International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

Call for Paper Volume 8, Issue 6 (November-December 2026) Submit your research before last 3 days of December to publish your research paper in the issue of November-December.
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Volume 8 Issue 6
November-December 2026

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BEYOND RATIONALITY - A Theoretical Framework Integrating Cognitive, Emotional, and Social Influences on Retail Investment Decisions

Author(s) Neha Sood, Prof. Ashok Kumar
Country India
Abstract Retail investor decision making is a multi-faceted psychological activity that involves cognitive assessments, emotional reactions and social influences. While there are a number of interesting relationships between these mechanisms that have been explored in behavioural finance, much further research is needed on the interrelationships. This paper proposes an integrative conceptual model that integrates the cognitive, emotional and social aspects of investor psychology as determinants of the retail investment decision. The study is a theory-synthesis approach based on Dual Process Theory, Prospect Theory, regret theory, Social Learning Theory and informational cascade theory that utilizes complementary theories. The suggested framework views the three processes of cognitive information processing, emotional appraisal, and socially transmitted investment information as interrelated processes that help to shape the psychological evaluation of investment alternatives. The paper formulates theoretical propositions relating the dimensions and introduces an interactionistic perspective on the retail investment decision-making process. It has made the main contribution of conceptualizing investment decisions as the result of interacting psychological processes instead of separate behavioural determinants. The framework gives theoretical implications to the field of behavioural finance and sets directions for empirical research, investor education, and interdisciplinary research.
Published In Volume 8, Issue 6, November-December 2026
Published On 2026-11-07
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E-ISSN 2582-2160
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CrossRef DOI prefix of IJFMR is 10.36948/ijfmr

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