Why Does Accessing Financial Information on Mobile Devices Lead to Irrational Investment Judgements? Multi-analytic Insights from PLS-SEM and ANN

Abstract

This study investigates how using mobile phones to access investment-related information leads to a distracted frame of mind, overconfidence bias and confirmation bias, ultimately resulting in irrational investment judgement. The study incorporated the moderation effect of the fear of missing out on investment-related information (I-FoMO). The data were collected from 331 non-professional retail investors and analysed using a multi-analytic, two-staged approach comprising partial least squares structural equation modelling (PLS-SEM) and artificial neural network (ANN). The study identifies a statistically significant positive association of mobile phone usage with a distracted frame of mind and overconfidence bias. Confirmation bias is the most significant predictor of irrational investment judgement. The study also confirms the significant moderating role of I-FoMO in various hypothesized relationships. With their significant implications for rationalizing investment judgement, the study results shed new light on the impact of mobile device use on investment decisions.

Keywords

Mobile devices distraction irrational investment judgement structural equation modelling artificial neural network

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