조절초점이 금융소비자의 투자 행동에 미치는 영향 - 처분효과와 처분 후 위험 대안 선택 행동에 대한 조절초점의 조절적 역할을 중심으로 -

The disposition effect describes the tendency of financial consumers to sell winning stocks too early and to hold losing stocks too long(Odean 1998; Shefrin and Statman 1985). This effect implies that investors behave asymmetrically under conditions of(paper) gains and (paper) losses. Research on the disposition effect showed that it was widely accepted for researchers to negatively relate investors’ outcomes with the disposition effect, and its’ influence on financial consumers’ welfare. Therefore recent research on the disposition effect has focused on individual difference. Generally speaking, investment goals that financial consumers pursue are profit maximization and loss minimization. If financial consumers distinctively focused on either profit maximization or loss minimization, they would likely to act differently in the domain of gain or loss. Regulatory focus(Higgins 1997, 1998) suggests that people give distinctive attention to profit or loss(Zhou and Pham 2004) and the disposition effect acts asymmetrically in the domain of gain and loss, therefore regulatory focus influences financial consumers’ behavior in the gain or loss domain differently. Regulatory focus theory suggests that people are concerned with advancement and growth when they are pursuing promotion-focused goal and security and safety when they are pursuing prevention-focused goal. When accomplishing promotion concerns,people are focused on gain(existence of positive outcome) and non-gain(nonexistence of positive outcome), but when accomplishing prevention concerns, people are focused on loss(existence of negative outcome) and non-loss (nonexistence of negative outcome). In this paper, using an experimental method, we demonstrate that regulatory focus(promotion focus vs. prevention focus) moderates the disposition effect and post-disposition risky alternative choice behavior. Our findings in this study can be summarized as follows: 1) The disposition effect occurs at an individual investor level, 2) but the disposition effect tends to occur more often in preventionfocused individuals than in promotion-focused individuals; regulatory focus moderates the disposition effects. 3) In condition of gains, the proportion of action(selling or selling-andbuying)is higher than that of inaction but there is no difference between promotion-focused and prevention-focused individuals; there were no differences between regulatory focus to sell the winning stocks 4) but in condition of losses, the proportion of inaction (holding) is higher than that of action and there is a difference between promotion-focused and prevention-focused individuals; a greater status quo bias appeared in the condition of loss than gain and this type of bias occurred more with prevention focused subjects than promotion focused subjects. 5)Prior outcomes influence subsequent decision-making in condition of losses from the perspective of regulatory focus. The disposition effect is not appeared or diminished by promotion-focused individuals; it is moderated by regulatory focus. Implications we found in this study suggest that regulatory focus moderates the disposition effect. And risk averse behavior in the domain of gain and risk seeking behavior in the domain of loss are moderated by regulatory focus in the condition of prior outcomes.