تعاملات سواد مالی، احساسات سرمایه ‏گذاران، ادراک ریسک و تمایل به سرمایه‏ گذاری: شواهدی از بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 پروفسور گروه مالی، دانشگاه لویولا شیکاگو، شیکاگو، ایالات متحدۀ آمریکا

2 کاندیدای دکتری مدیریت مالی، دانشگاه آزاد اسلامی، واحد سنندج، باشگاه پژوهشگران جوان و نخبگان، سنندج، ایران (نویسندۀ مسئول)

چکیده

اعتقاد بر این است که سواد مالی نقش مهمی در شناخت رفتار سرمایه‏گذاران در بازارهای سهام پیشرفته و در حال ظهور دارد. در حالی که مطالعات قبلی ارتباط مثبت بین ارتقای سطح سواد مالی و کیفیت عملکرد تصمیمات سرمایه‏گذاران را نشان داده‏اند، پویایی این فرآیند به اندازۀ کافی مورد بررسی قرار نگرفته است. این مطالعه یک مدل تجربی را برای توضیح روند تأثیر سواد مالی سرمایه‏گذاران، احساسات و ادراک ریسک بر تصمیم‏گیری‏های سرمایه‏گذاری در بورس اوراق بهادار تهران در جمهوری اسلامی ایران مورد بررسی قرار داده است. به طور خاص، یک فرایند سه بعدی برای ارائه یک معیار قوی‏تر ار ارزیابی سواد مالی توسط نگرش مالی، رفتار مالی و دانش مالی ارائه شده که اندازه‏گیری هر دو سطح دانش مالی پایه و دانش مالی پیشرفته را پوشش می‏دهد. نتایج این مطالعه با استفاده از مجموعه داده‏های گسترده‏ای در رابطه با رفتار سرمایه‏گذاران در بورس اوراق بهادار تهران در سال 1395 نشان داد که بر خلاف مطالعات قبلی، شواهدی در مورد تأثیر سواد مالی بر روی ادراک ریسک سرمایه‏گذاران در ایران مشاهده نمی‏کنیم. از سوی دیگر، سواد مالی، ادراک ریسک و احساسات به صورت جمعی و به طور قابل توجهی بر تصمیم‏های سرمایه گذاران در بورس اوراق بهادار تهران تاثیر می‏گذارند. علاوه بر این، ما شواهدی نیز از تأثیر خاص جنسیت پیدا کردیم.

کلیدواژه‌ها


عنوان مقاله [English]

Dynamics of Investors’ Financial Literacy, Risk Perceptions and Emotions: Evidence from the Tehran Stock Exchange

نویسندگان [English]

  • Abolhassan Jalilvand 1
  • Mojtaba Rostami Noroozabad 2
1 Professor of Finance and Ralph Marotta Chair in Free Enterprise, Quinlan School of Business, Loyola University Chicago, Chicago, USA
2 Ph.D. Candidate of Financial Management, Young Researchers and Elite Club, Sanandaj Branch, Islamic Azad University, Sanandaj, Iran (Corresponding Author)
چکیده [English]

Financial literacy is believed to play an important role in understanding investors’ behavior both in advanced and emerging stock markets.  While previous studies have shown a positive association between improved financial literacy levels and the quality and performance of investors’ decisions, the dynamics of this process has not been adequately examined. This study develops an empirical model explaining the decision-making process that integrates the impact of investors’ financial literacy, emotions, and risk perceptions on investment decisions focusing on the financial markets of the Islamic Republic of Iran, mainly represented by the Tehran Stock Exchange (TSE). In particular, a three-dimensional process is used to provide a more robust measure of financial literacy represented by financial attitude, financial behavior and financial knowledge covering both basic and advanced financial knowledge levels. Using a large data set on investment behavior at the TSE in 2016, we find, unlike previous studies, no evidence on the impact of financial literacy on investors’ risk perception in Iran. On the other hand, financial literacy, risk perception and emotions collectively and significantly affect investors’ decisions at the TSE. We further find some evidence of gender specific effects.

کلیدواژه‌ها [English]

  • Financial Literacy
  • Emotion
  • risk perception
  • Investment Intention
  • Tehran Stock Exchange
*       Agarwal, S., Amromin, G., Ben-David, I., Chomsisengphet, S., & Evanoff, D. D. (2015). Financial literacy and financial planning: Evidence from India. Journal of Housing Economics, 27, 4-21. doi: http://dx.doi.org/10.1016/j.jhe.2015.02.003
*       Agarwalla, S. K., Barua, S. K., Jacob, J., & Varma, J. R. (2015). Financial Literacy among Working Young in Urban India. World Development, 67, 101-109. doi: http://dx.doi.org/10.1016/j.worlddev.2014.10.004
*       Almenberg, J., & Dreber, A. (2015). Gender, stock market participation and financial literacy. Economics Letters, 137, 140-142. doi: http://dx.doi.org/10.1016/j.econlet.2015.10.009
*       Al-Tamimi, Hussein A. Hassan and Kalli, Al Anood Bin (2009). Financial literacy and investment decisions of UAE investors, The Journal of Risk Finance, Vol. 10 Iss: 5, pp.500 – 516.
*       Altman, M. (2012). Implications of behavioural economics for financial literacy and public policy. The Journal of Socio-Economics, 41(5), 677-690. doi: http://dx.doi.org/10.1016/j.socec.2012.06.002
*       Anne Fortin, Sylvie Berthelot (2012), MD&A Risk Disclosures and Nonprofessional Investors' Perceptions and Investment Decisions, in Donna Bobek Schmitt (ed.) Advances in Accounting Behavioral Research (Advances in Accounting Behavioral Research, Volume 15) Emerald Group Publishing Limited, pp.1 - 28
*       Antonides, G., & Van Der Sar, N. L. (1990). Individual expectations, risk perception and preferences in relation to investment decision making. Journal of Economic Psychology, 11(2), 227-245. doi: http://dx.doi.org/10.1016/0167-4870(90)90005-T
*       Armstrong, G., & Kotler, P. (2000). Marketing. Englewood Cliffs: Prentice Hall.
*       Arnold, V., Bedard, J. C., Phillips, J. R., & Sutton, S. G. (2012). The impact of tagging qualitative financial information on investor decision making: Implications for XBRL. International Journal of Accounting Information Systems, 13(1), 2-20. doi: http://dx.doi.org/10.1016/j.accinf.2011.12.002
*       Ashkanasy, N. M., Hartel, C. E. J., Daus, C. S. (2002). Diversity and emotion: the new frontiers in organizational Behavior Research, Journal of management, 28: 307-38.
*       Baker, M., Coval, J., & Stein, J. C. (2007). Corporate financing decisions when investors take the path of least resistance. Journal of Financial Economics, 84(2), 266-298. doi: http://dx.doi.org/10.1016/j.jfineco.2006.03.005
*       Baker, Malcolm & Wurgler, Jeffrey (2007). Investor Sentiment in the Stock Market, Journal of Economic Perspectives, American Economic Association, vol. 21(2), pages 129-152, spring.
*       Bannier, C. E., & Neubert, M. (2016). Gender differences in financial risk taking: The role of financial literacy and risk tolerance. Economics Letters, 145, 130-135. doi: http://dx.doi.org/10.1016/j.econlet.2016.05.033
*       Barber, Brad M and Odean, Terrance (2011). The Behavioral of Individual Investors, Working Paper, Electronic copy available at: http://ssrn.com/abstract=1872211.
*       Blue, L., Grootenboer, P., & Brimble, M. (2014). Financial literacy education in the curriculum: Making the grade or missing the mark? International Review of Economics Education, 16, Part A, 51-62. doi: http://dx.doi.org/10.1016/j.iree.2014.07.005
*       Broihanne, M. H., Merli, M., & Roger, P. (2014). Overconfidence, risk perception and the risk-taking behavior of finance professionals. Finance Research Letters, 11(2), 64-73. doi: http://dx.doi.org/10.1016/j.frl.2013.11.002
*       Brundin, Ethel and Veronika, Gustafsson (2013). Entrepreneurs’ decision making under different levels of uncertainty: the role of emotions, International Journal of Entrepreneurial Behaviour & Research Vol. 19 No. 6.
*       Cabrera-Paniagua, D., Cubillos, C., Vicari, R., & Urra, E. (2015). Decision-making system for stock exchange market using artificial emotions. Expert Systems with Applications, 42(20), 7070-7083. doi: http://dx.doi.org/10.1016/j.eswa.2015.05.004
*       Calcagno, R., & Monticone, C. (2015). Financial literacy and the demand for financial advice. Journal of Banking & Finance, 50, 363-380. doi: http://dx.doi.org/10.1016/j.jbankfin.2014.03.013
*       Cameron, M. P., Calderwood, R., Cox, A., Lim, S., & Yamaoka, M. (2014). Factors associated with financial literacy among high school students in New Zealand. International Review of Economics Education, 16, Part A, 12-21. doi: http://dx.doi.org/10.1016/j.iree.2014.07.006
*       Campos-Vazquez, R. M., & Cuilty, E. (2014). The role of emotions on risk aversion: A Prospect Theory experiment. Journal of Behavioral and Experimental Economics, 50, 1-9. doi: http://dx.doi.org/10.1016/j.socec.2014.01.001
*       Chai, S., Kim, M., & Rao, H. R. (2011). Firms' information security investment decisions: Stock market evidence of investors' behavior. Decision Support Systems, 50(4), 651-661. doi: http://dx.doi.org/10.1016/j.dss.2010.08.017
*       Chang, C.-H., & Lin, S.-J. (2015). The effects of national culture and behavioral pitfalls on investors' decision-making: Herding behavior in international stock markets. International Review of Economics & Finance, 37, 380-392. doi: http://dx.doi.org/10.1016/j.iref.2014.12.010
*       Cheung, K. L., Evers, S. M. A. A., Hiligsmann, M., Vokó, Z., Pokhrel, S., Jones, T., . . . de Vries, H. (2016). Understanding the stakeholders’ intention to use economic decision-support tools: A cross-sectional study with the tobacco return on investment tool. Health Policy, 120(1), 46-54. doi: http://dx.doi.org/10.1016/j.healthpol.2015.11.004
*       Damasio, A.R. (1996). The Somatic Marker Hypothesis and the Possible Functions of the Prefrontal Cortex, Philosophical Transactions of the Royal Society B: Biological Sciences. 351, 1413–1420.
*       Delaune, L., Rakow, J. & Rakow, K.C ,(2010). Teaching financial literacy in a co-curricular service-learning model, J. of Acc. Ed. ,28 ,pp. 103-113.
*       DeWeaver, M. A., & Shannon, R. (2010). Waning vigilance and the disposition effect: Evidence from Thailand on individual investor decision making. The Journal of Socio-Economics, 39(1), 18-23. doi: http://dx.doi.org/10.1016/j.socec.2009.08.001
*       Diacon, S., & Ennew, C. (2001). Consumer Perceptions of Financial Risk. The Geneva Papers on Risk and Insurance. Issues and Practice, 26(3), 389-409.  Retrieved from http://www.jstor.org/stable/41952582
*       Diacon, S., & Hasseldine, J. (2007). Framing effects and risk perception: The effect of prior performance presentation format on investment fund choice. Journal of Economic Psychology, 28(1), 31-52. doi: http://dx.doi.org/10.1016/j.joep.2006.01.003
*       Driva, A., Lührmann, M., & Winter, J. (2016). Gender differences and stereotypes in financial literacy: Off to an early start. Economics Letters, 146, 143-146. doi: http://dx.doi.org/10.1016/j.econlet.2016.07.029
*       Driver, C., & Dowrick, S. (1997). INVESTMENT INTENTIONS AS AN INDICATOR OF ACTUAL INVESTMENT IN AUSTRALIAN MANUFACTURING*. Australian Economic Papers, 36(68), 90-105. doi: 10.1111/j.1467-8454.1997.tb00823.x
*       Dufwenberg, Martin (2002). Marital investments, time consistency and emotions, Journal of Economic Behavior & Organization Vol. 48, 57–69.
*       Dvorak, T., & Hanley, H. (2010). Financial literacy and the design of retirement plans. The Journal of Socio-Economics, 39(6), 645-652. doi: http://dx.doi.org/10.1016/j.socec.2010.06.013
*       Fineman, S. (1993). Organizations as emotional arenas. In S. Fineman. (Ed), Emotion in Organizations, No-31. London: Sage.
*       Finucane, M. L., Alhakami, A., Slovic, P., & Johnson, S. M. (2000). The affect heuristic in judgments of risks and benefits. Journal of Behavioral Decision Making, 13, 1-17.
*       Flores, S. A. M., & Vieira, K. M. (2014). Propensity toward indebtedness: An analysis using behavioral factors. Journal of Behavioral and Experimental Finance, 3, 1-10. doi:http://dx.doi.org/10.1016/j.jbef.2014.05.001
*       Fortin, A., & Berthelot, S. MD&A Risk Disclosures and Nonprofessional Investors' Perceptions and Investment Decisions Advances in Accounting Behavioral Research (pp. 1-28).
*       G20. 2012. G20 Leaders Declaration, Los Cabos. www.g20mexico.org/ images/stories/docs/g20/conclu/G20_Leaders_Declaration_2012.pdf.
*       Gerardi, K., Goette, L., Meier, S. (2010). Financial literacy and subprime mortgage delinquency: evidence from a survey matched to administrative data, Federal Reserve Bank of Atlanta Working Paper 2010-10.
*       Gerasimov, E. S., & Dombrovskii, V. V. (2002). Dynamic Network Model of Investment Control for Quadratic Risk Function. Automation and Remote Control, 63(2), 280-288. doi: 10.1023/A:1014251725737
*       Gozgor, G., Lau, C. K. M., & Bilgin, M. H. Commodity markets volatility transmission: Roles of risk perceptions and uncertainty in financial markets. Journal of International Financial Markets, Institutions and Money. doi: http://dx.doi.org/10.1016/j.intfin.2016.04.008
*       Grandon, E.E (2005). Extension and Validation of the Theory of Planned Behavior: The Case of Electronic Commerce Adoption in Small and Medium Sized Businesses in Chile, Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Philisophy, Department of Management in the Graduate School, Southern Illinois University Carbondale. Available at: http://proquest.umi.com/login.
*       Grigion Potrich, Ani Caroline; Mendes Vieira, Kelmara; Coronel, Daniel Arruda and Bender Filho, Reisoli (2015). Financial literacy in Southern Brazil: Modeling and invariance between genders, Journal of Behavioral and Experimental Finance, Volume 6, Pages 1–12.
*       Grohmann, A., Kouwenberg, R., & Menkhoff, L. (2015). Childhood roots of financial literacy. Journal of Economic Psychology, 51, 114-133. doi: http://dx.doi.org/10.1016/j.joep.2015.09.002
*       Hirshleifer, David A., (2001). Investor Psychology and Asset Pricing  AFA 2001 New Orleans Meetings.
*       Holbrook, M. B. (1999).Introduction to consumer value. In M. B. Holbrook (Ed.), Consumer value. A framework for analysis and research (pp. 1–28).London: Routledge.
*       Hung, Pi-Hsia (2016). Investor sentiment, order submission, and investment performance on the Taiwan Stock Exchange, Pacific-Basin Finance Journal 39, 124–140.
*       Isimbabi, M. J. (1994). The stock market perception of industry risk and the separation of banking and commerce. Journal of Banking & Finance, 18(2), 325-349. doi: http://dx.doi.org/10.1016/0378-4266(94)00038-7
*       Jappelli, T., & Padula, M. (2013). Investment in financial literacy and saving decisions. Journal of Banking & Finance, 37(8), 2779-2792. doi: http://dx.doi.org/10.1016/j.jbankfin.2013.03.019
*       Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47, 263-291.
*       Karevold, K. I., & Teigen, K. H. (2010). Progress framing and sunk costs: How managers’ statements about project progress reveal their investment intentions. Journal of Economic Psychology, 31(4), 719-731. doi: http://dx.doi.org/10.1016/j.joep.2010.05.005
*       Kaustia, Markku; Alho, Eeva & Puttonen, Vesa (2008). How Much Does Expertise Reduce Behavioral Biases? The Case of Anchoring Effects in Stock Return Estimates, Financial Management, Volume 37, Issue 3, Pages 391–412.
*       Kavussanos, M. G., & Marcoulis, S. N. (1997). The stock market perception of industry risk and microeconomic factors: The case of the US water transportation industry versus other transport industries. Transportation Research Part E: Logistics and Transportation Review, 33(2), 147-158. doi: http://dx.doi.org/10.1016/S1366-5545(97)00015-X
*       Kramer, M. M. Financial Literacy, Confidence and Financial Advice Seeking. Journal of Economic Behavior & Organization. doi: http://dx.doi.org/10.1016/j.jebo.2016.08.016
*       Lim, L. K., Soutar, N. G., & Lee, A. J. (2013). Factors affecting investment intentions: A consumer behaviour perspective. Journal of Financial Services Marketing, 18(4), 301-315. doi: 10.1057/fsm.2013.23
*       Loewenstein, G. F., Weber, E. U., Hsee, C. K., & Welch, E. S. (2001). Risk as feelings. Psychological Bulletin, 127(2), 267-286.
*       Lucarelli, C., Uberti, P., Brighetti, G., & Maggi, M. (2015). Risky choices and emotion-based learning. Journal of Economic Psychology, 49, 59-73. doi: http://dx.doi.org/10.1016/j.joep.2015.04.004
*       Mayfield, Cliff; Perdue, Grady & Wooten, Kevin (2008). Investment Management and Personality Type, Financial Services Review 17, (2008), pp. 219-236.
*       Mendonça Flores, Silvia Amélia and Mendes Vieira, Kelmara (2014). Propensity toward indebtedness: An analysis using behavioral factors, Journal of Behavioral and Experimental Finance, Volume 3, Pages 1–10.
*       Muntermann, J. (2009). Towards ubiquitous information supply for individual investors: A decision support system design. Decision Support Systems, 47(2), 82-92. doi: http://dx.doi.org/10.1016/j.dss.2009.01.003
*       NectorT¸ M¸ stong ¸ S & stradling ¸ R. (1992). Financial literacy :A Discussion of concepts and competencies Financial Literacy and opportunities for its Introduction into young people s learning¸ report Prepared for the National Westminster Bank ¸ National Foundation for Education Research ¸ London .
*       Nguyen, Yen and Noussair, Charles (2014). RISK AVERSION AND EMOTIONS, Pacific Economic Review, 19: 3 (2014) pp. 296–312.
*       Nofsinger, John R (2014). The Psychology of Investing, Pearson Prentice Hall, Upper Saddle River, New Jersey.
*       Nolte (2002). The human Brain. An introduction to its financial anatomy 5th edition Washington, DC. C. V. Mosby.
*       Olsen, R. A. (1997). Investment Risk: The Experts' Perspective. Financial Analysts Journal, 53(2), 62-66.
*       Paiella, M. (2016). Financial literacy and subjective expectations questions: A validation exercise. Research in Economics, 70(2), 360-374. doi: http://dx.doi.org/10.1016/j.rie.2015.11.004
*       Park, S.-M., Cho, S.-I. L., & Choi, M.-K. (2010). The effect of paternal investment on female fertility intention in South Korea. Evolution and Human Behavior, 31(6), 447-452. doi: http://dx.doi.org/10.1016/j.evolhumbehav.2010.07.001
*       Podoynitsyna, Ksenia; der Bij, Hans Van and Song, Michael (2011). The Role of Mixed Emotions in the Risk Perception of Novice and Serial Entrepreneurs, Volume 36, Issue 1, 115–140.
*       Potrich, A. C. G., Vieira, K. M., Coronel, D. A., & Bender Filho, R. (2015). Financial literacy in Southern Brazil: Modeling and invariance between genders. Journal of Behavioral and Experimental Finance, 6, 1-12. doi: http://dx.doi.org/10.1016/j.jbef.2015.03.002
*       Ricciardi, victor (2008). Handbook of Finance: Investment Management and Financial Managemen, ch10, Published by John Wiley & Sons.
*       Seida, J. A., & Wempe, W. F. (2000). Do capital gain tax rate increases affect individual investors’ trading decisions? Journal of Accounting and Economics, 30(1), 33-57. doi: http://dx.doi.org/10.1016/S0165-4101(00)00028-8
*       Sharma, A., & Johri, A. (2014). Learning and empowerment: Designing a financial literacy tool to teach long-term investing to illiterate women in rural India. Learning, Culture and Social Interaction, 3(1), 21-33. doi: http://dx.doi.org/10.1016/j.lcsi.2013.10.003
*       Shen, C.-H., Lin, S.-J., Tang, D.-P., & Hsiao, Y.-J. (2016). The relationship between financial disputes and financial literacy. Pacific-Basin Finance Journal, 36, 46-65. doi: http://dx.doi.org/10.1016/j.pacfin.2015.11.002
*       Shim, G.-y., Lee, S.-h., & Kim, Y.-m. (2008). How investor behavioral factors influence investment satisfaction, trust in investment company, and reinvestment intention. Journal of Business Research, 61(1), 47-55. doi: http://dx.doi.org/10.1016/j.jbusres.2006.05.008
*       Shiv, Baba; Loewenstein, George and Bechara, Antoine (2005). The dark side of emotion in decision-making: When individuals with decreased emotional reactions make more advantageous decisions, Cognitive Brain Research 23, 85– 92.
*       Sitkin, S. B., & Pablo, A. L. (1992). Reconceptualizing the Determinants of Risk Behavior. The Academy of Management Review, 17(1), 9-38. doi: 10.2307/258646
*       Straub, D, Boudreau, M-C & Gefen, D (2004). Validation Guidelines for IS Positivist Research’, Communications of the Association for Information Systems, vol. 13, no. 24, pp. 380–427.
*       Summers, Barbara and Duxbury, Darren (2012). Decision-dependent emotions and behavioral anomalies, Organizational Behavior and Human Decision Processes Volume 118, Issue 2, Pages 226–238.
*       Sundali, James A.; R. Stone, Gregory and L. Guerrero, Federico (2012). The effect of setting goals and emotions on asset allocation decisions, Managerial Finance, Vol. 38 No. 11.
*       Terpstra, Teun (2011). Emotions, Trust, and Perceived Risk: Affective and Cognitive Routes to Flood Preparedness Behavior, Risk Analysis, Vol. 31, No. 10.
*       Tod, David and Edwards, Christian (2013). Predicting drive for muscularity behavioral engagement from body image attitudes and emotions, Body Image Volume 10, Issue 1, Pages 135–138.
*       U.S. Department of Treasury. (2008). Financial literacy and education Commission. Retrieved June 15, 2008, from www.MyMoney.gov.
*       Van Kleef, G.A., De Dreu, C.K.W. and Manstead, A.S.R. (2010), “An interpersonal approach to emotion in social decision making: the emotions as social information model”, Advances in experimental social psychology, Vol. 42, pp. 45-96.
*       van Rooij, M. C. J., Lusardi, A., & Alessie, R. J. M. (2011). Financial literacy and retirement planning in the Netherlands. Journal of Economic Psychology, 32(4), 593-608. doi: http://dx.doi.org/10.1016/j.joep.2011.02.004
*       van Rooij, M., Lusardi, A., & Alessie, R. (2011). Financial literacy and stock market participation. Journal of Financial Economics, 101(2), 449-472. doi: http://dx.doi.org/10.1016/j.jfineco.2011.03.006
*       Veld, C., & Veld-Merkoulova, Y. V. (2008). The risk perceptions of individual investors. Journal of Economic Psychology, 29(2), 226-252. doi: http://dx.doi.org/10.1016/j.joep.2007.07.001
*       Vieira. E. and M. Pereira. (2014). Herding Behavior and Sentiment: Evidence in a Small European Market, Spanish Accounting Review, 18 (1), pp. 78–86.
*       Wang, L. X.; K. Shi, & H. Xia Fan (2006). Psychological Mechanisms of Investors in Chinese Stock Markets, Journal of Economic Psychology, Vol. 27, PP.762-780.
*       Waweru, N. M., Munyoki, E., & Uliana, E. (2008). The effects of behavioural factors in investment decision-making: a survey of institutional investors operating at the Nairobi Stock Exchange. International Journal of Business and Emerging Markets, 1(1), 24-41. doi: doi:10.1504/IJBEM.2008.019243
*       Weber, E. U., & Milliman, R. A. (1997). Perceived Risk Attitudes: Relating Risk Perception to Risky Choice. Management Science, 43(2), 123-144.  Retrieved from http://www.jstor.org/stable/2661678
*       Weber, E. U., Blais, A.-R., & Betz, N. E. (2002). A domain-specific risk-attitude scale: measuring risk perceptions and risk behaviors. Journal of Behavioral Decision Making, 15(4), 263-290. doi: 10.1002/bdm.414
*       Welpe, I., Spo¨rrle, M., Grichnik, D., Michl, T. and Audretsch, D.B. (2012), “Emotions and opportunities: the interplay of opportunity evaluation, fear, joy, and anger as antecedent of entrepreneurial exploitation”, Entrepreneurship Theory and Practice, Vol. 36 No. 1, pp. 69-96.
*       Zhu, W., Wei, J., & Zhao, D. (2016). Anti-nuclear behavioral intentions: The role of perceived knowledge, information processing, and risk perception. Energy Policy, 88, 168-177. doi: http://dx.doi.org/10.1016/j.enpol.2015.10.009
*         Zouaoui, Mohamed et al (2010). How does investor sentiment affect stock market crises? Evidence from panel data, Second Annual Meeting of the Academy of Behavioral Finance & Economics, Chicago, Illinois.