Financial Services Review | 2026
Authors: Colbeck R.; D’alessandro S.; Minas J.
DOI: 10.61190/zsy7wg09
Journal: Financial Services Review
Year: 2026
Publisher: Academy of Financial Services
Document Type: Article
Open Access: All Open Access; Gold Open Access; Green Open Access
Cited by: 1
This research focuses on decision-making by trustees of self-managed superannuation funds (SMSFs) in Australia. Behavioral attributes are examined using the four-quadrant model (FQM) developed by Lovric et al. (2010), comprising the cognitive, affective, controlled, and automatic quadrants. The FQM integrates two closely related dual-process theories (DPT). Both the DPT framework and the FQM draw on foundational principles from the cognitive and behavioral sciences. The result of the mixed methods study uses the FQM to explain investment decision-making. The dataset was examined using cluster analysis to identify underlying group structures, followed by regression modelling to assess the relationships between key variables. The model can also predict trustees who seek investment advice and those who act independently. The FQM was also associated with different styles of investment decision-making by the SMSF trustees and investors. Under the model, trustees and investors are classified as active or passive investors. A key finding of the research is that investment decision-making often includes emotions and feelings as overriding influences and nonrational behavior can, and does determine investment decisions. © 2026, Academy of Financial Services. All rights reserved.