Βehavioral factors in ship investment decisions: a systematic review

Behavioral finance in shipping has attracted growing scholarly attention over the past few decades, as researchers seek to develop a more realistic account of ship investment behavior. This study provides the first systematic review of the maritime literature on behavioral factors in ship investment decisions, examining how such factors are defined, conceptualized, and empirically assessed. The review reveals that the existing body of research is characterized by conceptual fragmentation, mixed and often inconclusive evidence, and a predominant reliance on inferred rather than empirically tested causal relationships. In response, the study makes a clear conceptual distinction between macro-level behavioral drivers (i.e. market sentiment) and micro-level behavioral drivers (i.e. individual cognitive biases) and synthesizes previously dispersed cognitive constructs into a coherent typology tailored to the maritime context. By strengthening conceptual clarity and theoretical coherence, this study contributes to the consolidation of behavioral research in shipping and offers insights for ship investors seeking to improve the quality of their investment decisions.