Bias in SME investment decisions: a cross-country study

• Autorzy: Rafinda Ascaryan , Suroso Agus , Purwaningtyas Putri , Mubaroq Afiq Chamim

Identyfikatory

DOI

10.17512/pjms.2024.30.1.17

Warianty tytułu

PL

Stronniczość w decyzjach inwestycyjnych MŚP: badanie międzykrajowe

• Języki publikacji: EN

Abstrakty

EN

This study investigates the impact of psychological biases on investment decision making among small and medium-sized enterprise (SME) owners across four countries: Indonesia, Hungary, Poland, and Romania. Drawing from the fields of behavioral finance and strategic management, the research focuses on key biases, including overconfidence, prospect theory, herding behavior, and emotional factors. A survey of 928 SME owners reveals significant cross-country differences in how these biases influence long-term investment decisions. Overconfidence negatively affects investment outcomes across all countries, while elements of prospect theory, such as loss aversion, positively correlate with long-term investment strategies. Herding behavior presents mixed results, showing a negative effect in some regions but not universally. Furthermore, positive emotions foster more optimistic investment decisions, particularly in Indonesia and Romania. The findings underscore the importance of cultural and economic contexts in shaping behavioral finance practices. This research contributes to the literature on SME management and investment behavior by highlighting the role of psychological factors in financial decision-making, providing valuable insights for policymakers and investors to develop strategies that mitigate cognitive biases and encourage more informed investment practices.

PL

Niniejsze badanie analizuje wpływ uprzedzeń psychologicznych na podejmowanie decyzji inwestycyjnych przez właścicieli małych i średnich przedsiębiorstw (MŚP) w czterech krajach: Indonezji, Węgrzech, Polsce i Rumunii. Odwołując się do dziedzin finansów behawioralnych oraz zarządzania strategicznego, badanie koncentruje się na kluczowych uprzedzeniach, takich jak nadmierna pewność siebie, teoria perspektywy, zachowania stadne oraz czynniki emocjonalne. Ankieta przeprowadzona wśród 928 właścicieli MŚP ujawnia istotne różnice między krajami w zakresie wpływu tych uprzedzeń na decyzje inwestycyjne w perspektywie długoterminowej. Nadmierna pewność siebie negatywnie wpływa na wyniki inwestycyjne we wszystkich badanych krajach, podczas gdy elementy teorii perspektywy, takie jak awersja do strat, wykazują pozytywną korelację z długoterminowymi strategiami inwestycyjnymi. Zachowania stadne przynoszą mieszane rezultaty - mają negatywny wpływ w niektórych regionach, ale nie jest to zjawisko uniwersalne. Ponadto pozytywne emocje sprzyjają bardziej optymistycznym decyzjom inwestycyjnym, szczególnie w Indonezji i Rumunii. Wyniki badania podkreślają znaczenie kontekstów kulturowych i ekonomicznych w kształtowaniu praktyk finansowych w obszarze finansów behawioralnych. Niniejsze badanie wnosi istotny wkład w literaturę na temat zarządzania MŚP i zachowań inwestycyjnych, wskazując na rolę czynników psychologicznych w podejmowaniu decyzji finansowych oraz dostarczając cennych wskazówek dla decydentów i inwestorów w celu opracowania strategii minimalizujących wpływ uprzedzeń poznawczych i promujących bardziej świadome podejście do inwestycji.

Słowa kluczowe

EN

behavioral finance; strategic management; cognitive biases in investment; SME management

PL

finanse behawioralne; zarządzanie strategiczne; uprzedzenia poznawcze w inwestycjach; zarządzanie MŚP

• Wydawca: Czestochowa University of Technology
• Czasopismo: Polish Journal of Management Studies
• Rocznik: 2024
• Tom: Vol. 30, No. 1
• Strony: 289--303
• Opis fizyczny: Bibliogr. 45 poz., tab.

Twórcy

autor

Rafinda Ascaryan

• Accounting Department, Faculty of Economics and Business, Universitas Jenderal Soedirman

• https://orcid.org/0000-0001-6636-4243

autor

Suroso Agus

• Management Department, Faculty of Economics and Business, Universitas Jenderal Soedirman

• https://orcid.org/0000-0002-1600-794X

autor

Purwaningtyas Putri

• Faculty of Economics and Business, Universitas Jenderal Soedirman

• https://orcid.org/0009-0003-9288-0868

autor

Mubaroq Afiq Chamim

• Faculty of Economics and Business, Universitas Jenderal Soedirman

• https://orcid.org/0009-0001-7395-2681

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Uwagi

Opracowanie rekordu ze środków MNiSW, umowa nr POPUL/SP/0154/2024/02 w ramach programu "Społeczna odpowiedzialność nauki II" - moduł: Popularyzacja nauki (2025).