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Entrepreneurship and Sustainability Issues Open access
Journal Impact FactorTM (2022) 1.7
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Received: 2018-03-19  |  Accepted: 2018-05-05  |  Published: 2018-09-30


Behavior of the Lithuanian investors at the period of economic growth


Modern scientists speak and write about investor’s psychological factors, decision-making processes, and the importance of financial behavior in the investment process. One of the modern theories – an efficient market – focused on rational investors. According to it, investors rationally manage their investment portfolio; rationally respond to constantly changing information and make rational changes to newly acquired information. However, the prospect theory has proven that irrational investor decisions play an important role in the investment process. An assessment of irrationality of investors is important for governments, fund managers and investors, eventually for all participants of financial market. For some, this is an opportunity to additional funds, to receive higher income, for others, would provide the added value, as they could identify themselves as investors. Understanding how decisions are influenced by behavior it is important both for self-education and investment decision-making. The article aims to identify the typology of the Lithuanian investors by distinguishing behavioral deviations that influence the behavior of investors’ decisions in the stage of the country’s economic growth. The research will identify types of physical entities, behavioral deviations, motives of investment decisions made. The qualitative and quantitative methods are used to perform the research: investor inquiry, correlation and regression analysis.


behavior finance, behavioral deviations, investment decisions

JEL classifications

D90 , D14 , E71






This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License


Bikas, Egidijus
Vilnius University, Vilnius, Lithuania
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Saponaitė, Vitalija
Vilnius University, Vilnius, Lithuania
Articles by this author in: CrossRef |  Google Scholar

Journal title

Entrepreneurship and Sustainability Issues





Issue date

September 2018

Issue DOI


ISSN 2345-0282 (online)


VšĮ Entrepreneurship and Sustainability Center, Vilnius, Lithuania


Google Scholar

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