Exploring the Effects of Behavioral Financial Bias and Herding Behavior on Investment Decision Making in Digital Currency of Generation X, Y, Z in Thailand
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Abstract
The objective of this research were to study 1) the mean levels of financial behavioral bias, conformity behavior, and investment decision-making among cryptocurrency investors of groups X, Y, and Z in Thailand; 2) the mean levels and differences in mean levels of financial behavioral bias, conformity behavior, and investment decision-making among cryptocurrency investors of groups X, Y, and Z; and 3) the components of financial behavioral bias and conformity behavior that are related and can explain the predictive influence on the investment decisions of cryptocurrency investors of groups X, Y, and Z. The researcher collected 1,090 respondents of the samples before analyzed the data by correlation analysis. The research results found that behavioral financial bias related moderately and positively level to investment decision making at r = .73 (Sig .01). Additionally, herding behavior related at low level, = 2.69 (SD.66). However, the components of behavioral financial bias in terms of illusion of control bias, mental accounting, overconfidence bias and emotions predicted significantly and simultaneously to investment decision making at r2 = .53, Error Std. = .41, F = 11.43 (Sig .01). Moreover, the research results show that investment decision making contributed high level at,
= 3.94 (SD.60). Hence, it can be concluded that the beneficial investment must aware on the effect of financial bias in terms of self-mental accounting and emotion.
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