{"id":"https://openalex.org/W7204277888","doi":"https://doi.org/10.1007/s44202-026-00860-y","title":"Gauging heuristics through mediation of risk perception and moderation of robo-advisor at Pakistan Stock Exchange in investment decision making","display_name":"Gauging heuristics through mediation of risk perception and moderation of robo-advisor at Pakistan Stock Exchange in investment decision making","publication_year":2026,"publication_date":"2026-08-26","ids":{"openalex":"https://openalex.org/W7204277888","doi":"https://doi.org/10.1007/s44202-026-00860-y"},"language":"en","primary_location":{"id":"doi:10.1007/s44202-026-00860-y","doi":"https://doi.org/10.1007/s44202-026-00860-y","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s44202-026-00860-y","pdf_url":null,"source":{"id":"https://openalex.org/S4210212592","display_name":"Discover Psychology","issn_l":"2731-4537","issn":["2731-4537"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["cwts-core","doaj","dongbi-d","jufo-1","norway-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Discover Psychology","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://doi.org/10.1007/s44202-026-00860-y","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5006383121","display_name":"Azam Anwar Khan","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I34476706","display_name":"DHA Suffa University","ror":"https://ror.org/01fyxr563","country_code":"PK","type":"education","lineage":["https://openalex.org/I34476706"]}],"countries":["PK"],"is_corresponding":false,"raw_author_name":"Azam Anwar Khan","raw_affiliation_strings":["Department of Management Sciences, DHA Suffa University, Karachi, Pakistan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Management Sciences, DHA Suffa University, Karachi, Pakistan","institution_ids":["https://openalex.org/I34476706"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5074122997","display_name":"Erum Fatima","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I34476706","display_name":"DHA Suffa University","ror":"https://ror.org/01fyxr563","country_code":"PK","type":"education","lineage":["https://openalex.org/I34476706"]}],"countries":["PK"],"is_corresponding":false,"raw_author_name":"Erum Fatima","raw_affiliation_strings":["Department of Management Sciences, DHA Suffa University, Karachi, Pakistan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Management Sciences, DHA Suffa University, Karachi, Pakistan","institution_ids":["https://openalex.org/I34476706"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5069541601","display_name":"Waqas Ahmad Watto","orcid":"https://orcid.org/0000-0003-3135-1682","observed_orcids":["https://orcid.org/0000-0003-3135-1682"]},"institutions":[{"id":"https://openalex.org/I127670440","display_name":"Bahauddin Zakariya University","ror":"https://ror.org/05x817c41","country_code":"PK","type":"education","lineage":["https://openalex.org/I127670440"]}],"countries":["PK"],"is_corresponding":false,"raw_author_name":"Waqas Ahmad Watto","raw_affiliation_strings":["Department of Commerce, Bahauddin Zakariya University, Multan, Pakistan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Commerce, Bahauddin Zakariya University, Multan, Pakistan","institution_ids":["https://openalex.org/I127670440"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5076355725","display_name":"Arfendo Propheto","orcid":"https://orcid.org/0009-0002-1328-4797","observed_orcids":["https://orcid.org/0009-0002-1328-4797"]},"institutions":[{"id":"https://openalex.org/I166073570","display_name":"Binus University","ror":"https://ror.org/03zmf4s77","country_code":"ID","type":"education","lineage":["https://openalex.org/I166073570"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Arfendo Propheto","raw_affiliation_strings":["Business Creation, BINUS Business School, Binus University, Jakarta, 15143, Indonesia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Business Creation, BINUS Business School, Binus University, Jakarta, 15143, Indonesia","institution_ids":["https://openalex.org/I166073570"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5007205574","display_name":"Aulia Luqman Aziz","orcid":"https://orcid.org/0000-0002-0017-433X","observed_orcids":["https://orcid.org/0000-0002-0017-433X"]},"institutions":[{"id":"https://openalex.org/I177055848","display_name":"University of Brawijaya","ror":"https://ror.org/01wk3d929","country_code":"ID","type":"education","lineage":["https://openalex.org/I177055848"]}],"countries":["ID"],"is_corresponding":true,"raw_author_name":"Aulia Luqman Aziz","raw_affiliation_strings":["Faculty of Administrative Science, Universitas Brawijaya, Malang, Indonesia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Faculty of Administrative Science, Universitas Brawijaya, Malang, Indonesia","institution_ids":["https://openalex.org/I177055848"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":4,"corresponding_author_ids":["https://openalex.org/A5007205574"],"corresponding_institution_ids":["https://openalex.org/I177055848"],"apc_list":{"value":1590,"currency":"USD","value_usd":1590},"apc_paid":{"value":1590,"currency":"USD","value_usd":1590},"fwci":11.1978,"has_fulltext":false,"cited_by_count":2,"citation_normalized_percentile":{"value":0.96078431,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":95,"max":96},"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.649399995803833,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.649399995803833,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.3052000105381012,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13744","display_name":"Financial Literacy and Behavior","score":0.024700000882148743,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/behavioral-heuristics","display_name":"behavioral heuristics","score":0.9909999966621399},{"id":"https://openalex.org/keywords/investment-decisions","display_name":"investment decision-making","score":0.9399999976158142},{"id":"https://openalex.org/keywords/individual-investors","display_name":"retail investors","score":0.8669999837875366},{"id":"https://openalex.org/keywords/robo-advisors","display_name":"robo-advisors","score":0.9710000157356262},{"id":"https://openalex.org/keywords/risk-perception","display_name":"risk perception","score":0.9869999885559082},{"id":"https://openalex.org/keywords/availability-heuristic","display_name":"availability heuristic","score":0.9599999785423279},{"id":"https://openalex.org/keywords/price-anchoring","display_name":"price anchoring","score":0.734000027179718},{"id":"https://openalex.org/keywords/loss-aversion","display_name":"loss aversion","score":0.9929999709129333},{"id":"https://openalex.org/keywords/behavioral-finance","display_name":"behavioral finance","score":0.6629999876022339},{"id":"https://openalex.org/keywords/pakistan-stock-exchange","display_name":"Pakistan Stock Exchange","score":0.7390000224113464}],"concepts":[{"id":"https://openalex.org/C127705205","wikidata":"https://www.wikidata.org/wiki/Q5748245","display_name":"Heuristics","level":2,"score":0.8325999975204468},{"id":"https://openalex.org/C93225998","wikidata":"https://www.wikidata.org/wiki/Q1941972","display_name":"Moderation","level":2,"score":0.5674999952316284},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.5425000190734863},{"id":"https://openalex.org/C163355716","wikidata":"https://www.wikidata.org/wiki/Q2154783","display_name":"Risk perception","level":3,"score":0.5277000069618225},{"id":"https://openalex.org/C179420905","wikidata":"https://www.wikidata.org/wiki/Q223871","display_name":"Mediation","level":2,"score":0.5270000100135803},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.4950999915599823},{"id":"https://openalex.org/C24614281","wikidata":"https://www.wikidata.org/wiki/Q17086331","display_name":"Moderated mediation","level":2,"score":0.4672999978065491},{"id":"https://openalex.org/C2778865806","wikidata":"https://www.wikidata.org/wiki/Q6060850","display_name":"Investment decisions","level":3,"score":0.4510999917984009},{"id":"https://openalex.org/C26760741","wikidata":"https://www.wikidata.org/wiki/Q160402","display_name":"Perception","level":2,"score":0.4422999918460846},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4237000048160553},{"id":"https://openalex.org/C173801870","wikidata":"https://www.wikidata.org/wiki/Q201413","display_name":"Heuristic","level":2,"score":0.4162999987602234},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.40610000491142273},{"id":"https://openalex.org/C18483071","wikidata":"https://www.wikidata.org/wiki/Q168432","display_name":"Anchoring","level":2,"score":0.38019999861717224},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.3743000030517578},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.373199999332428},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.3714999854564667},{"id":"https://openalex.org/C76073288","wikidata":"https://www.wikidata.org/wiki/Q1337875","display_name":"Financial risk","level":2,"score":0.3409000039100647},{"id":"https://openalex.org/C2778174566","wikidata":"https://www.wikidata.org/wiki/Q2874240","display_name":"Loss aversion","level":2,"score":0.3398999869823456},{"id":"https://openalex.org/C339426","wikidata":"https://www.wikidata.org/wiki/Q1151839","display_name":"Prospect theory","level":2,"score":0.33880001306533813},{"id":"https://openalex.org/C109574028","wikidata":"https://www.wikidata.org/wiki/Q647525","display_name":"Behavioral economics","level":2,"score":0.33329999446868896},{"id":"https://openalex.org/C129915516","wikidata":"https://www.wikidata.org/wiki/Q17083550","display_name":"Risk aversion (psychology)","level":3,"score":0.3124000132083893},{"id":"https://openalex.org/C26584437","wikidata":"https://www.wikidata.org/wiki/Q6060874","display_name":"Investment performance","level":4,"score":0.3018999993801117},{"id":"https://openalex.org/C98965940","wikidata":"https://www.wikidata.org/wiki/Q877496","display_name":"Transaction cost","level":2,"score":0.29649999737739563},{"id":"https://openalex.org/C165064840","wikidata":"https://www.wikidata.org/wiki/Q1321061","display_name":"Matching (statistics)","level":2,"score":0.288100004196167},{"id":"https://openalex.org/C59594135","wikidata":"https://www.wikidata.org/wiki/Q5249242","display_name":"Decision model","level":2,"score":0.28790000081062317},{"id":"https://openalex.org/C172256602","wikidata":"https://www.wikidata.org/wiki/Q780716","display_name":"Social exchange theory","level":2,"score":0.2870999872684479},{"id":"https://openalex.org/C75949130","wikidata":"https://www.wikidata.org/wiki/Q848010","display_name":"Database transaction","level":2,"score":0.28060001134872437},{"id":"https://openalex.org/C2778813691","wikidata":"https://www.wikidata.org/wiki/Q1369832","display_name":"Purchasing","level":2,"score":0.26600000262260437},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.2549000084400177}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1007/s44202-026-00860-y","doi":"https://doi.org/10.1007/s44202-026-00860-y","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s44202-026-00860-y","pdf_url":null,"source":{"id":"https://openalex.org/S4210212592","display_name":"Discover Psychology","issn_l":"2731-4537","issn":["2731-4537"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["cwts-core","doaj","dongbi-d","jufo-1","norway-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Discover Psychology","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.1007/s44202-026-00860-y","doi":"https://doi.org/10.1007/s44202-026-00860-y","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s44202-026-00860-y","pdf_url":null,"source":{"id":"https://openalex.org/S4210212592","display_name":"Discover Psychology","issn_l":"2731-4537","issn":["2731-4537"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["cwts-core","doaj","dongbi-d","jufo-1","norway-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Discover Psychology","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[{"id":"https://openalex.org/study-designs/observational-study","display_name":"Observational Study"}],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W2560474104","https://openalex.org/W7220167000","https://openalex.org/W4410332554","https://openalex.org/W7219370018","https://openalex.org/W7216699396","https://openalex.org/W4410033318","https://openalex.org/W7096289868","https://openalex.org/W4393171649","https://openalex.org/W7220671066","https://openalex.org/W2785794621"],"abstract_inverted_index":{"This":[0],"study":[1,142],"examines":[2],"how":[3,132],"behavioral":[4,127],"heuristics":[5,71,91,113],"influence":[6,105,111,135],"investment":[7,50,78,93,115,136],"decision-making":[8,137],"of":[9,22,28,112,153],"retail":[10],"investors":[11],"in":[12,49,157],"Pakistan":[13,15],"at":[14],"Stock":[16],"Exchange":[17],"specifically":[18],"the":[19,25,29,35,42,54,88,110,123,150],"moderating":[20],"effect":[21,27],"Robo-Advisors":[23],"and":[24,41,92,95],"mediating":[26],"risk":[30,119],"perception.":[31],"Findings":[32],"indicate":[33],"that":[34,83,102,122],"availability":[36],"heuristic,":[37,40,57],"price":[38],"anchoring":[39],"representative":[43],"heuristic":[44,133],"have":[45,61],"a":[46,62,68,73],"positive":[47,75],"role":[48,152],"decision":[51,107,159],"rather":[52],"than":[53],"loss":[55],"averse":[56],"which":[58],"does":[59],"not":[60],"significant":[63,74],"impact.":[64],"When":[65],"modeled":[66],"as":[67],"higher-order":[69],"construct,":[70],"demonstrate":[72],"relationship":[76,89],"with":[77],"decision-making.":[79],"The":[80,141],"findings":[81,124],"suggest":[82],"robo-advisory":[84],"usage":[85],"may":[86,104],"moderate":[87],"between":[90],"decision-making,":[94],"it":[96,103],"is":[97],"therefore":[98],"possible":[99],"to":[100,126],"assume":[101],"heuristic-driven":[106],"tendencies.":[108],"Also,":[109],"on":[114],"decisions":[116],"flows":[117],"through":[118,138],"perception":[120],"implying":[121],"contribute":[125],"finance":[128],"literature":[129],"by":[130],"clarifying":[131],"tendencies":[134],"perceived":[139],"risk.":[140],"offers":[143],"practical":[144],"insights":[145],"for":[146],"financial":[147],"institutions":[148],"regarding":[149],"potential":[151],"digital":[154],"advisory":[155],"technologies":[156],"investor":[158],"support.":[160]},"counts_by_year":[{"year":2026,"cited_by_count":2}],"updated_date":"2026-11-13T13:42:25.865203","created_date":"2026-08-27T00:00:00"}
