본문 바로가기
KERD
논문KCI 등재

소비자의 긍정 감정조절 전략 유형과 긍정감정이 성과에 미치는 영향: 금융상품을 중심으로

Positive Affect Regulation Strategies for Optimal Performance in Financial Product Investment

임미자
한국소비자학회 (Korean Society Of Consumer Studies)|2012.06|소비자학연구 (Journal of Consumer Studies)|제23권 제2호|pp. 301-328|DOI http://dx.doi.org/

0

조회

0

다운로드

7

인용

0

참고문헌

키워드

감정성과PerformanceEmotion의사결정Positive Emotion투자 상품Decision-making긍정 감정Emotion Regulation Strategies감정조절 전략Investment Product
주제분류경제학

초록

본 연구는 소비자 행동에서 중요한 주제인 감정, 특히 긍정 감정의 영향을 다룬다. 금융 상품 투자는 소비자의 재무 상태와 직결되는 중요한 의사결정 영역이며, 다른 영역에 비해 의사결정 결과에서 소비자들은 더 극명한 감정경험을 하게 된다. 따라서 투자 영역에서의 감정의 영향에 관한 연구는 감정에 관한 기존 연구를 확장하고 더 풍부하게 하며, 다른 영역에 비해 감정이 성과에 미치는 영향을 보다 분명하게 밝힐 수 있다. 본 연구는 이익 후 긍정 감정 경험과 의사결정 성과 간의 관계를 조사하였다. 일반적으로 사람들은 긍정 감정을유지하거나 증가시키고 싶어 한다. 그러나 본 연구결과, 복잡하고 어려우며 감정의 영향이 클 수 있는 투자 영역에서는 손실의 부정 감정에서와 마찬가지로, 긍정 감정을 안정적으로 줄일 수(downward regulation) 있을 때 성과를 개선시키는 것으로 나타났다. 또한 본 연구는 금융 상품 소비자들이 긍정 감정에 대해 어떤 감정조절 전략 유형들을 사용하는 지, 긍정 감정을 보다 안정적으로 감소시킬 수 있는 조절 전략은 무엇인지, 그리고 긍정 감정조절 전략 유형들은 부정 감정조절 전략 유형들과 어떻게 다른 지를 제시하였다. 긍정 감정조절 전략 유형이 조사되면 실무의 관리자들은 소비자들로 하여금 투자 과정에서 감정을 보다 효율적으로 조절할 수 있는 감정조절 전략을 사용하도록 유도할 수 있을 것이다. 본 연구의 공헌은 긍정 감정이 의사결정 및 성과에 미치는 영향에 관한 기존 연구를 확장하였으며, 투자 상품에서의 긍정 감정의 영향을 새롭게 밝혔다는 점이다. 그리고 성과의 목적이 앞설 때 긍정 감정을 하향 조절(downward regulation)하는 조건적 헤도니즘의 이론적 폭을 확장시켰다. 또한 소비자들의 이익 경험 후의 긍정 감정조절 전략유형을 새로이 제시하였다는 점에서도 그 이론적 공헌이 있다

Abstract

As the financial industry becomes increasingly important in a service economy, individual investment behavior attracts a great deal of attention from researchers in the fields of economics,psychology, and marketing. Consumers have stronger emotional experience in financial investment compared to other areas because it is an important decision-making area that can have crucial consequences for investor welfare. Therefore, research on emotions in investment will expand and enrich prior studies on emotion and will shed light on the influence of emotion on performance. This study examines the influence of positive emotions on performance. In addition, it evaluates what investors think after gain, how they regulate positive emotions, what types of positive emotion regulation strategies are used, how each positive emotion regulation strategy influences the intensity of positive emotion, and the differences in positive emotion regulation strategies versus negative strategies. In spite of the important role of emotion in economic decision making (Summers and Duxbury 2007), there have been few studies on the influence of emotions on investments. Previous studies showed a smaller negative affect after loss results in more superior investment performance (Chu et al. 2011; Salovey 2001). Similarly, the result of the current study shows that a smaller positive affect leads to better investment performance. Regarding negative emotion regulation, prior studies revealed that cognitive reappraisal (e.g., ‘thinking about the negative situation from a different perspective,’ ‘reasoning about why the objective negative situation isn’t so bad) and counterfactual thinking (e.g., ‘things could have been so much worse and I could have lost more) reduces negative emotions (Gross 2008; Loewenstein 2007), while external attribution after loss, in other words, blaming others for self-failure, is believed to exacerbate negative emotions (Chu et al. 2011). Prior research also showed that even though suppression strategy helps to express less negative emotions, it actually leads to greater negative emotions(Gross 1998, 2008; Gross and John 2003). Meanwhile, the results of this study show that internal attribution (i.e., ascribing one’s success to their own ability) and external attribution (i.e., ascribing the gain to other external market situation or good luck) increase the intensity of positive emotions, while counterfactual thinking (i.e., thinking that I should have greater gain) and suppression strategy reduce the intensity of positive emotions. However, reappraisal strategy in gain did not significantly lessen positive emotions. Gross and John (2003) demonstrated that individuals who habitually use the reappraisal strategy in real life experience greater positive emotions and less negative emotions compared with individuals who rarely use reappraisal. Judging from this, we can infer that since reappraisal is the cognitive tendency to think positively in any situation, it reduces negative emotion but does not lessen positive emotion even though it encourages thinking objectively after gain. Counterfactual thinking was identified as the regulation strategy to reduce not only negative emotions, but also positive emotions. On the other hand, suppression strategy reduces positive emotional experience, even though it proved not to effectively lessen negative emotional experience. Consequently, investors need to avoid attributing the success to one’s capability after gain, make an effort for the next decision with the thought that he/she should have greater gain, and control positive feelings in order to protect the self from positive emotional whims, thus leading to more reasonable decision making. The theoretical contribution of this research is the discovery of the influence of positive emotion on performance in investment. With this, the study expanded the prior research on conditional hedonism, which implies that if a performance goal overcomes a short-term hedonistic goal, the former may be preferred (e.g., Cohen and Andrade 2004). Furthermore, this study newly presented the types of positive emotion regulation strategies and what kind of strategies among them can effectively reduce positive emotion in the investment area. The managerial implications are as follows. Marketers in the financial service area must educate investors to control emotions even after gain, since successful gain regulation can boost investment performance. Prior studies demonstrated that encouraging participants to scrutinize the relevance of emotion used in decision making or to attribute their present feelings to judgment-irrelevant situational factors attenuate the impact of emotions on judgment and choice (e.g., Keltner et al. 1993; Lerner and Tetlock 1999; Schwarz and Clore 1983). Managers in the field should encourage investors to realize the impact of emotion and help them improve emotional intelligence for efficient regulation of emotional whim.

참고문헌 (58)

  1. 주우진, "주식투자자의 정서적 예측과 투자성과 간의 관계: 전문투자자와 일반투자자의 비교 분석", 마케팅연구, 24(2), pp.131~150 (2009), 한국마케팅학회
  2. Andrade, Eduardo B., "Behavioral Consequences of Affect : Combining Evaluative and Regulatory Mechanisms", Journal of Consumer Research, 32, pp.355~362 (2005)
  3. Aspinwall, Lisa G., "Rethinking the Role of Positive Affect in Self-regulation", Motivation and Emotion, 22, pp.1~32 (1998)
  4. Baumeister, Roy F, "Losing Control: How and Why People Fail at Self-Regulation" (1994), Academic Press
  5. Bazerman, Max H, "Negotiating with Yourself and Losing: Understanding and Managing Conflicting Internal Preferences", Academy of Management Review, 23, pp.225~241 (1998)
  6. Brown, Steven P., "Antecedents and Consequences of Attitudetoward the Ad - a Metaanalysis", Journal ofConsumer Research, 19(1), pp.34~51 (1992)
  7. Buehler, Roger, "Intensity Bias in Affective Forecasting: The Role of Temporal Focus", Personality and Social Psychology Bulletin, 27, pp.1480~1493 (2001)
  8. Investor Expertise as Mastery over Mind: Regulating Loss Affect for Superior Investment Performance, "Chu, Wujin", ~ (2011)
  9. Clore, Gerald L., "Cognitive Phenomenology: Feelings and the Construction of Judgment, In The Construction of Social Judgments", pp.133~163 (1992), Erlbaum
  10. Cohen, Joel B., "Affective Intuition and Task-Contingent AffectiveRegulation", Journal of ConsumerResearch, 31, pp.358~367 (2004)
  11. Cohen, Joel B, "The Nature and Role of Affect in Consumer Behavior, In Handbook of Consumer Psychology", pp.297~348 (2008), CRC Press
  12. Damasio, Antonio R., "Descartes' Error: Emotion, Reason, and the Human Brain" (1994), Putnam
  13. Day, Liza, "Belief in Good Luck and Psychological Well-being: The Mediating Role of Optimism and Irrational beliefs", Journal of Psychology, 137, pp.99~10 (2003)
  14. Day, Liza, "With Good Luck: Belief in Good Luck and Cognitive Planning", Personality and Individual Differences, 39, pp.1217~1226 (2005)
  15. Erber, Maureen Wang, "The Role of Motivated Social Cognition in the Regulation of Affective States, In Affect and Social Cognition", pp.275~289 (2001), Erlbaum
  16. Forgas, Joseph P., "Mood Effects on Decision Making Strategies", Australian Journal of Psychology, 41(2), pp.197~214 (1989)
  17. Gervais, Simon, "to Be Overconfidence", Review of Financial Studies, 14(1), pp.1~27 (2001)
  18. Graham, Benjamin, "The Intelligent Investor: The Classic Text on Value Investing" (2005), HarperBusiness
  19. Gross, James J, "Antecedent- and Responsefocused Affect Regulation: Divergent Consequences for Experience, Expression, and Physiology", Journal of Personality and Social Psychology, 74(1), pp.224~236 (1998)
  20. Gross, James. J., "The Emerging Field of Emotion Regulation: An Integrative Review", Review of General Psychology, 3, pp.271~299 (1998)
  21. Gross, James J., "Emotion Regulation, In Handbook of Emotions 3rd ed", pp.497~512 (2008), Guilford Press
  22. Gross, James J, "Indi vidual Differences in Two Affect Regulation Processes: Implications for Affect, Relationships, and Well-being", Journal of Personality and Social Psychology, 85(2), pp.348~362 (2003)
  23. Hoch, Stephen J, "Time-inconsistent Preferences andConsumer Self-control", Journal of ConsumerResearch, 17(4), pp.492~507 (1991)
  24. Isen, Alice M., "Some Ways in Which Positive Affect Influences Decision Making and Problem Solving, In Handbook of Emotions 3rd ed", pp.548~573 (2008), Guilford Press
  25. Isen, Alice M., "The Influence of Positive Affect on Acceptable Level of Risk: The Person with a Large Canon has a Large Worry", Organizational Behavior and Human Decision Processes, 39(2), pp.145~154 (1987)
  26. Isen, Alice M, "The Influence of Positive Affect on the Subjective Utility of Gains and Losses : It is Just Not Worth the Risk", Journal of Personality and Social Psychology, 55(5), pp.710~717 (1988)
  27. Keltner, Dacher, "Beyond Simple Pessimism : Effects of Sadness and Anger on Social Perception", Journal of Personality and Social Psychology, 64, pp.740~752 (1993)
  28. Kermer, Deborah A, "Loss Aversion Is an Affective Forecasting Error", Psychological Science, 17(8), pp.649~653 (2006)
  29. Knez, Peter, "Individual Rationality, Market Rationality, and Value Estimation", American Economic Review, 75, pp.397~402 (1985)
  30. Lerner, Jennifer S., "Accounting for the Effects of Accountability", Psychological Bulletin, 125(2), pp.255~275 (1999)
  31. Loewenstein, George, "Affect Regulation and Affective Forecasting, In Handbook of Affect Regulation", pp.180~203 (2007), Guilford Press
  32. Loewenstein, George, "The Role of Affect in Decision Making, In Handbook of Affective Sciences", pp.619~642 (2003), Oxford UniversityPress
  33. Lewis, Michael, "Self-conscious emotions: Embarrassment, pride, shame, guilt, In Handbook of Emotions 3rd ed.,", pp.742~756 (2008), Guilford Press
  34. Mackenzie, Scott B, "The Role of Attitude toward the Ad as a Mediator of Advertising Effectiveness - a Test of Competing Explanations", Journal of Marketing Research, 23(2), pp.130~143 (1986)
  35. Mitchell, Andrew A., "The Assessment of Alternative Measures ofConsumer Expertise", Journal of ConsumerResearch, 23, pp.219~239 (1996)
  36. Oaksford, Mike, "Mood, Reasoning, and Central Executive Processes", Journal of Experimental Psychology-Learning Memory and Cognition, 22(2), pp.476~492 (1996)
  37. Odean, Terrance, "Volume, Volatility, Price, and Profit When All Traders are above Average", Journal of Finance, 53(6), pp.1887~1934 (1998)
  38. Raghunathan, Rajagopal, "Walking the Tightrope between FeelingGood and Being Accurate: Mood as a Resourcein Processing Persuasive Messages", Journal of Personality and Social Psychology, 83(3), pp.510~525 (2002)
  39. Richard L. Oliver, "Expectation Processes in Satisfaction Formation", Journal of Service Research, 1, pp.196~214 (1999)
  40. Rick, Scott, "The Role of Emotion in Economic Behavior, In Handbook of Emotions 3rd", pp.138~155 (2008), Guilford Press
  41. Roese, Neal J, "What might have been: The social psychology of counterfactual thinking" (1995), Erlbaum
  42. Ruder, Markus, "Mood and the Reliance on the Ease of Retrieval Heuristic", Journal of Personality and Social Psychology, 85(1), pp.20~32 (2003)
  43. Russell, James A., "A Circumplex Model of Affect", Journal of Personality and Social Psychology, 39, pp.1161~1178 (1980)
  44. Salovey, Peter, "Applied Emotional Intelligence: Regulating Emotions to Become Healthy, Wealthy, and Wise, In Emotional Intelligence in Everyday Life: A Scientific Inquiry", pp.229~245 (2001), Psychology Press
  45. Schwarz, Norbert, "Feelings as Information: Informational and Motivational Functions of Affective States, In Handbook of motivation and cognition", pp.521~561 (1990), Guilford Press
  46. Schwarz, Norbert, "Mood, Misattribution, and Judgments ofWell-Being - Informative and DirectiveFunctions of Affective States", Journal ofPersonality and Social Psychology, 45(3), pp.513~523 (1983)
  47. Shefrin, Hersh, "The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence", Journal of Finance, 40, pp.777~790 (1985)
  48. Shiv, Baba, "Investment Behavior and the Negative Side of Emotion", Psychological Science, 16(6), pp.435~439 (2005)
  49. Sinclair, Robert C, "Mood, Categorization Breadth, and Performance-Appraisal - the Effects of Order of Information Acquisition and Affective State on Halo, Accuracy, Information-Retrieval, and Evaluations", Organizational Behavior and Human Decision Processes, 42(1), pp.22~46 (1988)
  50. Srull, Thomas K., "Affect and Memory: The Impact of Affective Reactions in Advertising on the Representation of Product Information in Memory, In Advances in Consumer Research", pp.324~328 (1983), Association for Consumer Research
  51. Srull, Thomas K., "The Effects of Subjective Affective States on Memory and Judgment, In Advances in Consumer Research", pp.530~533 (1984), Association for Consumer Research
  52. "Unraveling the disposition effect: The roleof prospect theory and emotions" (2007)[URL]
  53. Thaler, Richard H, "An Economic Theory of Self-Control", Journal of Political Economy, 89, pp.392~406 (1981)
  54. Trope, Yaacov, "Reconciling Competing Motives in Self-Evaluation - the Role of Self-Control in Feedback Seeking", Journal of Personality and Social Psychology, 66(4), pp.646~657 (1994)
  55. Trope, Yaacov, "Resolving Conflicts among Self-EvaluativeMotives: Positive Experiences as a Resourcefor Overcoming Defensiveness", Motivationand Emotion, 22(1), pp.53~72 (1998)
  56. Utkus, Stephen P., "Investor Psychology Leads to Bad Decisions", On Wall Street, 18(8), pp.54~55 (2008)
  57. Wilson, Timothy D, "Affective Forecasting: Knowing What toWant", Current Directions in PsychologicalScience, 14, pp.131~134 (2005)
  58. Wilson, Timothy D, "Introspection, Attitude Change, and Attitude-Behavior Consistency: The Disruptive Effects of Explaining Why We Feel The Way We Do", Advances in Experimental Social Psychology, 22, pp.287~343 (1989)

관련 논문AI추천

이익 혹은 손실 상황에서 금융소비자들이 경험하는 감정은 모두 같은가? - 조절초점에 따른 감정 유형 간 강도 그리고 만족도 차이를 중심으로 -김영두한국소비자학회 · 소비자학연구2011 · 제22권 제3호긍정적 기분과 자기 조절: 정서평가/정서조절 메커니즘과 제품정보의 역할을 중심으로유동호, 이지은한국소비자·광고심리학회 · 한국심리학회지: 소비자·광고2017 · 제18권 제3호긍정적-부정적 상황에서의 보상소비와 소비자 감정 및 소비자행복의 관계김소연, 한만설한국소비문화학회 · 소비문화연구2024 · 제27권 제2호투자 행동에서의 성별효과 연구: 남․여 투자자의 감정반응 및 감정조절을 중심으로이은주, 임미자, 주우진한국소비자학회 · 소비자학연구2010 · 제21권 제4호성향 및 상황 조절초점과 과제수행 피드백이 소비자 감정에 미치는 영향양윤, 김은숙한국소비자·광고심리학회 · 한국심리학회지: 소비자·광고2008 · 제9권 제3호소비자 감정의 유형(Valence)이 구매의사결정에 미치는 영향에 관한 연구- 감정의 환기수준과 지식수준의 조절효과를 중심으로 -김동태, 김문섭, 김재일한국소비자학회 · 소비자학연구2006 · 제17권 제2호

이 간행물의 다른 논문 (15건)

준거점 의존에 따른 묶음제품의 선호이행: 준거 제시와 할인가격제시방법을 통한 초점화 효과강윤희, 김재휘pp. 1-22골드맘의 유아복 소비에 관한 질적 연구노지연, 고애란, 김주경, 신연욱pp. 23-44사회신뢰와 국가의 부 창출과정박상준pp. 45-58기업 부정정보의 정정주체에 따른 소비자 태도회복 효과 연구: 부정정보의 신뢰수준과 기업지위의 조절효과를 중심으로김동태pp. 59-83재무교육 및 재무상담에 대한 소비자요구와 선호분석성영애pp. 85-105
원문 보기