证券市场投资者的心理和决策特征评述

本文探讨了证券市场投资者的心理和决策特征问题,归纳了10条投资者的心理特征,重点对投资者的理性决策理论、有限理性决策理论和期望理论及其应用进行了评述。     

Purchase behavior in favor of domestic products in the West Balkans

Despite the long tradition of research on country-of-origin and consumer ethnocentrism, many of the issues remain unresolved in the literature, most notably the relationship between cognitive, affective and normative mechanisms in consumer choice behavior, and generalizability of existing research findings to non-traditional emerging and/or small country markets. This study responds to the current gaps in knowledge in that it examines behavioral manifestations of consumers’ choice of domestic vs. foreign products in four transitioning post-war markets in the West Balkans. Data were collected via personal interviews with 1954 adult urban consumers. The model of domestic purchase behavior was tested using SEM analysis. The results for all four country samples indicate that consumer ethnocentrism has affected domestic purchase behavior both directly and indirectly through domestic product appraisal. Moreover, we found consumer worldliness, a controversial construct in previous studies, to be uniformly negatively related to ethnocentrism. On the other hand, the findings related to the role of national identification as an antecedent to consumer ethnocentrism and domestic product appraisal were inconsistent across the samples. The implications of these findings for the validity and generalizability of existing models of consumer behavior in a new cultural context are considered, and implications for marketers interested in exploiting opportunities in the region are discussed.     

The time-harried shopper: Exploring the differences between maximizers and satisficers

Schwartz and his colleagues have proposed individual differences in consumer decision goals. Maximizers are those who always strive to make the best possible decision, whereas satisficers are those who are usually willing to settle for a “good enough” option. In this study, we explore the influence of the maximizing trait in situations where consumers have to make quick purchase decisions. The context for our empirical study is online gift purchases made under a time constraint. The results support our predictions that maximizers (vs. satisficers) engage in more prepurchase browsing behavior and also perceive more decision time pressure. Furthermore, these effects are moderated by the size of the available choice assortment. The results also show that maximizers are more likely to change their initial time-constrained choices if given the opportunity to do so. We discuss the implications of the research for the study of individual differences in consumer behavior and also for customizing retail sales and Internet marketing tactics based on buyer segmentation.     

Consumer durables replacement decision-making: An overview and research agenda

This paper reviews recent scholarship on the topic of consumer durables replacement behavior. Much of this research demonstrates the value of expanding a rational consumer decision-making perspective on replacement decisions to accommodate insights from consumer behavior. These insights are especially relevant for understanding voluntary replacement decisions that are not motivated strictly by economic trade-offs. Unfortunately, while broad in scope, this scholarship is limited in depth, and lacks a comprehensive model for portraying the relationships among the constructs that have been examined. This paper attempts to integrate the existing research base by offering a framework for conceptualizing the replacement decision process. Additionally, a suggested research agenda for validating and clarifying the hypothesized relationships in the framework is presented.     

Corporate Environmental Citizenship Variation in Developing Countries: An Institutional Framework

This study focuses on why some companies in developing countries go beyond environmental regulations when implementing their corporate environmental social responsibilities or citizenship behavior. Drawing mainly upon the new institutional theory, this study develops a conceptual framework to explain three institutional factors: companies’ market orientations, industrial characteristics, and corporate identities. Accordingly, we suggest that companies from developing countries that are oriented to markets in developed countries, operate in highly concentrated industries, and have missionary identities adopt corporate environmental citizenship behavior by going beyond environmental regulations. The study also discusses the theoretical, policy, and managerial implications of the conceptual framework.     

Identifying the key purchase factors for organic food among Chinese consumers

The current study primarily aims to identify the critical purchase factors that affect Chinese consumer purchase intention and purchase decision with regard to organic food consumption, in accordance with a modified theory of planned behavior and the alphabet theory. Specifically, this study builds a conceptual research framework by which to delve into the relationships between purchase factors and purchase intention, and elucidate the mediating roles of purchase factors in the relationships between purchase intention and purchase decision. Moreover, by leveraging a modified theory of planned behavior and the alphabet theory, the current study also determines the critical roles of subjective norms and reveals the information and knowledge that impact consumer attitude toward the purchase of organic food. The current study leverages the purposive sampling method and captures 310 records within Beijing, China. The results indicate that purchase attitude correlates positively with subjective norms and knowledge, while purchase intention correlates positively with purchase attitude, perceived behavior control, and food therapy culture. Furthermore, purchase intention can significantly mediate relationships between each of purchase attitude, perceived behavior control, food therapy culture, and purchase decision. Finally, we discuss the theoretical and practical significance of the framework, and propose subsequent research directions regarding organic food purchase behavior.     

我国农户消费理性行为的实证研究

本文利用偏自相关函数（PACF）、DF检验、工具变量法（IV）等分析方法，对农户的消费行为进行了实证分析，得出农户消费在统计上是符合随机游走假说的，但实际上有0．223的偏差．1阶滞后以后的农户消费对当期消费仍具有一定的负向影响。根据实证分析结果，在农户消费的增加额中．有47．6％来自农户当期收入的增加，有52．4％来自农户持久收入的增加。因此，虽然理性都是有限的，但与西方典型消费者相比，我国农户呈现出了更多“有限理性”的特点。针对我国农户消费行为，为了开拓农村市场，应该提高农民素质、完善农村市场、改善农村消费环境。     

Country-of-origin effects and antecedents of industrial brand equity

Does the country-of-origin effect matter to industrial brand equity in international business-to-business (B2B) markets? The effect of a product's country-of-origin (COO) on both industrial buyers' and consumers' perceptions and evaluations has been one of the most widely studied phenomena in the fields of international business, marketing, and consumer behavior since the 1960s. Although many country-of-origin studies focus on consumer behavior in developed countries and acknowledge that the processes and stages of economic development by which consumers use COO information may differ in developing countries, the fact that there has been little research to investigate the effects of COO could explain the variations in international buyers' evaluations of industrial brand equity in the newly-industrialized economies, such as Taiwan. Taiwanese firms are now formidable global B2B market players by successfully transforming themselves from manufacturing mainly low-value and labor-intensive goods to producing many high value-added products that require advanced technology, equipment and significant business expertise. With the adoption of advanced technology and equipment, an important question is whether unique and innovative fastener products from Taiwan have generated the country-of-origin effects in international B2B buyers' minds. The main finding is that the country-of-origin of fasteners has not yet become an important antecedent of industrial brand equity in the case of the fastener industry in Taiwan.     

Why do online grocery shoppers switch? An empirical investigation of drivers of switching in online grocery

The article sets out to develop a deeper understanding of the drivers of switching behavior in an online grocery context, which is becoming a key area of focus for grocery retailers. Applying the push, pull, and mooring framework (PPM) popularly used in migration and switching literature, we empirically assessed factors that might contribute to online grocery switching. The results highlight that retailer-related push factors (customer service, issues with delivered products, technical issues, and high price perception) and competitor-related pull factors (WOM and alternative attraction) have significant direct effects on switching. Furthermore, the results also show that consumer-related mooring factors (switching cost and prior switching behavior) significantly moderate switching. The findings provide valuable insights to retailers on the drivers of switching behavior in online grocery retailing, which can be used to develop strategies to reduce consumer switching and hence increase consumer retention.     

How should managers treat ethics in international business?

Business ethics concern the consideration of moral in corporate decision making. International managers may be confronted with a variety of ethical dilemmas, usually due to differences among national markets in what constitutes legal or acceptable practice. Beliefs about what constitutes ethical business behavior commonly stem from one of four moral philosophies: teleology, deontology, the theory of justice, and cultural relativism. A framework incorporating all four is presented here which should provide a useful decision tool for international managers. An application of the framework and the complexities associated with it are presented next. We conclude that an effective integration of the company's perspective on ethics and the business behavior of the employees is critical and that it depends on top management, and the entire organization, demonstrating that they are serious about ethical business behavior on an ongoing basis. © 1998 John Wiley & Sons, Inc.     

Understanding the effect of personal and social value on attitude and usage behavior of luxury cosmetic brands

The growth of the luxury market has been phenomenal in recent years, especially in the emerging markets such as India. This research studied luxury value aspects (personal and social) of luxury cosmetic brands and their impact on consumer attitudes and usage behavior, with a focus on women consumers. Data was collected in the form of a survey from 372 women luxury cosmetic users. Structural equation modeling was used to analyze the framework. Hedonism and status value were found to have high significant relationship towards attitude whereas usage behavior was influenced by materialism and status value. Hence the symbolic and psychological traits among consumer will show their willingness to buy and preferences on luxury cosmetic brands. The findings of this study provide valuable insights to marketers and managers to understand consumer trends, attitudes and behavior in the luxury cosmetic market and develop marketing strategies to successfully market their products.     

农民非合理性消费行为的深层解读

农民消费行为合理与否受其自身的素质、消费环境、经济发展状况及政策制度等多方面因素的影响,其中经济、制度的导向作用是消费行为产生的基础性要素,部分农民的非合理性消费行为日渐凸显。从社会文化层面上剖析,农民非合理性消费的本质是消费异化,心理诱因是"社会遵从"与"心理补偿",其消极后果会削弱农民生产性投入、抑制农业经济发展,造成城乡消费水平和消费质量的"断层",不利于新农村建设的进一步推进。     

A Comparison of Models Describing the Impact of Moral Decision Making on Investment Decisions

As moral decision making in financial markets incorporates moral considerations into investment decisions, some rational decision theorists argue that moral considerations would introduce inefficiency to investment decisions. However, market demand for socially responsible investment is increasing, suggesting that investment decisions are influenced by both financial and moral considerations. Several models can be applied to explain moral behavior. We test the suitability of (a) multiple attribute utility theory (MAUT), (b) theory of planned behavior, and (c) issue-contingent model of ethical decision making in organizations. In an experimental setting, 141 participants traded company shares in a computerized asset market. Over 12 periods, companies varied in morality (i.e., treatment of employees) and in profitability (i.e., expected dividends per share). Participants’ bids and asks for shares were recorded. Results indicate that moral considerations influence investment decisions, controlling for profit. Differences between the three models are discussed.     

Neutralization techniques as a moderating mechanism: Ethically questionable behavior in the Romanian consumer context

On the basis of an empirical investigation in the context of Romania, this paper identifies a moderating role of neutralization techniques within ethically questionable consumer behavior. The quantitative study is based on a synthesized model of theory of planned behavior incorporating the factor of perceived unfairness and neutralization techniques. Significantly, neutralization techniques are shown to have a negative, but definite impact on the action to behave unethically. This leads to their consideration as a process of thinking, rather than as static judgment. As such, neutralization techniques are conceptually distinctive to the other factors. The paper analyzes the results specific to the Romanian context, but noting implications for an understanding of the morality of markets with similar historical, political, and economic conditions. Overall, the findings offer a more nuanced reading of consumer behavior. The paper places moral flexibility in terms of a specific cultural context, but also reveals how neutralization techniques can moderate ethically questionable behaviors beyond matters of self‐interest, which, in turn, has implications for how companies can consider their responsibilities in relation to their customers.     

The Ethics of Consumer Sovereignty in an Age of High Tech

We argue that consumer sovereignty in an increasingly high tech world is more of a fiction than a fact. We show how the principle of consumer sovereignty that governs the societal impact of economic competition is no longer valid. The world of high tech is increasingly responsible for changes in the opportunity, ability, and motivation of business firms to compete. Furthermore, the world of high tech is increasingly responsible for changes in the opportunity, ability, and motivation of consumers to engage in rational decision making. We conclude that we cannot rely on consumer sovereignty to maintain a thriving economy. Instead, we need to develop performance standards designed to meet the demands of the various stakeholders of the organization.     

Street Markets Influencing Urban Consumer Behavior in Mexico

Street markets in the urban setting form the bottom of the pyramid market structure, which caters to consumers of semi-urban settlements. Consumers favor these markets for farm-fresh agricultural products and low-priced consumer goods. This study empirically investigates the role of street markets in urban sociodemographic clusters in the shift of consumer behavior against large shopping malls and supermarkets. Data were gathered from 490 respondents engaged in buying products at 373 vending stalls across 14 street market locations in Mexico City. Data were collected on 31 variables and analyzed using structural equation model. The study also addresses street markets as change agents of consumer behavior in the context of marketplace ambience, vending patterns, ethnic values, and interactive customer relations. The conventional shopping wisdom of customers, competitive gains, and socio-cultural advantages are also addressed based on an empirical survey. The study revealed that shopping behavior is largely motivated by the physical factors such as location of marketplace, distance, and vending stall type within the street market. Findings also indicate that consumers possess a strong conviction that street markets offer fresh products of farm and animal origin as well as ethnic food irrespective of hygiene standard.     

In-Store Shopping Behavior

SUMMARY

The analysis of consumer shopping behavior is one of the most critical aspects which has to be taken into consideration in a context of retailing internationalization, where managers need to define the degree to which international firms can standardize or adapt their strategies in foreign markets. The aim of this research is to analyze and point out the main cross-cultural differences regarding in-store behavior comparing three countries: Italy, France and Poland. The study presents the results of an empirical research carried out on the household goods retail sector, which shows on a global level a positive growth trend that is predicted to continue in the next years especially through the internationalization of the retailing chains.     

Competitive Bluffing: An Examination of a Common Practice and its Relationship with Performance

Bluffing, a common and consequential form of competitive behavior, has been comparably ignored in the management literature, even though misleading one’s rivals is suggested to be an advantageous skill in a multifaceted and highly competitive environment. To address this deficiency and advance scholarship on competitive dynamics, our study investigates the moral reasoning behind competitive bluffing and, using a simulated market-entry game, examines the performance effects of bluffing. Findings suggest that decision makers’ views on the ethicality of bluffing competitors differ from their beliefs on the ethicality of misleading other organizational stakeholders. Analysis also indicates that decision makers who view competitor bluffing as more ethical (less unethical) are more willing to engage in competitive bluffing. Finally, while bluffing is often thought to be an effective business practice, results show that in the context of repeated interaction, bluffing is not conducive to high levels of performance and, in fact, can have undesirable consequences.     

Competent consumers? Consumer competence profiles in Norway

Consumer competence is increasingly important in today’s commercialized society. This paper refers to some main findings from a national representative survey on consumer competences and practices in Norway. To be a competent consumer, it is decisive to be informed about products and to be familiar with how markets function. In this paper, consumers’ self‐reported efforts to keep themselves informed about specific markets is treated as an indicator of consumer competence. First, the results indicate that Norwegian consumers’ competence, according to their own judgement, is rather mediocre. Second, different groups of consumers seem to have different consumer competence profiles. Accordingly, we find that some consumers are price‐conscious in their daily purchases, others are price‐conscious when they make their yearly dispositions in the financial markets, while a third group is community‐oriented and active in the environmentally friendly and ethical product markets. Third, the analysis indicates that consumer competence is an important indicator of how market‐rational and reflective consumers’ choices and practices are.