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Structural equation model as a tool of analysis of psychological mechanisms of decision-making process at capital market

Author

Listed:
  • Magdalena Osinska

    (Wydzial Nauk Ekonomicznych i Zarzadzania UMK)

  • Michal Bernard Pietrzak

    (Wydzial Nauk Ekonomicznych i Zarzadzania UMK)

  • Miroslawa Zurek

    (Wydzial Nauk Ekonomicznych i Zarzadzania UMK)

Abstract

In the last years, mainly in the period of the financial crisis, a raising interest in behavioural finance could be observed. It has been pointed out that behavioural inclinations strongly influence the process of decision-making at capital market. The behavioural factors are understood here as noisy variables that disturb a process of proper investment decision-making. The paper concerns the verification of chosen elements of the behavioural finance theory on the basis of polling, with application of a structural equation model (SEM). The purpose of the paper is to identify and to describe the possible behavioural inclinations as well as to verify the hypothesis of that how much they influence the individual investors’ risk propensity.

Suggested Citation

  • Magdalena Osinska & Michal Bernard Pietrzak & Miroslawa Zurek, 2011. "Structural equation model as a tool of analysis of psychological mechanisms of decision-making process at capital market," Acta Universitatis Nicolai Copernici, Ekonomia, Uniwersytet Mikolaja Kopernika, vol. 42, pages 7-22.
    • Handle: RePEc:cpn:umkanc:2011:p:7-22
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