financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2026-30-4-208-219finance-4565Research ArticleПОВЕДЕНЧЕСКАЯ ЭКОНОМИКАBEHAVIORAL ECONOMICSСтадное чувство и принятие инвестиционных решений — систематический обзор литературыHerding Bias and Investment Decision Making — a Systematic Literature Reviewhttps://orcid.org/0000-0002-7321-2667МахешвариА.MaheshwariA.

Аман Махешвари — стипендиат программы FPM (управление персоналом и кадрами)

Нью-Дели

Aman Maheshwari — FPM Scholar (OB & HR)

New Delhi

fpm21001@fsm.ac.inhttps://orcid.org/0009-0004-9392-433XБуддхаприяС.BuddhapriyaS.

Сангхамитра Буддхаприя — PhD, профессор (управление персоналом и кадрами)

Нью-Дели

Sanghamitra Buddhapriya — PhD, Prof. (OB & HR)

New Delhi

sanghamitra@fsm.ac.inhttps://orcid.org/0000-0002-8684-7864СониТ.К.SoniT.K.

Тарун К. Сони — PhD (в сфере финансов), доцент, профессор

Нью-Дели

Tarun K. Soni — PhD (Finance), Assoc. Prof.

New Delhi

tarun.soni@fsm.ac.inШкола менеджмента FOREИндияFORE School of ManagementIndia202618082026304208219Copyright © Махешвари А., Буддхаприя С., Сони Т., 20262026Махешвари А., Буддхаприя С., Сони Т.Maheshwari A., Buddhapriya S., Soni T.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/4565

В последнее время вопрос стадного поведения и принятия инвестиционных решений приобрел особую актуальность в связи с иррациональным поведением инвесторов. В этом исследовании всесторонне анализируется литература, посвященная стадному поведению и принятию инвестиционных решений. Цель исследования — определить влияние стадного поведения на принятие решений инвесторами. Систематический обзор научных статей из ведущих баз данных позволил выявить текущие тенденции в исследованиях и разработать номологическую сеть. Выделены переменные, которые используются как предшествующие факторы, медиаторы, модераторы и результаты. Также определены самые популярные теории, на которые ссылаются авторы исследований. Результаты исследования показывают, что основными тематическими областями являются: поведенческие предубеждения, стадное чувство и принятие инвестиционных решений. Кроме того, выявлен недостаток литературы, особенно по коллективистским и индивидуалистическим обществам. Сделан вывод, что в будущих исследованиях при изучении влияния стадного поведения на принятие решений инвесторами следует учитывать такие психологические и социальные аспекты, как торговое поведение и модели поведения инвесторов.

The issue of herding bias and investment decision-making has been extremely important in recent times to understand the irrationality of investors. This study comprehensively analyzes the literature on herding bias and investment decision-making to understand the various dimensions of herding biases and their impact on the decision-making of investors. A systematic literature review of relevant research papers from leading databases was conducted to determine the current research trends, develop a nomological network by identifying the variables used as antecedents, mediators, moderators, and outcomes, and highlight the most popular theories referred in studies. The findings of this study reveal behavioural biases, herding bias, investment decision-making as the main thematic domains. Further, the study also found a dearth of literature, especially relating to collectivist and individualistic societies, and concluded that future studies should also contemplate different psychological and social aspects, such as trading behaviour and investor patterns while studying the impact of herding bias on decision-making of investors.

поведенческие искажениястадное чувствостадное поведениеинвестициипринятие инвестиционных решенийсистематический обзор литературыbehavioural biasesherdingherding biasinvestmentinvestment decision makingsystematic literature reviewМы выражаем благодарность за финансовую и инфраструктурную поддержку, оказанную Школой менеджмента FORE в Нью-Дели при подготовке этой статьи. Школа менеджмента FORE, Нью-Дели, Индия.The financial and infrastructural support provided by the FORE School of Management, New Delhi in completing this paper is gratefully acknowledged. FORE School of Management, New Delhi, India.ReferencesAhmad M., Wu Q. Does herding behavior matter in investment management and perceived market efficiency? Evidence from an emerging market. Management Decision. 2022;60(8):2148-2173. DOI: 10.1108/MD-07-2020-0867Ahmad M., Wu Q. Does herding behavior matter in investment management and perceived market efficiency? Evidence from an emerging market. 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The authors declare that there are no conflicts of interest present.