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JRFM
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Behavioral Influences on Financial Decisions
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Behavioral Influences on Financial Decisions

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Applied Economics and Finance".

Deadline for manuscript submissions: 31 January 2026 | Viewed by 1697

Special Issue Editor

Dr. Michael Tang

E-Mail Website
Guest Editor
School of Accounting, College of Business, Florida International University, Miami, FL 33199, USA
Interests: financial reporting; capital markets; behavioral finance

Special Issue Information

Dear Colleagues,

Behavioral economics is an emerging field of economic studies that examines the psychological factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theories that presume absolute rationality. Behavioral economics is primarily concerned with exploring the boundaries of rationality of economic agents. This Special Issue of JRFM is an attempt to gather recent work in the areas of behavioral economics, finance, accounting, and other related areas to further deepen our understanding of behavioral biases and influences in financial judgment and decision-making.

This Special Issue is aimed at bringing together cutting-edge research on behavioral economics across disciplines and across research methods (analytical modeling, experimental, field study, and archival research). We encourage and welcome research papers that are interdisciplinary and/or use multiple methods. We look forward to your valuable contribution to this important Special Issue of JRFM.

Dr. Michael Tang
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • judgment and decision-making
  • behavioral economics/finance
  • corporate finance
  • financial reporting
  • capital markets

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Published Papers (3 papers)

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Research

21 pages, 1549 KB  
Article
Analyzing Financial Behavior in Undergraduate Students in Economics, Administration and Accounting Sciences
by Isabel Mendoza-Ávila, Alejandro Vega-Muñoz, Guido Salazar-Sepúlveda, Nicolás Contreras-Barraza and Dante Castillo
J. Risk Financial Manag. 2025, 18(10), 581; https://doi.org/10.3390/jrfm18100581 - 14 Oct 2025
Viewed by 416
Abstract
This study examines the financial behavior of university students in Economics, Business Administration, and Accounting in Tegucigalpa, Honduras, using the FB–13 instrument. Exploratory and confirmatory factor analyses validate a three-dimensional structure: (1) financial planning and control, (2) savings and financial preparation, and (3) [...] Read more.
This study examines the financial behavior of university students in Economics, Business Administration, and Accounting in Tegucigalpa, Honduras, using the FB–13 instrument. Exploratory and confirmatory factor analyses validate a three-dimensional structure: (1) financial planning and control, (2) savings and financial preparation, and (3) fulfillment of obligations, with high internal consistency (α = 0.915), supporting its psychometric robustness in Latin American academic contexts. Based on a sample of 714 students with diversity in gender, age, work experience, and parental status, the analyses confirmed that the FB–13 model best fits a three-factor structure. Significant correlations were identified between financial behavior and experiential variables such as age, work experience, and parenthood, while traditional sociodemographic attributes such as gender, residence, marital status, employment, and educational level showed limited associations. These findings suggest that personal experiences have a greater influence on the configuration of financial practices than conventional demographic categories. The study acknowledges limitations related to cross-sectional design, non-probabilistic sampling, and self-reported data, yet these do not diminish its contributions. By validating the FB–13 in Honduras, the research offers comparative evidence and promotes cultural diversity in financial behavior literature. Future research should move toward longitudinal and qualitative studies that explore the role of family dynamics, work contexts, and personal aspirations in responsible financial behaviors. Full article
(This article belongs to the Special Issue Behavioral Influences on Financial Decisions)
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18 pages, 703 KB  
Article
Social Preference Parameters Impacting Financial Decisions Among Welfare Recipients
by Jorge N. Zumaeta
J. Risk Financial Manag. 2025, 18(8), 408; https://doi.org/10.3390/jrfm18080408 - 23 Jul 2025
Viewed by 460
Abstract
This research study focuses on the social preference parameters and financial decisions among welfare populations receiving social benefits in Miami, Florida. Understanding the attitudes and primary motivations that shape financial decision-making is of great interest to economists, marketers, and other social scientists. The [...] Read more.
This research study focuses on the social preference parameters and financial decisions among welfare populations receiving social benefits in Miami, Florida. Understanding the attitudes and primary motivations that shape financial decision-making is of great interest to economists, marketers, and other social scientists. The implications of developing a solid understanding of these attitudes and motivations are vast in terms of erecting tangible and sensitive workforce development policies to assist the specific population studied. This study is designed to determine whether significant differences exist in the strength of preference parameters between welfare participants and other populations. The preference parameters assessed in this paper were self-interest, altruism, trust, and reciprocity, both positive and negative. The control group in this study is college students. The results from the experiments show that welfare recipients exhibit similar behavioral patterns and make financial decisions in a manner similar to the general population. In other words, the control group and the experimental group did not differ significantly in their financial decision processes. This finding has several implications for how economists and policymakers assess and approach policymaking; nevertheless, the question remains whether or not there are other preference parameters that differ between the two groups. Full article
(This article belongs to the Special Issue Behavioral Influences on Financial Decisions)
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20 pages, 1153 KB  
Article
Economic Attitudes and Financial Decisions Among Welfare Recipients: Considerations for Workforce Policy
by Jorge N. Zumaeta
J. Risk Financial Manag. 2025, 18(8), 407; https://doi.org/10.3390/jrfm18080407 - 22 Jul 2025
Viewed by 482
Abstract
This study investigates economic decision-making behaviors among welfare recipients in Miami, Florida, by leveraging well-established experimental protocols: the Guessing Game, the Prudence Measurement Task, the Risk Aversion Task, and the Stag Hunt Game. For this purpose, our study defines financial decisions as the [...] Read more.
This study investigates economic decision-making behaviors among welfare recipients in Miami, Florida, by leveraging well-established experimental protocols: the Guessing Game, the Prudence Measurement Task, the Risk Aversion Task, and the Stag Hunt Game. For this purpose, our study defines financial decisions as the underlying individual preferences that serve as validated proxies for savings behavior, debt management, job-search intensity, and participation in cooperative finance. A central objective is to compare the behavior of welfare recipients to that of undergraduate students, a cohort typically used in experimental economics research. The analysis reveals significant differences between the two groups in strategic thinking and coordination, particularly across ethnic and gender lines. Non-Hispanic/Latino participants in Miami displayed significantly higher average guesses in the Guessing Game compared to their counterparts in Tucson, indicating potential discrepancies in the depth of strategic reasoning. Additionally, female participants in Tucson exhibited higher levels of coordination in the Stag Hunt Game compared to females in Miami, suggesting variance in cooperative behavior between these groups. Despite these findings, regression models demonstrate that location, gender, and ethnicity collectively account for only a small fraction of the observed variance, as evidenced by low R2 values and substantial mean squared errors across all games. These results suggest that individual heterogeneity, rather than broad demographic variables, may be more influential in shaping economic decisions. This study underscores the complexity of generalizing findings from traditional student samples to more diverse populations, highlighting the need for further investigation into the socioeconomic factors that drive financial decision-making. Full article
(This article belongs to the Special Issue Behavioral Influences on Financial Decisions)
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