Moderating role of Financial Literacy on the Relationship between Behavioural Biases and Real Estate Investment Performance in Kenya

A. Kuria
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Abstract

In contemporary finance matters, financial literacy has been dubbed a key component of investment performance. This study sought to explore the theoretical perspective of financial literacy and its impact on real estate performance in Kenya. The study was guided by heuristics theory, prospect theory, herding theory and investment market theory. The study results indicate that financial literacy moderates the relationship between behavioural biases and performance of real estate industry in Kenya. Based on these findings, the study recommends that when evaluating investments, investors should avoid at barely looking at the risk and return characteristics of that individual investment but also consider the role and impact of financial literacy on investment performance
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金融知识对肯尼亚行为偏差与房地产投资业绩之间关系的调节作用
在当代金融事务中,金融知识被称为投资业绩的关键组成部分。本研究试图从理论角度探讨金融知识及其对肯尼亚房地产业绩的影响。研究以启发式理论、前景理论、羊群理论和投资市场理论为指导。研究结果表明,金融素养调节了肯尼亚房地产行业行为偏差与业绩之间的关系。基于这些研究结果,研究建议投资者在评估投资时,应避免只看单项投资的风险和收益特征,还应考虑金融知识对投资绩效的作用和影响。
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