Affectivity and riskiness of retirement investment decisions
Affectivity and riskiness of retirement investment decisions
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DOI：
10.1108/pr-05-2019-0244
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发表时间：
2020-04-14
期刊：
影响因子：
3.9
通讯作者：
Wang, Gang
中科院分区：
文献类型：
--
作者：
Palmer, Joshua C.;Chung, Yunhyung;Wang, Gang
目的 利用拓宽和构建理论以及促进和预防焦点理论，作者研究了积极和消极情感 (PANA) 对投资决策风险的作用。作者还研究了金融知识网络强度（即员工社交网络中与具有金融知识的其他人的沟通水平）对投资决策关系的 PANA 风险的中介影响。设计/方法/途径 研究 1 使用本科生样本，并使用假设的投资场景来化解风险。研究 2 使用员工和实际投资分配的操作风险复制并扩展了研究 1 的结果。研究结果 研究 1 和研究 2 都支持 NA 与投资决策风险之间的负直接关系。研究 2 发现 PA 与投资决策的风险呈轻微正相关。在研究 2 中，金融知识网络强度介导了 NA 与投资决策风险之间的关系。 研究局限性/影响 - 研究结果表明，以普遍消极的眼光看待世界的员工往往拥有较弱的金融知识网络，这可能是解释为什么他们进行低风险投资的一种机制。实际影响 - 金融知识网络可以提供有关投资机会的关键信息。社交化培训或社交混合器可用于帮助员工建立和完善他们的金融知识网络。原创性/价值 作者整合了对 PANA、社交网络和投资决策的研究，阐明了社交网络过程，解释了情感如何影响退休投资决策的风险。
Purpose Drawing on broaden-and-build theory and promotion- and prevention-focus theory, the authors examined the role of positive and negative affectivity (PANA) on the riskiness of investment decisions. The authors also examined the mediating impact of financial knowledge network intensity (i.e. the level of communication with financially literate others in employees' social network) on the PANA-riskiness of investment decisions relationship. Design/methodology/approach Study 1 used a sample of undergraduate students and operationalized risk using a hypothetical investment scenario. Study 2 replicated and extended the Study 1 findings using employees and operationalized risk using their real-world investment allocations. Findings Both Studies 1 and 2 provided support for the negative direct relationship between NA and the riskiness of investment decisions. Study 2 found PA was marginally positively related to the riskiness of investment decisions. Financial knowledge network intensity mediated the relationship between NA and the riskiness of investment decisions in Study 2. Research limitations/implications - The findings suggest that employees who see the world in a generally negative light tended to have weaker financial knowledge networks, and this may be one mechanism that explains why they make low-risk investments. Practical implications - Financial knowledge networks can provide access to critical information regarding investment opportunities. Socialization training or social mixers can be used to help employees build and improve their financial knowledge networks. Originality/value The authors integrate the research on PANA, social networks, and investment decisions to illuminate the social network processes that explain how affectivity impacts the riskiness of retirement investment decisions.