Стадное чувство и принятие инвестиционных решений — систематический обзор литературы

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.

1. Ahmad 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-07-2020-0867

2. Banerjee A.V. A simple model of herd behavior. The Quarterly Journal of Economics. 1992;107(3):797-817. DOI: 10.2307/2118364

3. Barber B.M., Odean T. Boys will be boys: Gender, overconfidence, and common stock investment. The Quarterly Journal of Economics. 2001;116(1):261-292. DOI: 10.1162/003355301556400

4. Barber B.M., Odean T. The courage of misguided convictions. Financial Analysts Journal. 1999;55(6):41-55. DOI: 10.2469/faj.v55.n6.2313

5. Barber B.M., Odean T. Trading is hazardous to your wealth: The common stock investment performance of individual investors. The Journal of Finance. 2000;55(2):773-806. DOI: 10.1111/0022-1082.00226

6. Barney J. Firm resources and sustained competitive advantage. Journal of Management. 1991;17(1):99-120. DOI: 10.1177/014920639101700108

7. Benartzi S., Thaler R.H. Myopic loss aversion and the equity premium puzzle. The Quarterly Journal of Economics. 1995;110(1):73-92. DOI: 10.2307/2118511

8. Bikhchandani S., Hirshleifer D., Welch I. A theory of fads, fashion, custom, and cultural change as informational cascades. Journal of Political Economy. 1992;100(5):992-1026. DOI: 10.1086/261849

9. Bikhchandani S., Sharma S. Herd behavior in financial markets. IMF Staff Papers. 2000;47(3):279-310. DOI: 10.2307/3867650

10. Calvet L.E., Campbell J.Y., Sodini P. Fight or flight? Portfolio rebalancing by individual investors. The Quarterly Journal of Economics. 2009;124(1):301-348. DOI: 10.1162/qjec.2009.124.1.301

11. Cerqueira Leal C., Rocha Armada M.J., Duque J.C. Are all individual investors equally prone to the disposition effect all the time? New evidence from a small market. Frontiers in Finance and Economics. 2010;7(2):38-68. DOI: 10.2139/ssrn.1024763

12. Chira I., Adams, M., Thornton B. Behavioral bias within the decision making process. Journal of Business & Economics Research. 2008;6(8). DOI: 10.19030/jber.v6i8.2456

13. Cipriani M., Guarino A. Estimating a structural model of herd behavior in financial markets. American Economic Review. 2014;104(1):224-251. DOI: 10.1257/aer.104.1.224

14. Da Costa N., Jr., Mineto C., Da Silva S. Disposition effect and gender. Applied Economics Letters. 2008;15(6):411-416. DOI: 10.1080/13504850600706560

15. Das T.K., Teng B.-S. A resource-based theory of strategic alliances. Journal of Management. 2000;26(1):31-61. DOI: 10.1016/S0149-2063(99)00037-9

16. Drehmann M., Oechsler J., Roider A. Herding and contrarian behavior in financial markets: An internet experiment. American Economic Review. 2005;95(5):1403-1426. DOI: 10.1257/000282805775014317

17. Fama E.F. Efficient capital markets: A review of theory and empirical work. The Journal of Finance. 1970;25(2):383-417. DOI: 10.1111/j.1540-6261.1970.tb00518.x

18. Fernández B., Garcia-Merino T., Mayoral R., Santos V., Vallelado E. Herding, information uncertainty, and investors’ cognitive profile. Qualitative Research in Financial Markets. 2011;3(1):7-33. DOI: 10.1108/17554171111124595

19. Goetzmann W.N., Massa M. Disposition matters: Volume, volatility and price impact of a behavioral bias. NBER Working Paper. 2003;(9499). URL: https://www.nber.org/system/files/working_papers/w9499/w9499.pdf

20. Grinblatt M., Keloharju M. Sensation seeking, overconfidence, and trading activity. The Journal of Finance. 2009;64(2):549-578. DOI: 10.1111/j.1540-6261.2009.01443.x

21. Hammond J.S., Keeney R.L., Raiffa H. The hidden traps in decision making. Harvard Business Review. 1998;76(5):47-58. URL: https://kenfly.gefran.com/wp-content/uploads/2021/11/The-Hidden-Traps-in-Decision-Making-1.pdf

22. Jain J., Walia N., Kaur M., Sood K., Kaur D. Shaping investment decisions through financial literacy: Do herding and overconfidence bias mediate the relationship? Global Business Review. 2023:09721509221147409. DOI: 10.1177/09721509221147409

23. Jordan D., Diltz J.D. Day traders and the disposition effect. The Journal of Behavioral Finance. 2004;5(4):192-200. DOI: 10.1207/s15427579jpfm0504_2

24. Kahneman D., Tversky A. Prospect theory: An analysis of decision under risk. In: MacLean L.C., Ziemba W.T., eds. Handbook of the fundamentals of financial decision making. Pt. I. Singapore: World Scientific Publishing; 2013:99-127. DOI: 10.1142/9789814417358_0006

25. Khare T., Kapoor S. Behavioral biases and the rational decision-making process of financial professionals: Significant factors that determine the future of the financial market. Journal of Advances in Management Research. 2024;21(1):44-65. DOI: 10.1108/JAMR-03-2023-0086

26. Kimeu C., Anyango W., Rotich G. Behavioural factors influencing investment decisions among individual investors in Nairobi Securities Exchange. The Strategic Journal of Business & Change Management. 2016;3(4):1244-1258. DOI: 10.61426/sjbcm.v3i4.377

27. Kishori B., Kumar P.D. A study on factors influencing the investors’ decision making in stock market with special reference to Indian stock market. International Journal of Management and Commerce Innovations. 2016;4(1):39-43. URL: https://www.researchpublish.com/upload/book/A%20Study%20on%20Factors%20Influencing-3075.pdf

28. Kleinübing Godoi C., Marcon R., Barbosa DaSilva A. Loss aversion: A qualitative study in behavioural finance. Managerial Finance. 2005;31(4):46-56. DOI: 10.1108/03074350510769613

29. Kumar S., Goyal N. Behavioural biases in investment decision making – a systematic literature review. Qualitative Research in Financial Markets. 2015;7(1):88-108. DOI: 10.1108/QRFM-07-2014-0022

30. Kumar S., Goyal N. Evidence on rationality and behavioural biases in investment decision making. Qualitative Research in Financial Markets. 2016;8(4):270-287. DOI: 10.1108/QRFM-05-2016-0016

31. Lakonishok J., Shleifer A., Vishny R.W. The impact of institutional trading on stock prices. Journal of Financial Economics. 1992;32(1):23-43. DOI: 10.1016/0304-405X(92)90023-Q

32. Lawson B., Samson D. Developing innovation capability in organisations: A dynamic capabilities approach. International Journal of Innovation Management. 2001;5(3):377-400. DOI: 10.1142/S1363919601000427

33. Mavruk T. Analysis of herding behavior in individual investor portfolios using machine learning algorithms. Research in International Business and Finance. 2022;62:101740. DOI: 10.1016/j.ribaf.2022.101740

34. Merton R.C. On the current state of the stock market rationality hypothesis. In: Dornbusch R., Fischer S., Bossons J., eds. Macroeconomics and finance: Essays in honor of Franco Modigliani. Cambridge, MA: The MIT Press; 1987:93-124.

35. Mittal S.K. Behavior biases and investment decision: Theoretical and research framework. Qualitative Research in Financial Markets. 2022;14(2):213-228. DOI: 10.1108/QRFM-09-2017-0085

36. Muhammad N.M., Abdullah M. Investment decision-making style: Are Malaysian investors rational decision makers. Interdisciplinary Journal of Contemporary Research in Business. 2009;1(3):96-108.

37. Nga J.K., Ken Yien L. The influence of personality trait and demographics on financial decision making among Generation Y. Young Consumers: Insight and Ideas for Responsible Marketers. 2013;14(3):230-243. DOI: 10.1108/YC-11-2012-00325

38. Odean T. Are investors reluctant to realize their losses? The Journal of Finance. 1998;53(5):1775-1798. DOI: 10.1111/0022-1082.00072

39. Odean T. Do investors trade too much? American Economic Review. 1999;89(5):1279-1298. DOI: 10.1257/aer.89.5.1279

40. Pompian M.M. Behavioral finance and wealth management: How to build optimal portfolios that account for investor biases. Hoboken, NJ: John Wiley & Sons, Inc.; 2006. 336 p.

41. Purwidianti W., Rahmawati I.Y., Dwiyanti R. Overconfidence and herding bias on investment decisions: The role of risk perception as a mediator. Asian Journal of Economics, Business and Accounting. 2023;23(18):36-45. DOI: 10.9734/ajeba/2023/v23i181056

42. Raafat R.M., Chater N., Frith C. Corrigendum: Herding in humans. Trends in Cognitive Sciences. 2009;13(12):504. DOI: 10.1016/j.tics.2009.10.001

43. Zuraidah Z., Shabri M., Faisal F., Sakir A. The effect of optimism bias and overconfidence on investment decisions in Aceh mediated by herding. Quality – Access to Success. 2024;25(198):173-181. DOI: 10.47750/QAS/25.198.19

44. Shefrin H., Statman M. The disposition to sell winners too early and ride losers too long: Theory and evidence. The Journal of Finance. 1985;40(3):777-790. DOI: 10.1111/j.1540-6261.1985.tb05002.x

45. Shiller R.J. Human behavior and the efficiency of the financial system. In: Taylor J.B., Woodford M., eds. Handbook of macroeconomics. Vol. 1C. Amsterdam: Elsevier Science; 1999:1305-1340. DOI: 10.1016/S1574-0048(99)10033-8

46. Sias R.W. Institutional herding. The Review of Financial Studies. 2004;17(1):165-206. DOI: 10.1093/rfs/hhg035

47. Solnik B.H. Note on the validity of the random walk for European stock prices. The Journal of Finance. 1973;28(5):1151-1159. DOI: 10.1111/j.1540-6261.1973.tb01447.x

48. Soraya R., Risman A., Siswanti I. The role of risk tolerance in mediating the effect of overconfidence bias, representativeness bias and herding on investment decisions. Journal of Economics, Finance, and Management Studies. 2023;6(7):3324-3335. DOI: 10.47191/jefms/v6-i7-36

49. Spyrou S.I. Index futures trading and spot price volatility: Evidence from an emerging market. Journal of Emerging Market Finance. 2005;4(2):151-167. DOI: 10.1177/097265270500400203

50. Statman M., Thorley S., Vorkink K. Investor overconfidence and trading volume. The Review of Financial Studies. 2006;19(4):1531-1565. DOI: 10.1093/rfs/hhj032

51. Suresh G. Impact of fi nancial literacy and behavioural biases on investment decision-making. FIIB Business Review. 2024;13(1):72-86. DOI: 10.1177/23197145211035481

52. Svedsater H., Karlsson N., Garling T. Momentum trading, disposition effects and prediction of future share prices: An experimental study of multiple reference points in responses to short-and long-run return trends. Applied Financial Economics. 2009;19(8):595-610. DOI: 10.1080/09603100801982620

53. Waweru N.M., Munyoki E., Uliana E. 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. 2008;1(1):24-41. DOI: 10.1504/IJBEM.2008.019243

54. Singh B., Rekha, Sharma S. The impact of investment behavior and risk appetite on investment decisions of rural investors. Finance: Theory and Practice. 2026;30(3):230-242. DOI: 10.26794/2587-5671-2026-30-3-230-242

55. Tanyushcheva N.Yu. The impact of financial literacy on the scale of fraud. Finance: Theory and Practice. 2026;30(3):98-108. DOI: 10.26794/2587-5671-2026-30-3-2054-03

56. Khoroshilov M.S., Prokopjeva E.L. Modeling share prices based on investors’ irrational behavior. Finance: Theory and Practice. 2026;30(1):214-227. DOI: 10.26794/2587-5671-2026-30-1-214-227