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Abstract
Investor decision behavior in any pandemic, Covid-19 always goes through rationally. In reality or practically, the investment decisions made by millennials (generation Y) are not always rational. The sole purpose of the topic under study is to investigate a spectrum of millennial (generation Y) investors’ behavioral factors that affect investment decisions during a pandemic. This study adopted secondary sources for data collection. The secondary data is gathered through published research papers in peer-reviewed journals, scholarly journals, magazines, news, and books, as well as published data from the government. The major findings reveal that millennials (generation Y) financially deal with more confusion and disagreements when dealing with various patterns of informed conduct or behavior in contrast to other generations. Also, if taken a step further, the outcomes imply a much more important aspect regarding investors' behavior, financial investments, and economic growth: that they were all affected by the Covid-19 pandemic. It caused anxiety and uncertainty among players in the market. Behavioral factors and heuristics like the overconfidence and attitude effect, and herding factors are considered to have also influenced investors' decisions. Furthermore, the market behavior factors of price change, market information, past trend, customer preference, and underlying stock fundamentals have an impact on individual investor decision behavior.
Article Details
This work is licensed under a Creative Commons Attribution 4.0 International License.
How to Cite
Singh, A. (2022). Factors Affecting Millennials’ Perspective on Investment Decision Behavior during the Pandemic. International Journal of Multidisciplinary: Applied Business and Education Research, 3(11), 2164-2172. https://doi.org/10.11594/ijmaber.03.11.01
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Himanshu, B., Aneja, R., Mushir, N., & Suryavanshi, R. (2021). Impact of COVID-19 on portfolio alloca-tion decisions of individual investors. Journal of Public Affairs, 4. https://doi.org/https://doi.org/10.1002/pa.2649
Insan Baihaqqy, M. R., & Sugiyanto, S. (2020). Invest-ment Decisions Of Investors Based On Generation Groups : A Case Study In Indonesia Stock Ex-change. Coopetition: Jurnal Ilmiah Manajemen, 11(3), 189–196. https://doi.org/https://doi.org/10.32670/coopetition.v11i3.136
K. R., J., & Rathod, P. (2021). A Review on Investment behavior and Decisions. Recent Trends in Man-agement and Commerce, 2(1), 26–31. https://doi.org/10.46632/2/1/6
Kameda, T., & Hastie, R. (2015). Herd Behavior. Emerg-ing Trends in the Social and Behavioral Sciences, 1–14. https://doi.org/10.1002/9781118900772.etrds0157
Kiruba, A. S., & Vasantha, S. (2021). Determinants in In-vestment Behaviour during the COVID-19 Pan-demic. Indonesian Capital Market Review, 13(2), 71–84. https://doi.org/10.21002/icmr.v13i2.13351
Kordestani, A., Pashkevich, N., Oghazi, P., Sahamkhadam, M., & Sohrabpour, V. (2021). Effects of the COVID-19 pandemic on stock price performance of block-chain-based companies. Economic Research-Ekonomska Istraživanja, 1, 3206–3224. https://doi.org/10.1080/1331677x.2021.1986676
Kourtidis, D., Šević, Ž. & Chatzoglou, P. (2011). Investors’ trading activity: A behavioural perspective and empirical results. The Journal of Socio-Economics, 5, 548–557. https://doi.org/10.1016/j.socec.2011.04.008
Madhav, N., Oppenheim, B., Gallivan, M., Mulembakani, P., Rubin, E., & Wolfe, N. (2017). Pandemics: Risks, Impacts, and Mitigation. In Disease Control Priori-ties, Third Edition (Volume 9): Improving Health and Reducing Poverty (pp. 315–345). The World Bank. http://dx.doi.org/10.1596/978-1-4648-0527-1_ch17
Misra, R., Prosad, J. M., Ashok, S., & Goel, P. (2022). A qualitative examination of changing investment preferences, sentiments and behavioural tenden-cies in COVID-19: a special case of Indian individ-ual investors. Qualitative Research in Financial Markets, 4, 602–620. https://doi.org/10.1108/qrfm-12-2020-0232
Moore, D. A., & Healy, P. J. (2008). The trouble with overconfidence. Psychological Review, 2, 502–517. https://doi.org/10.1037/0033-295x.115.2.502
Nicola, M., Alsafi, Z., Sohrabi, C., Kerwan, A., Al-Jabir, A., Iosifidis, C., Agha, M., & Agha, R. (2020). The socio-economic implications of the coronavirus pan-demic (COVID-19): A review. International Journal of Surgery, 185–193. https://doi.org/10.1016/j.ijsu.2020.04.018
Novandalina, A., Yuli Ernawati, F., & Tri Adriyanto, A. (2022). Risk attitudes, mental accounting and overconfidence in investment placement decision during and post covid-19. International Journal of Economics, Business and Accounting Research (IJEBAR), 6(1), 282–290. https://jurnal.stie-aas.ac.id/index.php/IJEBAR/article/view/4453
Priem, R. (2021). An Exploratory Study on the Impact of the COVID-19 Confinement on the Financial Be-havior of Individual Investors. Economics, Man-agement, and Financial Markets, 16(3), 9. https://doi.org/10.22381/emfm16320211
Prims, J. P., & Moore, D. A. (2017). Overconfidence over the lifespan. Judgment and Decision Making, 12(1), 29–41. https://journal.sjdm.org/15/151024/jdm151024.pdf
Rahayu, S., Rohman, A., & Harto, P. (2021). Herding Be-havior Model in Investment Decision on Emerging Markets: Experimental in Indonesia. The Journal of Asian Finance, Economics and Business, 1, 53–59. https://doi.org/10.13106/JAFEB.2021.VOL8.NO1.053
Rahman, M., & Gan, S. S. (2020). Generation Y investment decision: an analysis using behavioural factors. Managerial Finance, 8, 1023–1041. https://doi.org/10.1108/mf-10-2018-0534
Razan, S. (2019). Examining the investment behavior of Arab women in the stock market. Journal of Be-havioral and Experimental Finance, 151–160. https://doi.org/10.1016/j.jbef.2019.03.001
Rizaldy Insan Baihaqqy, M. D. N. & M. S. (2020). The Cor-relation between Education Level and Under-standing of Financial Literacy and its Effect on In-vestment Decisions in Capital Markets. Journal of Education and E-Learning Research, 3, 306–313. https://doi.org/10.20448/journal.509.2020.73.306.313
Rizfia Fachrudin, K., & Amalia Fachrudin, K. (2016). The influence of education and experience toward in-vestment decision with moderated by financial lit-eracy. Polish Journal of Management Studies, 2, 51–60. https://doi.org/http://dx.doi.org/10.17512/pjms.2016.14.2.05
Rosdiana, R. (2020). Investment behavior in generation z and millennial generation. Dinasti International Journal of Economics, Finance & Accounting, 1(5), 766–780. https://doi.org/10.38035/dijefa.v1i5.595
Slovic, P., Fleissner, D., & Bauman, W. S. (1972). Analyz-ing the Use of Information in Investment Decision Making: A Methodological Proposal. The Journal of Business, 2, 283. https://doi.org/10.1086/295448
Tonnoir, A., Ciotir, I., Scutariu, A.-L., & Dospinescu, O. (2021). A Model for the Optimal Investment Strat-egy in the Context of Pandemic Regional Lock-down. Mathematics, 9, 1058. https://doi.org/10.3390/math9091058
Topcu, M., & Gulal, O. S. (2020). The impact of COVID-19 on emerging stock markets. Finance Research Let-ters, 101691. https://doi.org/10.1016/j.frl.2020.101691
Van Raaij, W. F. (2016). Investment Behavior. In Under-standing Consumer Financial Behavior (pp. 89–101). Palgrave Macmillan US. http://dx.doi.org/10.1057/9781137544254_7
Wahyuni, A. N., & Astuti, Y. P. (2020). The Influence of Demographic Factors on Investment Decisions in Indonesia in the Pandemic Time Covid-19. Pro-ceedings of the 3rd International Conference on Banking, Accounting, Management and Economics (ICOBAME 2020). https://doi.org/10.2991/aebmr.k.210311.070
Wangzhou, K., Khan, M., Hussain, S., Ishfaq, M., & Farooqi, R. (2021). Effect of Regret Aversion and Information Cascade on Investment Decisions in the Real Estate Sector: The Mediating Role of Risk Perception and the Moderating Effect of Financial Literacy. Frontiers in Psychology. https://doi.org/10.3389/fpsyg.2021.736753
Zhang, Y., & Zheng, X. (2015). A study of the investment behavior based on behavioral finance. European Journal of Business and Economics, 10(1). https://ojs.journals.cz/index.php/EJBE/issue/view/63
Ahmad, S. (2017). Factors Influencing Individual Inves-tors’ Behavior: An Empirical Study of Pakistan Fi-nancial Markets. Journal of Business & Financial
Affairs, 04. https://doi.org/10.4172/2167-0234.1000297
Arthur, J. N., Williams, R. J., & Delfabbro, P. H. (2016). The conceptual and empirical relationship be-tween gambling, investing, and speculation. Jour-nal of Behavioral Addictions, 4, 580–591. https://doi.org/10.1556/2006.5.2016.084
Atalan, A. (2020). Is the lockdown important to prevent the COVID-19 pandemic? Effects on psychology, environment and economy-perspective. Annals of Medicine and Surgery, 38–42. https://doi.org/10.1016/j.amsu.2020.06.010
Bhilawadikar, V. S., & Garg, E. (2020). Investment atti-tude of millennials towards cryptocurrencies. So-cial Business, 10(4), 383–410. https://doi.org/10.1362/204440820x15929907056652
Boda, J. R., Sunitha, G., & Ray, P. (2016). A Study on the Behavioural Aspects of Retail Investors for In-vestment Decision Making in Telangana State. GATR Journal of Business and Economics Review, 1(1), 51–59. https://doi.org/10.35609/jber.2016.1.1(7)
Bora, D., & Basistha, D. (2021). The outbreak of COVID‐19 pandemic and its impact on stock market vola-tility: Evidence from a worst‐affected economy. Journal of Public Affairs, 4. https://doi.org/10.1002/pa.2623
Bouteska, A., & Regaieg, B. (2020). Loss aversion, over-confidence of investors and their impact on mar-ket performance evidence from the US stock mar-kets. Journal of Economics, Finance and Adminis-trative Science, 50, 451–478. https://doi.org/10.1108/jefas-07-2017-0081
Buszko, M., Orzeszko, W., & Stawarz, M. (2021). COVID-19 pandemic and stability of stock market—A sec-toral approach. PLOS ONE, 5, e0250938. https://doi.org/10.1371/journal.pone.0250938
Christoffersen, J., & Stæhr, S. (2019). Individual risk tol-erance and herding behaviors in financial fore-casts. European Financial Management, 5, 1348–1377. https://doi.org/10.1111/eufm.12231
Cucinotta, D., & Vanelli, M. (2020). WHO Declares COVID-19 a pandemic. Acta Bio Medica Atenei Parmensis, 1, 157–160. https://doi.org/10.23750/abm.v91i1.9397
Cuong, P. K., & Jian, Z. (2014). Factors Influencing Indi-vidual Investors’ Behavior: An Empirical Study of the Vietnamese Stock Market. American Journal of Business and Management, 2. https://doi.org/10.11634/216796061403527
De Bortoli, D., da Costa, N., Goulart, M., & Campara, J. (2019). Personality traits and investor profile analysis: A behavioral finance study. PLOS ONE, 3, e0214062. https://doi.org/10.1371/journal.pone.0214062
Dhankar, R. S. (2019). Stock Markets’ Conditions and Investment Decisions. In Capital Markets and In-vestment Decision Making (pp. 55–82). Springer India. http://dx.doi.org/10.1007/978-81-322-3748-8_4
Ezekiel, A., & Prince Oshoke, A. (2020). The Influence of Demographic Factors on Investment Behaviour of Individual Investors: A Case Study of Edo State, Nigeria. Economy, 1, 69–77. https://doi.org/10.20448/journal.502.2020.71.69.77
Fahim, F., Ali, A., Khan, M. A., & Khan, R. A. (2019). Im-pact of Overconfidence on Investor’s Investment Decision: Moderating Role of Risk Perception and Religiosity-A Survey of Pakistan Stock Exchange. Journal of Independent Studies and Research-Management, Social Sciences and Economics, 17(2), 85–96. https://doi.org/https://doi.org/10.31384/jisrmsse/2019.17.2.6
Fang, H., Chung, C.-P., Lee, Y.-H., & Yang, X. (2021). The Effect of COVID-19 on Herding Behavior in Eastern European Stock Markets. Frontiers in Public Health, 2. https://doi.org/10.3389/fpubh.2021.695931
Gächter, S., Johnson, E. J., & Herrmann, A. (2021). Indi-vidual-level loss aversion in riskless and risky choices. Theory and Decision, 3–4, 599–624. https://doi.org/10.1007/s11238-021-09839-8
Gurbaxani, A., & Gupte, R. (2021). A Study on the Impact of COVID- 19 on Investor Behaviour of Individuals in a Small Town in the State of Madhya Pradesh, India. Australasian Accounting Business and Fi-nance Journal, 1, 70–92. https://doi.org/10.14453/aabfj.v15i1.6
Hala, Y., Abdullah, M. W., Andayani, W., Ilyas, G. B., & Akob, M. (2020). The Financial Behavior of In-vestment Decision Making Between Real and Fi-nancial Assets Sectors. The Journal of Asian Fi-nance, Economics and Business, 12, 635–645. https://doi.org/10.13106/JAFEB.2020.VOL7.NO12.635
Hatmanu, M., & Cautisanu, C. (2021). The Impact of COVID-19 Pandemic on Stock Market: Evidence from Romania. International Journal of Environ-mental Research and Public Health, 17, 9315. https://doi.org/10.3390/ijerph18179315
Himanshu, B., Aneja, R., Mushir, N., & Suryavanshi, R. (2021). Impact of COVID-19 on portfolio alloca-tion decisions of individual investors. Journal of Public Affairs, 4. https://doi.org/https://doi.org/10.1002/pa.2649
Insan Baihaqqy, M. R., & Sugiyanto, S. (2020). Invest-ment Decisions Of Investors Based On Generation Groups : A Case Study In Indonesia Stock Ex-change. Coopetition: Jurnal Ilmiah Manajemen, 11(3), 189–196. https://doi.org/https://doi.org/10.32670/coopetition.v11i3.136
K. R., J., & Rathod, P. (2021). A Review on Investment behavior and Decisions. Recent Trends in Man-agement and Commerce, 2(1), 26–31. https://doi.org/10.46632/2/1/6
Kameda, T., & Hastie, R. (2015). Herd Behavior. Emerg-ing Trends in the Social and Behavioral Sciences, 1–14. https://doi.org/10.1002/9781118900772.etrds0157
Kiruba, A. S., & Vasantha, S. (2021). Determinants in In-vestment Behaviour during the COVID-19 Pan-demic. Indonesian Capital Market Review, 13(2), 71–84. https://doi.org/10.21002/icmr.v13i2.13351
Kordestani, A., Pashkevich, N., Oghazi, P., Sahamkhadam, M., & Sohrabpour, V. (2021). Effects of the COVID-19 pandemic on stock price performance of block-chain-based companies. Economic Research-Ekonomska Istraživanja, 1, 3206–3224. https://doi.org/10.1080/1331677x.2021.1986676
Kourtidis, D., Šević, Ž. & Chatzoglou, P. (2011). Investors’ trading activity: A behavioural perspective and empirical results. The Journal of Socio-Economics, 5, 548–557. https://doi.org/10.1016/j.socec.2011.04.008
Madhav, N., Oppenheim, B., Gallivan, M., Mulembakani, P., Rubin, E., & Wolfe, N. (2017). Pandemics: Risks, Impacts, and Mitigation. In Disease Control Priori-ties, Third Edition (Volume 9): Improving Health and Reducing Poverty (pp. 315–345). The World Bank. http://dx.doi.org/10.1596/978-1-4648-0527-1_ch17
Misra, R., Prosad, J. M., Ashok, S., & Goel, P. (2022). A qualitative examination of changing investment preferences, sentiments and behavioural tenden-cies in COVID-19: a special case of Indian individ-ual investors. Qualitative Research in Financial Markets, 4, 602–620. https://doi.org/10.1108/qrfm-12-2020-0232
Moore, D. A., & Healy, P. J. (2008). The trouble with overconfidence. Psychological Review, 2, 502–517. https://doi.org/10.1037/0033-295x.115.2.502
Nicola, M., Alsafi, Z., Sohrabi, C., Kerwan, A., Al-Jabir, A., Iosifidis, C., Agha, M., & Agha, R. (2020). The socio-economic implications of the coronavirus pan-demic (COVID-19): A review. International Journal of Surgery, 185–193. https://doi.org/10.1016/j.ijsu.2020.04.018
Novandalina, A., Yuli Ernawati, F., & Tri Adriyanto, A. (2022). Risk attitudes, mental accounting and overconfidence in investment placement decision during and post covid-19. International Journal of Economics, Business and Accounting Research (IJEBAR), 6(1), 282–290. https://jurnal.stie-aas.ac.id/index.php/IJEBAR/article/view/4453
Priem, R. (2021). An Exploratory Study on the Impact of the COVID-19 Confinement on the Financial Be-havior of Individual Investors. Economics, Man-agement, and Financial Markets, 16(3), 9. https://doi.org/10.22381/emfm16320211
Prims, J. P., & Moore, D. A. (2017). Overconfidence over the lifespan. Judgment and Decision Making, 12(1), 29–41. https://journal.sjdm.org/15/151024/jdm151024.pdf
Rahayu, S., Rohman, A., & Harto, P. (2021). Herding Be-havior Model in Investment Decision on Emerging Markets: Experimental in Indonesia. The Journal of Asian Finance, Economics and Business, 1, 53–59. https://doi.org/10.13106/JAFEB.2021.VOL8.NO1.053
Rahman, M., & Gan, S. S. (2020). Generation Y investment decision: an analysis using behavioural factors. Managerial Finance, 8, 1023–1041. https://doi.org/10.1108/mf-10-2018-0534
Razan, S. (2019). Examining the investment behavior of Arab women in the stock market. Journal of Be-havioral and Experimental Finance, 151–160. https://doi.org/10.1016/j.jbef.2019.03.001
Rizaldy Insan Baihaqqy, M. D. N. & M. S. (2020). The Cor-relation between Education Level and Under-standing of Financial Literacy and its Effect on In-vestment Decisions in Capital Markets. Journal of Education and E-Learning Research, 3, 306–313. https://doi.org/10.20448/journal.509.2020.73.306.313
Rizfia Fachrudin, K., & Amalia Fachrudin, K. (2016). The influence of education and experience toward in-vestment decision with moderated by financial lit-eracy. Polish Journal of Management Studies, 2, 51–60. https://doi.org/http://dx.doi.org/10.17512/pjms.2016.14.2.05
Rosdiana, R. (2020). Investment behavior in generation z and millennial generation. Dinasti International Journal of Economics, Finance & Accounting, 1(5), 766–780. https://doi.org/10.38035/dijefa.v1i5.595
Slovic, P., Fleissner, D., & Bauman, W. S. (1972). Analyz-ing the Use of Information in Investment Decision Making: A Methodological Proposal. The Journal of Business, 2, 283. https://doi.org/10.1086/295448
Tonnoir, A., Ciotir, I., Scutariu, A.-L., & Dospinescu, O. (2021). A Model for the Optimal Investment Strat-egy in the Context of Pandemic Regional Lock-down. Mathematics, 9, 1058. https://doi.org/10.3390/math9091058
Topcu, M., & Gulal, O. S. (2020). The impact of COVID-19 on emerging stock markets. Finance Research Let-ters, 101691. https://doi.org/10.1016/j.frl.2020.101691
Van Raaij, W. F. (2016). Investment Behavior. In Under-standing Consumer Financial Behavior (pp. 89–101). Palgrave Macmillan US. http://dx.doi.org/10.1057/9781137544254_7
Wahyuni, A. N., & Astuti, Y. P. (2020). The Influence of Demographic Factors on Investment Decisions in Indonesia in the Pandemic Time Covid-19. Pro-ceedings of the 3rd International Conference on Banking, Accounting, Management and Economics (ICOBAME 2020). https://doi.org/10.2991/aebmr.k.210311.070
Wangzhou, K., Khan, M., Hussain, S., Ishfaq, M., & Farooqi, R. (2021). Effect of Regret Aversion and Information Cascade on Investment Decisions in the Real Estate Sector: The Mediating Role of Risk Perception and the Moderating Effect of Financial Literacy. Frontiers in Psychology. https://doi.org/10.3389/fpsyg.2021.736753
Zhang, Y., & Zheng, X. (2015). A study of the investment behavior based on behavioral finance. European Journal of Business and Economics, 10(1). https://ojs.journals.cz/index.php/EJBE/issue/view/63