투자 행동에서의 성별효과 연구: 남,여 투자자의 감정반응 및 감정조절을 중심으로|RISS 상세보기

다국어 초록 (Multilingual Abstract)

The current study examined sex differences in emotion regulation in stock investment behavior. The intensity of emotional response which male and female consumers experience while they participate in stock investment may be different, as previous behavioral and neuroscience research has described women as the more emotional sex. We investigated whether there are meaningful sex differences in the intensity of emotions and the cognitive strategies that are used to interpret and reduce the loss emotions after consumers experience loss from stock investment. We closely followed Kermer et al.`s(2006) experimental methodology and conducted a mock stock-picking experiment involving real investors by measuring their emotional experiences during stock investment. A total of 164 consumers(male 81 female 83) who had actually bought and sold stocks were recruited for this study. We administered a separate survey with the 164 participants wherein we examined the overall performance of their past investment. We found that female investors experienced stronger emotions after gain and loss than did male investors. Previous literature showed that less negative emotion leads to better performance (e.g., Buehler and McFarland 2001; Cohen and Andrade 2004; Salovey 2001; Shiv et al. 2005). Similarly, smaller loss affect also led to better investment performance in the stock investment area. The Emotion Regulation Theory has identified cognitive reappraisal as the best strategy to control loss affect(Gross 2008; Loewenstein 2007). On the other hand, external attribution, which is blaming others for self-failure, is believed to exacerbate negative emotions and increase helplessness. We found that female investors in general tended to attribute their losses to external sources such as market situation and analysts, to a greater extent than did male investors. This could be a reason why female investors were less successful in controlling their rallying emotions which they face during investment losses. Male investors were more likely to adopt cognitive reappraisal strategy in regulating the loss emotions and this strategy helped them to achieve emotional stability. According to prior research, female investors are generally less risk-taking(e.g., Barsky. Juster, Kimball, and Shapiro 1997; Jianakoplos and Bernasek 1998; Powell and Ansic 1997) and less overconfident (e.g., Barber and Odean 2001; Prince 1993) than male investors. Risk-taking behavior and overconfidence bias are known to have negative impact to investment performance(e.g., Barber and Odean 2000; March and Shapira 1987; Odean 1999). Therefore, we could expect that, if female investors were to achieve emotional stability, they would have a brighter prospect in the investment performance. Managerial implications are as follows. Marketers in the financial service area must educate investors to control emotions, particularly after loss since successful loss regulation can boost investment performance. Managers should understand that male and female investors could go through different emotional experiences after loss; and educate female investors to practice increased emotional stability and self-accountability for better investment performance.

번역하기

참고문헌 (Reference)

1 주우진, "주식투자자의 정서적 예측과 투자성과 간의 관계: 전문투자자와 일반투자자의 비교 분석" 한국마케팅학회 24 (24): 131-150, 2009

2 변진호, "개인 투자자의 과도거래와 투자성과" 한국경영학회 36 (36): 1707-1730, 2007

3 Prince, Melvin, "Women, Men, and Money Styles" 14 : 175-182, 1993

4 Barber, Brad M., "Trading Is Hazardous to Your Wealth:The Common Stock Investment Performance of Individual Investors" 55 : 773-806, 2000

5 Brizendine, Louann, "The Female Brain" Morgan Road Books 2006

6 Birnbaum, Dana W., "The Etiology of Children’s Stereotypes about Sex Differences in Emotionality" 10 : 677-691, 1984

7 Shefrin, Hersh, "The Disposition to Sell Winners Too Early and Ride Losers Too Long:Theory and Evidence" 40 : 777-790, 1985

8 Buck, Ross, "The Communication of Emotion" Guilford Press 1984

9 Mitchell, Andrew A., "The Assessment of Alternative Measures of Consumer Expertise" 23 : 219-239, 1996

10 Shaywitz, Bennett A., "Sex-Differences in the Functional-Organization of the Brain for Language" 373 (373): 607-609, 1995