个体投资者自尊与羊群行为:特质愤怒和他人评价的作用
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摘要
以个体投资者为研究对象,本研究基于个体内部异质性和外部决策情境相整合的视角,构建了一个被调节的中介作用,以探讨自尊与羊群行为的关系以及特质愤怒和他人评价在其中的作用。研究结果表明,自尊对特质愤怒、羊群行为均有显著负向影响;特质愤怒在自尊与羊群行为间起中介作用;他人评价对特质愤怒与羊群行为间关系以及对自尊通过特质愤怒影响羊群行为的间接效应均具有调节作用,无他人评价时特质愤怒在自尊对羊群行为负向影响中具有完全中介效应,该中介作用在存在他人评价时变得不显著。这些结论对于我国建设理性投资者队伍、开展投资者教育实践具有启示作用。
Using a sample of individual investors in the Chinese stock market,this study proposes and empirically tests a moderated mediation model for understanding the relationship between self-esteem and herding behavior and studying the mechanism of trait anger and others' assessment from the perspective of integrating individual internal heterogeneity and external decision-making situation. It shows that self-esteem had a significant negative impact on trait anger and herding behavior,trait anger mediated the relationship between self-esteem and herding behavior. It also indicates that others' assessment moderated the relationship between trait anger and herding behavior, and the assessment also moderated the indirect effect of self-esteem on herding behavior,trait anger fully mediated the negative effect of self-esteem on herding behavior without others' assessment,but the mediating effect became insignificant with others' assessment. These conclusions have implications for building a rational investor team and developing investor education practices in China.
Using a sample of individual investors in the Chinese stock market,this study proposes and empirically tests a moderated mediation model for understanding the relationship between self-esteem and herding behavior and studying the mechanism of trait anger and others' assessment from the perspective of integrating individual internal heterogeneity and external decision-making situation. It shows that self-esteem had a significant negative impact on trait anger and herding behavior,trait anger mediated the relationship between self-esteem and herding behavior. It also indicates that others' assessment moderated the relationship between trait anger and herding behavior, and the assessment also moderated the indirect effect of self-esteem on herding behavior,trait anger fully mediated the negative effect of self-esteem on herding behavior without others' assessment,but the mediating effect became insignificant with others' assessment. These conclusions have implications for building a rational investor team and developing investor education practices in China.
引文
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[26]郑瑶,董大勇,朱宏泉.异质性情绪影响股市羊群效应吗?——来自互联网股票社区的证据[J].系统工程,2016,(9).
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[29]杨宜音,张志学.性格与社会心理测量总览[M].台北:远流出版社,1988.
[2]Arndt J,Schimel J,Greenberg J,et al. 2002. The intrinsic self and defensiveness:Evidence that activating the intrinsic self reduces self-handicapping and conformity[J].Personality and Social Psychology Bulletin,28(5).
[3]Tong E M W,Tan C R M,Latheef N A,et al. 2008.Conformity:Moods matter[J].European Journal of Social Psychology,38(4).
[4]Fernández B,Garcia-Merino T,Mayoral R,et al.2011. Herding,information uncertainty and investors’cognitive profile[J].Qualitative Research in Financial Markets,3(1).
[5]Rosenberg M. 1965. Society and the Adolescent Self-Image[M].Princeton,NJ:Princeton University Press.
[6]S?nmez N,Hagen R,Andreassen O A,et al. 2014.Cognitive behavior therapy in first-episode psychosis with a focus on depression,anxiety,and self-esteem[J].Cognitive and Behavioral Practice,21(1).
[7]Gino F. 2008. Do we listen to advice just because we paid for it? The impact of advice cost on its use[J].Organizational Behavior and Human Decision Processes,107(2).
[8]Rudich E A,Vallacher R R. 1999. To belong or to self-enhance?Motivational bases for choosing interaction partners[J].Personality and Social Psychology Bullet,25(11).
[9]Spielberger C D,Jacobs G,Russell S,et al. 1983.Assessment of anger:The State-Trait Anger-Scale[J].Advances in personality assessment,2.
[10]Lievaart M,van der Veen FM,Huijding J,Naeije L,Hovens JE,Franken IH. 2016. Trait anger in relation to neural and behavioral correlates of response inhibition and error-processing[J].International Journal of Psychophysiology,99(2).
[11]Kugler T,Connolly T,Ordó?ez L D. 2012. Emotion,decision,and risk:Betting on gambles versus betting on people[J].Journal of Behavioral Decision Making,25(2).
[12]Bagneux V,Bollon T,Dantzer C. 2012. Do(un)certainty appraisal tendencies reverse the influence of emotions on risk taking in sequential tasks[J].Cognition and Emotion,26(3).
[13]Lerner J S,Tiedens L Z. 2006. Portrait of the angry decision maker:How appraisal tendencies shape anger’s influence on cognition[J].Journal of Behavioral Decision Making,19(2).
[14]Gambetti E,Giusberti F. 2012. The effect of anger and anxiety traits on investment decisions[J].Journal of Economic Psychology,33(6).
[15]Lount RB Jr. 2010. The impact of positive mood on trust in interpersonal and intergroup interactions[J].Journal of Personality and Social Psychology,98(3).
[16]Tversky A,Kahneman D. 1992. Advances in Prospect Theory:Cumulative Representation of Uncertainty[J].Journal of Risk and Uncertainty,5(4).
[17]James W. 1890. The Principles of Psychology[M].New York:Henry Holt and Company Publication.
[18]Cooley C H. 1902. Human Nature and the Social Order[M].New York:Scribner.
[19]Spielberger,C D. 1999. State-Trait Anger Expression Inventory-2:Professional manual. Odessa:Psychological Assessment Resources.
[20]Lievaart M,Franken I H A,Hovens J E. 2016. Anger Assessment in Clinical and Nonclinical Populations:Further Validation of the State-Trait Anger Expression Inventory-2[J].Journal of Clinical Psychology,72(3).
[21]Skitka L J,Maslach C. 1996. Gender as schematic category:A role construct approach[J].Social Behavior and Personality:An International Journal,24(1).
[22]Preacher K J,Hayes A F. 2004. SPSS and SAS procedures for estimating indirect effects in simple mediation models[J].Behavior Research Methods Instruments&Computers,36(4).
[23]Levy G. 2004. Anti-herding and strategic consultation[J].European Economic Review,48(3).
[24]翁学东.美国投资心理学理论的进展[J].心理科学研究进展,2003,11(3).
[25]胡秀群,吕荣胜.高管过度自信、过度悲观与股利羊群行为研究[J].商业经济与管理,2013,261(7).
[26]郑瑶,董大勇,朱宏泉.异质性情绪影响股市羊群效应吗?——来自互联网股票社区的证据[J].系统工程,2016,(9).
[27]陶琳瑾.高特质愤怒青少年的宽恕干预研究[D].南京师范大学博士研究生论文,2011.
[28]谢晔,文凤华,杨晓光.基于调查与实验的个体投资者羊群行为研究[J].中国管理科学,2008,16(5).
[29]杨宜音,张志学.性格与社会心理测量总览[M].台北:远流出版社,1988.