Kim Jungran, Koo Bonha, Kang Hyoung-Goo
College of Business Administration, Hanyang University, Seoul, 04763, Republic of Korea.
School of Business, Chungnam National University, Daejeon, 34134, Republic of Korea.
Heliyon. 2024 Oct 29;10(21):e39923. doi: 10.1016/j.heliyon.2024.e39923. eCollection 2024 Nov 15.
The financial consumer protection laws in South Korea emphasize the principle of suitability to ensure the well-being of the financial consumer. To adhere to these regulations, financial institutions utilize the behavioral risk assessment (BRA) form to assess investors' characteristics. This study evaluates the effectiveness of these forms in capturing investor risk propensities, using Economic Risk Attitude (ERA), Instrumental Risk-Taking (IRT), and Stimulating Risk-Taking (SRT) as comparative benchmarks. Unlike previous research focused mainly on financial risk attitudes, this study introduces a multidimensional approach that includes psychological factors like SRT, offering a more comprehensive understanding of investor behavior. Findings reveal that while BRA assessments correlate with ERA and IRT, they fail to capture the excitement-driven aspects of risk propensity represented by SRT, indicating that BRA forms may inadequately reflect investors' risk profiles. This underscores the need for refining BRA forms by integrating psychological risk factors, advocating for a multidimensional framework that enhances consumer protection and enables more tailored investment strategies. The study contributes actionable insights for financial consumer protection and sets the stage for integrating advanced technologies, such as AI, to further refine risk assessments.
韩国的金融消费者保护法强调适用性原则，以确保金融消费者的福祉。为遵守这些规定，金融机构使用行为风险评估（BRA）表来评估投资者的特征。本研究以经济风险态度（ERA）、工具性冒险（IRT）和刺激性冒险（SRT）作为比较基准，评估这些表格在捕捉投资者风险倾向方面的有效性。与以往主要关注金融风险态度的研究不同，本研究引入了一种多维方法，其中包括SRT等心理因素，从而对投资者行为有更全面的理解。研究结果表明，虽然BRA评估与ERA和IRT相关，但它们未能捕捉到SRT所代表的由兴奋驱动的风险倾向方面，这表明BRA表可能无法充分反映投资者的风险状况。这凸显了通过整合心理风险因素来完善BRA表的必要性，倡导建立一个多维框架，以加强消费者保护并实现更具针对性的投资策略。该研究为金融消费者保护提供了可操作的见解，并为整合人工智能等先进技术以进一步完善风险评估奠定了基础。
