Impact of subjective wellbeing on investment behavior

Wei Liu, Wenbo Li and Yu Chen

Finance Research Letters, 2025, vol. 77, issue C

Abstract: Subjective wellbeing (SWB) affects individual behavior, including health, decision-making, and investment. Although corporate optimism links to better financial outcomes, the individual SWB–investment behavior remains unclear. This study finds that high SWB sustains risk tolerance, enhances autonomy and managerial skills, and boosts risk-oriented investments. Regression discontinuity analysis shows that SWB above the median drives venture capital behavior, while lower levels do not. These insights suggest strategies to leverage consumer wellbeing for investment, with big data and modeling enhancing the research's significance.

Keywords: Subjective wellbeing; Risk tolerance; Autonomy; Managerial skills; Big data; Investment behavior (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:77:y:2025:i:c:s154461232500337x

DOI: 10.1016/j.frl.2025.107073

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