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Ethical investing has recently been on the rise in popularity. Nevertheless, at the same time, the investment generates lower returns than its competitors. So, ethical investors have to sacrifice some returns to keep investing ethically. This study examines the direct influence and mediation of willingness to sacrifice variables on ethical investment decisions. The method used is Structural Equation Modelling Partial Least Square (SEM-PLS). Results show that willingness to sacrifice influences ethical investment decisions positively and significantly. Furthermore, willingness to sacrifice has been shown to mediate the influence of non-financial motives on ethical investment decisions. It shows a shift in behaviour, and investors are willing to ignore some of the returns obtained to achieve non-financial goals. [ABSTRACT FROM AUTHOR]

The goal of this study is to examine the factors influencing individual household investment decisions in Tanzania. Data is collected from a total of one thousand six hundred individual households. Descriptive analysis is used to summarize the results with logistic regression applied to model the investment decision. The individual households’ investment decisions are observed to be less influenced by the factors of return and risk. However, household characteristics such as house ownership, household size, age, gender, level of income and education significantly influence the investment decision. The role played by households’ characteristics in investment decisions offers a suggestive direction that ought to be taken in implementing transformative policies. [ABSTRACT FROM AUTHOR]

With the increasing intensification of market competition, companies need to implement innovative strategies to gain market advantages. As an effective measure for companies to reduce agency costs between management and shareholders and alleviate the conflict of interest between the two, equity incentive can directly affect the behaviour of company executives. Investment decision is the foundation of a company's healthy growth and cash flow growth in the future. This paper selects the panel data of Chinese listed companies from 2011 to 2021 as a sample, uses the quality of internal control as an intermediary variable in the process of measuring the implementation of equity incentives, and empirically studies the relationship between equity incentives and corporate investment decisions. The results show that there is a positive correlation between equity incentives and investment decisions, and the quality of internal control plays an intermediary role between the two. Equity incentive can optimize the internal control, improve the quality of internal control, so as to effectively promote the investment decision of companies. The implementation of equity incentives gives companies a competitive advantage while also adding momentum to economic development, thereby enhancing national competitiveness. [ABSTRACT FROM AUTHOR]

With the financial burden of government increasing, the Public-Private-Partnership (PPP) model has become an alternative method to develop public infrastructure. To efficiently promote the private sector to participate in PPP, making a proper incentive policy is critical for the government. This paper examined the effects of two governmental support policies, i.e., tax reduction and risk-sharing, on the investment decision of the private sector, and further compared the relative efficacy of these two policies. The results manifest that: first, both tax reduction and risk-sharing policies motivate private sector to invest earlier; second, although the capital structure decision of the private sector is free from the influence of the risk-sharing policy, the optimal debt level under tax reduction policy shows a U-shape relationship with the incentive ratio; third, when completion risk is large, there exists efficiency loss for total benefits of the project under the risk-sharing incentive policy. Besides, the efficacy of two incentive policies varies depending on the scenario. Firstly, given the same incentive ratio, the risk-sharing policy proves to be more effective than the tax reduction policy. Secondly, when considering the same level of incentive loss for government, tax reduction policy outperforms than risk-sharing policy in terms of efficacy. Thirdly, the efficacy of these policies also depends on the completion risk level: under small completion risk, risk-sharing policy is more effective, whereas under large completion risk, the tax reduction policy takes precedence. Based on these findings, some managerial insights that could assist government in formulating more effective incentive policies are proposed. [ABSTRACT FROM AUTHOR]

This study explores the concept of reference dependence in decision-making behavior, particularly in the realm of investment portfolios. Previous research has established that an individual's own circumstances and societal surroundings play a pivotal role in shaping their perception of risk. However, there has been limited exploration into the dynamic nature of reference points in investment decision-making. To address this gap in the literature, the current study is aimed at investigating the performances of relevant dynamic reference points in investment portfolios. In doing so, the personal experience and upward pacesetter reference points are established, and a comparative robust portfolio model incorporating the CVaR measure is utilized. The impacts of different reference behaviors on the proposed portfolio model's performance are also examined. Furthermore, to enhance the portfolio model's out-of-sample performance, a scenario formation method that leverages clustering techniques is proposed. The performances of several clustering methods, including classic hierarchical and spectral clustering, as well as reciprocal-nearest-neighbors supported clustering, are compared. The empirical results indicate that the positive behavior of the personal experience reference point yields a better expected return, while the negative behavior exhibits a lower level of risk. Moreover, the results suggest that the utilization of spectral clustering can significantly improve the out-of-sample performance of the proposed robust portfolio model. [ABSTRACT FROM AUTHOR]

Financial literacy is of utmost relevance in the field of entrepreneurship, especially in developing countries. However, what builds financial literacy and how it shapes investment decision-making of women entrepreneurs is an exiguously researched area. Building on this gap, this study postulates that women entrepreneurs' prospect behavioural factors (loss aversion, regret aversion, mental accounting, and self-control) impact their investment decision process through the intervening role of financial literacy. Based on a stratified sample of 579 women entrepreneurs operating in Punjab, Pakistan, structural equation modelling was used to analyse the hypothesized relationship among variables. Findings showed that loss aversion, regret aversion, mental accounting, and self-control significantly influenced women's financial literacy and investment decision process, whereas no impact of regret aversion was traced on investment decision-making. Thus, our results offered robust support that financial literacy stimulated by women entrepreneurs' prospect behaviour invigorates their investment decision power. [ABSTRACT FROM AUTHOR]

The EU taxonomy, introduced in 2022, is a comprehensive classification system categorizing environmentally sustainable economic activities. This study examines the impact of incorporating EU taxonomy data into corporate environmental disclosure on investor judgments. Through five experimental cases involving standard environmental disclosure and additional moderate/positive/negative taxonomy‐aligned information, we assessed institutional and retail investor evaluations. Results reveal that taxonomy inclusion significantly influences investor judgments, particularly among institutional investors who are more adept at recognizing and penalizing negative information. Clear taxonomy‐aligned data in combination with standard environmental information shows no steering effect among retail investors. Despite underperforming taxonomy indicators, environmental information generally conveys positive signals to retail investors. [ABSTRACT FROM AUTHOR]

The study aims to determine the influence of behavioural biases on financial risk propensity. It also attempts to examine the influence of financial risk propensity on investment decisions and the mediational role of financial risk propensity on the relationship between behavioural biases and investment decisions. A survey by questionnaire method is adopted to collect data from 203 respondents using the purposive sampling technique among the investors. The study has found that prospect, herding, and heuristics dimensions of behavioural bias have a significant impact on financial risk propensity, and in turn, financial risk propensity has a significant impact on investment decisions. The results of the study can help to develop more realistic investment valuation models in light of the revised risk-return expectations of investors who act contrary to the traditional concept of rational utility maximisers.

The growing popularity of cryptocurrency as an investment choice among millennials demonstrates their inclination toward digital advancements and openness to exploring diverse investment opportunities. The study examines how financial literacy factors impact experience regret, investment decisions, and risk tolerance, while financial literacy also affects investment decisions, with experience regret and risk tolerance acting as a mediator. The study comprises 295 participants from the millennial demographic in Indonesia who are engaged in cryptocurrency investment. The data collection techniques employed in this study involve non-probability sampling methods through the distribution of questionnaires. The analysis in this study employs Structural Equation Modeling (SEM) in conjunction with Partial Least Squares (PLS) analysis tools. The results of this study suggest that financial literacy positively impacts regret experience, investment decisions, and risk tolerance with the respective sample values of 0.146, 0.397 and 0.449. Additionally, regret experience negatively influences investment decisions with a sample value of –0.385, while risk tolerance positively influences investment decisions with a sample value of 0.198. Financial literacy has a negative impact on investment decisions when regret experience acts as a mediator with a sample value of –0.056, but a positive impact when risk tolerance serves as a mediator with a sample value of 0.089. This complex relationship highlights the importance of considering multiple factors, including financial literacy, regret experience, and risk tolerance, in understanding and predicting investment decisions among individuals, particularly in the context of the millennial generation investing in cryptocurrency in Indonesia.

Financial literacy is an essential factor for individuals or households in making investment decisions. However, the problem of insufficient financial literacy is still considered one of the factors limiting the creation of successful investments, especially in relation to risk perception. Some investors have financial losses due to their limited financial literacy, making inefficient investment decisions and implicating high-risk investment choices. Hence, this study aims to explore the interconnection between financial literacy, risk perception and investment decisions. Moderated regression analysis was used for 233 investors in Indonesia who completed financial management training. The results showed that financial literacy has a positive and significant impact on investment decisions, which means that it could be used to improve the quality of investment decisions. On the other hand, risk perception as a moderating variable weakened the impact of financial literacy on investment decisions; this confirmed the consistent results before and after financial training. Overall, financial literacy across three dimensions (knowledge, skills, and attitude) plays an important role in investors allocating more funds to investment instruments than respondent groups with lower financial literacy levels. In addition, the level of financial literacy also influences the choice of investment product.

Background of the study This research examines how psychological and social biases affect individual investors’ investing decisions. Investor sentiment significantly influences financial markets, frequently causing stock prices to deviate from their intrinsic values. In rising economies such as India, where retail investors are significantly affected by psychological factors, comprehending these attitudes is crucial. Methods This study analyses data from a comprehensive questionnaire that was conducted throughout the nation and included 552 retail investors. The investigation employed structural equation modelling (SEM) to identify the elements that influence the decision-making of individuals who invest in the Indian stock market. Findings The research offers insight on the influence that investor attitude has on investment decision-making as well as the factors that precede it. The study demonstrates that investors make financial decisions based on sentiment. In addition to assessing the efficacy of the Indian financial market, this study sought to ascertain the rationality of investors’ choices by exploring the factors that influence their decision-making process. Conclusion The outcome of the study shows that information seeking, anchoring, herding, representativeness, and overconfidence all have a big impact on investors. Moreover, the study has proven investors’ irrationality and stock market inefficiency. The findings may be employed to further examine the trading practices of international investors and encourage further study in the field of behavioural finance.

The COVID-19 pandemic hit the world in late 2019, bringing many human activities to a halt. Several phenomena occurred as a result of these difficult conditions. Due to the rapid development of technology and the use of technology to earn income is new to some people, many people are exposed to fraud that occurs in the field of financial technology. This study aims to find out how people's financial literacy index, how they choose to invest, and how their financial literacy affects investment decisions. Since the millennial generation is the majority of productive age in Indonesia, this research targets the millennial generation. This research is limited to the Bandung City area because there are differences in Regional Minimum Wage (UMR) and investment decision-making behavior between cities. This verification quantitative research uses purposive sampling method with a total sample size of 1,275,520 people. Data was collected using an online questionnaire and the SPSS program was used to analyze the data of 400 respondents to find out how the level of financial literacy affects investment decisions and to identify all factors that affect financial literacy. The three factors used to measure the effect of financial literacy are financial knowledge, behavior and attitude. Descriptive statistics, normality, heteroscedasticity, multicollinearity and multiple linear regressions were the SPSS tests performed. This study found that financial knowledge, behavior and attitude together have a significant influence simultaneously on investment decisions. In addition, this study also found that financial knowledge, behavior and attitude each have a partially significant influence on investment decisions. [ABSTRACT FROM AUTHOR]

Somatic markers have been evidenced as determinant factors in human behavior. In particular, the concepts of somatic reward and punishment have been related to the decision-making process; both reward and somatic punishment represent bodily states with positive or negative sensations, respectively. In this research work, we have designed a mechanism to generate artificial somatic punishments in an autonomous system. An autonomous system is understood as a system capable of performing autonomous behavior and decision making. We incorporated this mechanism within a decision model oriented to support decision making on stock markets. Our model focuses on using artificial somatic punishments as a tool to guide the decisions of an autonomous system. To validate our proposal, we defined an experimental scenario using official data from Standard & Poor's 500 and the Dow Jones index, in which we evaluated the decisions made by the autonomous system based on artificial somatic punishments in a general investment process using 10,000 independent iterations. In the investment process, the autonomous system applied an active investment strategy combined with an artificial somatic index. The results show that this autonomous system presented a higher level of investment decision effectiveness, understood as the achievement of greater wealth over time, as measured by profitability, utility, and Sharpe Ratio indicators, relative to an industry benchmark. [ABSTRACT FROM AUTHOR]

This paper analyzes the role of newborn gender in household investment decisions. Parenting a new baby is associated with a reduction of the share of financial wealth held as cash and an increase in risky investments. The reallocation is however gender‐heterogeneous: the increase in the share of both total and financial wealth allocated to risky assets when parenting girls is reduced for households parenting boys. The effect is driven by the first child. Parents of newborn girls hold riskier portfolios because they make financial decisions influenced by their expectations on the autonomy and financial independence of newborns in adulthood. [ABSTRACT FROM AUTHOR]

Objective: The primary objective of this research is to identify and analyze the factors affecting the success of startups, with a specific focus on the distinct personality traits of investors and their impact on investment decisions in initial coin offering. This study aims to investigate how the personality traits of neuroticism and openness to experience influence investment decisions and to explore the role of cognitive legitimacy in moderating these relationships. By integrating theories of personality and legitimacy, this research seeks to provide a deeper understanding of the psychological factors that drive investment behaviors in the context of initial coin offerings (ICOs). Method: This study employs a phenomenological research design, leveraging qualitative and quantitative methods to explore the subjective experiences of investors in initial coin offering. The research follows a structured approach encompassing the following steps: A two-stage sampling process was adopted. In the first stage, tokens from ICOs conducted between 2020 and 2022 were selected using simple random sampling. Reliable sources such as Coinmarketcap.com, Crunchbase.com, and ICOcrunch.com provided the list of tokens. A random selection program written in Python was utilized to choose 40 sample tokens from this list, ensuring an unbiased representation. Data on investment decisions were collected through a standard questionnaire distributed to a large and diverse sample of investors. The questionnaire was shared via prominent Telegram channels which collectively cover a broad international investor base. Neuroticism and Openness to Experience traits were measured using a standardized Big Five personality factors questionnaire. Cognitive Legitimacy was assessed through the analysis of social media interactions, particularly on Twitter (X). A developer-created account was used to gather data on tweets containing specific keywords related to the ICOs. The data included tweet content, likes, retweets, user IDs, follower counts, and weet sentiments categorized as positive, neutral, or negative. Sentiment analysis was performed using the RoBERTa pre-trained language model, known for its high accuracy in text classification tasks. WarpPLS software was employed to conduct structural equation modeling (SEM), allowing for the examination of complex relationships between variables. The analysis focused on the direct effects of neuroticism and openness to experience on investment decisions, and the moderating effect of cognitive legitimacy. Reliability was tested using Average Variance Extracted (AVE), with thresholds set to ensure convergent validity. Results: The study yielded several key findings that highlight the interplay between personality traits, cognitive legitimacy, and investment decisions: 1. Impact of Neuroticism: - High levels of neuroticism were found to have a significant negative impact on investment decisions in successful ICOs. Investors characterized by high neuroticism exhibited tendencies towards risk aversion, pessimism, and lower trust in new ventures, making them less likely to participate in these offerings. 2. Impact of Openness to Experience: - Conversely, investors with high openness to experience were more inclined to invest in innovative and novel projects. This personality trait positively correlated with investment decisions, as these individuals are typically more open to risk-taking and exploring new opportunities. 3. Role of Cognitive Legitimacy: - Cognitive legitimacy significantly enhanced investment decisions. Startups that demonstrated high cognitive legitimacy through transparent and credible actions on social media were more successful in attracting investors. However, cognitive legitimacy did not act as a moderating variable between personality traits and investment decisions but had a strong direct effect on increasing investment decisions. Hypotheses Testing: -H1: High neuroticism leads to a decrease in investment in successful initial offerings. (Confirmed) -H2: Higher cognitive legitimacy of a business leads to more investment in successful products. (Confirmed) -H3: Cognitive legitimacy moderates the relationship between neuroticism and investment in successful products. (Rejected) -H4: Openness to experience leads to increased investment in successful initial offerings. (Confirmed) -H5: Cognitive legitimacy moderates the relationship between openness to experience and investment in successful ventures. (Rejected) Conclusion: The research concludes that personality traits, particularly neuroticism and openness to experience, play a crucial role in shaping investment decisions in the context of crowdfunding. Neuroticism negatively influences investment decisions, making individuals with this trait less likely to invest in new ventures. In contrast, openness to experience has a positive impact, with such individuals being more inclined towards innovative investments. Cognitive legitimacy emerged as a vital factor for attracting investments. Startups that can build strong cognitive legitimacy by maintaining transparency and credibility on social media are more likely to succeed in their fundraising efforts. Although cognitive legitimacy does not moderate the relationship between personality traits and investment decisions, its direct positive impact on investment decisions underscores its importance. Implications for Practice: -For Startups: Developing and maintaining cognitive legitimacy through transparent and credible communication on social media is essential for attracting a diverse investor base. Understanding the personality traits of potential investors can help tailor communication strategies to better engage with them. -For Researchers: The study opens new avenues for exploring the impact of other personality traits and forms of legitimacy on investment decisions. Future research could expand the scope to include traits such as extraversion and conscientiousness, and investigate the effects of moral and pragmatic legitimacy. The study focuses on two specific personality traits, suggesting a need for future research to consider a broader range of traits. Additionally, exploring other forms of legitimacy, such as moral or pragmatic legitimacy, could provide a more comprehensive understanding of their impact on investment decisions. Longitudinal studies are recommended to examine how these relationships evolve over time, especially in the dynamic and rapidly changing ICO market. In summary, this research highlights the significant role of personality traits and cognitive legitimacy in influencing investment decisions in the context of crowdfunding. The findings provide valuable insights for startups and campaign developers seeking to enhance their legitimacy and attract diverse investor profiles. The study contributes to the growing field of financial psychology and offers practical recommendations for improving fundraising strategies in the digital age. [ABSTRACT FROM AUTHOR]

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In the era of sustainability, there has been a shift in indicators for assessing company performance. Stakeholders are not only concerned with financial performance but pay great attention to non-financial performance in the form of sustainability performance and risk management. This study was conducted to find empirical evidence of whether investment decisions mediate the effect of the quality of sustainability reporting and ERM on company prices. We use a sample of 648 firm years of public companies listed on the Indonesia Stock Exchange. In general, the level of conformity of sustainability reports for public companies in Indonesia reaches 61.2% of the Global Reporting Initiative standard. By using multiple regression path analysis the results were obtained: first, sustainability reports and ERM have a direct positive effect on company value. Second, ERM has a direct positive effect on investment decisions but sustainability reports are not significant. Third, investment decisions mediate the impact of ERM on firm value. The implications of this study are important for company management to build quality sustainability reporting and effective ERM to maximize firm value. [ABSTRACT FROM AUTHOR]

The economic condition of Thailand and the rate of return observed on the stock exchange of Thailand (SET) surpasses the profits generated through savings. This has resulted in SET gaining popularity among individuals seeking a substantial rate of return. Understanding the elements investors consider when investing in Thailand's stock exchange is crucial due to its increasing popularity. This research utilizes a second-order confirmatory factor analysis (CFA) method to examine the impact of social media and emotional intelligence on investors' investment decisions in Thailand's stock market. The research method employed a combination of qualitative and quantitative data collection and analysis. Step 1 involved qualitative research utilizing the e-fuzzy set Delphi technique, which entailed sending an online questionnaire to 19 experts. The questionnaire included both open-ended and closed-ended questions on a 7-point scale. Step 2 involved conducting quantitative research using simple random sampling. To gather information from investors in SET, 600 investors were surveyed. It was found that emotional intelligence, social media, risk perception, and financial literacy influence investors’ investment decisions in SET, respectively. This research will provide new insights into the impact of social media and emotional intelligence on investors' decision-making in Thailand's stock market. [ABSTRACT FROM AUTHOR]

This study aims to examine the factors that influence Nigerian investors decision to participate in the Bitcoin market. The study develops a model that integrates awareness, religious beliefs, and trust alongside the theory of reasoned action's key explanatory factor. A random sampling technique was used to collect data from 262 individual investors in Nigeria using a questionnaire. The structural equation model method was utilized to analyze the data. The findings show that attitude, awareness, and trust have significant and positive effects on Nigerian investors' decision to invest in the Bitcoin market, while religious beliefs and awareness had significant impacts on investors' level of trust in Bitcoin transactions. This implies that policymakers and relevant regulatory agencies should work on increasing public understanding and confidence by collaborating with key players in the financial sector and religious institutions in Nigeria. This will help to create new market opportunities, promote financial inclusion, create jobs for Nigeria's burgeoning youth population, boost economic growth, and improve public participation in the cryptocurrency market. This study adds to the cryptocurrency literature by confirming that the decision to invest in Bitcoin is not only based on economic factors but also social and religious factors. [ABSTRACT FROM AUTHOR]

The problem faced by the company is the use of debt that is not according to plan. The purpose of this study is to determine whether debt policy affects company performance. This study was conducted on manufacturing sector companies listed on the Indonesia Stock Exchange in 2018-2023 with a population of 296 companies, the sample used was 73 companies for six years. Thus, the number of samples used in this study was 438. The company performance variable is proxied by (ROE) while the independent variables in this study are debt policy proxied by (DER and DER*KE), investment decisions (KI), managerial ownership (MNJR), and economic conditions (KE). The data analysis method uses multiple linear regression methods with SPSS software version 26. The results of the study show that the debt policy variable (DER) has a negative and significant effect on company performance (ROE) and the debt policy variable*economic conditions (DER*KE) has a positive and significant effect on company performance (ROE). This means that when economic conditions are supportive, companies that use debt to finance operational activities or business expansion tend to experience increased performance. Funds obtained from debt can be used for investment, new product development, or market expansion. Proper use of debt can increase a company's return on equity (ROE), as long as the rate of return on the investment financed by debt is higher than the cost of debt. Timing the debt decision is crucial. In improving economic conditions, companies can take advantage of low interest rates and increase production capacity. [ABSTRACT FROM AUTHOR]

This study aims to investigate the impact of geopolitical, financial, and human factors on foreign direct investment flows. The results revealed that the reality of foreign direct investment explains the political, financial, and human factors, in varying proportions, with significant significance. The positive impact of each of them is on controlling corruption. Governments use foreign direct investment activity as a main tool for growth and development. State and local governments are often responsible for attracting foreign direct investment, and foreign investors prefer countries that enjoy stability and have predictable investment environments by providing clear standards for dealing and having predictable legislation and regulatory parties in which the negotiating parties are clear, and that The absence of clear parties for implementation regarding ownership, taxes, dispute settlement, and instructions, so the investor is afraid of interfering with burdensome administrative resources and unpredictable laws and instructions. [ABSTRACT FROM AUTHOR]

The study examines the level of awareness among the investors about startup IPOs and analyses the relationship between independent variables such as size and purpose of IPO, company profile, financial performance, quality management and sector performance and investment decision in startup IPO which is the dependent variable. The research is conducted majorly using primary data collected from 360 two respondents across the state of Karnataka. The data so collected is analysed using the SPSS software. The statistical tools like multiple regression analysis and correlation analysis are used to analyse the data and hypothesis are tested using ANOVA. Five hypotheses were framed and tested to verify the effect of five independent variables on dependent variable. The outcome of the study reveals that, majority of the investors have awareness about the startup IPOs and size and purpose of IPO, company profile, financial performance, quality management and sector performance have positive relationship with dependent variable and these factors have highly considerable impact on investment decision in startup IPO in Indian stock market. This study concludes that 96.1% of the investment decision in startup IPO is influenced by the sector performance, financial performance, size & purpose of IPO, quality management and company profile. [ABSTRACT FROM AUTHOR]

The implicit discount rate (IDR) is a decisive factor in household investment decisions, and its modification could promote investment in energy-saving products. However, the discussion on households' IDR in developing countries is limited. In this regard, the current study aims to provide a detailed review of the IDR across various investment decisions, factors affecting its value, and policy instruments that can influence its value. The study finds that the IDR value tends to be considerably higher than market interest rates. Information and behavioural failures lead to a high IDR and under-investment in energy efficiency, which may be addressed through energy labels. However, the effectiveness of energy labels in addressing barriers and making energy-efficiency information visible to households depends on their visual presentation, time frame (annual or lifetime), units of measurement (physical or monetary), and the content of the information. The review has relevance for policymaking aimed at increasing the adoption of energy-efficient options that reduce household carbon footprints and, in turn, contribute towards realizing the net-zero emissions target. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to systematically review various behavioral biases that impact an investor's decision-making process. The prime objective of this paper is to thematically explore the behavioral bias literature and propose a comprehensive framework that can elucidate a more reasonable explanation of changes in financial markets and investors' behavior. Design/methodology/approach: Systematic literature review (SLR) methodology is applied to a portfolio of 71 peer-reviewed articles collected from different electronic databases between 2007 and 2021. Content analysis of the extant literature is performed to identify the research themes and existing gaps in the literature. Findings: This research identifies publication trends of the behavioral biases literature and uncovers 24 different biases that impact individual investors' decision-making. Through thematic analysis, an attribute–consequence–impact framework is proposed that explains different biases leading to individual investors' irrationality. The study further proposes directions for future research by applying the theory–characteristics–context–methodology framework. Research limitations/implications: The results of this research will help scholars and practitioners in understanding the existence of various behavioral biases and assist them in identifying potential strategies which can evade the negative effects of these biases. The findings will further help the financial service providers to understand these biases and improve the landscape of financial services. Originality/value: The essence of the current paper is the application of the SLR method on 24 biases in the area of behavioral finance. To the best of the authors' knowledge, this study is the first attempt of its kind which provides a methodical and comprehensive compilation of both cognitive and emotional behavioral biases that affect the individual investor's decision-making. [ABSTRACT FROM AUTHOR]

Understanding the impact of Risk Tolerance and Brand Trust on Investment Decisions and Customer Engagement Behavior is imperative in today's competitive financial environment. This study investigates the direct and mediating effects of Risk Tolerance and Brand Trust on Investment Decisions and Customer Engagement Behavior. Utilizing a quantitative approach with a survey method, data were collected from 144 private customers of Bank BRI in East Java through random sampling techniques. Structural Equation Modeling (SEM) was employed for data analysis. The research reveals significant direct effects of Risk Tolerance and Brand Trust on Investment Decisions. Likewise, the direct effects of brand trust and investment decisions on customer engagement behaviour are significant. However, the influence of risk tolerance on customer engagement behaviour is not significant. These findings underscore the intricate dynamics of consumer behaviour in the financial sector. This study contributes to a deeper understanding of how risk perception and trust in the brand affect investment decisions and customer engagement behaviour, offering insights for strategic decision-making in the banking industry. [ABSTRACT FROM AUTHOR]

AbstractIn the context developing country, the relationship between legal certainty and investment decision is still an underexplored yet important context. This study investigates the effect of independent judicial system, legal culture, and the existence of government authority as the determinant factors that influence legal certainty and the influence of legal certainty on investment decisions in the context of companies listed on the Indonesian stock exchange. The research employs partial least squares structural equation modeling to analyze primary survey data gathered from 270 investors who are clients of Investment Management Companies in Indonesia. The results indicate that an independent judicial system, legal culture, and the existence of government authority significant and positively affecting legal certainty and legal certainty has a significant and positive effect on investment decisions. This findings have various intriguing implications and provide valuable insights into how policymakers can improve their municipal bond regulation strategy to have better legal certainty; which will encourage more investors to invest.

AbstractThis study examines how Corporate Social Responsibility (CSR) disclosure and Sustainable Development Goals (SDGs) affect investment decisions mediated by Environmental, Social, and Governance (ESG) scores. Structural Equation Modeling (SEM) was used to test the hypotheses of this study using the SmartPLS 3.0 programme. Testing the router model is done using algorithmic techniques, and the inner model is tested by bootstrapping and model testing using goodness of fit. By analysing data from 79 companies listed on the Indonesia Stock Exchange (IDX), we found that CSR and SDGs disclosures positively affect ESG scores. ESG scores also positively affect investment decisions as measured by earnings per share. The findings of this test indicate that ESG scores mediate the relationship between CSR disclosure and earnings per share in a statistically significant way. However, the mediation of ESG score on the relationship between SDGs disclosure and earnings per share was not found to have a significant effect.

AbstractAn easy-to-read report may carry positive information for decision making and conversely. In that spirit, this paper investigates the relationship between the readability of companies’ annual reports, defined as the easiness to read, understand, and extract information from the reports, and investment decisions of Singapore companies. Empirical results with an DGMM analysis on 251 domestic companies listed on the Singapore Stock Exchange (SGX) show a positive relationship between the readability of annual reports this year and investments next year. As such, reports’ readability can serve as a signal significant to predict companies’ future investments. Our findings are consistent with signaling theory and contribute significantly to the literature for empirical investigations on the relationship of annual reports’ readability and firms’ investment decisions.