Pub Date : 2025-09-01DOI: 10.1016/j.jbef.2025.101066
Andreas Hellmann , Suresh Sood, Andrea Melis
This editorial introduces and synthesizes contributions to the Journal of Behavioral and Experimental Finance special issue on “Corporate Financial Impression Management” (CFIM). The issue examines the theme of impression management in corporate settings and explicitly encompasses financial behavior, investor perception, and experimental analysis. This special issue highlights the dramatic shift from static identity signalling to dynamic, affective, and algorithmic presentation strategies. Through experiments, machine learning, and behavioral tracking, the papers in this issue show how visual cues, emotional stimuli, and ethical silences influence financial decision-making. We propose the new framing of CFIM to describe this evolving field and identify future challenges at the intersection of AI, regulation, and financial communication ethics.
{"title":"Seeing is believing? Visual, emotional, and ethical dimensions of corporate financial impression management","authors":"Andreas Hellmann , Suresh Sood, Andrea Melis","doi":"10.1016/j.jbef.2025.101066","DOIUrl":"10.1016/j.jbef.2025.101066","url":null,"abstract":"<div><div>This editorial introduces and synthesizes contributions to the Journal of Behavioral and Experimental Finance special issue on “Corporate Financial Impression Management” (CFIM). The issue examines the theme of impression management in corporate settings and explicitly encompasses financial behavior, investor perception, and experimental analysis. This special issue highlights the dramatic shift from static identity signalling to dynamic, affective, and algorithmic presentation strategies. Through experiments, machine learning, and behavioral tracking, the papers in this issue show how visual cues, emotional stimuli, and ethical silences influence financial decision-making. We propose the new framing of CFIM to describe this evolving field and identify future challenges at the intersection of AI, regulation, and financial communication ethics.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101066"},"PeriodicalIF":4.7,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145004156","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-08-26DOI: 10.1016/j.jbef.2025.101100
Devendra Kale, Anis Triki
We explore the impact of CEO accent on the investment decisions of non-professional investors and the drivers of such investment decisions. Using AI to generate a foreign-sounding (Kenyan) and American accent, we investigate the impact of CEO accent on investors’ investment decisions. We also investigate the moderating impact of CEO reputation. Our results suggest that investors are willing to invest higher amounts in firms led by ‘foreign-sounding’ CEOs when the CEOs have a good reputation. Supplemental analysis shows that the impact of accent on investment is not uniform across different ‘foreign’ accents.
{"title":"Does CEO accent impact investors’ investment decision?","authors":"Devendra Kale, Anis Triki","doi":"10.1016/j.jbef.2025.101100","DOIUrl":"10.1016/j.jbef.2025.101100","url":null,"abstract":"<div><div>We explore the impact of CEO accent on the investment decisions of non-professional investors and the drivers of such investment decisions. Using AI to generate a foreign-sounding (Kenyan) and American accent, we investigate the impact of CEO accent on investors’ investment decisions. We also investigate the moderating impact of CEO reputation. Our results suggest that investors are willing to invest higher amounts in firms led by ‘foreign-sounding’ CEOs when the CEOs have a good reputation. Supplemental analysis shows that the impact of accent on investment is not uniform across different ‘foreign’ accents.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101100"},"PeriodicalIF":4.7,"publicationDate":"2025-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144989328","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-08-26DOI: 10.1016/j.jbef.2025.101101
Yehuda Ben Eli , Tehila Kalagy , Mosi Rosenboim
Financial institutions around the world are aware of customers' ambitions to conduct their financial activities in accordance with their values. In response, they are entering the impact-economy field. Israeli banking today does not operate according to Jewish law, since there is a bypass called "Heter Iska", which allows one to have unlimited banking activity. We used a quantitative model to estimate the expected economic value of a new banking track tailored for religious Jews who want to avoid religiously prohibited usury in a manner more compatible with Jewish law. Our survey revealed that, on average, employees would be willing to forgo 16 % of their salary for the benefit of working for a bank that offered such products and that customers would be willing to pay 80 % higher management fees for such products. These findings suggest that such products could be commercially viable. This work falls into two topical areas covered by this journal: Religion and Attitudes (specifically, corporate behavior) and Religious Practices (specifically, economic behavior of individuals and groups of individuals).
{"title":"The economic value of “Kosher” impact banking","authors":"Yehuda Ben Eli , Tehila Kalagy , Mosi Rosenboim","doi":"10.1016/j.jbef.2025.101101","DOIUrl":"10.1016/j.jbef.2025.101101","url":null,"abstract":"<div><div>Financial institutions around the world are aware of customers' ambitions to conduct their financial activities in accordance with their values. In response, they are entering the impact-economy field. Israeli banking today does not operate according to Jewish law, since there is a bypass called \"Heter Iska\", which allows one to have unlimited banking activity. We used a quantitative model to estimate the expected economic value of a new banking track tailored for religious Jews who want to avoid religiously prohibited usury in a manner more compatible with Jewish law. Our survey revealed that, on average, employees would be willing to forgo 16 % of their salary for the benefit of working for a bank that offered such products and that customers would be willing to pay 80 % higher management fees for such products. These findings suggest that such products could be commercially viable. This work falls into two topical areas covered by this journal: Religion and Attitudes (specifically, corporate behavior) and Religious Practices (specifically, economic behavior of individuals and groups of individuals).</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"48 ","pages":"Article 101101"},"PeriodicalIF":4.7,"publicationDate":"2025-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144926673","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-08-20DOI: 10.1016/j.jbef.2025.101097
Hesam Shahriari , Adam Stivers , Ming Tsang
In an experimental investment allocation task, we find that the average participant did not appear to factor cryptocurrency’s social aspects into their allocation decisions based on the average allocation to a cryptocurrency. Moreover, the cryptocurrency’s positive returns did not help to increase investment levels. However, highlighting its high volatility and potential risks was a bigger deterrent to cryptocurrency investing compared to when no such information was provided. We observe an irrational bias toward cryptocurrencies when it is not optimal to do so. We find that younger individuals, those who view cryptocurrencies favorably, and those with past cryptocurrency investing experience are typically more prone to this bias. This was less likely to be the case where descriptive information on either the positive or negative social and environmental impact of cryptocurrencies was provided. Therefore, while highlighting cryptocurrencies’ social/environmental implications does not appear to influence average allocation, it could reduce bias toward cryptocurrencies.
{"title":"Bias in cryptocurrency investing: The effect of financial and moral considerations","authors":"Hesam Shahriari , Adam Stivers , Ming Tsang","doi":"10.1016/j.jbef.2025.101097","DOIUrl":"10.1016/j.jbef.2025.101097","url":null,"abstract":"<div><div>In an experimental investment allocation task, we find that the average participant did not appear to factor cryptocurrency’s social aspects into their allocation decisions based on the average allocation to a cryptocurrency. Moreover, the cryptocurrency’s positive returns did not help to increase investment levels. However, highlighting its high volatility and potential risks was a bigger deterrent to cryptocurrency investing compared to when no such information was provided. We observe an irrational bias toward cryptocurrencies when it is not optimal to do so. We find that younger individuals, those who view cryptocurrencies favorably, and those with past cryptocurrency investing experience are typically more prone to this bias. This was less likely to be the case where descriptive information on either the positive or negative social and environmental impact of cryptocurrencies was provided. Therefore, while highlighting cryptocurrencies’ social/environmental implications does not appear to influence average allocation, it could reduce bias toward cryptocurrencies.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101097"},"PeriodicalIF":4.7,"publicationDate":"2025-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144893181","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-08-19DOI: 10.1016/j.jbef.2025.101094
Yevgeny Mugerman , Ruth Rooz (Stern)
This study examines how identity fusion influences managerial decision-making in family-owned businesses, with a particular focus on eponymous firms. Using a controlled experimental design, we exogenously manipulate identity fusion to mitigate selection biases commonly associated with archival data. Our findings demonstrate that self-identification with the firm significantly impacts managerial behavior: eponymous participants exhibit heightened optimism in gain scenarios, while in loss scenarios, we observe a tendency toward more cautious decisions, although the evidence is more limited. To validate and extend these results, we complement the experiment with a survey of executives from both eponymous and non-eponymous firms. Together, these findings highlight the critical role of psychological attachment and reputational considerations in shaping corporate decision-making within family businesses.
{"title":"Exploring the impact of identity fusion on managerial decision-making in eponymous firms","authors":"Yevgeny Mugerman , Ruth Rooz (Stern)","doi":"10.1016/j.jbef.2025.101094","DOIUrl":"10.1016/j.jbef.2025.101094","url":null,"abstract":"<div><div>This study examines how identity fusion influences managerial decision-making in family-owned businesses, with a particular focus on eponymous firms. Using a controlled experimental design, we exogenously manipulate identity fusion to mitigate selection biases commonly associated with archival data. Our findings demonstrate that self-identification with the firm significantly impacts managerial behavior: eponymous participants exhibit heightened optimism in gain scenarios, while in loss scenarios, we observe a tendency toward more cautious decisions, although the evidence is more limited. To validate and extend these results, we complement the experiment with a survey of executives from both eponymous and non-eponymous firms. Together, these findings highlight the critical role of psychological attachment and reputational considerations in shaping corporate decision-making within family businesses.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101094"},"PeriodicalIF":4.7,"publicationDate":"2025-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144895568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Financial Influencers (Finfluencers) have a considerable influence on investment advice, and they use multiple social media platforms to reach target audience. Using Technology Acceptance Model (TAM), the study aims to understand how Perceived Usefulness (PU), Perceived Ease of Use (PEoU), Perceived Awareness (PA), and Subjective Norms (SN) influence the investors' Behavioural Intention (BI) to adopt the recommendations of Finfluencers. We also used Age, Gender, Education Qualification (EQ), and Investment Experience (IE) as the moderating variables. A quantitative research design was adopted, and data was collected from 442 retail investors in India which was analysed using PLS-SEM. Our findings show that PU and PEoU have a significant influence on the intention to adopt the advice of Finfluencers. PU partially mediates the relationship between PEoU and BI. The findings are useful to the regulator for granting license to them as well as to the Finfluencers to offer independent investment advice to build trust among the investors.
{"title":"Extending the technology acceptance model (TAM): Factors influencing behavioural intentions of investors to use the advice of finfluencers","authors":"Arti Chandani , Manisha Sanghvi , Smita Wagholikar , Mohit Pathak , Sonali Bagade , Prashant Ubarhande , Udita Saini","doi":"10.1016/j.jbef.2025.101092","DOIUrl":"10.1016/j.jbef.2025.101092","url":null,"abstract":"<div><div>Financial Influencers (Finfluencers) have a considerable influence on investment advice, and they use multiple social media platforms to reach target audience. Using Technology Acceptance Model (TAM), the study aims to understand how Perceived Usefulness (PU), Perceived Ease of Use (PEoU), Perceived Awareness (PA), and Subjective Norms (SN) influence the investors' Behavioural Intention (BI) to adopt the recommendations of Finfluencers. We also used Age, Gender, Education Qualification (EQ), and Investment Experience (IE) as the moderating variables. A quantitative research design was adopted, and data was collected from 442 retail investors in India which was analysed using PLS-SEM. Our findings show that PU and PEoU have a significant influence on the intention to adopt the advice of Finfluencers. PU partially mediates the relationship between PEoU and BI. The findings are useful to the regulator for granting license to them as well as to the Finfluencers to offer independent investment advice to build trust among the investors.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101092"},"PeriodicalIF":4.7,"publicationDate":"2025-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144861049","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-08-15DOI: 10.1016/j.jbef.2025.101095
CHARISA DE KLERK , ZACK ENSLIN , JOHN HALL
Over the past few years professional skepticism has received attention from various stakeholders such as policymakers, practitioners, regulators, and the public. The interest was driven by financial professionals’ failure to apply professional skepticism and the damage it has caused the reputation of the accounting profession. This study investigates the relationship between professional skepticism as a trait and decision-making biases, while also exploring how factors such as gender, age, experience, and personality traits influence financial professionals’ susceptibility to decision-making biases. The study adopted an advanced statistical technique using structural equation modelling to explore the relationship between professional skepticism and decision-making biases. Online surveys were distributed and completed by professional accountants who have professional accreditation with the International Auditing and Assurance Board (IAASB). Findings revealed the presence to a significant extent among financial professionals of confirmation bias, misconceptions of regression to the mean bias, conjunctive event bias, overconfidence bias, and affect bias. Further findings reveal that specific constructs within the professional skepticism trait such as questioning mind, suspension of judgement, search for knowledge, and self-determining, show significant positive (and in some instances negative) relationships with decision-making biases. Gender, experience, and personality traits (such as extraversion and neuroticism) were found to influence susceptibility to certain biases. This research contributes to literature, offering insights into the relationship between professional skepticism and decision-making biases, underlining the importance of understanding skepticism’s implications for decision-makers.
{"title":"Professional skepticism and behavioral bias in financial professionals","authors":"CHARISA DE KLERK , ZACK ENSLIN , JOHN HALL","doi":"10.1016/j.jbef.2025.101095","DOIUrl":"10.1016/j.jbef.2025.101095","url":null,"abstract":"<div><div>Over the past few years professional skepticism has received attention from various stakeholders such as policymakers, practitioners, regulators, and the public. The interest was driven by financial professionals’ failure to apply professional skepticism and the damage it has caused the reputation of the accounting profession. This study investigates the relationship between professional skepticism as a trait and decision-making biases, while also exploring how factors such as gender, age, experience, and personality traits influence financial professionals’ susceptibility to decision-making biases. The study adopted an advanced statistical technique using structural equation modelling to explore the relationship between professional skepticism and decision-making biases. Online surveys were distributed and completed by professional accountants who have professional accreditation with the International Auditing and Assurance Board (IAASB). Findings revealed the presence to a significant extent among financial professionals of confirmation bias, misconceptions of regression to the mean bias, conjunctive event bias, overconfidence bias, and affect bias. Further findings reveal that specific constructs within the professional skepticism trait such as questioning mind, suspension of judgement, search for knowledge, and self-determining, show significant positive (and in some instances negative) relationships with decision-making biases. Gender, experience, and personality traits (such as extraversion and neuroticism) were found to influence susceptibility to certain biases. This research contributes to literature, offering insights into the relationship between professional skepticism and decision-making biases, underlining the importance of understanding skepticism’s implications for decision-makers.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101095"},"PeriodicalIF":4.7,"publicationDate":"2025-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144878978","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-08-15DOI: 10.1016/j.jbef.2025.101093
Lihui Tian , Haifeng Wu , Xiaoman Zhu
This paper explores the impacts and mechanisms of climate risk perception on the realization of environmental responsibility from a micro-firm perspective. We selected the data of Chinese A-share listed companies from 2012 to 2022 as a sample, and used text mining techniques and machine learning algorithms to construct corporate-level climate risk perception indicators, and then examined the impact of climate risk perception on corporate environmental responsibility. The empirical results show that (i) Climate risk perception can effectively improve corporate environmental performance (E score). (ii) Climate risk perception can motivate corporations to achieve environmental responsibility through three channels: enhancing diversification, promoting green technology innovation, and increasing environmental investments. (iii) Expansion analyses show that financial support, economic policy synergies, and institutional synergies can enhance the facilitating effect of climate risk perception on corporate environmental responsibility. This study provides empirical evidence for corporations to address climate risks and achieve sustainable development.
{"title":"Does climate risk perception drive the realization of corporate environmental responsibility?","authors":"Lihui Tian , Haifeng Wu , Xiaoman Zhu","doi":"10.1016/j.jbef.2025.101093","DOIUrl":"10.1016/j.jbef.2025.101093","url":null,"abstract":"<div><div>This paper explores the impacts and mechanisms of climate risk perception on the realization of environmental responsibility from a micro-firm perspective. We selected the data of Chinese A-share listed companies from 2012 to 2022 as a sample, and used text mining techniques and machine learning algorithms to construct corporate-level climate risk perception indicators, and then examined the impact of climate risk perception on corporate environmental responsibility. The empirical results show that (i) Climate risk perception can effectively improve corporate environmental performance (E score). (ii) Climate risk perception can motivate corporations to achieve environmental responsibility through three channels: enhancing diversification, promoting green technology innovation, and increasing environmental investments. (iii) Expansion analyses show that financial support, economic policy synergies, and institutional synergies can enhance the facilitating effect of climate risk perception on corporate environmental responsibility. This study provides empirical evidence for corporations to address climate risks and achieve sustainable development.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101093"},"PeriodicalIF":4.7,"publicationDate":"2025-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144861050","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Insurance institutions are increasingly leveraging AI to optimize operations, and insurance intermediaries, which are designed to facilitate consumer decision-making, have emerged as a key area of AI adoption. Despite its potential, challenges such as consumer trust, acceptance of algorithmic decision-making, and ethical considerations raise questions about how AI will shape the role of intermediaries in influencing insurance decisions. This study investigates the impact of insurance intermediaries (human vs. AI) on insurance purchasing behaviors through an intertemporal consumption decision experiment involving the option to purchase insurance for unexpected expenses. By varying the availability of insurance and types of intermediaries across experimental treatments, we first establish two fundamental findings: (1) insurance smooths consumption and enhances lifetime utility, and (2) both human and AI intermediaries significantly promote insurance uptake. Contrary to our expectations, the experimental results reveal no overall difference in effectiveness between human and AI intermediaries. However, a heterogeneity analysis using causal tree algorithms highlights critical nuances: individuals with higher risk aversion exhibit a stronger trust in human intermediaries, leading to higher insurance purchase rates, whereas individuals with lower risk aversion show no significant trust differences between human and AI intermediaries. These findings provide actionable insights for insurance companies, emphasizing the need for strategies tailored to high-risk-averse consumers' preference for human guidance, while leveraging AI's potential to effectively engage low-risk-averse individuals. This study contributes to understanding the interplay between AI, trust, and consumer behavior, offering valuable implications for the design of AI-powered insurance services.
{"title":"Empowering consumers: an experimental study of human and AI intermediary in insurance decision-making","authors":"Xiaolan Yang , Tianjiao Xia , Eryang Zhang , Xue Zhou","doi":"10.1016/j.jbef.2025.101096","DOIUrl":"10.1016/j.jbef.2025.101096","url":null,"abstract":"<div><div>Insurance institutions are increasingly leveraging AI to optimize operations, and insurance intermediaries, which are designed to facilitate consumer decision-making, have emerged as a key area of AI adoption. Despite its potential, challenges such as consumer trust, acceptance of algorithmic decision-making, and ethical considerations raise questions about how AI will shape the role of intermediaries in influencing insurance decisions. This study investigates the impact of insurance intermediaries (human vs. AI) on insurance purchasing behaviors through an intertemporal consumption decision experiment involving the option to purchase insurance for unexpected expenses. By varying the availability of insurance and types of intermediaries across experimental treatments, we first establish two fundamental findings: (1) insurance smooths consumption and enhances lifetime utility, and (2) both human and AI intermediaries significantly promote insurance uptake. Contrary to our expectations, the experimental results reveal no overall difference in effectiveness between human and AI intermediaries. However, a heterogeneity analysis using causal tree algorithms highlights critical nuances: individuals with higher risk aversion exhibit a stronger trust in human intermediaries, leading to higher insurance purchase rates, whereas individuals with lower risk aversion show no significant trust differences between human and AI intermediaries. These findings provide actionable insights for insurance companies, emphasizing the need for strategies tailored to high-risk-averse consumers' preference for human guidance, while leveraging AI's potential to effectively engage low-risk-averse individuals. This study contributes to understanding the interplay between AI, trust, and consumer behavior, offering valuable implications for the design of AI-powered insurance services.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101096"},"PeriodicalIF":4.7,"publicationDate":"2025-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144867284","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-08-08DOI: 10.1016/j.jbef.2025.101085
Pablo Brañas-Garza , Jaromír Kovářík , Ericka G. Rascón Ramírez
How can we promote the adoption of mobile banking among the socially and economically disadvantaged? We compare the effectiveness of two strategies, seeded diffusion via incentivized local leaders and a traditional marketing campaign, to promote the adoption of mobile banking among poor women in rural Peru. For the first one, we exploit the existence of local leaders who were trained by a local firm to promote the diffusion of a mobile banking application. For the second, we take advantage of an on-going traditional marketing campaign at the regional level. Our findings show that the personalized seeded diffusion via local leaders is an effective promotion strategy. It significantly outperforms the traditional campaign, during which adoption rates are statistically indistinguishable from zero. We additionally show that the seeded incentivized diffusion relies on features of the underlying community networks known to promote diffusion of information and trust. Our results emphasize the necessity of personalized approaches to promote technological products such a mobile banking among vulnerable populations.
{"title":"Diffusion of mobile banking among rural women: Incentivizing local leaders vs. a marketing campaign","authors":"Pablo Brañas-Garza , Jaromír Kovářík , Ericka G. Rascón Ramírez","doi":"10.1016/j.jbef.2025.101085","DOIUrl":"10.1016/j.jbef.2025.101085","url":null,"abstract":"<div><div>How can we promote the adoption of mobile banking among the socially and economically disadvantaged? We compare the effectiveness of two strategies, seeded diffusion via incentivized local leaders and a traditional marketing campaign, to promote the adoption of mobile banking among poor women in rural Peru. For the first one, we exploit the existence of local leaders who were trained by a local firm to promote the diffusion of a mobile banking application. For the second, we take advantage of an on-going traditional marketing campaign at the regional level. Our findings show that the personalized seeded diffusion via local leaders is an effective promotion strategy. It significantly outperforms the traditional campaign, during which adoption rates are statistically indistinguishable from zero. We additionally show that the seeded incentivized diffusion relies on features of the underlying community networks known to promote diffusion of information and trust. Our results emphasize the necessity of personalized approaches to promote technological products such a mobile banking among vulnerable populations.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"47 ","pages":"Article 101085"},"PeriodicalIF":4.7,"publicationDate":"2025-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144911899","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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