Zhang Mingming, Nazir Mian Sajid, Farooqi Rabia, Ishfaq Muhammad
School of Business, Macau University of Science and Technology, Macau, Macao SAR, China.
Institute of Administrative Sciences, University of the Punjab, Lahore, Pakistan.
Front Psychol. 2022 Mar 22;13:828956. doi: 10.3389/fpsyg.2022.828956. eCollection 2022.
Behavioral Finance is an evolving field that studies how psychological factors affect decision making under uncertainty. This study seeks to find the influence of certain identified behavioral financial biases on the decision-making process of investors in developing countries. This research examines the moderating effect of Information asymmetry on the two most important and commonly used cognitive biases, namely Anchoring bias and Optimism bias and decision making and investigates whether Risk perception mediates the relationship between them or not. Quantitative research has been conducted using a structured questionnaire for data collection. After completing the pilot study, a questionnaire was designed and sent to investors online channels. Data has been collected from 317 real estate investors. Mediation analysis has been performed using model 4 and moderation analysis by applying model 15 of Process Macros (Hayes, 2017) for the interaction effect. The study investigated that both cognitive biases have a significant positive effect on investors' decisions and Risk perception also significantly mediates the relationship between them. Consistency with other studies suggests that Information asymmetry has a significant moderating effect. The proposed conceptual model provides insight into how investors' decisions are influenced by behavioral biases in the real estate sector and enhances the understanding of cognitive biases in the real estate sector. This study is recommended for real estate investors and policymakers of emerging and developed countries. The current study is the first of its kind, focusing on cognitive biases on investment decisions with mediating role of Risk perception and the moderating effect of Information asymmetry.
行为金融学是一个不断发展的领域，研究心理因素如何影响不确定性下的决策。本研究旨在找出某些已识别的行为金融偏差对发展中国家投资者决策过程的影响。本研究考察信息不对称对两种最重要且常用的认知偏差（即锚定偏差和乐观偏差）以及决策的调节作用，并调查风险感知是否在它们之间的关系中起中介作用。已使用结构化问卷进行定量研究以收集数据。在完成预研究后，设计了问卷并通过在线渠道发送给投资者。已从317名房地产投资者那里收集了数据。使用模型4进行中介分析，并通过应用过程宏（Hayes，2017）的模型15对交互效应进行调节分析。该研究调查发现，这两种认知偏差对投资者的决策都有显著的正向影响，并且风险感知也在它们之间的关系中起到显著的中介作用。与其他研究一致表明，信息不对称具有显著的调节作用。所提出的概念模型深入探讨了房地产行业中投资者的决策如何受到行为偏差的影响，并增进了对房地产行业认知偏差的理解。本研究推荐给新兴国家和发达国家的房地产投资者及政策制定者。当前的研究是同类研究中的首例，聚焦于投资决策中的认知偏差以及风险感知的中介作用和信息不对称的调节作用。
