波兰 COVID-19 大流行期间首席执行官的主观幸福感及其对股市波动的影响:基于代理模型的视角

IF 3.1 2区 心理学 Q1 PSYCHOLOGY, MULTIDISCIPLINARY Journal of Happiness Studies Pub Date : 2024-08-22 DOI:10.1007/s10902-024-00800-4
Marcin Rzeszutek, Jorgen Vitting Andersen, Adam Szyszka, Szymon Talaga
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引用次数: 0

摘要

本研究旨在通过基于代理的建模,将行为公司财务视角(微观层面)与复杂性理论联系起来,分析首席执行官(CEO)的特定心理因素对股市波动(宏观层面)的影响。具体而言,我们希望探讨在 COVID-19 大流行期间,波兰首席执行官的主观幸福感(SWB)是否会影响他们的管理决策,以及主观幸福感与波兰在这一关键时期的股票价格波动之间的关系。我们的研究基于对波兰华沙证券交易所上市公司首席执行官的调查。其中,255 名首席执行官完成了生活满意度量表、积极和消极情绪量表以及关于 COVID-19 大流行病对公司管理影响的商业调查。利用调查结果,我们建立了一个基于代理的模型,研究首席执行官的决策(源于其 SWB 水平)如何影响个体交易者对价格的感知,进而如何将其转化为股市的总体波动。研究结果表明了首席执行官微观层面的 SWB 影响宏观层面的市场价格形成的途径。我们的模型所得出的结论可以为金融危机期间应用于股市波动的理性预期理论提供新的启示。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

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Subjective Well-Being of Chief Executive Officers and Its Impact on Stock Market Volatility During the COVID-19 Pandemic in Poland: Agent-Based Model Perspective

This study aimed to connect the behavioral corporate finance perspective (micro level) with complexity theory via agent-based modeling to analyze the impact of selected psychological factors of chief executive officers (CEOs) on stock market volatility (macro level). Specifically, we wanted to explore whether Polish CEOs’ subjective well-being (SWB) influenced their managerial decisions during the COVID-19 pandemic and how it might be related to the volatility of stock prices during this critical period in Poland. Our study was based on a survey of Polish CEOs who managed companies listed on the Warsaw Stock Exchange. In particular, 255 CEOs completed the Satisfaction with Life Scale, the Positive and Negative Affect Scale, and a business survey on the impact of the COVID-19 pandemic on company management. Using the results of this survey, we built an agent-based model to investigate how CEOs’ decision-making, stemming from their SWB levels, influences the perception of prices by individual traders and, in turn, how it is translated into aggregate stock market volatility. The results indicate the pathways through which the microscopic-level SWB of CEOs influences market price formation at a macroscopic level. The findings obtained from our model may shed new light on the rational expectations theory applied to stock market volatility during the financial crisis.

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来源期刊
CiteScore
8.60
自引率
6.50%
发文量
110
期刊介绍: The international peer-reviewed Journal of Happiness Studies is devoted to theoretical and applied advancements in all areas of well-being research. It covers topics referring to both the hedonic and eudaimonic perspectives characterizing well-being studies. The former includes the investigation of cognitive dimensions such as satisfaction with life, and positive affect and emotions. The latter includes the study of constructs and processes related to optimal psychological functioning, such as meaning and purpose in life, character strengths, personal growth, resilience, optimism, hope, and self-determination. In addition to contributions on appraisal of life-as-a-whole, the journal accepts papers investigating these topics in relation to specific domains, such as family, education, physical and mental health, and work. The journal welcomes high-quality theoretical and empirical submissions in the fields of economics, psychology and sociology, as well as contributions from researchers in the domains of education, medicine, philosophy and other related fields. The Journal of Happiness Studies provides a forum for three main areas in happiness research: 1) theoretical conceptualizations of well-being, happiness and the good life; 2) empirical investigation of well-being and happiness in different populations, contexts and cultures; 3) methodological advancements and development of new assessment instruments. The journal addresses the conceptualization, operationalization and measurement of happiness and well-being dimensions, as well as the individual, socio-economic and cultural factors that may interact with them as determinants or outcomes. Central Questions include, but are not limited to: Conceptualization: What meanings are denoted by terms like happiness and well-being? How do these fit in with broader conceptions of the good life? Operationalization and Measurement: Which methods can be used to assess how people feel about life? How to operationalize a new construct or an understudied dimension in the well-being domain? What are the best measures for investigating specific well-being related constructs and dimensions? Prevalence and causality Do individuals belonging to different populations and cultures vary in their well-being ratings? How does individual well-being relate to social and economic phenomena (characteristics, circumstances, behavior, events, and policies)? What are the personal, social and economic determinants and causes of individual well-being dimensions? Evaluation: What are the consequences of well-being for individual development and socio-economic progress? Are individual happiness and well-being worthwhile goals for governments and policy makers? Does well-being represent a useful parameter to orient planning in physical and mental healthcare, and in public health? Interdisciplinary studies: How has the study of happiness developed within and across disciplines? Can we link philosophical thought and empirical research? What are the biological correlates of well-being dimensions?
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