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      Affect-based stock investment decision : the role of affective self-affinity

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      Embargo Lift Date: 2019-06-01
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      Author(s)
      Usul, N.
      Özdemir, Ö.
      Kiessling, T.
      Date
      2017
      Source Title
      Journal of Behavioral and Experimental Economics
      Print ISSN
      2214-8043
      Publisher
      Elsevier Inc.
      Volume
      68
      Pages
      97 - 109
      Language
      English
      Type
      Article
      Item Usage Stats
      258
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      304
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      Abstract
      This paper studies the role of affective self-affinity for a company in the stock investment decision by investigating the factors triggering it. Based on the social identity theory and the affect literature we hypothesize that three types of identifications, namely group related, company-people related and idea/ideal related, trigger affective self-affinity for a company which results in extra affect-based motivation to invest in the company's stock. The two ideas included in the idea/ideal related affective self-affinity are socially responsible investing and nationality related ideas. Based on the survey data of 133 active individual investors, we find that the more the investors perceive the company supports/represents a specific group or idea or employ a specific person, with which the investors identify themselves, the higher is the investors’ affective self-affinity for the company. This results in higher extra affective motivation to invest in the company's stock over and beyond financial indicators. Thus, investors’ identification with groups, people, or ideas such as socially responsible investing and nationality results in higher affect-based investment motivation through affective self-affinity aroused in the investors. Moreover, positive attitude towards the company is another factor that explains the affect-based extra investment motivation. © 2017 Elsevier Inc.
      Keywords
      Affect heuristic
      Affective self-affinity
      Antecedents of affective self-affinity
      Investor behavior
      Investor psychology
      Social identity theory
      Permalink
      http://hdl.handle.net/11693/37327
      Published Version (Please cite this version)
      http://dx.doi.org/10.1016/j.socec.2017.04.004
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      • Department of Management 639
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