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The purpose of this study is to identify and analyze the key factors influencing stock market movements, using a multifactor hierarchical approach. By applying interpretive structural modeling (ISM) and Matrice d’Impacts Croisés Multiplication Appliquée à un Classement (MICMAC) techniques, this study aims to uncover the interrelationships between these factors and provide a clearer understanding of their role in shaping market dynamics, with practical implications for investors and policymakers.

This study uses ISM and MICMAC analysis to explore the hierarchical relationships among key factors driving stock market movements. A panel of 25 financial market experts was used to develop the structural self-interaction matrix, and ISM was applied to structure the relationships between these factors. MICMAC analysis categorized the factors based on their driving power and dependence. The combined use of ISM and MICMAC provides a structured and quantitative approach to understanding the complexities of stock market dynamics.

The research identifies behavioral biases, corporate governance, interest rates, global events, investor sentiment and market volatility as pivotal factors influencing stock market movements. The hierarchical ISM model reveals that behavioral biases strongly drive investor sentiment, while global events and interest rates heavily impact market volatility. The MICMAC analysis categorizes these variables into autonomous, dependent and independent factors, providing a nuanced understanding of their influence on stock prices.

This study is limited by its reliance on expert judgments, which may introduce bias, and the sample size of 25 experts may not fully capture the diversity of financial market perspectives. In addition, the scope of the study is limited to generalized stock market factors, excluding regional or sector-specific analyses. These limitations affect the generalizability of the findings.

The findings of this research offer practical implications for investors, financial analysts and portfolio managers seeking to navigate the complexities of stock market behavior. By identifying key factors such as behavioral biases, corporate governance, currency fluctuations and regulatory changes, stakeholders can gain a deeper understanding of the dynamics driving stock prices. This structured approach can inform investment strategies, risk management practices and decision-making processes, enabling stakeholders to adapt to market fluctuations and make informed choices that align with their financial goals.

This study’s exploration of factors influencing stock market movements carries social implications that extend beyond financial markets. Understanding how global events, political stability and regulatory changes impact stock prices can shed light on the broader socio-economic landscape. By recognizing the interplay between these factors and their influence on investment decisions, policymakers, regulators and society at large can gain insights into the interconnectedness of financial markets with social and political dynamics. This awareness can inform policy decisions, economic strategies and initiatives aimed at fostering market stability and sustainable economic growth.

By using ISM and expert judgment, this research developed a comprehensive model that unveils the key factors influencing stock market movements. This model can potentially be used to inform investment decision-making and improve investment strategies, providing a structured approach for stakeholders to analyze and adapt to the complexities of stock market behavior.

The purpose of this study is to test whether presenting organizational change in a way that promotes the status quo will result in increased employee support for the change.

Using quantitative methodology, categorical data were collected through an online cross-sectional survey in which 222 adult respondents participated. The items used vignette-based question blocks with fixed response options. Item responses were analyzed using an exact binomial test – focusing on the relationship between status quo bias and other responses to change communications.

The findings demonstrated that status quo bias has an association with employee sensemaking. These results suggest that status quo bias can be utilized by organizational leaders and change practitioners to endorse change efforts. Furthermore, it not only appears that promoting what is staying the same but also including a small reason to justify the change can bring additional advantage. Advertising a vision of radical transformation is problematic as it may actually heighten employee resistance.

This research explores and presents a convergence between organizational change management and behavioral economics – specifically, status quo bias. No other comparable study collecting data across a number of organizational change themes and critiquing existing change management models could be found during the preparation of this research effort.

This study aims to examine adaptive herding behaviour in Shariah-compliant stocks across Malaysia, Indonesia and Saudi Arabia. The objective is to investigate how market sentiment, news sentiment and investor happiness influence herding behaviour in these markets from 1 January 2015 to 31 December 2023, using a total sample size of 1,106 stocks.

This study utilises data from the S&P IQ Database, Thomson Reuters MarketPsych Indices, Bloomberg Sentiment Analysis and Hedonometer. To analyse the data, the Cross-Sectional Absolute Deviation model was applied along with static regression models, rolling window regression and quantile-on-quantile regression.

The findings reveal significant herding behaviour in all three markets, with varying degrees of volatility and sensitivity to sentiment. Investor happiness and market sentiment were found to positively influence herding behaviour, particularly during periods of low market returns or high stress, whereas negative news sentiment disrupted herding behaviour.

This study highlights the adaptive nature of herding behaviour in Shariah-compliant stocks, emphasising the role of sentiment in shaping investor decisions. These findings provide valuable insights for regulators and policymakers in designing strategies to mitigate irrational market movements and encourage more stable investment environments.

This study contributes to the limited literature on adaptive herding in Islamic financial markets. This underscores the importance of sentiment measures in understanding investor behaviour and offers practical insights into the behavioural dynamics in Shariah-compliant markets. This study also provides a foundation for future research on sentiment-driven investment strategies and regulatory policies in Islamic finance.

Current research in the field of behavioural finance has attempted to discover behavioural biases and their characteristics in individual investors’ irrational decision-making. This study aims to find out how biases in information based on knowledge affect decisions about investments.

In step one, through existing research and consultation with specialists, 13 relevant items covering major aspects of bias were determined. In the second step, multiple linear regression and artificial neural network were used to analyse the data of 337 retail investors.

The investment choice was heavily impacted by regret aversion, followed by loss aversion, overconfidence and the Barnum effect. It was observed that the Barnum effect has a statistically significant negative link with investing choices. The research also found that investors’ fear of making mistakes and their tendency to be too sure of themselves were the most significant factors in their decisions about where to put their money.

This research contributes to the expansion of the knowledge base in behavioural finance theory by highlighting the significance of cognitive psychological traits in how leading investors end up making irrational decisions. Portfolio managers, financial institutions and investors in developing markets may all significantly benefit from the information offered.

This research is a one-of-a-kind study, as it analyses the emotional biases along with the cognitive biases of investor decision-making. Investor decisions generally consider the shadowy side of knowledge management.

This research article aims to systematically explore the association between digitalisation and individual investors’ behavioural biases. Through an extensive exploration of digitalisation modes and their various serviceable avenues in the investment arena, the study aims to elucidate the impact of behavioural biases on individual investors’ investment decision-making processes.

The study employs Interpretative Phenomenological Analysis (IPA) to gain insights into behavioural finance and the associated behavioural biases of investors in digitalisation. IPA, a qualitative method grounded in heuristic, phenomenological, and idiographic elements, facilitates the exploration of individual investor experiences and the role of digitalisation and behavioural biases within.

Investors are categorised into two groups – decision seekers and decision makers – based on their digital inclination and the purpose behind using digital tools. The attributes of these segments are detailed under the sub-themes of Digital Inclination, Market Cognizance, Sophistication and Maturity, Sophomorism and Perception of Digitalisation. The study also identifies the specific behavioural biases pertinent to each segment. Additionally, it introduces a novel section on the insights related to human emotions, behaviour and sentiment within financial markets.

The essence of the current article is the application of the IPA method to the field of behavioural finance. To the best of the authors’ knowledge, this study is the first attempt of its kind which provides a methodical and comprehensive understanding of both, digitalisation and behavioural biases that affect the individual investor’s decision-making. It offers valuable insights for researchers, academicians and scholars in behavioural finance, enhancing the understanding of how behavioural biases influence investment decisions.

The study aims to identify behavioural shortcomings made by appraisers while conducting valuation (in an experimental setting) of a commercial property in Indonesia. The research attempts to provide insights regarding the valuers’ behaviour, that is logic, judgment and decision particularly during the selection of comparables and the adjustment process.

The research mimics the setting of a real valuation assignment by applying survey experiment. To conduct the survey experiment, the researcher first creates a standardised working paper to be electronically sent to and then filled in by individually/personally approached valuers who have confirmed their willingness to participate in the research. The respondents are valuers from various institutions such as appraisal firm, bank, financial institution and multinational corporation in property research and agency, who have passed Basic Professional Education in Property Valuation (which makes them entitled registered valuers from the Indonesian Ministry of Finance). The respondents were asked to be involved in the experiment as an appraiser valuing a real object by filling in a working paper based on a given valuation case. The researcher (who is also a chartered/licensed valuer) carefully observed what actually has happened in the process of adjustment determined by the appraisers according to their judgments and decisions. The researcher and the respondents are able to interact (when necessary) in order to clarify, to confirm or if there are comments as well as questions from the respondents regarding the research. The interactions enable the researcher to capture richer behavioural insights.

The following behavioural shortcomings are identified from the respondents’ submitted working papers and reactions during their participation in the research: (a) information avoidance, (b) bias and fallacy and (c) inaccuracies. The first two are related to how valuers address and react on a certain issue such as information, while the last is related to their judgement and decision making. It is also found that inaccuracies can appear in the following modes: inconsistency, misplacement, assumed equality (assumption of insignificant difference) and unjustified allocation.

The results of this research provide insights of real examples regarding what to avoid when conducting a professional valuation work, that is unnecessary, incorrect perspectives and actions.

The selected research method and the applied data-collection technique allow a closer look at how valuers conducting valuation work and/or a deeper observation inside valuation process therefore enables to identify what inappropriate uses during anchoring and adjustments might be. This research contributes to scarce literature on behavioural valuation research based on own/direct experience.

As companies continue to engage in CSA, they continue to struggle with determining what issues they should speak out about and how they can create compelling messages that inspire action. Guided by arguments from issue ownership theory, this study examines CSA message content effects related to two different social-political issues on advocacy behavioral intentions, megaphoning, brand preference and purchase intention. Specifically, the level of advocacy in a CSA message is examined, as well as the manner in which the message is written (narrative vs informational). Furthermore, this study examines the role of perceived authenticity and its impact on an individual’s supportive intentions.

This study conducts a 2 (issue: abortion rights vs gun violence) × 2 (level of advocacy: call-to-action (CTA) vs no call-to-action) × 2 (message type: narrative vs informational) between-subjects online experiment using a Qualtrics panel (N = 529) to examine the impact of CSA message features on individuals’ supportive intentions toward the brand.

Results indicate a significant interaction effect of issue by advocacy level on advocating behavioral intentions, megaphoning, brand preference and purchase intention, highlighting that companies should advocate more explicitly about some issues than others. The interaction effects of issue type × level of advocacy were completely and significantly mediated by perceived authenticity. Mediation paths revealed that a CTA with the gun violence issue had a significant positive effect on perceived authenticity, whereas a CTA with the abortion rights issue produced a significant negative effect on perceived authenticity.

This study makes a contribution to a growing body of CSA literature through its examination of CSA message content, which has been understudied in this context. The study findings reveal new insights regarding the interplay between issue type and level of advocacy, highlighting the importance of companies selecting issues carefully and tailoring message content appropriately to have the most impact on message receivers.

The consumption of organic wine has witnessed exponential growth, mainly because of changing lifestyles, rising disposable income, modernity aspects and claimed health benefits. Understanding the motivations and attributes affecting organic wine consumption (OWC) provides a limited perspective on consumption and behavioral patterns.

This study used a set of screening criteria to arrive at the final choice of fine-dining restaurants and bars that serve wine in their outlets. Based on the selected locations, we gathered responses from 558 consumers aged 18 years and above with prior experience of buying organic and non-organic wine. The hypothesized model was validated using covariance-based structural equation modeling (CB-SEM). From the perspective of organic wine consumption, the research findings exhibit significant links between the drivers.

The findings underscore the moderating impact of ethnocentrism toward shaping consumers’ attitudes and brand love. Additionally, gender and consumption frequency indicated significant variations among consumers of organic wine. Female consumers strongly believe that consumption of organic wine provides health benefits, societal acceptance and moments of joy. Additionally, men usually associate wine consumption with enhanced their affective, convivial and sensory pleasure.

This study examines the drivers and marketing outcomes of organic wine consumption using Behavioral Reasoning Theory (BRT) and the Theory of Hedonic Asymmetry (THA).

This study aims to systematically review the literature on how various factors influence investor sentiment and affect financial markets. This study also sought to present an overview of explored contexts and research foci, identifying gaps in the literature and setting an agenda for future research.

The systematic literature investigation yielded 555 journal articles, with few other exceptional inclusions. The data have been extracted from the two databases, i.e. Scopus and Web of Science. For bibliometric analysis, VOSviewer and Biblioshiny by R have been used. The period of investigation is from 1985 to July 2023.

This systematic literature review helped us identify factors influencing investor sentiment and financial markets. This study has broadly classified these factors into two categories: rational and irrational. Rational factors include – economics and monetary policy, exchange rate, interest rates, inflation, government mandatory regulations, earning announcements, stock-split, dividend decisions, audit quality, environmental, social and governance aspects and ratings. Irrational factors include – behavioural and psychological factors, social media and online talk, news and entertainment, geopolitical and war events, calendar anomalies, environmental, natural disasters, religious events and festivals, irrationality caused due to government/supervisory body regulations, and corporate events. Using these factors, this study has developed an investor sentiment model. In addition, this review identified research trends, methodology, data and techniques used by researchers.

This review comprehensively explains how various factors affect investor sentiment and the stock market using the investor sentiment model. It further proposes an extensive future research agenda. This study has implications for stock market participants.

Mobile banking (or m-banking) has become an inseparable part of the modern finance model. Its success relies on customers’ affective responses and behavioral decisions. This study aims to examine the important determinants of positive word-of-mouth (POW) toward m-banking among older consumers.

A quantitative approach was applied in examining a proposed model with data obtained from 358 respondents based on a Web-based survey from Vietnam using a questionnaire.

It was determined that attitude, usage intention and satisfaction are the fundamental facilitators of POW in m-banking. Furthermore, perceived usefulness, ease of use and trust are the main predictors of attitude and usage intention, and epistemic value, conditional value, social value and technological value are the primary motivators of usage intention. Ease of use and trust positively affect perceived usefulness. Usage intention fosters higher levels of satisfaction. This study affirms the insignificant effects of ease of use and hedonic value on usage intention as well as satisfaction on attitude.

The findings are insightful for developers to concentrate on how to promote cognitive, affective and behavioral responses among old consumers in m-banking. Marketers should boost value perceptions and trust as the prerequisite underlying judgment and behaviors toward m-banking.

This work validates the synergistic model of POW among older consumers in m-banking by combining the technology acceptance model (TAM) and theory of consumption values (TCV). Thus, it would increase the exploratory power of the theoretical base toward m-banking and in an emerging market.