Purpose

The behavioural decision-making process of individuals highlights the importance of investors’ sentiment and their correlation with the real economy. This paper aims to contribute to the literature of behavioural finance by examining the influence of contextual factors on investment decision-making.

Design/methodology/approach

Using a questionnaire, a total of 445 valid responses were collected from March to May 2021 through online sources. The current study uses a technique of Fuzzy-analytical hierarchical process (AHP) to assign relative weights to various contextual factors influencing investment decision-making. Harman’s single factor test was used to check common method bias.

Findings

Results of the study reveal that accounting information, self-image/firm-image coincidence, and neutral information as the top-ranked factors in influencing investment decisions, whereas advocate recommendation and personal financial needs emerged as less important factors in influencing investment decisions.

Research limitations/implications

The current study collects data from Indian stock market investors, which may limit the generalization of the study to India only. Moreover, this study is cross-sectional in nature, and there are numerous factors that are not part of the study but might significantly influence the investors’ decision-making process.

Practical implications

The research has implications for both academicians working in the area of behavioural finance and practitioners’ who are active in stock markets, more specifically dealing with retail investors and in the domain of personal finance. Also, the current study will accommodate different groups, i.e. policy makers, financial advisors, investors, investment professionals, etc. in carrying out their professional work.

Originality/value

The current study will provide a comprehensive overview of individual investor behaviour. To the best of the authors’ knowledge, the present study is one of its kind to use the Fuzzy-AHP technique for evaluating the relative ranks of contextual factors influencing investment decision-making.

中文翻译：

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背景因素对投资决策的影响：模糊层次分析法

目的

个人的行为决策过程凸显了投资者情绪及其与实体经济相关性的重要性。本文旨在通过考察情境因素对投资决策的影响，为行为金融学文献做出贡献。

设计/方法/途径

通过问卷调查，从 2021 年 3 月至 2021 年 5 月，通过在线资源共收集了 445 份有效答复。当前的研究使用模糊层次分析法 (AHP) 技术为影响投资决策的各种背景因素分配相对权重。哈曼单因素检验用于检查共同方法偏差。

发现

研究结果表明，会计信息、自我形象/公司形象一致性和中性信息是影响投资决策的首要因素，而倡导者推荐和个人财务需求则成为影响投资决策的次要因素。

研究局限性/影响

目前的研究从印度股市投资者那里收集数据，这可能会限制该研究仅适用于印度。此外，这项研究本质上是横断面的，有许多因素不属于研究的一部分，但可能会对投资者的决策过程产生重大影响。

实际影响

该研究对行为金融学领域的院士和活跃于股票市场的从业者都有影响，更具体地说，是与散户投资者和个人理财领域打交道。此外，当前的研究将适应不同的群体，即政策制定者、财务顾问、投资者、投资专业人士等开展他们的专业工作。

原创性/价值

当前的研究将全面概述个人投资者的行为。据作者所知，本研究是使用模糊 AHP 技术评估影响投资决策的背景因素的相对等级的研究之一。