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"investment behavior"
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Investment with a Conscience: Examining the Impact of Pro-Social Attitudes and Perceived Financial Performance on Socially Responsible Investment Behavior
This article addresses the growing industry of retail socially responsible investment (SRI) profiled mutual funds. Very few previous studies have examined the final consumer of SRI profiled mutual funds. Therefore, the purpose of this study was to, in an exploratory manner, examine the impact of a number of pro-social, financial performance, and socio-demographic variables on SRI behavior in order to explain why investors choose to invest different proportions of their investment portfolio in SRI profiled funds. An ordinal logistic regression analysis on 528 private investors revealed that two of the three pro-social variables had a positive impact on how much the consumer invested in SRI profiled funds. Moreover, there was proof of a non-altruistic motive for investing in SRI as consumers who perceive that financial return of SRI is equal or better than \"regular\" mutual funds, invested a greater proportion of their portfolio in SRI profiled mutual funds. Furthermore, the results showed that women and better-educated investors were more likely to invest a greater proportion of their investment portfolio in SRI. Overall, the findings indicate that both financial perceptions and pro-social attitudes are connected to consumer investment in SRI.
Journal Article
The Marine Corps way to win on Wall Street : 11 key principles from battlefield to boardroom
\"Many Americans view Wall Street as a bastion of greed and corruption, a place that attracts people who don't deserve the money they make but are willing to break the law to get more of it. Yet for all their mistrust, many of these same Americans believe that Wall Street is essential for our economy to function. How do we fix it? Send in the Marines. Known for its exemplary discipline, the Marine Corps ensures victory by obeying key commands, such as: establish clear, tactical objectives; know the terrain before heading into battle; identify and capitalize on combat advantages; control timing; leverage complementary skills within the unit; negotiate from a morally defensible position; harness strength of leadership to craft a bulletproof plan\"-- Provided by publisher.
Book
What shapes the impact of environmental regulation on energy intensity? New evidence from enterprise investment behavior in China
With the deepening of economic reforms in China, the low-energy transition is increasingly relying on government policy and enterprise participation. This research thus investigates the mechanism through which environmental regulation impacts industrial energy intensity. Based on provincial data during 2005–2019, we construct a dynamic panel model to capture the linkage between environmental regulation and the energy intensity with the consideration of the mediation effect of enterprise investment behavior, i.e., technology or financial investment. Our findings suggest a significant U-shaped relationship between regulation and energy intensity, and that enterprise investment behavior serves as a bridge to mediate the role of environmental regulation in alleviating energy intensity. Such effects are more pronounced for state-owned and large-sized enterprises. These findings can guide enterprises to invest in response to these regulations to further ensure energy efficiency.
Journal Article
What happened to Goldman Sachs? : an insider's story of organizational drift and its unintended consequences
\"A banker, investor, and Columbia Business School professor offers an insider's take on what happened to Goldman Sachs, informed by his own experience, interviews with others who worked at or with the firm, and previously unreleased research\"-- Provided by publisher.
Book
Institutional Interest, Ownership Type, and Environmental Capital Expenditures: Evidence from the Most Polluting Chinese Listed Firms
This study empirically examines whether firms' environmental capital expenditures impact institutional investors' investment decisions in the Chinese market. We particularly examine the impact of ownership type on the relationship of environmental capital expenditures and the behavior of different types of institutional investors by classifying institutional investors into two categories, short-term and long-term investors. In addition, this study further investigates whether environmental capital expenditures related to ownership type increase firm value. We find that long-term institutional investors tend to invest in stateowned firms (SOEs) making environmental capital expenditures. Results also indicate that, with governmental backing and encouragement, the market value of SOEs making more environmental capital expenditures is likely to increase. However, no similar results are found for non-SOEs.
Journal Article
How do cognitive biases affect individual investors’ decision-making? A Dhaka Stock Exchange case
Type of the article: Research Article AbstractIn an attempt to examine the relevance of behavioral finance in the capital market of Bangladesh, this study intends to investigate which cognitive biases and behavioral errors lead to the psychological biases ultimately affecting the rationality of individual investors’ choice of investment pattern on the Dhaka Stock Exchange. A structured survey questionnaire is used, identifying 32 factors grouped into seven separate quantitative variables – accounting, technical, diversification, herding, heuristics, market, and personality – to evaluate against one dependent variable: the demand for common stock. The database has been developed for a one-year tenure from January 2024 to January 2025. The paper applies multiple Regression Analysis and Chi-Square tests on 424 active investor responses after confirming the reliability and validity of the variables. The findings reveal that, except for diversification, five independent variables – market, accounting, technical, herding, and heuristics – appear significant at the 1% significance level, while personality significantly affects the rationality of investment behavior at the 5% significance level. This confirms the existence of psychological and cognitive biases that disrupt the individual investment patterns of investors at the Dhaka Stock Exchange. Consequently, this study recommends that more awareness and financial literacy should be introduced by formal training and counselling sessions in exchange for the better restoration of confidence and literacy of investors in their respective belongingness to the financial market.
Journal Article
The role of financial behavior in mediating the influence of socioeconomic characteristics and neurotic personality traits on financial satisfaction
Inherent socioeconomic characteristics and personality traits can directly affect an individual's financial satisfaction. There is limited research on the role of financial behavior as a mediating variable for the influence of these two factors on financial satisfaction. It is important to know whether individuals with certain characteristics and personality traits can increase their financial satisfaction by improving their financial behavior. This study included 600 Indonesian participants, with primary data obtained through a structured questionnaire. Data analyses were performed using partial least squares structural equation modeling (PLS-SEM). The results indicate that at 5% of alpha, financial behavior consisting of investment, debt, and spending behavior can mediate the effects of gender, age, education, income, and traits of neuroticism on financial satisfaction. Furthermore, the higher individual scores on neuroticism, the worse their investment, debt, and behaviors are, while their herding behavior and financial dissatisfaction increase. Moreover, these people are often financially impecunious. Financial behavior plays a mediating role in the influence of socioeconomic characteristics and neurotic personality traits on financial satisfaction. If individuals with high neuroticism scores can effectively manage their financial behavior, financial dissatisfaction will decrease. They often require assistance when making decisions.
Journal Article
ESG Issues among Fund Managers—Factors and Motives
This paper investigates the motives, behavior, and characteristics shaping mutual fund managers’ willingness to incorporate Environmental, Social and Governance (ESG) issues into investment decision making. Using survey evidence from fund managers from five different countries, we demonstrate that this predisposition is the stronger, the shorter their average forecasting horizon and the higher their level of reliance on business risk in portfolio management is. We also find that the propensity to incorporate ESG factors is positively related to an increasing level of risk aversion, an increasing importance of salary change and senior management approval/disapproval as motivating factors as well as length of professional experience in current fund and increasing significance of assessment by superiors in remuneration. Overall, our evidence suggests that ESG diligence among fund managers serves mainly as a method for mitigating risk and is typically motivated by herding; it is much less important as a tool for additional value creation. The prevalent use of ESG criteria in mitigating risk is in contrast with traditional approach, but it is in line with behavioral finance theory. Additionally, our results also show a strong difference in the length of the forecasting horizon between continental European and Anglo-Saxon fund managers.
Journal Article
Determining Factors for Young Investors to Invest in the Capital Market
Purpose: To find out the determinants of young investors in investing in the Capital Market. Theoretical framework: Financial Literacy, Motivation, Personal Interests, Environment, and Investment Behavior. This topic was adopted from several theoretical studies and previous research which was put together as a single factor that influences the decisions of young investors in investing in the capital market. Design/methodology/approach: This study used a quantitative approach with an explanatory design using a survey method. The sample in this study is young investors aged 18-25 years who invest in stocks on the Stock Exchange with a total sample of 110 samples. This study uses a 5-point Likert scale to collect research data. Findings: The results show that 1) The independent variables of financial literacy, motivation, personal interest, environment and investment behavior simultaneously have a positive and significant effect on investment decisions with a large influence of 98%, while the remaining 2% are other factors not included in this model ; 2) The variables of financial literacy, motivation, personal interest, environment and investment behavior have a positive and significant partial effect on investment decisions; 3) the motivational variable is the dominant determining factor while the minimum is financial literacy. Research, Practical & Social implications: We recommend a future research agenda related to investment diversification and investor retention as a result of investment decisions to become a unified role model. Originality/value: Most of the previous studies have only partially used variables and none have broken down investors by age. However, a thorough and complete analysis of these factors along with the specifications of investors, especially young investors, is the target of the importance of our research.
Journal Article