Abstract

http://ssrn.com/abstract=1333684
 
 

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Susceptibility to and Impact of Interpersonal Influence in an Investment Context


Arvid O. I. Hoffmann


Maastricht University - School of Business and Economics - Department of Finance; Network for Studies on Pensions, Aging and Retirement (Netspar)

Thijs Broekhuizen


University of Groningen - Faculty of Economics and Business - Dept. Innovation Management and Strategy

2009

Journal of the Academy of Marketing Science, Vol. 37, Issue 4, pp. 488-503

Abstract:     
This paper demonstrates the relevance of consumers' susceptibility to interpersonal influence (CSII) in an investment context. In Study 1, a survey of individual investors, investment-related knowledge, psycho-social risks, and social needs emerge as antecedents that explain investors' susceptibility to informational and normative influence. In turn, susceptibility to normative influences increases transaction frequency, whereas susceptibility to informational influences decreases transaction frequency. The experiments in Studies 2 and 3 indicate the impact of interpersonal influences on consumers' investment decisions in a voluntary (free choice) and involuntary (confrontation) setting and check whether CSII moderates the impact of interpersonal influences. Consumers' investment choices are consistently influenced by the information and opinions of others, whereas CSII only strengthens the impact of interpersonal influence in a voluntary informational setting.

Keywords: Susceptibility to interpersonal influence, Investments, Reference-group influence

JEL Classification: M31, G2

Accepted Paper Series


Not Available For Download

Date posted: January 28, 2009 ; Last revised: May 24, 2011

Suggested Citation

Hoffmann, Arvid O. I. and Broekhuizen, Thijs, Susceptibility to and Impact of Interpersonal Influence in an Investment Context (2009). Journal of the Academy of Marketing Science, Vol. 37, Issue 4, pp. 488-503. Available at SSRN: http://ssrn.com/abstract=1333684

Contact Information

Arvid O. I. Hoffmann (Contact Author)
Maastricht University - School of Business and Economics - Department of Finance ( email )
P.O. Box 616
NL- 6200 MD Maastricht
Netherlands
+31 (0) 6 18685678 (Phone)
HOME PAGE: http://www.arvidhoffmann.com
Network for Studies on Pensions, Aging and Retirement (Netspar)
P.O. Box 90153
Tilburg, 5000 LE
Netherlands
Thijs Broekhuizen
University of Groningen - Faculty of Economics and Business - Dept. Innovation Management and Strategy ( email )
9700 AV Groningen
Netherlands
+ 31 50 363 3777 (Phone)
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