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A religião e o comportamento dos investidores nos mercados financeiros: uma revisão sistemática da literatura
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Abstract(s)
Esta dissertação revê a literatura existente sobre a influência da religião no comportamento dos investidores nos mercados financeiros, tendo por objetivo a identificação de lacunas de investigação que representem uma oportunidade para a investigação ao nível do doutoramento.
A metodologia utilizada neste trabalho é a revisão sistemática da literatura, que permitiu a identificação e discussão de um conjunto de trabalhos relevantes sobre o tema. Os resultados sugerem que este é um tópico bastante recente e ainda inexplorado, pelo que existem diversas oportunidades de investigação a explorar. Ainda assim, a evidência analisada revela que a religião afeta, de diversas formas, a eficiência dos mercados financeiros, contrariando o pressuposto da racionalidade do investidor e contradizendo a ideia de que o investidor procura sempre maximizar a sua função de utilidade esperada. De facto, ainda que essa ideia possa estar subjacente, os investidores tendem a considerar outros aspetos nas suas decisões de investimento, como é o caso da premissa do investimento socialmente responsável.
This study reviews the existing literature on the influence of religion on investor’s behaviour in the financial markets and aims at identifying gaps that can be tackled by future investigations. The methodology of choice was the Systematic Literature Review, which allowed the identification and analysis of several relevant studies. The results suggest that this subject is still recent and somehow unexplored, which leads to some possible future research opportunities. Yet, the extant literature already suggests that religion affects the efficiency of the financial markets in many ways, contradicting the assumption of investor’s rationality and the idea that the investor always seeks to maximize his/her expected utility function. In fact, the revised literature suggests that investors tend to take other aspects into consideration as, for example, socially responsible investing.
This study reviews the existing literature on the influence of religion on investor’s behaviour in the financial markets and aims at identifying gaps that can be tackled by future investigations. The methodology of choice was the Systematic Literature Review, which allowed the identification and analysis of several relevant studies. The results suggest that this subject is still recent and somehow unexplored, which leads to some possible future research opportunities. Yet, the extant literature already suggests that religion affects the efficiency of the financial markets in many ways, contradicting the assumption of investor’s rationality and the idea that the investor always seeks to maximize his/her expected utility function. In fact, the revised literature suggests that investors tend to take other aspects into consideration as, for example, socially responsible investing.
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Keywords
Finanças comportamentais Religião Mercados financeiros Comportamento do investidor Revisão sistemática da literatura