1,231
Views
0
CrossRef citations to date
0
Altmetric
General & Applied Economics

Does hedonism influence real estate investment decisions? The moderating role of financial self-efficacy

&
Article: 2217581 | Received 25 Jan 2023, Accepted 20 May 2023, Published online: 29 May 2023

References

  • Abdolmohammadi, M. J., & Baker, C. R. (2006). Accountants’ value preferences and moral reasoning. Journal of Business Ethics, 69(1), 11–18. https://doi.org/10.1007/s10551-006-9064-y
  • Agyemang, O. S., & Ansong, A. (2016). Role of personal values in investment decisions: Perspectives of individual Ghanaian shareholders. Management Research Review, 39(8), 940–964. https://doi.org/10.1108/MRR-01-2015-0015
  • Alba J. W., & Williams, E. F. (2013). Pleasure principles: A review of research on hedonic consumption. Journal of Consumer Psychology, 23(1), 2–18. https://doi.org/10.1016/j.jcps.2012.07.003
  • Amatulli, C., & Donato, C. (2019). An investigation on the effectiveness of hedonic versus utilitarian message appeals in luxury product communication. https://doi.org/10.1002/mar.21320
  • Bandura, A. (1977). Self-efficacy: Toward a unifying theory of behavioral change. Psychological Review, 84(2), 191–215. https://doi.org/10.1037/0033-295x.84.2.191
  • Bandura, A. (2010). Self‐efficacy. Corsini Encyclopedia of Psychology, 1–3. https://doi.org/10.1002/9780470479216.corpsy0836
  • Barberis, N., & Thaler, R. (2002). Chapter 18 A survey of behavioral finance. Handbook of the Economics of Finance, 1(Part B), 1053–1128 . https://doi.org/10.3386/w9222
  • Bramble B. (2016). A New Defense of Hedonism about Well-Being. Ergo, an Open Access Journal of Philosophy, 3(20201214). https://doi.org/10.3998/ergo.12405314.0003.004
  • Bruin, A., & Flint-Hartle, S. (2003). A bounded rationality framework for property investment behaviour. Journal of Property Investment & Finance, 21(3), 271–284. https://doi.org/10.1108/14635780310481685
  • Chavali, K., & Mohanraj, M. P. (2016). Impact of demographic variables and risk tolerance on investment decisions: An empirical analysis. International Journal of Economics and Financial Issues, 6(1), 169–175.
  • Cohen, J. (1988). Statistical Power Analysis for the Behavioral Sciences (2nd Ed.). Routledge. https://doi.org/10.4324/9780203771587
  • Crosby, L. A., Bitner, M. J., & Gill, J. D. (1990). Organizational structure of values. Journal of Business Research, 20(2), 123–134. https://doi.org/10.1016/0148-2963(90)90056-J
  • Danes, S. M., & Haberman, H. R. (2007). Jamestown 7-24-09 parking lot view. Journal of Financial Counseling & Planning, 18(2), 48–60.
  • Doug, W., & Don, J. (2004). Home ownership and the decision to invest in REITs. Journal of Real Estate Portfolio Management, 10(2), 129–144. https://doi.org/10.1080/10835547.2004.12089696
  • Elfahmi, R., & Ikin Solikin, N. (2020). Model of student investment intention with financial knowledge as a predictor that moderated by financial self-efficacy and perceived risk. Dinasti International Journal of Economics, Finance & Accounting, 1(1), 165–175. https://doi.org/10.38035/DIJEFA
  • Farrell, L., Fry, T. R. L., & Risse, L. (2016). The significance of financial self-efficacy in explaining women’s personal finance behaviour. Journal of Economic Psychology, 54, 85–99. https://doi.org/10.1016/j.joep.2015.07.001
  • Fathul Bari, A., Yunanto, A., & Shaferi, I. (2020). The role of financial self efficacy in moderating relationships financial literacy and financial management behavior. International Sustainable Competitiveness Advantage, 2018, 51–60.
  • Feather, N. T. (1995). Values, valences, and choice: The influence of values on the perceived attractiveness and choice of alternatives. Journal of Personality & Social Psychology, 68(6), 1135–1151. https://doi.org/10.1037/0022-3514.68.6.1135
  • Feng, Z. (2021). How does local economy affect commercial property performance? The Journal of Real Estate Finance & Economics, 65(3), 361–383. https://doi.org/10.1007/s11146-021-09848-y
  • Fu, C. (2022). Behavioural finance: A synthetic review of literature and future development. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4107830
  • Geetha, N., & Ramesh, M. (2012). A study relevance of demographic factors in investment decisions. Perspectives of Innovations, Economics & Business, 10(1), 14–27. https://doi.org/10.15208/pieb.2012.02
  • Gibilaro, L., & Mattarocci, G. (2021). Institutional investors and home-biased REITs. Journal of Real Estate Portfolio Management, 27(2), 104–120. https://doi.org/10.1080/10835547.2021.1986347
  • Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A primer on partial least squares structural equation modeling (PLS-SEM). thousand oaks. Sage, 165.
  • Hair, F., Jr, J., Sarstedt, M., Hopkins, L., & G Kuppelwieser, V. (2014). Partial least squares structural equation modeling (PLS-SEM). European Business Review, 26(2), 106–121. https://doi.org/10.1108/ebr-10-2013-0128
  • Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. Journal of Marketing Theory and Practice, 19(2), 139–152. https://doi.org/10.2753/mtp1069-6679190202
  • Heaney, R., Higgins, D., & DiIorio, A. (2012). Investment portfolios and three dimensions of real estate investment: An Australian perspective. Pacific Rim Property Research Journal, 18(4), 335–354. https://doi.org/10.1080/14445921.2012.11104366
  • Henseler, J., Ringle, C. M., & Sinkovics, R. R. (2009). The use of partial least squares path modeling in international marketing. Advances in International Marketing, 20(2009), 277–319. https://doi.org/10.1108/S1474-7979(2009)0000020014
  • Hu, J., Quan, L., Wu, Y., Zhu, J., Deng, M., Tang, S., & Zhang, W. (2021). Financial self-efficacy and general life satisfaction: The sequential mediating role of high standards tendency and investment satisfaction. Frontiers in Psychology, 12. https://doi.org/10.3389/fpsyg.2021.545508
  • Inoguchi, M. (2011). Influence of real estate prices on domestic bank loans in Southeast Asia. Asian-Pacific Economic Literature, 25(2), 151–164. https://doi.org/10.1111/j.1467-8411.2011.01308.x
  • Jamil, N. (2021). Impact of cognitive dissonance bias on investors’ decisions: moderating role of emotional intelligence. Pakistan Social Sciences Review, 5(III), 538–552. https://doi.org/10.35484/pssr.2021(5-iii)040
  • Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision under Risk. Econometrica, 47(2), 263. https://doi.org/10.2307/1914185
  • Kellerman, D., Dickason-Koekemoer, Z., Ferreira, S., & McMillan, D. (2020). Analysing investment product choice in South Africa under the investor lifecycle. Cogent Economics & Finance, 8(1), 1848972. https://doi.org/10.1080/23322039.2020.1848972
  • Khan, A., Abbas, B., Jabeen, A., Syed, F., Ali, G., Faisal, M., & Saleem, A. (2022). Hedonism and repurchase: Determining value for money and repurchase intentions in shopping malls. International Journal of Innovations in Science and Technology, 4(3), 943–964. https://doi.org/10.33411/ijist/2022040314
  • Khan, N., Usman, A., & Farooq Jan, M. (2021). The impact of investor’s personality traits over their investment decisions with the mediating role of financial self efficacy and emotional biases and the moderating role of need for cognition and the individual mood in Pakistan stock exchange. Multicultural Education, 7(8), 2021. https://doi.org/10.5281/zenodo.5392291
  • Kinatta, M. M., Kaawaase, T. K., Munene, J. C., Nkote, I., & Nkundabanyanga, S. K. (2022). Cognitive bias, intuitive attributes and investment decision quality in commercial real estate in Uganda. Journal of Property Investment & Finance, 40(2), 165–187. https://doi.org/10.1108/JPIF-11-2020-0129
  • Kusairi, S., Ahmad, N., & Kae, T. J. (2020). The linkages of financial self-efficacy and financial decision behaviour: Learning from female lecturers in East Coast Malaysia. International Journal of Organizational Leadership, 9, 273–287. https://doi.org/10.33844/ijol.2020.60511
  • Lane, R. E., Sep, N., Review, S., Political, A., The, S., & Lane, R. E. (2015). The nature of human values. by Milton Rokeach. (New York: The Free Press, 1973. Pp. 438. journal3.95.). 1976 Book Reviews, 70(3), 965–966. https://doi.org/10.2307/1959882
  • Lee, H., & Koh, S. (2018). The effect of housing finance regulation on mortgage loan of non-banking sector. The Journal of Korea Real Estate Analysts Association, 24(1), 5–22. https://doi.org/10.19172/kreaa.24.1.1
  • Lone, U. M., & Bhat, S. A. (2022). Impact of financial literacy on financial well-being: A mediational role of financial self-efficacy. Journal of Financial Services Marketing, 0123456789. https://doi.org/10.1057/s41264-022-00183-8
  • Lown, J. M. (2011). 2011 oustanding AFCPE® Conference paper: Development and validation of a financial self-efficacy scale. Journal of Financial Counseling & Planning, 22(2), 54–63.
  • Lyubomirsky, S. (2010). Hedonic adaptation to positive and negative experiences.Oxford Handbooks Online. https://doi.org/10.1093/oxfordhb/9780195375343.013.0011
  • Memon, M. A., Ting, H., Cheah, J. -H., Thurasamy, R., Chuah, F., & Cham, T. H. (2020). Sample size for survey research: Review and recommendations. Journal of Applied Structural Equation Modeling, 4(2), ix–xx. https://doi.org/10.47263/jasem.4(2)01
  • Moore, A., Giannoni, C., Kirby, N., & Doffman, N. (2022). Real Estate. Artificial Intelligence: Law and Regulation, (July), 378–396. https://doi.org/10.4337/9781800371729.00032
  • Mubarik, F., Rehman, M. Z. U., Baig, S. A., Hashim, M., & Shafaqat, S. (2020). Financial inclusion and financial satisfaction: Moderating role of the financial self-efficacy. RADS Journal of Business Management, 2(2), 111–123.
  • Mydhili, V., & Dadhabai, S. (2019). Research on determinants of property purchases. International Journal of Innovative Technology and Exploring Engineering, 8(6), 68–73.
  • Nasage, N. N. (2019). Influence of demographic factors on individual’s investment decisions in wa municipality, the upper West Region of Ghana. Texila International Journal of Management, 5(2), 197–211. https://doi.org/10.21522/tijmg.2015.05.02.art020
  • N Mahalakshmi, T., & Munuswamy, S. (2022). An empirical analysis of the decision-making style of millennials on the choice of financial products. Indian Journal of Marketing, 52(11), 26. https://doi.org/10.17010/ijom/2022/v52/i11/172432
  • Noor, N., Batool, I., Arshad, H. M., & McMillan, D. (2020). Financial literacy, financial self-efficacy and financial account ownership behavior in Pakistan. Cogent Economics & Finance, 8(1), 1806479. https://doi.org/10.1080/23322039.2020.1806479
  • Pandey, R., & Jessica, V. M. (2019). Sub-optimal behavioural biases and decision theory in real estate: The role of investment satisfaction and evolutionary psychology. International Journal of Housing Markets and Analysis, 12(2), 330–348. https://doi.org/10.1108/IJHMA-10-2018-0075
  • Pasewark, W. R., & Riley, M. E. (2010). It’s a matter of principle: The role of personal values in investment decisions. Journal of Business Ethics, 93(2), 237–253. https://doi.org/10.1007/s10551-009-0218-6
  • Rattanaprichavej, N., Teeramungcalanon, M., & Foroudi, P. (2020). An investment decision: Expected and earned yields for passive income real estate investors. Cogent Business & Management, 7(1), 1786331. https://doi.org/10.1080/23311975.2020.1786331
  • Rehman, F., Baig, M. Z., Hashim, S. A., & Shafaqat, M. (2020). Financial inclusion and financial satisfaction: Moderating role of the financial self-efficacy. RADS Journal of Business Management, 2(2), 111–123.
  • Ruoxi, Q. (2019). Behavior analysis of real estate investors. Mfssr, 308–312. https://doi.org/10.25236/mfssr.2019.065
  • Rutkowski, I. (2017). Scale for testing hedonic-consumerism values – a new measurement instrument in the consumers ’ behavior. Proceedings International Marketing Trends, 0–27.
  • Sabri, M. F., Wijekoon, R., Abd Rahim, H., Burhan, N. A., Madon, Z., & Hamsan, H. H. (2022). Financial literacy, financial behavior, self-efficacy, and financial health among Malaysian households: The mediating role of money attitudes. The International Journal of Academic Research in Business & Social Sciences, 12(13). https://doi.org/10.6007/ijarbss/v12-i13/14150
  • Schwartz, S. H. (1992). Universals in the content and structure of values: Theoretical advances and empirical tests in 20 countries. Advances in Experimental Social Psychology, 25(C), 1–65. https://doi.org/10.1016/S0065-2601(08)60281-6
  • Sekścińska, K., Rudzinska-Wojciechowska, J., & Maison, D. (2018). Individual differences in time perspectives and risky financial choices. Personality and Individual Differences, 120, 118–126. https://doi.org/10.1016/j.paid.2017.08.038
  • Shim, G. Y., Lee, S. H., & Kim, Y. M. (2008). How investor behavioral factors influence investment satisfaction, trust in investment company, and reinvestment intention. Journal of Business Research, 61(1), 47–55. https://doi.org/10.1016/j.jbusres.2006.05.008
  • Singla, H. K., & Hiray, A. (2019). Evaluating the impact of hedonism on investment choices in India. Managerial Finance, 45(12), 1526–1541. https://doi.org/10.1108/MF-07-2019-0324
  • Sreekumar Nair, A., Ladha, R., Lenssen, G., Nijhof, A., Roger, L., & Kievit, H. (2014). Determinants of non-economic investment goals among Indian investors. Corporate Governance (Bingley), 14(5), 714–727. https://doi.org/10.1108/CG-09-2014-0102
  • Studies, D., Das, J. K., Datta, R. N., & Studies, M. (2021). Investment decisions in real estate: A study in Kolkata. International Journal of Management and Development Studies, 10(11), 1–8. https://doi.org/10.53983/ijmds.v10n11.001
  • Tang, S., Huang, S., Zhu, J., Huang, R., Tang, Z., & Hu, J. (2019). Financial self-efficacy and disposition effect in investors: The mediating role of versatile cognitive style. Frontiers in Psychology, 9(JAN), 1–6. https://doi.org/10.3389/fpsyg.2018.02705
  • Tsou, W. L., & Sun, C. Y. (2021). Consumers’ choice between real estate investment and consumption: A case study in taiwan. Sustainability (Switzerland), 13(21), 11607. https://doi.org/10.3390/su132111607
  • Tversky, A., & Kahneman, D. (2000). Loss aversion in riskless choice: A reference-dependent model. Choices, Values, and Frames, 143–158. https://doi.org/10.1017/cbo9780511803475.008
  • Veenhoven, R. (2003). Hedonism and happiness. Journal of Happiness Studies, 4(4), 437–457. https://doi.org/10.1023/b:johs.0000005719.56211.fd
  • Vilnai-Yavetz, I., & Gilboa, S. (n.d.). Relating hedonism and business context to customer. Services Marketing Quarterly, 37(3), 141–155. https://doi.org/10.1080/15332969.2016.1184539
  • Waheed, H., Ahmed, Z., Saleem, Q., Din, S. M. U., & Ahmed, B. (2020). The mediating role of risk perception in the relationship between financial literacy and investment decision. International Journal of Innovation, Creativity & Change, 14(4), 112–131.
  • Wangzhou, K., Khan, M., Hussain, S., Ishfaq, M., & Farooqi, R. (2021). Effect of regret aversion and information cascade on investment decisions in the real estate sector: The mediating role of risk perception and the moderating effect of financial literacy. Frontiers in Psychology, 12(October), 1–15. https://doi.org/10.3389/fpsyg.2021.736753
  • Wubie, A. W., Dibabe, T. M., & Wondmagegn, G. A. (2015). The influence of demographic factors on saving and investment decision of high school teachers in Ethiopia: A case study on Dangila Woreda. Research Journal of Finance & Accounting, 6(9), 64–69.
  • Yu, Y., & Jing, F. (2016). Development and application of the hedonic adaptation theory. Advances in Psychological Science, 24(10), 1663–1669.
  • Zavadskas, E. K., Ginevičius, R., Kaklauskas, A., & Banaitis, A. (2005). Analysis and modeling of the Lithuanian real estate sector. Journal of Business Economics and Management, 6(3), 135–143. https://doi.org/10.3846/16111699.2005.9636102
  • Zhang, Y., & Zheng, X. (2015). A study of the investment behavior based on behavioral finance. European Journal of Business and Economics, 10(1). https://doi.org/10.12955/ejbe.v10i1.557
  • Zia-Ur-Rehman, M., Latif, K., Mohsin, M., Hussain, Z., Baig, S. A., & Imtiaz, I. (2021). How perceived information transparency and psychological attitude impact on the financial well-being: Mediating role of financial self-efficacy. Business Process Management Journal, 27(6), 1836–1853. https://doi.org/10.1108/bpmj-12-2020-0530