Study Of The Behavioural Determinants Of Investment In The Era Of The Covid-19 Pandemic Among Socially Responsible Investors In Morocco

Abstract

Behavioral economics shows the important role of behavioral and psychological determinants in explaining investment decisions and market anomalies. This study aims to examine the behavior of socially responsible individual investors in Morocco in the era of the COVID-19 crisis. This paper contributes to the existing literature on behavioral economics in the Moroccan context. To this end, we conducted a survey of socially responsible investors in Morocco after the initial phase of this pandemic between August and October 2022. The data was gathered through the use of a questionnaire. They were analysed to identify the psychological aspects that may influence socially responsible investors’ investment decisions. The SPSS 21 software package was used to perform Cronbach Alpha, factor analysis, descriptive analysis, and multiple regression procedures. This article aims to investigate the psychological features of behaviour in reaction to fear, risk propensity, risk perception, market volatility anxiety, herd behaviour and the impact of vaccination updates. The results found showed that during the COVID-19 pandemic, behavior responses to fear, market volatility anxiety, risk propensity, and herd behavior influenced the decision-making of socially responsible investors in Morocco.