Marcin Rzeszutek, Jorgen Vitting Andersen, Adam Szyszka, Szymon Talaga
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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.
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?