Scopus (CiteScore 2022 =3.0, Q3) , ISC

Document Type : Review Article

Author

Department of Accounting, Islamic Azad University of Kerman, Kerman, Iran

Abstract

Financial behaviors such as risk-taking highly depend on brain function. On the other hand, the brain is affected by various physiological, biological, environmental, genetic, and other related factors. One of the important factors that overshadow financial behavior is the chemistry and biochemistry of the brain, which the effect of hormones on brain function falls within this area. Hormones are chemicals with receptors all over the body including brain, which affect risk taking behavior, assessment, attitude and other factors which lead to changes in decision making. In the last three decades, researchers in financial science, economics, neuroscience, neuroeconomics, and other fields have examined the effects of various biological factors including hormones and neurotransmitters on decision making, risk attitude, risk assessment, both in humans and other animals to find experimental results for assessing the relation of biological factors and financial behaviors. The present study reviews some of the most important studies conducted in the recent decade on the period of 2010-2019 concerning the chemical effects of the two hormones of testosterone and cortisol on people financial behavior.

Graphical Abstract

Chemistry of financial behaviors: a mini review of hormones effect on financial behaviors (2010-2019)

Keywords

Main Subjects

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