The impact of country-of-origin cues on consumer investment behavior
通过两个网络实验，研究了共同基金的原产国如何影响消费者对金融质量的感知，发现原产国影响投资者对风险和回报的评价，且强势金融品牌能部分抵消此效应。
Purpose Choosing how to invest one’s assets is one of the more important decisions consumers are faced with. However, determining the objective financial quality of complex investment products such as mutual funds is not an easy task for consumers. Against this background, this study aims to clarify the potential impact of one, not necessarily rational, cue on consumer perceptions of financial quality in the investment context: the country-of-origin (COO) of the mutual fund or stock. Design/methodology/approach Two Web-based experiments are used to test the study’s hypotheses. Findings COO is found to impact investors’ evaluation of the financial metrics of mutual funds, both in terms of perceived risk and potential return. Moreover, the results of Experiment 2 show that although a strong financial brand can partially overcome the COO effect, the extent of this effect is moderated by whether the fund utilizes an active or passive management style. Research limitations/implications Although mutual fund providers with a strong financial country image (CI) may leverage that image and build on their home country’s brand, providers from countries with a poor financial CI may do well focusing on passive management to minimize negative COO influence. Originality/value The results highlight that COO can be an important source of sub-optimal investment decisions. These insights are of high importance for efforts to improve consumer decision-making and for individual service providers.