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O Impacto da literacia financeira na tomada de decisões de investimento no mercado de ações: uma revisão sistemática da literatura
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Abstract(s)
Esta dissertação revê a literatura existente sobre o impacto da literacia financeira na tomada de decisões de investimento no mercado de ações, com o objetivo de identificar eventuais lacunas de investigação que representem oportunidades para investigação futura, nomeadamente, ao nível de doutoramento.
A metodologia utilizada neste trabalho é a revisão sistemática da literatura, que permitiu identificar e discutir um conjunto de trabalhos relevantes sobre o tema. Os resultados sugerem que este tópico é objeto de estudo há relativamente pouco tempo, porém, já foi algo explorado sob diversas perspetivas. O ano de 2015 foi o ano com maior número de artigos publicados nesta área, verificando-se a partir daí a produção de um maior número de trabalhos comparativamente com o período pré 2015.
Os resultados demonstram que a literacia financeira afeta de forma diversa a tomada de decisão no mercado de ações. Por exemplo, maiores níveis de literacia financeira levam a uma maior participação no mercado de ações e reduzem o impacto dos vieses psicológicos sobre a tomada de decisão. Por outro lado, a literacia financeira está também associada à correção de comportamentos dos indivíduos após incidentes no mercado. No entanto, o presente estudo mostra que existe ainda possibilidade de contribuir para este campo de literatura, nomeadamente no que concerne à relação entre a literacia financeira e diversificação do portfólio.
This study reviews the existing literature on the impact of financial literacy on investment decision-making in the stock market, with the aim of identifying possible research gaps that represent opportunities for future research, namely at doctoral level. The methodology of choice was the Systematic Literature Review, which allowed identifying and discussing a several relevant studies on the subject. The results suggest that this field of study has been an object of study for a relatively short time, although has been explored from several perspectives. The year of 2015 was the year with the highest number of articles published in this area, and from there the production of a greater number of papers compared to the period after 2015. The results show that financial literacy affects decisions in the stock market in various ways. For example, higher levels of financial literacy are associated with higher levels of stock market participation and reduce the impact of behavioral biases on decision-making. Financial literacy is also associated with correcting individuals' behaviours after market incidents. However, the present study shows that there is still the possibility of contributing to this field of literature, particularly regarding the relationship between financial literacy and portfolio diversification.
This study reviews the existing literature on the impact of financial literacy on investment decision-making in the stock market, with the aim of identifying possible research gaps that represent opportunities for future research, namely at doctoral level. The methodology of choice was the Systematic Literature Review, which allowed identifying and discussing a several relevant studies on the subject. The results suggest that this field of study has been an object of study for a relatively short time, although has been explored from several perspectives. The year of 2015 was the year with the highest number of articles published in this area, and from there the production of a greater number of papers compared to the period after 2015. The results show that financial literacy affects decisions in the stock market in various ways. For example, higher levels of financial literacy are associated with higher levels of stock market participation and reduce the impact of behavioral biases on decision-making. Financial literacy is also associated with correcting individuals' behaviours after market incidents. However, the present study shows that there is still the possibility of contributing to this field of literature, particularly regarding the relationship between financial literacy and portfolio diversification.
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Keywords
Literacia financeira Mercados financeiros Mercado de ações Stock market participation puzzle Comportamento do investidor Revisão sistemática da literatura.