Purpose

Decision-making behaviour of property investors has been the focus of real estate research for decades. Yet, there is no consensus on a generally accepted behavioural model that suits all market conditions and investment peculiarities. While scholars have emphasized the significance of rational reasoning and cognitive influences on property investment decision-making preferences, gaps remain regarding the impacts of market disruptions on property investment decision-making behaviour. This paper, therefore, explores the institutional framework as a theoretical basis for understanding property investment decision-making behaviour amidst market disruptions.

Design/methodology/approach

This paper reports a systematic review of pertinent theories that have explored decision-making behaviour. Commencing with an index search of high impact peer-reviewed journals, a snowball identification of relevant citations was also deployed to assemble theories from the field of psychology, sociology, economics and urban studies. Although a preliminary dataset of 82 papers with relevant decision-making theories was identified, the final dataset comprised 27 papers and 7 theories. The identified theories were reviewed accordingly.

Findings

The outcome of this study suggests that the institutional framework offers a robust approach to property investment decision-making amidst market disruptions, especially because it recognizes the dynamism in the investment environment and the roles of formal and informal rules that exist therein.

Originality/value

This study advances the current understanding of property investment decision-making behaviour by recognising the dynamism of the investment environment and how factors such as principles, laws, tradition and routines can lead to an established and legitimate standard of reasoning. By integrating both rational and cognitive attributes, the study provides a holistic perspective to property investors' decision-making behaviour in response to market disruptions.

中文翻译：

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市场动荡中的房地产投资决策行为：一种制度视角

目的

几十年来，房地产投资者的决策行为一直是房地产研究的重点。然而，对于适合所有市场条件和投资特点的普遍接受的行为模型，尚未达成共识。尽管学者们强调了理性推理和认知影响对房地产投资决策偏好的重要性，但在市场中断对房地产投资决策行为的影响方面仍存在差距。因此，本文探讨了制度框架，作为理解市场扰动下房地产投资决策行为的理论基础。

设计/方法/方法

本文报告了对探索决策行为的相关理论的系统综述。从对具有高影响力的同行评审期刊进行索引搜索开始，还对相关引文进行了滚雪球式识别，以收集来自心理学，社会学，经济学和城市研究领域的理论。尽管确定了包含相关决策理论的82篇论文的初步数据集，但最终的数据集包含27篇论文和7种理论。对确定的理论进行了相应的审查。

发现

这项研究的结果表明，制度框架为在市场动荡中的房地产投资决策提供了一种强有力的方法，尤其是因为它认识到投资环境中的活力以及其中存在的正式和非正式规则的作用。

创意/价值

这项研究通过认识到投资环境的活力以及诸如原则，法律，传统和惯例之类的因素如何能够导致建立合理的合法标准，从而增进了对房地产投资决策行为的当前理解。通过整合理性和认知属性，该研究为房地产投资者应对市场混乱的决策行为提供了整体视角。