Investment decision-making: Psychological studies clarifying the relationship between financial risk perception and investment behavior

2016 Fiscal Year Final Research Report

• Project/Area Number: 26590134
• Research Category: Grant-in-Aid for Challenging Exploratory Research
• Allocation Type: Multi-year Fund
• Research Field: Social psychology
• Research Institution: Meiji University
• Principal Investigator: SASAKI MIKA 明治大学, 商学部, 専任教授 (90337204)
• Project Period (FY): 2014-04-01 – 2017-03-31
• Keywords: 投資行動 / リスク認知 / 金融商品 / 保険商品

Outline of Final Research Achievements

These studies aimed to clarify the psychological processes underlying investment behavior. We investigated the decision-making processes regarding the purchase of financial products. A preliminary investigation yielded three dimensions: socio-personal, financial risk perception, and investment attitude. Regarding these dimensions, we performed factor analysis and developed the investment decision-making process scales (IDPS). Their validity was confirmed. The investment attitude scale of IDPS predicted decision-making regarding the purchase of certain financial products. Moreover, we found a safe/cautious investment attitude inhibited the framing effect. On the other hand, we performed factor analysis for consumers’ perceived risks in purchasing insurance; however, the validity of these factors was not confirmed

Free Research Field

社会心理学