Mediating Role of Heuristics on the Relationship Between Emotion and Spending Decisions of Small and Medium Enterprises

Mediating Role of Heuristics on the Relationship Between Emotion and Spending Decisions of Small and Medium Enterprises

Nurazleena Ismail¹, Wan Zakiyatussariroh Wan Husin², Nik Maheran Nik Muhammad³, Aini Ismafairus Abd Hamid⁴

¹Faculty of Business and Management, Universiti Teknologi MARA, Malaysia

²College of Computing, Informatics and Media, Universiti Teknologi MARA, Malaysia

³Department of Academic Affairs, Universiti Malaysia Kelantan, Malaysia

⁴Department of Neuro, Universiti Sains Malaysia, Malaysia

DOI: https://dx.doi.org/10.47772/IJRISS.2024.81100019

Received: 17 October 2024; Accepted: 24 October 2024; Published: 27 November 2024

ABSTRACT

The study discusses the influence of emotional connection on entrepreneurs’ spending decisions. The study suggests that entrepreneurs may prioritize buying items that align with their values and goals; and that this emotional connection can be a significant factor in their spending decisions. The study also explores the role of heuristic behaviour as a moderator in this process. The field experiment is used to analyse the mediating effect of heuristics (behaviour factor) between emotion (neuro function) and spending decisions among entrepreneurs registered with “Pusat Usahawan MARA” (PUSMA) Kelantan. The data were analysed using analysis of variance (ANOVA) and general linear regression of multi-categorical factors.  It found that heuristic behaviour mediates the effect of emotion on spending decisions in partial mediation. It also highlights the importance of understanding the emotional factors that influence entrepreneurs’ spending decisions and suggests that these factors may be more significant than previously thought. This study provides a useful reference for future researchers interested in exploring the relationship between emotional connection and spending decisions among entrepreneurs. It also provides a valuable contribution to the literature on entrepreneurship and decision-making and offers insights that may be useful for entrepreneurs and policymakers alike. Further research needs to be explored by testing the heuristics behaviour as a moderator to examine the emotional connection that can influence the entrepreneurs spending decisions.

Keywords: behaviour, emotion, entrepreneurs, heuristics, spending  decisions

INTRODUCTION

Financial decision-making involves investment decisions, spending decisions, and financing decisions. The financial decision-making theories had been started with traditional theories, modern finance theories, and behavioural theories. Evolutionary finance and Adaptive Market Hypothesis (AMH) invoke neuroscience as a basis for behaviour. Therefore, emotional research has been explored due to dissatisfaction with prediction results in behavioural theories. This paper is considered to explore the spending decisions with emotional (neuro factor) and behavioural factors among small and medium-sized enterprises (SMEs) that are less attention by researchers. In developing countries, SMEs are drivers of economic growth. Interestingly, in 2022, it was recorded that 97.4% or 1,173,601 of business establishments  in Malaysia are MSMEs (SME Corporation, 2022), generating 38.4% of gross domestic product (GDP) and providing employment for 7.59 million (48.2%)  people. However, about 60% of MSMEs in Malaysia fail within 5 years of establishment (Ambad et. al., 2020). That is why the business owner could alert on their spending decisions to ensure the sustainability of the business in the future.

In the spending decisions for both individuals and corporations, the behaviour of spending is considering needs and motives to purchase goods and services. However, spending behaviour varies between individuals and business owners. The individuals purchase goods and services for personal use. The business owner decides whether to spend money on producing additional things or reselling goods and services to other businesses or consumers (Palalic et al., 2021). According to Palalic et al. (2021), business owners may make spending decisions for personal reasons, called informal spending. Occasionally, they nonetheless make poor spending choices that have an impact on their company’s performance. This is in line with a survey by US Bank, where 82% of business failures are due to poor cash management (Nickersin & Fitzpatrick, 2020). As a result, every time a business owner spends the company’s money, they risk becoming a statistic. Businesses are complex entities. There are numerous spending levers to pull, each with drastically diverse outcomes. As well emotional variables also can influence spending decisions. According to Chaudhury and Garg (2023), negative emotions such as disgust and sadness have different effects on spending decisions dependent on the perceived ownership of a commodity. Specifically, disgust reduced spending, while sadness increased spending on a new product. Positive emotions, such as happiness or excitement, may lead people to make impulsive or extravagant purchases. Heuristics are mental shortcuts or rules of thumb that people employ to make quick decisions and judgments, especially when processing all relevant information is difficult or impossible. These cognitive shortcuts can influence how people perceive and respond to risk, therefore mediating their financial decision-making processes (Jain et al., 2023). Thus, this paper aims to examine the mediating effect of heuristics between emotion and spending decision-making among business owners in SMEs.

LITERATURE REVIEW

Customers’ and businesses’ spending behaviours are typically associated with their buying behaviour. Spending behaviour takes into account the demands and motivations that drive client purchases, both individual and corporate. Kotler (1988) defines buying behaviour as the study of what, when, where, how, and how frequently people purchase a product (e.g., a good or service).

• Spending Behaviour and SMEs

Consumer spending behaviour differs greatly from that of businesses because people buy goods and services for personal use. Businesses purchase items to make other products or to market to other businesses or consumers (Palalic et al., 2021). It demonstrates that the participants, traits, influences, and buying processes differ between the two groups. There is scant literature describing spending in SMEs, including books and periodicals, with no specific information on SME behaviour and its spending spinoffs. This is because SMEs are categorized as “normative” or “conservative” buyers, and the lack of application makes this contradiction untested (Bloaji et al., 2024). According to Palalic et al. (2021), formal and informal purchasing decisions are made by the sole proprietor of small businesses. A human being cannot act in business situations like a robot. From a marketer’s point of view, success or failure could indicate that the homemaker wins or loses, or vice versa. Theoretically, insights into SME spending behaviour can be gained by candid conversations between individuals and business entities using a validated spending behaviour model.

In Malaysia, small and medium enterprises (SMEs) are a very heterogeneous group. The SMEs operate their businesses in different natures of business, different market environments, different sectors, and different skills. They are involved in different natures of business like restaurants and food processing, retail and wholesale trade, metal fabrication, furniture assembling, transport services, private education, health, agriculture, construction, and mining and quarrying. SMEs also operate in different market environments such as urban, rural, online, physical, domestic, regional, and international (SME Masterplan, 2012-2020). Additionally, these SMEs may be formal or in the informal sector, and they possess different levels of skills depending on the different nature of the business. SMEs are drivers of economic growth in developing countries. Interestingly, in 2022, it was recorded that 97.4% or 1,173,601 of business establishments in Malaysia are SMEs (SME Corporation, 2022) and they provide 48.2% of the total employment generated in Malaysia. SMEs also generate 38.4% of Malaysia’s gross domestic product (GDP).

• Spending Decisions and Emotions

Referring to the spending decision, Hutahayan (2021) investigated individuals’ budgeting habits and discovered that confident budgeters frequently rationalize their expenses during the pandemic Covid-19. Those with lower scores, on the other hand, are more likely to approach budget control via an emotional rather than cognitive lens. The way a person thinks about money influences their capacity to budget. When people recognize money as one of their most important resources, they are more likely to keep to a budget to ensure consistent spending. Relying on emotions to track a budget might be counterproductive, resulting in weak financial records. (Mardiana & SeTin 2023).

Emotions play an important influence in financial decision-making. They can be divided into two categories: core emotions (directly relevant to the decision at hand) and incidental emotions (unrelated to the decision). Both types have a significant influence on spending behaviour. According to Zaleskiewicz and Traczyk (2020), positive emotions might lead to more optimistic risk assessments, whilst negative emotions may result in more conservative financial decisions. Positive and negative mood states can influence spending behaviour (Lerner et al., 2015). They discovered that positive moods frequently result in higher expenditure as people try to sustain their good mood through purchasing. Negative moods, on the other hand, can lead to greater expenditure as an emotional compensation or decreased spending as a result of a more careful attitude.

Furthermore, emotions influence entrepreneurial decision-making. Entrepreneurs frequently work in high-stress conditions, where emotional reactions might impact their judgments. Fear, excitement, and optimism are among the emotions that might influence risk assessment and financial decisions (Treffers et al. 2017). The research discovered that good emotions like confidence and enthusiasm can motivate entrepreneurs to take big chances, whilst negative emotions like fear and worry may lead to more conservative decisions. Serna-Zuluaga et al. (2024) show that emotions can influence financial decisions in a variety of ways. Positive emotions in entrepreneurs make them more likely to engage in risk-taking behaviors, which can lead to creative enterprises and prospective growth. Negative emotions, on the other hand, might lead to risk aversion, which may limit prospects for growth. The severity of these feelings might vary based on the entrepreneur’s experience level, with inexperienced entrepreneurs frequently experiencing higher degrees of worry than their more experienced peers.

Understanding the emotional reasons underlying spending decisions can aid in the development of effective financial management techniques for entrepreneurs. Entrepreneurship training programs, for example, that emphasize the emotional aspects of decision-making may be more effective in encouraging prudent financial behaviour. Moreover, giving emotional support and stress management services might help entrepreneurs make more balanced and educated financial decisions (Serna-Zuluaga et al., 2024).

• The Theories

Spending decisions are one of the elements in financial decision-making. The evolution of financial decision-making theories began in 1952 with Markowitz’s portfolio theory, which focused on optimizing investments. Fama’s Efficient Market Hypothesis in the 1970s challenged these theories, leading to the introduction of behavioral finance by Kahneman & Tversky and Simon. However, these models were incomplete without considering behaviour and psychology. In 2005, neurofinance emerged, focusing on the human brain’s workings. However, the mind still struggles with predictability, leading to the use of biological tools to understand it.

Thus, traditional finance research has not adequately explained how individuals make financial decisions in particular contexts, presuming rationality. Because of this, Tversky & Kahneman  (1974) suggest that behavioural finance occurs when people make irrational decisions in risky and unclear situations. Scholars are beginning to recognize and understand how heuristic behaviour influences financial decision-making (Bruckmaier et al. 2021; Harvey, 2020). In behavioural finance, irrational decision-making can lead to different decisions based on asymmetric information. Research in heuristics and biases is regularly analysed as a factor contributing to decision-making. However, Nigam et al. (2018) suggest testing the mediating and moderating effect of heuristics in any field of research.

This research is in line with the Prospect Theory and Bounded Rationality Theory. According to prospect theory, when a prospect’s contingent rewards and losses are evaluated, it provides the results of risky decision-making behavior and risk preferences (Kahneman & Tversky 1979, 1992). Decision-makers are primarily risk-averse in the gain domain and primarily risk-seeking in the loss domain (Prietzel, 2020). In 1947, Herbert Simon developed the idea of bounded rationality, or the boundary notion of rationality, in response to the restricted availability of both internal and external knowledge for making decisions. According to his findings, the agent’s inability to access information depended on cognitive processes, which in turn constrained the degree of rationality that could be applied to decision-making (Liu, 2023; Viale et al., 2023)

METHODOLOGY

• Research Design

This research is conducted in a non-contrived setting to establish cause-and-effect relationships using the natural environment, which is called a field experiment (Sekaran & Bougie, 2016). The experiment is one of the best research designs to reveal a causal relationship between variables (Grabbe. 2015). The researcher does interfere with the natural events as much as the independent variable is manipulated. The experiment in this research is designed to examine the effect of emotion on spending decisions among the entrepreneurs of SMEs in Kelantan. It owes to the fact that entrepreneurs of SMEs are having the issue of poor financial decision-making leads to a massive number of business failures (Lo et al., 2016), especially among new entrepreneurs within five years of business operations (Kannan, 2016).

• Participants

 Forty-two homogeneous entrepreneurs registered with “Pusat Usahawan MARA” (PUSMA) Kelantan that met the inclusion criteria for the experiment and passed the emotion evaluation were used as experimental units. In research involving the experiment, it is possible to conduct the experiment with the sample size as small as 10 to 20 in size to ensure the successful research (Bougie & Sekaran, 2019). The small number of participants are controllable during the experiment (Montgomery, 2013). In addition, the result is reliable when the variation in the mean value of small number of participants will be more possible as compared the mean value of the large number of participants to generalize the conclusions made from small sample (Bougie & Sekaran, 2019).

• Experiment Procedure

 This research employs a true experiment using a one-factor completely randomized design in designing experiment. In this research, emotion as a factor has been manipulated into positive and negative emotions. These two manipulations together with a control treatment are used as treatments that had been assigned randomly to the experimental units. This design of the experiment includes both experimental and control groups; and records the information before and after the experiment (called pretest and post-test experimental) for all groups (Bougie & Sekaran, 2019). During the experiment, the 14 entrepreneurs were treated for positive emotion treatment where each subject watched four video clips of excitement and happy emotions derived from drama and comedy genres as well as documentary, another 14 entrepreneurs were treated for negative emotion treatment, where each subject watched four video clips of fear and sad in genres of horror, drama, and trackjacker, while for 14 entrepreneurs that treat as a control having a sharing session on emotion management. The data were collected using a spending decision-making questionnaire before and after the experiment.

• Data Analysis

The data collected from this experiment were then analysed using a one-way analysis of variance (ANOVA) model that compares the mean response values of spending decision-making at different levels of emotion (Montgomery, 2013). Each level of emotion (control, positive, and negative) is investigated to see if the response to spending decisions is significantly different from the response at other levels of the factor. Thus, the hypotheses are as follows:

Hypothesis 1:

There is a significant effect between emotion and spending decisions.

Hypothesis 1a:

There is a significant effect between positive emotion and spending decisions.

Hypothesis 1b:

There is a significant effect between negative emotion and spending decisions.

Furthermore, this study also investigated the mediating effect of heuristics on spending decisions and emotions where the mediation analysis using general linear regression of multicategorical emotion (control group, positive group, and negative group) was used. The general linear modeling approach was articulated by the researcher to estimate the direct and indirect effects when the independent variable is multicategorical (Hayes & Preacher, 2014). It was analysed using SPSS PROCESS Macro Version 3.3 (PROCESS V3.3) developed by Hayes (2019).  Thus, the hypotheses are as follows:

Hypothesis 2:

The mediating effect of the heuristic significantly influences emotion and spending decisions.

Hypothesis 2a:

The mediating effect of the heuristic significantly influences positive emotion and spending decisions.

Hypothesis 2b:

The mediating effect of the heuristic significantly influences the negative emotion and spending decisions.

RESULTS

One-way ANOVA is used to examine the different effects of emotion on the mean of spending decisions for the three groups. Table 1 shows the summary of ANOVA for spending decisions. The result shows the mean values for each group are 6.0857 (control), 5.5000 (negative emotion), and 4.6000 (positive emotion) respectively. The ANOVA result explains there is a statistically significant effect between emotion and spending decision, where  F-value = 20.069 with p-value = <0.001 is less than significance value 0.05. The effect was very strong (η2 = 0.5072), with 50.72% of changes in spending decisions being explained by emotional factors. Therefore, hypothesis 1 is supported. Tukey test displays the multiple comparisons between groups. The mean difference in Tukey’s test shows that different effects exist between the control group and negative emotion group (p-value = 0.045); between the control group and positive emotion group (p-value = <0.001); and between positive emotion and negative emotion (p-value = 0.001). Hence, it can be concluded that the hypotheses 1a and 1b are supported which explained spending decisions are affected by the positive emotion and negative emotion.

Table 1: Summary of ANOVA for Spending Decision

Note: η2 = 0.5072

The effect of emotion on spending decisions is mediated by heuristic as shown in Table 2. The result showed that the mediating effect of the heuristic significantly influences emotion and spending decisions with F-value = 18.5101 and p-value = <0.001. Hence, hypothesis 2 is supported. Additionally, Table 2 also shows the negative emotion (D1) and positive emotion (D2) have significant effects on spending decisions. The negative emotion is directly (c’₁ = -0.6298, p-value = 0.0235) and indirectly effect by intervening of heuristic (a₁,b = -0.0388; CI: -0.9846, -0.1113) on spending decision. It shows that both effects reduce the spending decision in negative emotion which indicates negative emotion has a significant effect on poor spending decisions. So, hypothesis 2b is supported. Likewise, the positive emotion directly (c’₂ = -1.6731, p-value =  <0.001) and indirectly effect through heuristic (a₂,b = -0.0328; CI: -1.8394, -1.0462) on spending decision. However, both reduce the spending decision which explains that positive emotion has a significant effect on poor spending decisions. Thus, the hypothesis 2a is not supported. The results show that spending decision was reduced by 0.63% on negative emotion. Furthermore, the spending decision shows about 0.04% lower (compared with a control group) through the indirect effect of the heuristic. For the positive emotion, the hypothesis is not supported due to spending being reduced by 1.7% in positive emotion and 0.3% lower through the indirect effect of the heuristic. It means that the positive emotion directly and indirectly affects of heuristic on poor spending decisions as compared with a control group. It is shows that the heuristic mediates the effect of emotion on spending decisions in partial mediation as shown by the model presented in Figure 1.

Table 2: The Effect of Emotion on Spending Decision Through Heuristic

Figure 1: Heuristic: Partial Mediation of Emotion on Spending Decisions

DISCUSSIONS

This study found that emotions play a significant role in spending decisions, and this is true for entrepreneurs as well (González-Padilla et al., 2023). The ANOVA shows that entrepreneurial spending decisions and emotions are closely related. However, it contradicts the result from mediation analysis when Lerner et al. (2015) and Zuluaga et al. (2024)  show emotions play a vital role in influencing decisions, and positive emotions have been proven to deliver better decisions and outcomes. In this study, positive emotions do not affect good spending decisions among entrepreneurs. It means that when the positive emotions run high, it can affect the entrepreneur’s decision-making, and too much emotion can be bad, even if the emotions seem pleasant and productive (Zuluaga et al., 2024; González-Padilla et al., 2023). Furthermore, entrepreneurs may feel excited about new products or technologies that can help them improve their business. This excitement can lead to impulse buying or investing in new tools or services without fully evaluating their benefits and costs (Su et al., 2020). On the other hand, negative emotions cause bad spending decisions among entrepreneurs when the results show direct and indirect effects by mediating heuristic behaviour. It is in line with the study by Joseph et al. (2023), who mentioned that entrepreneurs may also experience fear or anxiety about missing out on opportunities or falling behind their competitors. This fear can lead to overspending on marketing, advertising, or other business expenses without a clear strategy or return on investment.

CONCLUSIONS AND RECOMMENDATIONS

Overall, it can be concluded that emotions can have both positive and negative effects on entrepreneurs’ spending decisions.  By understanding these emotions and their underlying motivations, entrepreneurs can make more informed and strategic spending decisions that align with their business goals and values. Entrepreneurs may feel a sense of satisfaction or accomplishment when they make a successful spending or investment. This emotion can reinforce their spending behavior and encourage them to continue making similar decisions in the future. Additionally, it was found that the heuristic’s mediating effect on both positive and negative emotions had a significant effect on poor spending decisions. This study has high practical implications for entrepreneurs as it’s important to keep an eye out for these signs and check the numbers before and after listening to your gut. Emotions are not the enemy of good decision-making, but it’s essential to find a balance between emotions and logic to make the best decisions. Entrepreneurs need to make decisions all day long, and it’s important to prevent emotions from obscuring logical decision-making processes. Emotions can help entrepreneurs make better decisions, and suppressing emotions can make one exhausted and unpleasant. This study also gives theoretical implications that can be a reference for future researchers to explore further on this similar area. It is suggested that further research on testing the heuristics behaviour as a moderator to look at the emotional connection can influence the entrepreneurs spending decisions as they may prioritize buying items that align with their values and goals.

ACKNOWLEDGMENT

We would like to express our sincere gratitude to all those who have contributed to completing this research. We are grateful to Pusat Usahawan MARA” (PUSMA) Kelantan for providing the necessary resources and facilities to conduct this research. Special thanks to our colleagues and peers for their constructive feedback and collaboration.

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