?:abstract
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The purpose of the study is to identify the effects of behavioral factors (cognitive biases) on financial decision-making A systematic review method was implemented and selected 29 research published studies between the years 2010-2020 and were critically reviewed The main findings of the study indicate that the most common factors appear in papers were overconfidence (18), anchoring bias (11), herding effect (10) and loss aversion (9), which has a significant impact on the financial decision making process Moreover, almost half of the articles were survey-based (questionnaire), quantitative method and the rest of the articles were the qualitative and mixed-methods The study concluded that the overall impact of behavioral/psychological factors highly influence on financial decision-making However, the time and search of the key terms in the papers’ title were considered as the key limitations, which prevent in-depth investigation of the study For future research, those most repetitive cognitive bias should be measured during COVID-19 pandemic uncertain situation © 2021, The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG
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