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Article
Publication date: 1 October 1995

Forrest Kessler

Reports on how to make decisions within groups, implying that ifteam decisions are not made properly time can be wasted and incorrectdecisions made. Details various…

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Abstract

Reports on how to make decisions within groups, implying that if team decisions are not made properly time can be wasted and incorrect decisions made. Details various methods, from command to consensus and unanimous decisions. Lists advantages and disadvantages of group decisions, and recommends selecting when and when not to use consensus.

Details

Management Development Review, vol. 8 no. 5
Type: Research Article
ISSN: 0962-2519

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Article
Publication date: 2 December 2021

Jinesh Jain, Nidhi Walia, Manpreet Kaur and Simarjeet Singh

The advocates of behavioural finance have denounced the existing literature on investors’ rationality in the decision-making process and questioned the existence of…

Abstract

Purpose

The advocates of behavioural finance have denounced the existing literature on investors’ rationality in the decision-making process and questioned the existence of efficient markets and rational investors. Although diversified research has been conducted in the area of behavioural finance, yet there is a need of further explorations into the field as the available knowledge base is confined to one or a few behavioural biases confronted by investors while making investment decisions. Hence, this study aims to develop a comprehensive, reliable and valid scale to measure the behavioural biases affecting investors’ decision-making process.

Design/methodology/approach

To develop a comprehensive, reliable and valid scale for measuring the behavioural biases affecting investors’ decision-making process, rigorous multi-stage scale development methodology has been followed. Stage one started with an extensive review of the literature followed by interviews from experienced stockbrokers to clarify construct and getting novel insights about dimensions of behavioural biases. In stage two, 52 items measuring the dimensions of behavioural biases were generated and got evaluated from panel of judges. Pilot testing was done in the third stage which gave a set of 39 items. Finally, in fourth stage, data were collected from 332 individual equity investors on a 7-point Likert scale using the snowball sampling technique.

Findings

The results of the study highlighted that behavioural biases is a multidimensional phenomenon that significantly affects investors’ decisions and has different dimensions, namely, Availability Bias, Representativeness Bias, Overconfidence Bias, Market Factors, Herding, Anchoring, Mental Accounting, Regret Aversion, Gamblers’ Fallacy and Loss Aversion. The present research has developed a comprehensive, reliable and valid scale for measuring behavioural biases affecting equity investors’ decision-making process.

Originality/value

Behavioural finance is an emerging area in the field of research particularly in the Indian context which needs further exploration. The present research concentrates on rendering an empirically tested scale to the researchers for measuring the behavioural biases and its impact on investor’s decision-making. Such an instrument can contribute to making progress in the area of behavioural finance and other research studies may also find it useful to achieve their goals.

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Management Research Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2040-8269

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Article
Publication date: 18 November 2021

Shervin Zakeri, Fatih Ecer, Dimitri Konstantas and Naoufel Cheikhrouhou

This paper proposes a new multi-criteria decision-making method, called the vital-immaterial-mediocre method (VIMM), to determine the weight of multiple conflicting and…

Abstract

Purpose

This paper proposes a new multi-criteria decision-making method, called the vital-immaterial-mediocre method (VIMM), to determine the weight of multiple conflicting and subjective criteria in a decision-making problem.

Design/methodology/approach

The novel method utilizes pairwise comparisons, vector-based procedures and a scoring approach to determine weights of criteria. The VIMM compares alternatives by the three crucial components, namely the vital, immaterial and mediocre criteria. The vital criterion has the largest effect on the final results, followed by the mediocre criterion and then the immaterial criterion, which is the least impactful on the prioritization of alternatives. VIMM is developed in two forms where the first scenario is designed to solve one-goal decision-making problems, while the second scenario embraces multiple goals.

Findings

To validate the method’s performance and applicability, VIMM is applied to a problem of sustainable supplier selection. Comparisons between VIMM, analytic hierarchy process (AHP) and best-worst method (BWM) reveal that VIMM significantly requires fewer comparisons. Moreover, VIMM works well with both fractional and integer numbers in its comparison procedures.

Research limitations/implications

As an implication for research, we have added the development of the VIMM under fuzzy and grey environments as the direction for optimization of the method.

Practical implications

As managerial implications, VIMM not only provides less complex process for the evaluation of the criteria in the managerial decision-making process, but it also generates consistent results, which make VIMM a reliable tool to apply to a large number of potential decision-making problems.

Originality/value

As a novel subjective weighting method, there exist five major values that VIMM brings over AHP and BWM methods: VIMM requires fewer comparisons compared with AHP and BWM; it is not sensitive to the number of criteria; as a goal-oriented method, it exclusively takes the decision-making goals into account; it keeps the validity and reliability of the Decision-Makers’ (DMs’) opinions and works well with integer and fractional numbers.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

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Article
Publication date: 30 November 2021

Shilpi Gupta and Monica Shrivastava

The study aims to understand the impact of loss aversion and herding on investment decision of retail investors. The study further evaluates the mediating role of fear of…

Abstract

Purpose

The study aims to understand the impact of loss aversion and herding on investment decision of retail investors. The study further evaluates the mediating role of fear of missing out (FOMO) in retail investors on these relationships.

Design/methodology/approach

The study employed questionnaire survey to collect data from retail investors of Indian stock market. Total 323 data were collected. The collected data were examined using SmartPLS. Factor analysis and partial least square structural equation modeling were employed for fulfilling the objectives of the study.

Findings

The results of the study revealed that investment decisions of retail investors are significantly influenced by loss aversion, herd behavior as well as FOMO. Assessing the impact of herd behavior and loss aversion on investment decision in presence and absence of FOMO exposed that FOMO partially mediates these relations. The mediation was complementary in nature as the presence of FOMO increased the influence of loss aversion and herd behavior on retail investor's investment decisions.

Practical implications

Behavioral predispositions are accountable for numerous irregularities in stock markets. Thus, it is quite substantial to realize the stimulus of these partialities on investment decisions. The outcomes of this study would help financial planners and investors to keep in mind the different ways their decision outcomes could be biased and try to ignore them.

Originality/value

Though there have been many studies conducted on behavioral biases and their impact on investment decisions, there are very few studies that have taken into account the FOMO factor in investment, in context of the behavioral biases. Theoretically, FOMO has been linked with herd behavior and greed of earning more, but there are very few empirical supports to this fact. Thus, this study is an attempt to fill this gap by examining the role of FOMO on investment decisions and the different biases associated with it.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 26 November 2021

Rebecca Dunlop and Gaia Cetrano

In England, electroconvulsive therapy (ECT) cannot be administered to service users who make an advance decision to refuse the treatment, unless in life-threatening…

Abstract

Purpose

In England, electroconvulsive therapy (ECT) cannot be administered to service users who make an advance decision to refuse the treatment, unless in life-threatening circumstances. In a sector where person-centred practice is revered, no prior research has investigated whether community mental health practitioners (CMHPs) encourage service users to make advance decisions about ECT. This study aims to explore whether CMHPs have supported advance decision-making about ECT and whether their profession, attitudes towards and knowledge of the treatment affect this.

Design/methodology/approach

A quantitative online survey was completed by n = 120 CMHPs (nurses, social workers and occupational therapists). The validated Questionnaire on Attitudes and Knowledge of ECT was used.

Findings

In total, 93% of participants knew service users who had undergone ECT, yet only 12% had supported a service user to make an advance decision about ECT. Compared to those who had not supported advance decision-making, those who had shown significantly higher knowledge and a more positive attitude. Nurses and those who had worked in the mental health field for over 10 years had significantly higher knowledge of ECT.

Originality/value

CMHPs are well placed to support advance decision-making about ECT. Increased knowledge about advance decisions and ECT may bolster the uptake of advance decision-making, thus greater training is recommended.

Details

Mental Health Review Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1361-9322

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Article
Publication date: 30 November 2021

Hasan Tutar, Ahmet Tuncay Erdem and Ömer Karademir

There has been a rapid generational change in the business world in Turkey recently, and X generation managers are rapidly leaving their place to Y generation managers. In…

Abstract

Purpose

There has been a rapid generational change in the business world in Turkey recently, and X generation managers are rapidly leaving their place to Y generation managers. In countries with relatively young populations such as Turkey, management in family businesses passes into the hands of Generation Y. This study aims to examine the moderator role of the difference between old and new generation Y in the effect of self-efficacy perceptions on decision-making strategies.

Design/methodology/approach

This research, which was designed according to the quantitative research method, was designed according to the cross-sectional survey model, one of the general survey models. The research data were collected from a sample of 441 family business managers determined according to the simple random sampling technique. The data were analyzed and interpreted with various statistical techniques. Data analysis was done with AMOS. 20 and International Business Machines statistical package for the social sciences 22 data analysis programs.

Findings

According to the analysis findings, there is a significant relationship between the participants’ self-efficacy perceptions and decision-making strategies. Research findings old and new generation Y managers have different decision strategies. The research results showed that the dominant self-efficacy perceptions of the Y generation affect their decision-making strategies.

Research limitations/implications

This research only examines whether the old and new generation Y perceptions have a moderator function in the relationship between the participants’ self-efficacy perceptions and decision-making strategies. The research is quantitative research limited to family businesses. The results can be compared by repeating the research with other variables and in different samples, for example, by researching in public institutions. In addition, the way of reflecting the differences in perception to the management can be subjected to deeper analysis with mixed studies.

Practical implications

One of the important reasons for the difference in people’s approaches to events is their personality structure. Generational differences, which have been discussed primarily in recent years, make themselves felt in working life. The new working models arising from the different perspectives of the Y generation differ from the traditional business models. Today, in traditional business models, the manager profile is usually the X generation. However, the process is moving toward gaining essential positions in the management levels of the new Y generation. They put traditional managers in a difficult situation with their impatient behavior and desire to climb the career ladder quickly.

Social implications

In the studies conducted on the Y generation, it is understood that they do not favor the classical management approach based on the command-command relationship. The sense of loyalty of the Y generation is low compared to other generations and their organizational commitment levels are weak. There are determinations that they attach importance to flexible working style and want to do business using digital technologies. They are highly motivated in setting vision and participating in strategic decisions in organizations. These features differ significantly from the X-generation managers who adopt the traditional management approach.

Originality/value

Both emotional and cognitive characteristics influence decision-making behavior. The generation gap which shows common personality structures in a certain period is an important predictor of decision-making strategy. Research results and related studies significantly affect the decision strategies of the generation gap. No research has been found comparing the old and new Y generations. In this respect, it is thought that the research will contribute to theory, practice and method.

Details

Management Research Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2040-8269

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Article
Publication date: 29 November 2021

Xin Geng and Manos Kalargiros

The effect of affect in accounting contexts has recently attracted interest, but numerous questions still remain. Given that affect can significantly impact a variety of…

Abstract

Purpose

The effect of affect in accounting contexts has recently attracted interest, but numerous questions still remain. Given that affect can significantly impact a variety of accounting judgments and decisions in theoretically different manners, the purpose of this synthesis is to understand the state of extant accounting literature in affect and identify directions for future research.

Design/methodology/approach

This synthesis systematically reviews experimental accounting papers related to affect in both theoretical and functional respects. The authors first elaborate on the affect infusion theory as the theoretical foundation for the synthesis. The authors then present the sampling method. In Section 4, the authors conceptually and factually summarize affect accounting papers in terms of four major functional areas: auditing, managerial/corporate accounting, tax and financial accounting. The implications of moderators examined in some papers are also discussed. Finally, the authors conclude by revisiting the importance of affect in accounting contexts.

Findings

Throughout the synthesis, the authors provide future research opportunities with respect to theories, each functional area and other gaps in the accounting literature.

Originality/value

This synthesis contributes to the accounting literature by providing a pathway to understand the development of accounting research on affect, integrating theoretical foundations and offering future research opportunities to advance the literature.

Details

Journal of Accounting Literature, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0737-4607

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Book part
Publication date: 1 August 2019

Olga G. Tretyakova, Olga P. Osadchaya, Elena I. Kostyukova, Mikhail V. Sirotenko and Irina V. Gimelshtein

Purpose: The purpose of the work is to study the essence and to determine the algorithm and methodology of decision making as a choice of the existing alternatives…

Abstract

Purpose: The purpose of the work is to study the essence and to determine the algorithm and methodology of decision making as a choice of the existing alternatives according to the scientific approach to this process of management of modern business systems.

Methodology: The research is conducted with the help of the method of process analysis, which allows determining the stages of the process of decision making in modern business systems and determining its algorithm; the method of formalization, which allows presenting the obtained algorithm; and the method of comparative analysis, which allows comparing the existing methods of decision making as a choice of the existing alternatives.

Conclusions: As a result of generalization and systematization of the existing scientific knowledge in the sphere of managerial decisions in modern business systems and reconsideration (logical analysis) of this process, its algorithm is compiled. Four stages of the algorithm of making of managerial decisions in modern business systems are distinguished – determining the needs of business system for managerial decisions, determining the possibilities of business system in making of managerial decisions, compiling alternative variants of managerial decisions, and implementation of the made managerial decision and further evaluation of its optimality. Also, methodological tools of each stage are determined.

Originality/value: The developed algorithm possesses the following advantages as compared to the existing scientific descriptions of this process: completeness, complex solution of the problems of the business system through managerial decisions, connection of the methodology of managerial decisions to each stage of the algorithm, and systemic character of the methodology of decision making as a choice of the existing alternatives.

Details

Specifics of Decision Making in Modern Business Systems
Type: Book
ISBN: 978-1-78756-692-7

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Book part
Publication date: 1 August 2019

Olga V. Danilova

The purpose of the study is to determine the nature, specificity, and role of management decisions in the management of modern enterprises. The problem of making effective…

Abstract

The purpose of the study is to determine the nature, specificity, and role of management decisions in the management of modern enterprises. The problem of making effective management decisions is crucial in the organization of modern enterprises in the face of uncertainty and high risks of business, complex economic situations, and the increasing importance of strategic decisions. As a result of the development of the science of management decisions, business has received technologies and techniques for making effective management decisions that improve the ability of management to make informed, objective decisions in situations of exceptional complexity. Some scholars argue with the statement that the essence of management is revealed in the ability to make decisions, to reflect the real problems, relationships and relationships that have developed in the organization. The stability of the modern enterprise depends on the controllability of the control system, the transfer of the system from any initial state to any other specified state, the ability to determine the state of the system by the controlled value, and the control effect. It is proposed to assess the quality of management decisions made by the efficiency of the tasks performed and the problems solved. The lack of an unambiguous approach to determining the factors affecting the quality of development and management decision making means the need for management to determine the specifics and logic of decisions based on the assessment of the situation, the structuring of tasks and problems, the level of management culture, available tools and mechanisms for the implementation of decisions, and performance discipline.

Details

Specifics of Decision Making in Modern Business Systems
Type: Book
ISBN: 978-1-78756-692-7

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Book part
Publication date: 1 August 2019

Aleksei V. Bogoviz, Leonid F. Malinovski, Tamara G. Stroiteleva, Maxim M. Sharamko and Vera V. Dvoretskaya

Purpose: The purpose of the chapter is to determine the connection between organizational culture and specifics of the process of decision making in modern business…

Abstract

Purpose: The purpose of the chapter is to determine the connection between organizational culture and specifics of the process of decision making in modern business systems and to determine the directions of managing the organizational culture depending on the set criteria of decision making.

Methodology: A proprietary classification of the types of organizational culture of modern business systems according to the criterion of employees' involvement into decision making is offered. This classification uses two dimensions of employees' involvement into decision making for classification of the types of organizational culture of modern business systems. First dimension: interest of business manager in involvement of employees into the process of decision making. Second dimension: employees' inclination for participation in the process of making of managerial decisions. The factors that influence these dimensions are determined.

Conclusions: Connection between organizational culture and specifics of decision making in modern business systems according to the criterion of employees' involvement in decision making is determined. The minimal level of involvement envisages independent decision making by business manager without participation of employees. In this case, a lot of problems of the business system remain unsolved and possibilities remain unused. Resource intensity of decision making is the highest, and their practical implementation is complicated by employees' dissatisfaction, but this process is conducted very quickly. The medium level of involvement envisages either collective discussion, but decision making by business manager, or collection of feedback by business manager with low interest in it from employees. In this case, resource intensity of decision making is lower, and decisions could be made and implemented faster. The highest level of involvement is connected to collective decision making by employees and business manager. This allows determining problems and using possibilities of the business system with minimal resources. Though the duration of the process of decision making is the highest, solutions are implemented quickly due to employees' support.

Originality/value: The determined specifics show the necessity for considering the influence of the organizational culture on specifics of the process of decision making in modern business systems. It is substantiated that no type of organizational culture of modern business systems according to the criterion of employees' involvement in decision making can provide a guarantee of decisions' optimality. The directions of managing the organizational culture depending on the set criteria (completeness, speed, resource intensity) of decision making are recommended.

Details

Specifics of Decision Making in Modern Business Systems
Type: Book
ISBN: 978-1-78756-692-7

Keywords

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