مقاله انگلیسی سوگیری شناختی، نگرش های بصری و کیفیت تصمیم سرمایه گذاری
Abstract
1. Introduction
2. Literature review
3. Methodology
4. Results
5. Discussion
6. Summary and conclusion
References
Abstract
Purpose
This study examines the relationship between investor cognitive bias, investor intuitive attributes and investment decision quality in commercial real estate in Uganda.
Design/methodology/approach
A cross-sectional research survey was used in this study, and data were collected from 200 investors of commercial real estate in Uganda using a structured questionnaire. Hierarchical regression analysis was used to test the hypotheses derived under this study.
Findings
The results indicate that investor cognitive bias and investor intuitive attributes are positive and significant determinants of investment decision quality in commercial real estate. In addition, the two components of Investor cognitive bias (framing variation and cognitive heuristics) are positive and significant determinants of investment decision quality, whereas mental accounting is a negative and significant determinant of investment decision quality. For investor intuitive attributes, confidence degree and loss aversion are positive and significant determinants of investment decision quality, whereas herding behavior is a negative and significant determinant of investment decision quality in commercial real estate in Uganda.
Practical implications
For practitioners in commercial real estate sector should emphasize independent evaluation of investment opportunities (framing variation), simplify information regarding investments (Cognitive heuristics), believe in own abilities (Confidence degree), be risk averse (loss aversion) and avoid making decisions based on subjective visual mind (mental accounting) and group think/herding in order to make quality investment decisions. For policymakers, the study has illuminated factors such as provision of reliable information that ought to be taken into account when promulgating policies for regulation of the commercial real estate sector. This will help investors to come up with investment decisions which are plausible.
Originality/value
Few studies have focused on investor cognitive bias and investor intuitive attributes on investment decision quality in commercial real estate. This study is the first to examine the relationship, especially in the commercial real estate sector in a developing country like Uganda.
1. Introduction
Commercial Real Estates (CRE) are properties developed and/or invested in specifically and exclusively for generating rental income and/or appreciation in value to realize capital gains upon disposal, rather than as a living space for the owner of the property. When developed for rental purposes, the tenants may use CREs for residential purposes (e.g. apartments), office/work space, shopping malls, industrial parks, warehouses and hotels. Globally, investments in commercial real estate have shown diverse trends. Bollinger and Pagliari (2019) argue that most commercial real estate developers opt for diversified portfolios that bring appropriate yields over time. The recent global outlook report indicates that the USA commercial real estate investment market registered a downward trend as compared to the Asia Pacific and European real estate investment markets, which earned 6% and 8% returns, respectively (Rossi and Vismara, 2018).