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The Attitudinal Determinants of Adopting the Herd Behavior: An Applied Study on the Egyptian Exchange

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  • Amir Ali Shusha
  • Mahmoud Abdelaziz Touny

Abstract

Recently, herd behavior earned the attention of researchers in the interpretation of the investment decision-making process in the financial markets. This study aims to explore the attitudinal determinants of herd behavior of individual investors in the Egyptian Exchange. We examine four attitudinal determinants which include decision accuracy, hasty decision, overconfidence, and investor mood, and test to what extent the effects of these determinants differ according to demographic characteristics of individual investors such as gender, educational level, age, experience, and income. The results indicate that decision accuracy, hasty decision, and investor mood were the main attitudinal determinants that explain why individual investors follow herd behaviour, but the effect of these factors may differ according to the investor's demographic characteristics.

Suggested Citation

  • Amir Ali Shusha & Mahmoud Abdelaziz Touny, 2016. "The Attitudinal Determinants of Adopting the Herd Behavior: An Applied Study on the Egyptian Exchange," Journal of Finance and Investment Analysis, SCIENPRESS Ltd, vol. 5(1), pages 1-3.
    • Handle: RePEc:spt:fininv:v:5:y:2016:i:1:f:5_1_3
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    Cited by:

    1. Ritika & Nawal Kishor, 2020. "Development and validation of behavioral biases scale: a SEM approach," Review of Behavioral Finance, Emerald Group Publishing Limited, vol. 14(2), pages 237-259, November.
    2. Legenzova Renata & Leckė Gintarė, 2022. "Exploring Lithuanian Real Estate Crowdfunding Investors’ Rationality," Management of Organizations: Systematic Research, Sciendo, vol. 87(1), pages 83-102, June.
    3. V. Shunmugasundaram & Aashna Sinha, 2022. "Behavioral Biases Influencing Investment Decisions of Life Insurance Investors," International Journal of Economics and Financial Issues, Econjournals, vol. 12(6), pages 107-112, November.
    4. Syed Aliya Zahera & Rohit Bansal, 2018. "Do investors exhibit behavioral biases in investment decision making? A systematic review," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 10(2), pages 210-251, May.
    5. Tahira Iram & Ahmad Raza Bilal & Zeshan Ahmad & Shahid Latif, 2023. "Does Financial Mindfulness Make a Difference? A Nexus of Financial Literacy and Behavioural Biases in Women Entrepreneurs," IIM Kozhikode Society & Management Review, , vol. 12(1), pages 7-21, January.

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