Investor behaviour in an environment of uncertainty: the impact of persuasion on investor decisions
by Cleber Broietti; Suliani Rover; Graça Maria do Carmo Azevedo
International Journal of Applied Decision Sciences (IJADS), Vol. 15, No. 6, 2022

Abstract: The objective of this study is to investigate the impact of investor persuasion in an environment of uncertainty. The experimental method was used, with 576 non-professional investors. The experiment used a 2 × 2 factorial, for these six different scenarios were elaborated with the manipulation of the following variables: environment of uncertainty, characterised by risk and ambiguity; and, the persuasive argument of authority. The analysis technique used was the binomial test. The results showed that the investors' choices are more persuasive in: 1) risky investments than in investments with ambiguity; 2) reports of analysts whose element of authority is present than in reports in which they do not present persuasive elements; 3) environments of uncertainty. The research contributed to the literature on investor behaviour when exposed to ambiguity and risk.

Online publication date: Tue, 11-Oct-2022

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