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투자 행동에서의 성별효과 연구: 남․여 투자자의 감정반응 및 감정조절을 중심으로

Gender and Emotion Regulation in Stock Investment Behavior

이은주|주우진|임미자
한국소비자학회 (Korean Society Of Consumer Studies)|2010.12|소비자학연구 (Journal of Consumer Studies)|제21권 제4호|pp. 1-22

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키워드

감정성별EmotionEmotion Regulation인지적 재평가투자행동외부귀인감정조절Gender DifferencesCognitive ReappraisalAttributionInvestment BehaviorEmotion Regulation Strategies감정조절전략
주제분류경제학

초록

투자의사결정(financial decision making)은 위험지각이 크면서 소비자 재무 상태에 큰 영향을 미치기 때문에 소비자 연구에서 중요한 영역이라 할 수 있다. 금융서비스 영역에서 투자 상품 소비자의 성별 차이는 전문성 및 경험, 소득, 교육수준 등의 데모 변수와 함께 투자자들의 투자 행동을 이해하는 중요한 요인이다. 그러나 남여투자자의 감정적, 심리적 기제를 다룬 투자 행동에서의 성별 효과에 관한 연구는 부족하였다. 본 연구는 남여투자자가 손익의 투자 성과에 대한 감정 반응 및 손실의 부정적 감정조절전략에서 어떠한 차이를 가지는지를 분석하였다. Kermer et al.(2006)의 연구방법론을 적용한 모의투자 실험을 실시하였고, 통계분석 시 소득과 투자관련 전문성을 통제한 후 감정조절 시 남․여 성별차이를 분석하였다. 분석 결과, 여성투자자들은 남성투자자에 비해 손익의 감정을 더 강하게 경험하는 것으로 나타났다. 손실에 대한 실망과 고통을 느끼기 전에 부정적 감정 반응을 안정적으로 제어할 수 있다면 투자 성과에 긍정 영향을 얻을 수 있다. 감정조절 이론에 의하면 인지적재평가 전략이 손실 감정을 줄이는 가장 효과적인 전략이다. 부정적 손실 감정의 강도는 외부귀인 경향이 클수록, 인지적 재평가 경향이 낮을수록더 커지는 것으로 나타났다. 손실 감정을 조절하는 감정조절 전략에서 여성투자자는 전반적으로 남성투자자보다 시장상황 및 타인에 대한 외부 귀인 경향이 더 크고 인지적 재평가 작업에는 남성보다 소극적인 것으로 나타났다. 선행연구에 따르면 여성투자자는 일반적으로 남성투자자보다 위험 추구성향이 낮으며, 과잉확신의 오류가 적다. 그리고 위험추구 및 과잉확신은 투자 성과에 악영향을 준다는 것이 선행 연구의 일반적인 결론이다. 여성투자자가 감정적 안정성(stability)을 획득할 경우 그들의 투자전망은 매우 밝다고 할 수 있을 것이다. 여성투자자 중에서도 외부귀인 경향이 큰 그룹과 작은 그룹 간에는 부정적 감정 반응의 강도가 유의하게 달랐는데, 부정적인 손실 감정을 줄일 수 있는 경우에는 투자성과가 개선되므로 여성 투자자의 경우 외부귀인을 줄이고 인지적 재평가를 통해 감정조절 전략을 적극적으로 사용할 수 있도록 유도하는 것이 중요할 것으로 보인다.

Abstract

The current study examined sex differences in emotion regulation in stock investment behavior. The intensity of emotional response which male and female consumers experience while they participate in stock investment may be different, as previous behavioral and neuroscience research has described women as the more emotional sex. We investigated whether there are meaningful sex differences in the intensity of emotions and the cognitive strategies that are used to interpret and reduce the loss emotions after consumers experience loss from stock investment. We closely followed Kermer et al.’s(2006) experimental methodology and conducted a mock stock-picking experiment involving real investors by measuring their emotional experiences during stock investment. A total of 164 consumers(male 81 female 83) who had actually bought and sold stocks were recruited for this study. We administered a separate survey with the 164 participants wherein we examined the overall performance of their past investment. We found that female investors experienced stronger emotions after gain and loss than did male investors. Previous literature showed that less negative emotion leads to better performance (e.g., Buehler and McFarland 2001; Cohen and Andrade 2004; Salovey 2001; Shiv et al. 2005). Similarly, smaller loss affect also led to better investment performance in the stock investment area. The Emotion Regulation Theory has identified cognitive reappraisal as the best strategy to control loss affect(Gross 2008; Loewenstein 2007). On the other hand, external attribution, which is blaming others for self-failure, is believed to exacerbate negative emotions and increase helplessness. We found that female investors in general tended to attribute their losses to external sources such as market situation and analysts, to a greater extent than did male investors. This could be a reason why female investors were less successful in controlling their rallying emotions which they face during investment losses. Male investors were more likely to adopt cognitive reappraisal strategy in regulating the loss emotions and this strategy helped them to achieve emotional stability. According to prior research, female investors are generally less risk-taking(e.g., Barsky, Juster, Kimball, and Shapiro 1997; Jianakoplos and Bernasek 1998; Powell and Ansic 1997) and less overconfident (e.g., Barber and Odean 2001; Prince 1993) than male investors. Risk-taking behavior and overconfidence bias are known to have negative impact to investment performance(e.g., Barber and Odean 2000; March and Shapira 1987; Odean 1999). Therefore, we could expect that, if female investors were to achieve emotional stability, they would have a brighter prospect in the investment performance. Managerial implications are as follows. Marketers in the financial service area must educate investors to control emotions, particularly after loss since successful loss regulation can boost investment performance. Managers should understand that male and female investors could go through different emotional experiences after loss; and educate female investors to practice increased emotional stability and self-accountability for better investment performance.

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