Toma de decisiones financieras: perspectivas de investigación
Palabras clave:
toma de decisiones financieras, finanzas, decisiones, emociones, herramientas, perspectivasResumen
La toma de decisiones se relaciona con la personalidad las características psicológicas en cada persona hacen que tengan diferentes maneras de ahorrar, esto se da porque se tiene en cuenta el ciclo de vida, el género, el nivel de educación o
los ingresos. La finalidad de este artículo es realizar una revisión detallada sobre el tema. Para lograrlo se realiza un análisis de red con herramientas bibliométricas como Bibliometrix y Gephi, apoyados en las bases de datos WoS y Scopus. Para la clasificación de los documentos se utilizó la analogía del árbol y se identificaron 3 perspectivas. Se concluye que la observación y la experiencia afectan los resultados de las decisiones.
Descargas
Referencias
Financial Education, and Downstream Financial Behaviors”, Manage. Sci.,
vol. 60, no. 8, pp. 1861–1883, 2014, doi: 10.1287/mnsc.2013.1849.
M. Z. Tauni, M. A. Majeed, S. S. Mirza, S. Yousaf, y K. Jebran,
“Moderating influence of advisor personality on the association between
financial advice and investor stock trading behavior”, Intl Jnl of Bank
Marketing, vol. 36, no. 5, pp. 947–968, 2018, doi: 10.1108/IJBM-10-2016-
D. Kahneman y A. Tversky, “Prospect Theory: An Analysis of
Decision under Risk”, Econometrica, vol. 47, no. 2, p. 263, 1979, doi:
2307/1914185.
R. M. Nigam, S. Srivastava, y D. K. Banwet, “Behavioral mediators
of financial decision making – a state-of-art literature review”, Review of
Behavioral Finance, vol. 10, no. 1, pp. 2–41, 2018, doi: 10.1108/RBF-07-
-0047.
J. J. Park y A. Sela, “Not My Type: Why Affective Decision Makers Are
Reluctant to Make Financial Decisions”, J. Consum. Res., vol. 45, no. 2,
pp. 298–319, 2018, doi: 10.1093/jcr/ucx122.
G. F. Loewenstein, E. U. Weber, C. K. Hsee, y N. Welch, “Risk as
feelings”, Psychol. Bull., vol. 127, no. 2, pp. 267–286, 2001, doi:
1037/0033-2909.127.2.267.
J. Herbert, “Testosterone, Cortisol and Financial Risk-Taking”, Front.
Behav. Neurosci., vol. 12, p. 101, 2018, doi: 10.3389/fnbeh.2018.00101.
E. A. Miendlarzewska, M. Kometer, y K. Preuschoff, “Neurofinance”,
Organizational Research Methods, vol. 22, no. 1, pp. 196–222, 2019, doi:
1177/1094428117730891.
N. Dierick, D. Heyman, K. Inghelbrecht, y H. Stieperaere, “Financial
attention and the disposition effect”, J. Econ. Behav. Organ., vol. 163, pp.
–217, 2019, doi: 10.1016/j.jebo.2019.04.019.
A. Lusardi y O. S. Mitchelli, “Financial Literacy and Retirement
Preparedness: Evidence and Implications for Financial Education”, Bus.
Econ., vol. 42, no. 1, pp. 35–44, 2007, doi: 10.2145/20070104.
M. Aria y C. Cuccurullo, “bibliometrix : An R-tool for comprehensive
science mapping analysis”, J. Informetr., vol. 11, no. 4, pp. 959–975, 2017,
doi: 10.1016/j.joi.2017.08.007.
M. Aria y C. Cuccurullo, “bibliometrix : An R-tool for comprehensive science mapping analysis”, J. Informetr., vol. 11, no. 4, pp. 959–975, 2017,
doi: 10.1016/j.joi.2017.08.007.
M. Tani, O. Papaluca, y P. Sasso, “The System Thinking Perspective
in the Open-Innovation Research: A Systematic Review”, JOItmC, vol. 4,
no. 3, p. 38, 2018, doi: 10.3390/joitmc4030038.
D. S. Valencia-Hernandez, S. Robledo, R. Pinilla, N. D. Duque-
Méndez, y G. Olivar-Tost, “SAP Algorithm for Citation Analysis: An
improvement to Tree of Science”, Ing. Inv., vol. 40, no.1, pp. 45–49, 2020,
doi: 10.15446/ing.investig.v40n1.77718.
S. Wasserman y K. Faust, Social Network Analysis: Methods and
Applications. Cambridge University Press, 1994.
S. Yang, F. B. Keller, y L. Zheng, Social Network Analysis: Methods
and Examples. SAGE Publications, 2016.
W. D. Wallis, “A Beginner’s Guide to Graph Theory”. 2007, doi:
1007/978-0-8176-4580-9.
B. Mathieu, H. Sebastien, y J. Mathieu, “Gephi: an open source software
for exploring and manipulating networks”, presentado en International
AAAI Conference on Weblogs and Social Media, 2009, Consultado: mar.
, 2020. [En línea]. Disponible en: https://gephi.org/users/publications/.
M. Jacomy, T. Venturini, S. Heymann, y M. Bastian, “ForceAtlas2,
a continuous graph layout algorithm for handy network visualization
designed for the Gephi software”, PLoS One, vol. 9, no. 6, p. e98679, 2014,
doi: 10.1371/journal.pone.0098679.
R. Ferguson, “Learning analytics: drivers, developments and
challenges”, IJTEL, vol. 4, núm. 5/6, p. 304, 2012, doi: 10.1504/
IJTEL.2012.051816.
P. Duque y L.-S. Cervantes-Cervantes, “Responsabilidad Social
Universitaria: una revisión sistemática y análisis bibliométrico”, estud.
gerenc., pp. 451–464, 2019, doi: 10.18046/j.estger.2019.153.3389.
Sociometry, vol. 40, no. 1, p. 35, 1977, doi: 10.2307/3033543.
J. Zhang y Y. Luo, “Degree Centrality, Betweenness Centrality,
and Closeness Centrality in Social Network”, Proceedings of the 2017
nd International Conference on Modelling, Simulation and Applied
Mathematics (MSAM2017). 2017, doi: 10.2991/msam-17.2017.68.
M. van Rooij, A. Lusardi, y R. Alessie, “Financial literacy and stock
market participation”, J. financ. econ., vol. 101, no. 2, pp. 449–472, 2011,
doi: 10.1016/j.jfineco.2011.03.006.
J. A. Nelson, “Are women really more risk-averse than men? a reanalysis
of the literature using expanded methods: women more risk-averse
than men”, J. Econ. Surv., vol. 29, no. 3, pp. 566–585, 2015, doi: 10.1111/
joes.12069.
S. Buitrago, P. Duque, y S. Robledo, “Branding Corporativo: una
revisión bibliográfica”, Económicas CUC, vol. 41, no. 1, 2020, doi:
17981/econcuc.41.1.2020.Org.1.
M. Zuluaga, S. Robledo, G. A. Osorio Zuluaga, L. Yathe, D. Gonzalez,
y G. Taborda, “Metabolómica y Pesticidas: Revisión sistemática de
literatura usando teoría de grafos para el análisis de referencias”, nova, vol.
, no. 25, p. 121, 2016, doi: 10.22490/24629448.1735.
J. C. Marín López, S. Robledo, y N. D. Duque-Méndez, “Marketing
Emprendedor: Una perspectiva cronológica utilizando Tree of Science”,
Revista Civilizar de Empresa y Economía, vol. 7, no. 13, pp. 113–123,
, Consultado: mar. 02, 2020. [En línea]. Disponible en: https://revistas.
usergioarboleda.edu.co/index.php/ceye/article/view/923.
P. Duque, O. E. Meza Aguirre, G. A. Zapata Lesmes, y J. D. Giraldo
Castellanos, “Internacionalización de empresas latinas: evolución y
tendencias”, ECONÓMICAS CUC, vol. 42, no. 1, 2021, doi: 10.17981/
econcuc.42.1.2021.Org.1.
P. Duque y E. J. Duque, “Marketing digital y comercio electrónico:
un análisis bibliométrico”, en Nuevos modelos de negocio, M. I. Redondo
Ramírez, A. M. Barrera Rodríguez, y C. C. Duque Gómez, Eds. Centro
de Investigaciones Facultad de Ciencias Económicas, Administrativas y
Contables, 2020, pp. 74–96.
D. S. V. Hernandez, S. Robledo, R. Pinilla, N. D. D. Méndez, y G. O.
Tost, “SAP Algorithm for Citation Analysis: An improvement to Tree of
Science”, Ingeniería e Investigación, vol. 40, no.1, p. 4, 2020, Consultado:
, 2020. [En línea]. Disponible en: https://dialnet.unirioja.es/servlet/artic
ulo?codigo=7345626&info=resumen&idioma=ENG.
V. D. Blondel, J.-L. Guillaume, R. Lambiotte, y E. Lefebvre, “Fast
unfolding of communities in large networks”, Journal of Statistical
Mechanics: Theory and Experiment, vol. 2008, no. 10. p. P10008, 2008,
doi: 10.1088/1742-5468/2008/10/p10008.
A. Ohri, R for Business Analytics. Springer Science & Business
Media, 2012.
A. Lusardi y O. S. Mitchell, “Baby Boomer retirement security: The
roles of planning, financial literacy, and housing wealth”, J. Monet. Econ.,
vol. 54, no. 1, pp. 205–224, 2007, doi: 10.1016/j.jmoneco.2006.12.001.
C. R. M. Mckenzie y M. J. Liersch, “Misunderstanding Savings
Growth: Implications for Retirement Savings Behavior”, J. Mark. Res.,
vol. 48, pp. S1–S13, 2011, doi: 10.1509/jmkr.48.SPL.S1.
H. Markowitz, “Portfolio Selection*”, J. Finance, vol. 7, no. 1, pp.
–91, mar. 1952, doi: 10.1111/j.1540-6261.1952.tb01525.x.
A. Tversky y D. Kahneman, “Advances in prospect theory: Cumulative
representation of uncertainty”, J. Risk Uncertain., vol. 5, no. 4, pp. 297–
, 1992, doi: 10.1007/BF00122574.
M. Powell y D. Ansic, “Gender differences in risk behaviour in
financial decision-making: An experimental analysis”, J. Econ. Psychol.,
vol. 18, no. 6, pp. 605–628, 1997, doi: 10.1016/S0167-4870(97)00026-3.
N. A. Jianakoplos y A. Bernasek, “Are women more risk averse?”,
Econ. Inq., vol. 36, no. 4, pp. 620–630, 1998, doi: 10.1111/j.1465-
1998.tb01740.x.
R. Schubert, M. Brown, M. Gysler, y H. W. Brachinger, “Financial
Decision-Making: ¿Are Women Really More Risk Averse?”, Am. Econ.
Rev., vol. 89, núm. 2, pp. 381–385, may 1999, doi: 10.1257/aer.89.2.381.
C. A. Holt y S. K. Laury, “Risk Aversion and Incentive
Effects”, Am. Econ. Rev., vol. 92, no. 5, pp. 1644–1655, 2002, doi:
1257/000282802762024700.
J. B. Engelmann y D. Tamir, “Individual differences in risk preference
predict neural responses during financial decision-making”, Brain Res.,
vol. 1290, pp. 28–51, 2009, doi: 10.1016/j.brainres.2009.06.078.
D. Cesarini, M. Johannesson, P. Lichtenstein, Ö. Sandewall, y B.
Wallace, “Genetic Variation in Financial Decision-Making”, J. Finance, vol.
, no. 5, pp. 1725–1754, 2010, doi: 10.1111/j.1540-6261.2010.01592.x.
A. O. I. Hoffmann y T. L. J. Broekhuizen, “Understanding investors’
decisions to purchase innovative products: Drivers of adoption timing and
range”, International Journal of Research in Marketing, vol. 27, no. 4, pp.
–355, 2010, doi: 10.1016/j.ijresmar.2010.08.002.
J. P. Smith, J. J. McArdle, y R. Willis, “Financial Decision Making
and Cognition in a Family Context”, Econ. J., vol. 120, no. 549, pp. F363–
F380, 2010, doi: 10.1111/j.1468-0297.2010.02394.x.
K. L. Haws, W. O. Bearden, y G. Y. Nenkov, “Consumer spending
self-control effectiveness and outcome elaboration prompts”, J. of the
Acad. Mark. Sci., vol. 40, no. 5, pp. 695–710, 2012, doi: 10.1007/s11747-
-0249-2.
L. N. Martin y M. R. Delgado, “The influence of emotion regulation
on decision-making under risk”, J. Cogn. Neurosci., vol. 23, no. 9, pp.
–2581, 2011, doi: 10.1162/jocn.2011.21618.
L. Guo, E. J. Arnould, T. W. Gruen, y C. Tang, “Socializing to Co-
Produce: Pathways to Consumers’ Financial Well-Being”, J. Serv. Res.,
vol. 16, no. 4, pp. 549–563, 2013, doi: 10.1177/1094670513483904.
C. L. Apicella, J. M. Carré, y A. Dreber, “Testosterone and Economic
Risk Taking: A Review”, Adaptive Human Behavior and Physiology, vol.
, no. 3, pp. 358–385, 2015, doi: 10.1007/s40750-014-0020-2.
K. P. Winterich y G. Y. Nenkov, “Save Like the Joneses: How Service
Firms Can Utilize Deliberation and Informational Influence to Enhance
Consumer Well-Being”, J. Serv. Res., vol. 18, no. 3, pp. 384–404, 2015,
doi: 10.1177/1094670515570268.
D. Ivanova Yordanova y M. Ivanova Alexandrova “Boshnakova,
“Gender effects on risk” taking of entrepreneurs: evidence from Bulgaria”,
Int Jrnl of Ent Behav & Res, vol. 17, no. 3, pp. 272–295, 2011, doi:
1108/13552551111130718.
D. Cesarini, M. Johannesson, P. K. E. Magnusson, y B. Wallace, “The
Behavioral Genetics of Behavioral Anomalies”, Manage. Sci., vol. 58, no.
, pp. 21–34, 2012, doi: 10.1287/mnsc.1110.1329.
P. Gerhard, J. J. Gladstone, y A. O. I. Hoffmann, “Psychological
characteristics and household savings behavior: The importance of
accounting for latent heterogeneity”, J. Econ. Behav. Organ., vol. 148, pp.
–82, 2018, doi: 10.1016/j.jebo.2018.02.013.
A. Motylska-Kuzma, “The financial decisions of family businesses”,
Journal of Fam Bus Mnagment, vol. 7, no. 3, pp. 351–373, 2017, doi:
1108/JFBM-07-2017-0019.
E.-M. Sent y I. van Staveren, “A Feminist Review of Behavioral
Economic Research on Gender Differences”, Fem. Econ., vol. 25, no. 2,
pp. 1–35, 2019, doi: 10.1080/13545701.2018.1532595.
W. Eberhardt, W. Bruine de Bruin, y J. Strough, “Age differences
in financial decision making: T he benefits of more experience and less negative emotions”, J. Behav. Decis. Mak., vol. 32, no. 1, pp. 79–93, 2019,
doi: 10.1002/bdm.2097.
A. F. Ward y J. G. Lynch Jr., “On a Need-to-Know Basis: How the
Distribution of Responsibility Between Couples Shapes Financial Literacy
and Financial Outcomes”, J. Consum. Res., vol. 45, no. 5, pp. 1013–1036,
, doi: 10.1093/jcr/ucy037.
C. Linder y S. Sperber, “‘Mirror, Mirror, on the Wall – Who Is the
Greatest Investor of all?’ Effects of Better “than” Average Beliefs on
Venture Funding”, European Management Review, vol. 69, pp. 6012, 2019,
doi: 10.1111/emre.12363.
D. W. Richards, M. Fenton-O’Creevy, J. Rutterford, y D. G. Kodwani,
“Is the disposition effect related to investors” reliance on System 1 and
System 2 processes or their strategy of emotion regulation?”, J. Econ.
Psychol., vol. 66, pp. 79–92, 2018, doi: 10.1016/j.joep.2018.01.003.
F. Rocciolo, A. Gheno, y C. Brooks, “Optimism, volatility and decisionmaking
in stock markets”, International Review of Financial Analysis, vol.
, p. 101356, 2019, doi: 10.1016/j.irfa.2019.05.007.
M. Zhao, “Choice Architecture in Consumer Financial Decisions”,
RBE, vol. 5, no. 3–4, pp. 417–437, 2018, doi: 10.1561/105.00000088.
S. Kapitan, S. M. Ross, y D. H. Silvera, “Small” Dollar Credit
Lending: The Effect of Financial Burden on Personal Asset Misvaluation”,
J. Consum. Aff., vol. 53, no. 3, pp. 946–974, sep. 2019, doi: 10.1111/
joca.12209.
R. Duclos y M. Khamitov, “Compared to Dematerialized Money, Cash
Increases Impatience in Intertemporal Choice”, J. Consum. Psychol., vol.
, no. 3, pp. 445–454, 2019, doi: 10.1002/jcpy.1098.
C. E. Bannier y M. Schwarz, “Gender- and education-related effects
of financial literacy and confidence on financial wealth”, J. Econ. Psychol.,
vol. 67, pp. 66–86, 2018, doi: 10.1016/j.joep.2018.05.005.
A. Hoffmann y K. Otteby, “Personal finance blogs: Helpful tool for
consumers with low financial literacy or preaching to the choir?”, Int. J.
Consum. Stud., vol. 42, no. 2, pp. 241–254, 2018, doi: 10.1111/ijcs.12412.
