose

Financial literacy is a crucial element of financial decision-making, exerting significant influence on the behaviour of individual investors, while making budgetary, house financing, stock investing and retirement planning decisions. So, the purpose of this research is to determine the relationship between financial literacy and behavioural biases of individual investors in Pakistan.

Design/methodology/approach

In this research paper, a sample of 300 observations was obtained through questionnaires from individual investors residing in Lahore and invested in Pakistan Stock Exchange. The data obtained, was passed through Cronbach’s Alpha and Exploratory Factor Analysis (EFA). The hypothesis developed for the research was tested by Pearson’s Chi-square and Ordinal Regression Analysis.

Findings

The hypothesis testing of the research concluded that there is a negative association between financial literacy and behavioural biases of individual investors. So, it means; with an increase in level of financial literacy, the likelihood of investor facing behavioural biases reduces. It also appeared that male respondents have more financial literacy than female respondents

Originality/value

Previous studies in the field of finance, identified different factors causing the financial behaviour of individual investor of Pakistan, and also focused on level of financial literacy in Pakistan, but these studies have not emphasized the crucial relationship between financial literacy and behavioural biases of individual investors. Thus, the unique empirical analysis developed in this paper has accentuated the financial literacy as a factor that mitigates behavioural biases of individual investor.

Details

Journal of Economics, Finance and Administrative Science, vol. 25 no. 50
Type: Research Article
ISSN: 2077-1886

Keywords

Open Access
Article
Publication date: 24 January 2024

Teresa Schwendtner, Sarah Amsl, Christoph Teller and Steve Wood

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…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

Details

International Journal of Retail & Distribution Management, vol. 52 no. 13
Type: Research Article
ISSN: 0959-0552

Keywords

Open Access
Article
Publication date: 7 June 2022

Wiebke Eberhardt, Thomas Post, Chantal Hoet and Elisabeth Brüggen

The authors develop and validate a conceptual model, the retirement engagement model (REM), to understand the relationships between behavioral engagement (retirement information…

2851

Abstract

Purpose

The authors develop and validate a conceptual model, the retirement engagement model (REM), to understand the relationships between behavioral engagement (retirement information search), cognitive factors and engagement (e.g. beliefs and financial knowledge), emotional engagement (e.g. anxiety), and socio-demographic factors. Approach: The authors derive the REM through a three-step procedure: (1) an extensive literature review, (2) interactive feedback sessions with experts to confirm the model's academic and managerial relevance, and (3) an empirical test of the REM with field data (N = 583). The authors use a partial least squares (PLS) structural equation model and examine heterogeneity through a finite mixture model.

Design/methodology/approach

Around the globe, people are insufficiently engaged with retirement planning. The customer engagement literature offers rich insights into antecedents, outcomes, and barriers to engagement. However, customer engagement literature lacks insights into cognitive, emotional and behavioral factors that drive engagement in retirement planning, a utilitarian service context, which is important for financial well-being.

Findings

Beliefs such as perceived susceptibility, severity, benefits, barriers, and self-efficacy, together with trust and retirement anxiety, explain people's search for pension information. These factors can be used to define three clear, actionable segments of consumers.

Originality/value

The findings advance the customer engagement and transformative service research literature by generating insights on engagement with retirement planning, a utilitarian rather than hedonic service context that is especially relevant for financial well-being. The findings inform managerial practice and emphasize the relevance of including cognitive and emotional engagement factors that trigger behavioral engagement. The REM can help to improve pension communication. For example, the results indicate that marketers should stress the benefits of, rather than the barriers to, acquiring information.

Details

Journal of Service Management, vol. 33 no. 6
Type: Research Article
ISSN: 1757-5818

Keywords

Content available
Article
Publication date: 19 March 2021

Nektarios Gavrilakis and Christos Floros

The purpose of this paper is to identify whether heuristic and herding biases influence portfolio construction and performance in Greece. The current research determines the…

2024

Abstract

Purpose

The purpose of this paper is to identify whether heuristic and herding biases influence portfolio construction and performance in Greece. The current research determines the situation among investors in Greece, a country with several economic problems for the last decade.

Design/methodology/approach

A survey has been conducted covering a group of active private investors. The relationship between private investors' behavior and portfolio construction and performance was tested using a multiple regression.

Findings

The authors find that heuristic variable affects private investor's portfolio construction and performance satisfaction level positively. A robustness test on a second group, consisting of professional investors, reveals that heuristic and herding biases affect investment behavior when constructing a portfolio.

Practical implications

The authors recommend investors to select professional's investment portfolio tools in constructing investment portfolios and avoid excessive errors, which occur due to heuristic. The awareness and understanding of heuristic and herding could be helpful for professionals and decision-makers in financial institutions by improving their performance resulting in more efficient markets.

Originality/value

The main contribution of this paper lies in the fact that it is the first study on two major behavioral dimensions that affect the investor's portfolio construction and performance in Greece. The rationale of the current research is that the results are helpful for investors in order to take rational, reliable and profitable decisions.

Details

Review of Behavioral Finance, vol. 14 no. 3
Type: Research Article
ISSN: 1940-5979

Keywords

Open Access
Article
Publication date: 3 May 2022

Matteo Cristofaro, Pier Luigi Giardino, Sanjay Misra, Quoc Trung Pham and Hai Hiep Phan

This paper claims to identify the behavioral and cultural features that push to use, or not, cryptocurrencies for electronic commerce. Indeed, despite the use of cryptocurrencies…

4177

Abstract

Purpose

This paper claims to identify the behavioral and cultural features that push to use, or not, cryptocurrencies for electronic commerce. Indeed, despite the use of cryptocurrencies for electronic commerce spreading worldwide at a fast and growing pace, there are supporters and detractors among their users. The analysis of what distinguish these two groups of users is fundamental for understanding their different intention to use cryptocurrencies for electronic commerce.

Design/methodology/approach

A survey has been administered to 2,532 cryptocurrencies’ users across the USA and China, collecting data on their behavioral predispositions and cultural features. Results were then analyzed through structured equation modeling.

Findings

Results showed that while attitude, subjective norms, perceived behavioral control and herding behavior have a positive impact on the intention to use cryptocurrencies for electronic commerce, financial literacy has no influence. Cultural dimensions amplified or reduced the discovered relationships and caused different effects: positive for the USA and negative for China when considering illegal attitude and perceived risk.

Originality/value

Theory of planned behavior, financial behavior and cultural factors can, all together, represent a useful framework for envisioning the behavior of users in adopting cryptocurrencies for electronic commerce purposes through a test of all its elements. To the best of the authors’ knowledge, this is the first study considering behavior and cultural variables on the intention to use cryptocurrencies for electronic commerce as well as being the largest carried out, in terms of sample, on the cryptocurrency topic.

Details

Management Research Review, vol. 46 no. 3
Type: Research Article
ISSN: 2040-8269

Keywords

Content available
Article
Publication date: 5 January 2021

Sunyoung Park and Nam Hui Kim

The purpose of this study is to examine the effect of students’ self-regulation, co-regulation and behavioral engagement on their performance in flipped learning environments in…

2294

Abstract

Purpose

The purpose of this study is to examine the effect of students’ self-regulation, co-regulation and behavioral engagement on their performance in flipped learning environments in higher education.

Design/methodology/approach

The subjects were college students taking an education course offered at a 4-year university in South Korea. Structural equation modeling was adopted to analyze 221 student responses.

Findings

The findings indicated that the more students self-regulated, the more likely they were to engage in co-regulation with other students in the class. Students’ self-regulation and co-regulation also significantly affected their behavioral engagement. Finally, students’ self-regulation positively affected their academic performance, while co-regulation and behavioral engagement did not affect their performance.

Originality/value

Based on these findings, this study provides meaningful implications for scholars and practitioners on how to select and use more appropriate instructional and evaluation strategies to improve students’ positive behavior, engagement and performance in a flipped learning environment.

Details

European Journal of Training and Development, vol. 46 no. 1/2
Type: Research Article
ISSN: 2046-9012

Keywords

Open Access
Article
Publication date: 12 August 2021

S. Mostafa Rasoolimanesh, Siamak Seyfi, Raouf Ahmad Rather and Colin Michael Hall

This paper aims to investigate the interplay of memorable tourism experiences (MTE) dimensions in driving behavioral intentions of heritage tourists through the mediating role of…

12804

Abstract

Purpose

This paper aims to investigate the interplay of memorable tourism experiences (MTE) dimensions in driving behavioral intentions of heritage tourists through the mediating role of satisfaction.

Design/methodology/approach

Empirical data were collected from tourists in the heritage city of Kashan, Iran. Partial least squares-structural equation modeling (PLS-SEM) and fuzzy-set qualitative comparative analysis (fsQCA) were applied to analyze the data.

Findings

The results of PLS-SEM showed that three dimensions of MTE as follows: local culture, involvement and knowledge, significantly directly or indirectly influence tourists’ behavioral intention toward a destination. However, the results of fsQCA identified greater heterogeneity among the respondents by highlighting the positive effects of hedonism and novelty on satisfaction and revisit and word-of-mouth intentions.

Originality/value

This study enriches the empirical evidence on MTE by constructing a composite picture of the memorability of tourists’ experiences within a heritage tourism context. This study is one of the first to investigate the effects of dimensions of MTE on behavioral intentions using both symmetric (PLS-SEM) and asymmetric approaches to identify the more significant dimensions of MTE, as well as sufficient combinations of dimensions to predict behavioral intentions.

研究目的

本文旨在研究难忘旅游体验 (MTE) 各维度通过满意度这个中介变量来驱动遗产旅游游客行为意图的机制

研究设计/方法论/研究方法

实证数据是从伊朗遗产城市卡尚的游客那里收集的。本研究采用偏最小二乘结构方程模型(PLS-SEM)和模糊集定性比较分析(fsQCA)对数据进行分析

研究发现

偏最小二乘结构方程模型的研究结果表明,难忘旅游体验(MTE)的三个维度:当地文化、参与度和熟悉程度,显著地直接或间接地影响游客对目的地的行为意向。然而,模糊集定性比较分析的研究结果表明受访者间存在更大的异质性,其结果凸显了享乐主义和新鲜感对满意度、重游意向和口碑(WOM)意向的正效应

独创性/价值

本研究通过构建遗产旅游背景下游客体验难忘性的相互影响机制,丰富了关于难忘旅游体验(MTE)的实证研究证据。本研究是第一个同时使用对称方法(PLS-SEM)和非对称方法(fsQCA)来探究MTE各维度对行为意向的影响的研究之一,通过这种方式可以识别出MTE各维度中更为重要的维度以及维度组合,以此来预测行为意向

Propósito

Este artículo investiga la influencia de las dimensiones de las experiencias turísticas memorables (ETM) en el fomento de las intenciones de comportamiento de los turistas del patrimonio a través del papel mediador de la satisfacción.

Diseño/metodología/enfoque

Se recogieron datos empíricos de turistas en la ciudad patrimonial de Kashan, Irán. Para analizar los datos se aplicaron las técnicas partial least squares – structural equation modeling (PLS-SEM) y fuzzy-set qualitative comparative analysis (fsQCA).

Conclusiones

Los resultados que proporcionó el análisis PLS-SEM mostraron que tres dimensiones de las ETM: cultura local, implicación y conocimiento, influyen significativamente, de forma directa o indirecta, en la intención de comportamiento de los turistas hacia un destino. Sin embargo, los resultados del enfoque fsQCA identificaron una mayor heterogeneidad entre los encuestados al destacar los efectos positivos del hedonismo y la novedad sobre la satisfacción y las intenciones tanto de volver a visitar el destino como de realizar una comunicación de boca a boca (WOM).

Originalidad/valor

Este estudio enriquece la evidencia empírica sobre las ETM al construir una imagen combinada del carácter memorable de las experiencias de los turistas dentro de un contexto de turismo patrimonial. Este estudio es uno de los primeros en investigar los efectos de las dimensiones las ETM en las intenciones de comportamiento utilizando enfoques simétricos (PLS-SEM) y asimétricos para identificar las dimensiones más significativas las ETM, así como para determinar las combinaciones necesarias de dimensiones para predecir las intenciones de comportamiento.

Content available
Book part
Publication date: 16 July 2018

Arup Kumar Sarkar and Tarak Nath Sahu

Abstract

Details

Investment Behaviour
Type: Book
ISBN: 978-1-78756-280-6

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