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Cited by 122Decision-Making and Behavioral EconomicsFinancial Markets and Investment StrategiesPsychology of Social Influence

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Susceptibility to and impact of interpersonal influence in an investment context

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Hoffmann, A. O. I., Broekhuizen, T. L. J.·2009·Journal of the Academy of Marketing Science
DOI 10.1007/s11747-008-0128-7
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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.

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Metadata

Authors
Hoffmann, A. O. I., & Broekhuizen, T. L. J.
Affiliations
  • Maastricht University (NL)
  • University of Groningen (NL)
Corresponding author
Hoffmann, A. O. I.
ORCID
Venue
Journal of the Academy of Marketing Science
Publisher
Springer Science and Business Media LLC
Published
2009-01-20
Volume
37
Issue
4
Pages
488-503
ISSN
  • 0092-0703 (ISSN-L)
  • 1552-7824
DOI
10.1007/s11747-008-0128-7
OpenAlex
W2013620151
Cited by
122
References
7
Citations by year
2026: 11 · 2025: 4 · 2024: 5 · 2023: 10 · 2022: 11 · 2021: 5 · 2020: 11 · 2019: 4 · 2018: 7 · 2017: 9 · 2016: 8 · 2015: 12 · 2014: 4 · 2013: 7 · 2012: 6
FWCI
2.61
Type
journal article
Language
en
Open access
Licence
cc-by-nc
Locations
  • Journal of the Academy of Marketing Science (publishedVersion, cc-by-nc)
  • Research Publications (Maastricht University) (publishedVersion, cc-by-nc)
  • SSRN Electronic Journal (submittedVersion)
  • University of Groningen research database (University of Groningen / Centre for Information Technology) (submittedVersion, cc-by-nc)
  • Research Publications (Maastricht University) (submittedVersion, other-oa)
Topics
  • Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
  • Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
  • Social Sciences › Psychology › Social Psychology › Psychology of Social Influence
Keywords
interpersonal influence, investment decision-making, informational influence, normative influence, retail investors, social influence, transaction frequency, consumer behavior, moderating effect

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