THE RELATIONSHIP BETWEEN RISK MANAGEMENT STRATEGIES AND INVESTMENT BEHAVIOR OF GENERATION Z RETAIL INVESTORS IN STA. MESA, MANILA

Risk Management Strategies and Investment Behaviors are considered important factors in the investing activities of the retail investors. This study seeks to determine the relationship between Risk Management Strategies and Investment Behavior of Generation Z retail investors. The study is a correlational research and purposive sampling was used to select the respondents for this study. Cochran’s formula was utilized to determine the total sample size or total number of respondents. Spearman’s Rank-Order Correlation was employed to assess the significant relationship of Risk Management Strategies and Investment Behaviors. Based on the results, it showed that risk management strategies have a significant relationship with one or more of the investment behaviors. Risk avoidance has a significant relationship with confirmation bias. Risk reduction has a significant relationship with all of the investment behaviors such as overconfidence, loss-aversion, recency bias, and confirmation bias. Risk transfer shows a significant relationship with only loss-aversion and confirmation bias. And lastly, risk acceptance also has a significant relationship with all of the investment behaviors. This study recommends exploring other types of behavioral biases under cognitive bias and emotional bias to determine their correlation with risk management strategies. Also, broadening the sample size, demographic scope, and geographic scope of the study can improve the generalizability of the study and provide a more comprehensive understanding of the relationship between investment behavior and risk management strategies. The researchers also recommend to utilize interviews and focus group discussions to gain an in-depth understanding of the underlying values and attitudes concerning investment behavior.风险管理策略（Risk Management Strategies）与投资行为（Investment Behaviors）是影响个人零售投资者投资活动的核心要素。本研究旨在探究Z世代零售投资者的风险管理策略与投资行为之间的关联。本研究属于相关性研究，采用目的抽样法（purposive sampling）选取受访对象，并通过科克伦公式（Cochran’s formula）计算总样本量与有效受访人数。本研究采用斯皮尔曼等级相关分析法（Spearman’s Rank-Order Correlation），检验风险管理策略与投资行为间的显著关联。研究结果显示，风险管理策略与至少一项投资行为存在显著关联：风险规避（risk avoidance）与证实偏差（confirmation bias）存在显著关联；风险降低（risk reduction）与所有考察的投资行为均存在显著关联，包括过度自信、损失厌恶（loss-aversion）、近因偏差（recency bias）与证实偏差；风险转移（risk transfer）仅与损失厌恶、证实偏差两项投资行为存在显著关联；最后，风险接受（risk acceptance）与所有投资行为均存在显著关联。本研究建议进一步探索认知偏差与情绪偏差下的其他行为偏差类型，以明确其与风险管理策略的相关性。此外，扩大研究的样本量、人口统计学范畴与地理覆盖范围，可提升研究结果的可推广性，进而更全面地阐释投资行为与风险管理策略间的关联。研究团队同时建议采用访谈法与焦点小组讨论法，以深入探究投资者关于投资行为的内在价值取向与态度。