Open Access Peer Reviewed Monthly Est. 2014

European Journal of Accounting, Finance and Investment

(EJAFI)
ISSN (Print): 4242-405X | ISSN (Online): 3466-7037
6.34
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14
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823+
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HomeEJAFI Vol. 9, No. 2 Behavioural Finance Factors and Investment Decisi…
📄 Research Article EJAFI Vol. 9, No. 2 (2023)

Behavioural Finance Factors and Investment Decision Making in the Maritime Sector of Nigeria

Daniel Sunday 1 & ETUGBO, Christopher Oghenemaro 2
1 Nigeria Maritime University
2 Department of Marine Economics and Finance, Nigeria Maritime University, Okerenkoko, Delta State, Nigeria.
European Journal of Accounting, Finance and Investment, Vol. 9, No. 2 (2023), pp. 8-16 | DOI:
Open Access Peer Reviewed Research Article

Abstract

This study investigates how behavioural finance factors influence individual investors' investment decisions in Nigeria's maritime sector. The study specifically examines how overconfidence, regret effect, herding style, risk perception, and heuristic effect influence investment decision making. The study's data were collected using well-structured questionnaires distributed to 238 respondents, with only 217 valid questionnaires. At the 5% level, we used the Spearman rank correlation coefficient. We discovered that overconfidence, regret effect, herding style, and heuristic effect all have a positive and significant impact on investment decision making. Though risk perception influences individual investors' investment decisions, it is only marginally significant. We conclude that behavioural finance factors have a significant impact on individual investors' investment decisions in Nigeria's maritime sector. The study advises individual investors to analyse and monitor the market rather than making investment decisions based on their intuitions, as this may have an impact on their returns. Individual investors who are new to the market should be actively trained and closely monitored by the Nigeria exchange group.
Keywords: Cascading, Heuristic, Overconfidence, Behaviour, Nigeria
📑 How to Cite This Article
APA 7th Edition:
Daniel Sunday, ETUGBO, Christopher Oghenemaro (2023). Behavioural Finance Factors and Investment Decision Making in the Maritime Sector of Nigeria. European Journal of Accounting, Finance and Investment, 9(2), 8-16. https://doi.org/
Vancouver Style:
Daniel Sunday, ETUGBO, Christopher Oghenemaro. Behavioural Finance Factors and Investment Decision Making in the Maritime Sector of Nigeria. Eur. J. Account. Finance Invest.. 2023;9(2):8-16. DOI:
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