Behavioral Finance Factors and Investment Decision on Thai Mutual Fund


  • Tatre Jantarakolica Faculty of Economics, Thammasat University
  • Rapee Moungnont College of Innovation Management, Rajamangala University of Technology Rattanakosin


Mutual Fund, Behavioral Finance, Self-control Bias, Overconfidence Bias, Loss Aversion Bias, Mental Accounting Bias, Degree of Risk Aversion


Thai mutual funds have grown rapidly for the past decade. This research intends to study investment decision making of Thai mutual fund investors. Behavior finance concepts, including self-control bias, overconfidence bias, loss aversion bias, mental accounting bias, and degree of risk aversion, are employed in determine decision on investing in mutual fund. Experimental survey research is conducted by using self-reported questionnaire from 600 Thai investors. Multivariate Probit models are employed in analyzing the investment decision of respondents on top three Thai mutual funds. Estimated results indicate that behavior finance factors have significantly impacts on investment decision of investors. Additionally, perception on asset management companies of the mutual fund plays an important role in determining investment decision of respondents. Therefore, asset management companies should focus on their mutual fund performance and also building up their company image in order to motivate investors to invest in their mutual fund.


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How to Cite

Jantarakolica, T., & Moungnont, R. (2017). Behavioral Finance Factors and Investment Decision on Thai Mutual Fund. RMUTT GLOBAL BUSINESS ACCOUNTING AND FINANCE REVIEW, 1(1), 1–14. Retrieved from



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