Název:	Investigating self-efficacy and behavioural bias on investment decisions
Autoři:	Srinivasan, Kuppusamy Karthikeyan, Parthasarathy
Citace zdrojového dokumentu:	E+M. Ekonomie a Management = Economics and Management. 2023, roč. 26, č. 4, s. 119–133.
Datum vydání:	2023
Nakladatel:	Technická univerzita v Liberci
Typ dokumentu:	článek article
URI:	http://hdl.handle.net/11025/55262
ISSN:	1212-3609 (print) 2336-5064 (online)
Klíčová slova:	heuristika;prospektová teorie;stádový efekt;vlastní účinnost;individuální investoři;akciový trh;investiční rozhodnutí
Klíčová slova v dalším jazyce:	heuristics;prospect theory;herding effect;self-efficacy;individual investors;stock market;investment decisions
Abstrakt v dalším jazyce:	The determinants of irrational decisions on the stock market are found in numerous empirical studies. However, self-efficacy and behavioural biases have a sturdy influence on stock market investment decisions. Behavioural biases are formed with heuristics, prospect theory and herding effect concerning stock market investments. Self-efficacy is independent of behavioural biases but is closely connected with controlling behavioural intentions in decision-making. The research was conducted to find the influence of self-efficacy and behavioural biases in the decision of stock market investment. The study was conducted with 250 individual investors and applied the SEM technique. Findings indicated that heuristics had a positive relationship with behavioural biases, but behavioural biases reported a negative relationship with the herding effect and prospect theory. Heuristics were mostly developed on the intrinsic strength of individual investors; therefore, investors believe heuristics will be a better decision-making tool than prospect theory or the herding effect. Prospect theory is shaped and influenced by regret aversion, loss aversion, self-control and mental accounting. Financial literacy, risk tolerance, and peer support profoundly develop the self-efficacy of investors to make profitable investment decisions. Self-efficacy is formed by risk tolerance, financial literacy and peer support in the stock market investment decision and identified the evidence of individual investors not making rational decisions and facing one or more behavioural biases and self-efficacy factors. The study finds the combined effect of behavioural biases and self-efficacy in stock market investment decisions, which have significant implications among individual investors, particularly in emerging markets.
Práva:	CC BY-NC 4.1
Vyskytuje se v kolekcích:	Číslo 4 (2023) Číslo 4 (2023)

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