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Real estate investment decisions in COVID-19 crisis : the effect of perception and behavioral biases

Purpose – This study aims to examine the interconnectedness between investors’ perceptions of assets and their behavioral factors with investment decisions during the COVID-19 pandemic in the real estate business in Pakistan. In this regard, this study predicted investment decisions using individual...

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Main Authors: Muhammad, Ali, Leong, Choi Meng, Eugene Aw, Cheng Xi, Puah, Chin Hong, Abdulkadir, Barut
Format: Article
Language:English
Published: Emerald Publishing Limited 2023
Subjects:
HG Finance
Online Access:http://ir.unimas.my/id/eprint/44784/1/Real%20estate.pdf
http://ir.unimas.my/id/eprint/44784/
https://www.emerald.com/insight/content/doi/10.1108/IJHMA-12-2022-0173/full/html
https://doi.org/10.1108/IJHMA-12-2022-0173
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spelling my.unimas.ir.447842024-05-17T02:01:08Z http://ir.unimas.my/id/eprint/44784/ Real estate investment decisions in COVID-19 crisis : the effect of perception and behavioral biases Muhammad, Ali Leong, Choi Meng Eugene Aw, Cheng Xi Puah, Chin Hong Abdulkadir, Barut HG Finance Purpose – This study aims to examine the interconnectedness between investors’ perceptions of assets and their behavioral factors with investment decisions during the COVID-19 pandemic in the real estate business in Pakistan. In this regard, this study predicted investment decisions using individuals’ perceptions of the asset (perceived asset quality, perceived asset price and perceived asset value [PAV]),and behavioral biases (overconfidence [OC], herding [HD], disposition effect [DE] and risk aversion [RA]). Design/methodology/approach – This study used a survey-based instrument to gather a total of 189 usable samples. The sample data were analyzed using partial least square structural equation modeling. Findings – The findings of this study indicated that PAV, OC and HD significantly predicted the investment decision, whereas DE and RA had an insignificant impact on investment decisions in the real estate business. In addition, this study found that PAV is the most important factor to predict investment decisions in real estate during the COVID-19 crisis. Originality/value – The authors are certain that the study findings reinforce policy implications for regulators, policymakers and financial institutions. The study findings are also useful and relevant if the real estate sector experiences a crisis in the future. Emerald Publishing Limited 2023 Article PeerReviewed text en http://ir.unimas.my/id/eprint/44784/1/Real%20estate.pdf Muhammad, Ali and Leong, Choi Meng and Eugene Aw, Cheng Xi and Puah, Chin Hong and Abdulkadir, Barut (2023) Real estate investment decisions in COVID-19 crisis : the effect of perception and behavioral biases. International Journal of Housing Markets and Analysis, 17 (1). pp. 32-47. ISSN 1753-8270 https://www.emerald.com/insight/content/doi/10.1108/IJHMA-12-2022-0173/full/html https://doi.org/10.1108/IJHMA-12-2022-0173
institution Universiti Malaysia Sarawak
building Centre for Academic Information Services (CAIS)
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaysia Sarawak
content_source UNIMAS Institutional Repository
url_provider http://ir.unimas.my/
language English
topic HG Finance
spellingShingle HG Finance
Muhammad, Ali
Leong, Choi Meng
Eugene Aw, Cheng Xi
Puah, Chin Hong
Abdulkadir, Barut
Real estate investment decisions in COVID-19 crisis : the effect of perception and behavioral biases
description Purpose – This study aims to examine the interconnectedness between investors’ perceptions of assets and their behavioral factors with investment decisions during the COVID-19 pandemic in the real estate business in Pakistan. In this regard, this study predicted investment decisions using individuals’ perceptions of the asset (perceived asset quality, perceived asset price and perceived asset value [PAV]),and behavioral biases (overconfidence [OC], herding [HD], disposition effect [DE] and risk aversion [RA]). Design/methodology/approach – This study used a survey-based instrument to gather a total of 189 usable samples. The sample data were analyzed using partial least square structural equation modeling. Findings – The findings of this study indicated that PAV, OC and HD significantly predicted the investment decision, whereas DE and RA had an insignificant impact on investment decisions in the real estate business. In addition, this study found that PAV is the most important factor to predict investment decisions in real estate during the COVID-19 crisis. Originality/value – The authors are certain that the study findings reinforce policy implications for regulators, policymakers and financial institutions. The study findings are also useful and relevant if the real estate sector experiences a crisis in the future.
format Article
author Muhammad, Ali
Leong, Choi Meng
Eugene Aw, Cheng Xi
Puah, Chin Hong
Abdulkadir, Barut
author_facet Muhammad, Ali
Leong, Choi Meng
Eugene Aw, Cheng Xi
Puah, Chin Hong
Abdulkadir, Barut
author_sort Muhammad, Ali
title Real estate investment decisions in COVID-19 crisis : the effect of perception and behavioral biases
title_short Real estate investment decisions in COVID-19 crisis : the effect of perception and behavioral biases
title_full Real estate investment decisions in COVID-19 crisis : the effect of perception and behavioral biases
title_fullStr Real estate investment decisions in COVID-19 crisis : the effect of perception and behavioral biases
title_full_unstemmed Real estate investment decisions in COVID-19 crisis : the effect of perception and behavioral biases
title_sort real estate investment decisions in covid-19 crisis : the effect of perception and behavioral biases
publisher Emerald Publishing Limited
publishDate 2023
url http://ir.unimas.my/id/eprint/44784/1/Real%20estate.pdf
http://ir.unimas.my/id/eprint/44784/
https://www.emerald.com/insight/content/doi/10.1108/IJHMA-12-2022-0173/full/html
https://doi.org/10.1108/IJHMA-12-2022-0173
_version_ 1800728121189597184
score 13.211869

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