The Role of Emotional Intelligence in Making Successful Financial Decisions
Abstract
Emotional intelligence (EI) as the ability for self-analysis, self-motivation, and self-regulation is necessary in the process of financial activity. It ensures informed decision-making, considering consequences and perspectives. The aim is to identify the influence of emotional intelligence on the effectiveness of decision-making by financiers. The following tests were used: EQ (Emotional/Empathy Quotient) test, Melbourne Decision Making Questionnaire, the Rathus Assertiveness Schedule, the Schubert Risk Propensity Test. Statistical processing of the results included the use of descriptive analysis, ANOVA, and regression analysis. The study found that financial workers with a high level of emotional intelligence have a pronounced “vigilance” decision-making style (F=113.4, p≤0.01), high assertiveness (F=103.3, p≤0.01), and risk propensity (F=137.3, p≤0.01). It was proved that emotional intelligence explains the “vigilance” decision-making style (β=0.943, R²=0.572), risk propensity (β=0.896, R²=0.424) and explains 48% of assertiveness (β=0.945, R²=0.483). It was confirmed that emotional intelligence is a predictor of successful financial decisions, it determines high assertiveness, vigilance, and risk propensity. Such results are useful for the development of training and retraining programmes for financiers. At the same time, including the development of assertiveness and risk propensity in professional and corporate training in parallel with the development of EI will give greater chances for the success of financial decisions. The obtained results are important for the financial and economic sphere, as they prove the effectiveness of EI in decision-making. This contributes to the improvement of the system of training competitive financiers and allows to expand aspects of the study of financial success.
References
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[3] Asmara, T. 2024. Legal economic culture in the context of judges settling criminal cases in courts: What can we learn from Indonesia? Pakistan Journal of Criminology 16(01): 697–709. DOI:https://doi.org/10.62271/pjc.16.1.697.705
[4] Baker, Rogis, Nur Fatinah Husna Mohamad Puzi, Nur Surayya Mohd Saudi, Haliza Mohd Zahari, Noor Azmi Mohd Zainol, and Mohd Nasir Selamat. 2022. An exploration of the effects of emotional intelligence, depression, anxiety and stress on work-life balance in royal Malaysia air force. Journal of Algebraic Statistics 13(3): 995–1005. https://publishoa.com/index.php/journal/article/view/715/605
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[7] Branch, Reilly, and Stevan L. Berman. 2023. Risk propensity as a function of personality and identity Youth 3(2): 526–540. DOI: https://doi.org/10.3390/youth3020036
[8] Bru-Luna, Lluna Maria., Manuel Martí-Vilar, Cesar Merino-Soto, and Jose L. Cervera-Santiago. 2021. Emotional intelligence measures: A systematic review. Healthcare 9(12): 1696. DOI:https://doi.org/10.3390/healthcare9121696
[9] Bucciol, Alessandro, Federico Guerrero, and Dimitra Papadovasilaki. 2021. Financial risk-taking and trait emotional intelligence. Review of Behavioral Finance 13(3): 259–275. DOI: 10.1108/RBF-01-2020-0013
[10] Caliendo, Marco, Frank M. Fossen, and Alexander Kritikos. 2008. The impact of risk attitudes on entrepreneurial survival. IZA Discussion Paper 3525. DOI: 10.2139/ssrn.1142356
[11] Carminati, Lara. 2021. Emotions, emotion management and emotional intelligence in the workplace: Healthcare professionals’ experience in emotionally-charged situations. Frontiers in Sociology 6. DOI:https://doi.org/10.3389/fsoc.2021.640384
[12] Cavaness, Keith, Anthony Picchioni, and James W. Fleshman. 2020. Linking emotional intelligence to successful health care leadership: The big five model of personality. Clinics in Colon and Rectal Surgery 33(4): 195–203. DOI: https://doi.org/10.1055/s-0040-1709435
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[15] Drigas, Athanasios, and Chara Papoutsi. 2018. A new layered model on emotional intelligence. Behavioral Sciences 8(5): 45. DOI: https://doi.org/10.3390/bs8050045
[16] Fachrudin, Amalia Khaira, Elisabet Siahaan, and Iman Faisal Pane. 2022. Understanding the importance of financial strength and emotional intelligence of employees at the regional tax and retribution board and the capital investment agency of Medan City. Proceedings of the Second International Conference on Public Policy, Social Computing and Development 642: 379–382. ICOPOSDEV 2021. DOI:https://doi.org/10.2991/assehr.k.220204.057
[17] Goleman, D. 2011. Leadership: The Power of Emotional Intelligence. More Than Sound. 116 p.
[18] Imam, Synthia, Alberto Fernandez Ibanez, Gyanendra Singh Sisodia, Juan Antonio Jimber Del Río, and Ahmed Al Radaideh. 2022. Emotional intelligence and personal finances in the academic curricula: A critical analysis of their potential synergies. Asian Culture and History 14(1): 6. DOI:https://doi.org/10.5539/ach.v14n1p6
[19] Irfan, Muhammad, Raima Adeel, and Muhammad Shaukat Malik. 2023. The Impact of emotional finance, and market knowledge and investor protection on investment performance in stock and real estate markets. SAGE Open 13(4). DOI: https://doi.org/10.1177/21582440231206900
[20] Ishchenko, Yevhenii, Yuliia Chystovska, Olga Vovchenko, Inesa Harkusha, and Hanna Voshkolup. 2023. The role of emotional intelligence in the rehabilitation of the former prisoners of war. International Journal of Statistics in Medical Research 12: 240–248. DOI: https://doi.org/10.6000/1929-6029.2023.12.28
[21] Istianingsih, Nanik, Ariyanto Masnun, and Widya Pratiwi. 2020. Managerial performance models through decision making and emotional intelligence in public sector. Administration and Public Management Review 35: 153–166 https://www.ceeol.com/search/article-detail?id=964095
[22] Jagriti, Niyogi, Yesodharan Renjula, and Dsa Rochelle Jane. 2020. Relationship between emotional intelligence, self-esteem, and assertiveness among South Indian youth: A descriptive, cross-sectional study from Karnataka. Indian Journal of Public Health 64(4): 402–404. DOI:https://doi.org/10.4103/ijph.IJPH_584_19
[23] Karimi, Leila, Sandra G. Leggat, Timothy Bartram, Leila Afshari, Sarah Sarkeshik, and Tengiz Verulava. 2021. Emotional intelligence: Predictor of employees’ wellbeing, quality of patient care, and psychological empowerment. BMC Psychology 9: 93.DOI: https://doi.org/10.1186/s40359-021-00593-8
[24] Ladrón de Guevara Cortés, Rogelio, Leticia Eva Tolosa, and Maria Paula Rojo. 2023. Prospect theory in the financial decision-making process: An empirical study of two Argentine universities. Journal of Economics, Finance and Administrative Science 28(55). DOI: 10.1108/JEFAS-12-2021-0272
[25] Lane, Richard D., and Ryan Smith. 2021. Levels of emotional awareness: Theory and measurement of a socio-emotional skill. Journal of Intelligence 9(3): 42. DOI: https://doi.org/10.3390/jintelligence9030042
[26] Laulié, Laulie, Gabriel Briceño-Jiménez, and Gisselle Henríquez-Gómez. 2023. Exploring self-regulation theory as a mechanism of the effects of psychological contract fulfillment: The role of emotional intelligence. Frontiers in Psychology 14. DOI: https://doi.org/10.3389/fpsyg.2023.1090094
[27] Megías-Robles, A., A. Cándido, A. Maldonado, S. Baltruschat, and A. Catena. 2022. Differences between risk perception and risk-taking are related to impulsivity levels. International Journal of Clinical and Health Psychology: IJCHP 22(3). DOI: https://doi.org/10.1016/j.ijchp.2022.100318
[28] Quintillán, Isabel, and Inaki Peña-Legazkue. 2020. Emotional intelligence and venture internationalization during economic recession. International Journal of Entrepreneurial Behavior & Research 26(2): 246–265. DOI: https://doi.org/10.1108/IJEBR-08-2018-0521
[29] Ramchandran, Kanchna, Daniel Tranel, Keagan Duster, and Natalie L. Denburg. 2020. The role of emotional vs. cognitive intelligence in economic decision-making amongst older adults. Frontiers in Neuroscience 14: 497. DOI: https://doi.org/10.3389/fnins.2020.00497
[30] Riaz, Asghar, and Syed Zulfiqar Ali Shah. 2022. Impact of emotional intelligence on financial effectiveness: mediating role of overconfidence bias. Abasyn Journal of Social Sciences 15(1): 17–28. DOI: https://doi.org/10.34091/AJSS.15.1.02
[31] Salovey, Peter, and John D. Mayer. 1990. Emotional intelligence. Imagination, Cognition and Personality 9(3): 185–211. DOI: https://doi.org/10.2190/DUGG-P24E-52WK-6CDG
[32] Sánchez-López, Maria T., Pablo Fernández-Berrocal, Raquel Gómez-Leal, and Alberto Megías-Robles. 2022. Evidence on the relationship between emotional intelligence and risk behavior: A systematic and meta-analytic review. Frontiers in Psychology 13. DOI:https://doi.org/10.3389/fpsyg.2022.810012
[33] Santa, Ricardo, Andreina Moros, Diego Morante, Dorys Rodríguez, and Annibal Scavarda. 2023. The impact of emotional intelligence on operational effectiveness: The mediating role of organizational citizenship behavior and leadership. PloS One 18(8). DOI: https://doi.org/10.1371/journal.pone.0284752
[34] Schmalor, Anita, and Steven J. Heine. (2022). Subjective Economic inequality decreases emotional intelligence, especially for people of high social class. Social Psychological and Personality Science 13(2): 608–617. DOI: https://doi.org/10.1177/19485506211024024
[35] Scott, Brent A., Jason A. Colquitt, E. Layne Paddock, and Timothy A. Judge. 2010. A daily investigation of the role of manager empathy on employee well-being. Organizational Behavior and Human Decision Processes 113(2): 127–140. DOI: https://doi.org/10.1016/j.obhdp.2010.08.001
[36] Singh, Jyothi E., Vaijanath Babshetti, and H.N. Shivaprasad. 2021. Efficient market hypothesis to behavioral finance: A review of rationality to irrationality. Materials Today: Proceedings. In Press. DOI:https://doi.org/10.1016/j.matpr.2021.03.318
[37] Soliman, Mohammad Soliman, Rupa Sinha, Francesa Di Virgilio, Maria Jose Sousa, and Ronnie Figueiredo. 2023. Emotional intelligence outcomes in higher education institutions: Empirical evidence from a Western context. Psychological Reports. DOI: https://doi.org/10.1177/00332941231197165
[38] Song, Cui Ling, Dongfang Pan, Arslan Ayub, and Binbin Cai. 2023. The interplay between financial literacy, financial risk tolerance, and financial behaviour: The moderator effect of emotional intelligence. Psychology Research and Behavior Management 16. DOI:https://doi.org/10.2147/PRBM.S398450
[39] Taffler, R. 2018. Emotional finance: investment and the unconscious. The European Journal of Finance 24(7–8): 630–653. DOI: https://doi.org/10.1080/1351847X.2017.1369445
[40] Wakawa, Musa Hyelladzira. 2020. The role of emotional intelligence in effective and efficient financial service delivery in the banking sector. Social Science Research Network. DOI: 10.2139/ssrn.3673571
Published
2024-03-29
How to Cite
BYKOVA, Svitlana et al.
The Role of Emotional Intelligence in Making Successful Financial Decisions.
Theoretical and Practical Research in Economic Fields, [S.l.], v. 15, n. 1, p. 145 - 154, mar. 2024.
ISSN 2068-7710.
Available at: <https://journals.aserspublishing.eu/tpref/article/view/8371>. Date accessed: 19 nov. 2024.
doi: https://doi.org/10.14505/tpref.v15.1(29).14.
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