Brazilian investors' susceptibility to interpersonal influence: Impacts on risk tolerance and the disposition effect

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE Journal of Behavioral and Experimental Finance Pub Date : 2024-11-21 DOI:10.1016/j.jbef.2024.101007

Vanessa Martins Valcanover , Newton da Costa Jr , Kelmara Mendes Vieira

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Abstract

Social interactions play an important role in the mindset of investors. Based on social finance, this study analyzes the effect of investors' susceptibility to interpersonal influence on financial risk tolerance and the disposition effect. A survey was conducted with Brazilian investors employing structural equation modeling. Investors' susceptibility to interpersonal influence had a direct and negative impact on the level of financial risk tolerance, whereas its influence on the disposition effect was indirect and negative, with financial risk tolerance as a mediator. Furthermore, financial risk tolerance had a direct and positive impact on the investors' disposition effect. This study advances in the field by discussing the effect of interpersonal influence on investments in a developing country. In a country with low savings rates, understanding how social interactions and norms affect investment decisions is vital when it comes to adopting strategies that prevent inexperienced investors from entering potentially harmful investments.

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巴西投资者对人际影响的敏感性：对风险承受能力和处置效应的影响

社会交往对投资者的心态起着重要作用。本研究以社会金融学为基础，分析了投资者易受人际影响的程度对金融风险容忍度和处置效应的影响。采用结构方程模型对巴西投资者进行了调查。结果表明，投资者对人际影响的易感性对金融风险容忍度有直接的负面影响，而对处置效应的影响则是间接的负面影响，金融风险容忍度是其中的一个中介。此外，金融风险容忍度对投资者的处置效应有直接和积极的影响。本研究通过讨论人际影响对发展中国家投资的影响，在该领域取得了进展。在一个储蓄率较低的国家，了解社会互动和规范如何影响投资决策，对于采取策略防止缺乏经验的投资者进入可能有害的投资领域至关重要。

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来源期刊

Journal of Behavioral and Experimental Finance BUSINESS, FINANCE-

CiteScore

13.20

自引率

6.10%

发文量

审稿时长

69 days

期刊介绍： Behavioral and Experimental Finance represent lenses and approaches through which we can view financial decision-making. The aim of the journal is to publish high quality research in all fields of finance, where such research is carried out with a behavioral perspective and / or is carried out via experimental methods. It is open to but not limited to papers which cover investigations of biases, the role of various neurological markers in financial decision making, national and organizational culture as it impacts financial decision making, sentiment and asset pricing, the design and implementation of experiments to investigate financial decision making and trading, methodological experiments, and natural experiments. Journal of Behavioral and Experimental Finance welcomes full-length and short letter papers in the area of behavioral finance and experimental finance. The focus is on rapid dissemination of high-impact research in these areas.