• Journal of Navigation and Port Research
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• v.46 no.2
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• pp.121-133
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• 2022

The purpose of this study was to analyze decision-making regarding ship finance term selection from the behavioral finance perspective and to confirm if the causes and backgrounds of decision-making related to the term selection of ship finance are explicitly explained by behavioral finance theories. Additionally, through a case study, this study infers if decisions are irrational. Narrative and questionnaire responses on the selection of the ship finance period were obtained and analyzed from the behavioral finance perspective. Some shipping companies incur additional losses by choosing inappropriate ship-financing terms. This study applied behavioral finance theories, such as the certainty effect, availability heuristic, and loss aversion, to clearly explain the causes and background of such decision-making. Based on the results, it was found that behavioral finance theories impact ship financing decisions and errors related to behavioral finance can result in irrational decisions. Ship finance managers must be vigilant in preventing behavioral finance errors that can affect the decision-making term of ship finance.

• Journal of Navigation and Port Research
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• v.45 no.5
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• pp.259-275
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• 2021

This study analyzed the decision-making process in ship finance for the choice between fixed and floating interest rates using behavioral finance theories. Results confirmed that causes and background of decision-making processes could be explicitly explained by the framework of behavioral finance theories. This study also determined whether decisions were irrational. A case-study research was applied as the methodology. Decision-making data on ship finance collected through narrative and questionnaire responses were analyzed and evaluated using behavioral finance theories. Theories of behavioral finance used in the analysis and research of this study included availability heuristic, anchoring effect, and opportunity cost theory. Narrative and survey responses were clearly explained by theories of behavioral finance. It was found that a shipping company suffered additional losses owing to decisions that included behavioral finance errors. Behavioral finance theories largely influenced the decision-making process of choosing between a fixed interest rate and a floating interest rate. Shipping finance decisions related to interest rate selections could be clearly explained by behavioral finance theories. Errors related to behavioral finance could result in irrational decisions. Thus, managers who are responsible for shipping finance should remain vigilant toward any behavioral finance errors when making shipping finance decisions.

• Journal of Distribution Science
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• v.13 no.11
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• pp.31-37
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• 2015

Purpose - This study is an effort to assess the role of behavioral biases in investment decision making, specifically for mutual funds, and the moderating role of the investor. Individual investment behavior is concerned with choices about purchasing various securities. However, behavioral finance disputes the concept of perfect rationality and identifies psychological factors and their impact on decision-making. Research design, data, and methodology - A survey questionnaire was designed and used to collect responses using a judgmental sampling technique from 290 investors in the Gwalior Region. Cronbach's Alpha, factor analysis, and linear regression were all used to test the influence of behavioral biases on investment decision. Results - We found that the behavioral biases have a positive impact on investment decisions. Conclusions - This study's results identified three factors influencing investor behavior(rationale, investment skills, and profit making) and four factors influencing investor decisions (profit maker, market analysis, investment plan, seller). The overall results of the study also show that there is no significant relationship between investor behavior and investment decisions by gender in the market.

• Journal of Navigation and Port Research
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• v.46 no.5
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• pp.427-434
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• 2022

The purpose of this study was to analyze whether the disposition effect, a behavioral finance theory, exists in decision-making for ship investment. A case study was adopted as the research methodology, and data obtained through narrative and questionnaire responses on decision-making for ship sales were analyzed from a behavioral finance perspective. The analysis found that the disposition effect had an impact on the decision to sell a vessel. The narrative responses revealed that some shipping companies tended to miss the opportunity to maximize ship sale profit because they sold their vessels readily and quickly before the price of the vessels had risen sufficiently. The questionnaire survey results indicated that the majority of the survey respondents chose to sell a ship whose price had risen slightly from the initial purchase price. Managers in charge of ship investment should examine whether the disposition effect exists in their decision-making when selling a ship.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.845-853
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• 2021

The stock market shows the current health of an economy, and investment performance represents it. This study aims to clarify the relationship between financial behavior and investment decisions as well as its impact on investment results. Determine the influence of behavioral factors on individual investors' investment decisions and investment performance on the Vietnam stock market. The study surveyed 250 investors. The main analytical methods used are Exploratory Factor Analysis (EFA), Confirmatory Factor Analysis (CFA), and Structural Equation Modeling (SEM). Research results show that Heuristic, Prospect, Market, and Herding directly and positively affect investment decision-making. Besides, the above factors have a direct and positive effect on investment performance. In particular, the Prospect factor has the strongest influence on investment decision-making and investment performance. The major findings of this study suggested that the important role of Heuristic, Prospect, Market, and Herding on Investment Decision-making and Investment Performance. Prospect had the strongest impact on Investment decision-making (β = 0.275). Heuristic had the second strongest impact (β = 0.257), then Herding (β = 0.202), and finally Market (β = 0.189) had the weakest effect. Regarding Investment Performance, the Prospect factor has a higher degree of impact than Heuristic Herding and Market.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.1231-1240
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• 2021

A shift in perspective from standard finance to behavioral finance has taken place in the past two decades that explains how cognition and emotions are associated with financial decision making. This study aims to investigate the influence of various psychological factors on investment decision-making. The psychological factors that are investigated are differentiated into two aspects, cognitive and emotional aspects. From the cognitive aspect, we examine the influence of anchoring, representativeness, loss aversion, overconfidence, and optimism biases on investor decisions. Meanwhile, from the emotional aspect, the influence of herding behavior on investment decisions is analyzed. A quantitative approach is used based on a survey method and a snowball sampling that result in 165 questionnaires from individual investors in Yogyakarta. Further, we use the One-Sample t-test in testing all hypotheses. The research findings show that all of the variables, anchoring bias, representativeness bias, loss aversion bias, overconfidence bias, optimism bias, and herding behavior have a significant effect on investment decisions. This result emphasizes the influence of behavioral factors on investor's decisions. It contributes to the existing literature in understanding the dynamics of investor's behaviors and enhance the ability of investors in making more informed decision by reducing all potential biases.

• Journal of Families and Better Life
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• v.27 no.5
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• pp.69-76
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• 2009

This study aimed to develop cognitive-behavioral group counseling program for social problem-solving and career decision-making self-efficacy in incoming university freshman and to examine its efficacy through pre- and post-test. The program included cognitive restructuring, problem-solving and social skill training. The program consisted of 12 weekly sessions, approximately 1.5~2 hours in duration. Pre- and post-tests were administered to both a treatment group(n=48) and a control group(n=48). The collected data were statistically analyzed through ANCOVA. The main results of the study were as follows : The students in the treatment group showed a significant increase in both social problem-solving and career decision-making self-efficacy in comparison with those in the control group.

• Asia-Pacific Journal of Business
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• v.14 no.4
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• pp.129-150
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• 2023

Purpose - This study is based on the Theory of Planned Behavior and aims to explore the decision-making mechanisms of consumers participating in value co-creation activities within virtual brand communities. Methodology - The research involved a comprehensive survey of 405 participants from various virtual brand communities. Structural Equation Modeling (SEM) was used for data analysis, applying SPSS and AMOS to test the hypotheses. The study focused on community rules and regulations, community experience and community trust. Results - The research found that community rules and regulations significantly impact subjective norms and perceived behavioral control, but not directly influence consumer attitudes. Community experience positively affected consumer attitudes, subjective norms and perceived behavioral control. Community trust was found to positively influence these aspects of consumer decision-making. However, a gap was identified in the direct influence of perceived behavioral control on actual consumer behavior. Implications - The findings of this study contribute to a more comprehensive understanding of factors affecting consumer behavior in virtual brand communities. It underscores the necessity for community managers to develop strategies that consider these internal decision-making mechanisms, facilitating more effective community engagement. The study also identifies a potential area for future research in the direct influence of perceived behavioral control on actual consumer behavior.

• Korean Journal of Biological Psychiatry
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• v.24 no.3
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• pp.155-161
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• 2017

Objectives Decision-making in patients with schizophrenia has been known to be inefficient in both cognitive and affective aspects. The purpose of this study was to investigate the influence of anhedonia and self-esteem on the decision-making process in schizophrenia. Methods Twenty patients with schizophrenia and 21 healthy controls performed the 'apparel purchase decision-making task', during which they were asked to respond to the preference, fitness, and price suitability, before making the final purchase decision. Generalized estimating equation and correlation analysis were conducted to explore for the difference of decision making patterns and influential factors between the two groups. Results The patients showed lower odds ratio (OR) of the fitness on the apparel purchase decision than the controls [OR 0.190 ; 95% confidence interval (CI) 0.047-0.762, p = 0.019). In the patient group, there was no correlation between the number of purchased trials and the severity of anhedonia, but the number of purchased trials was negatively correlated with the Rosenberg Self-Esteem Scale score at a trend level (R = -0.436, p = 0.055). Conclusions Patients with schizophrenia considered the fitness of clothes less than healthy controls on apparel purchasing decisions. Schizophrenia patients with lower self-esteem were intended to buy more clothes.

• Journal of Global Scholars of Marketing Science
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• v.13
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• pp.135-158
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• 2004

On-line consumers have some visit behavior characteristics when they visit internet-shopping mall between visit-stage and purchase-stage. Therefore, information of on-line consumers have influenced on internet-shopping mall's profitabilities at site manager's perspectives. For examples, Are any on-line consumers continuous visiting under any situations? Or are any on-line consumers purchased on any specific internet-shopping mall? Expecially in this paper, researcher tried to understand visit behavioral characteristics of on-line consumers using two-stage mixture regression analysis. Throughout this process, it could be proposed method, which could be reinforced competitiveness of internet-shopping mall by segmental decision-making method. Additionally, it is expected that visit behavioral characteristics' information could be supplied strategic implications between visit-stage and purchase-stage Throughout empirical test it could be proved two-stage decision-making process, which decision-making process of on-line consumers would be processed visit-stage and purchase-stage. In this study, researcher proposed suitable response strategy after understanding visiting behavioral characteristics of on-line consumers. This paper has some academical contributions, which visit behavioral characteristics of on-line consumers could be grasped the meaning by site stickiness and navigation pattern.