Between Intuition and Ethics: A Qualitative Phenomenological Study of Investment Managers’ Decision-Making Experiences During Market Turbulence
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Abstract
Investment decision-making amid market turbulence presents not only analytical challenges but also psychological and ethical complexities for financial professionals. This study delves into the firsthand experiences of senior investment managers, exploring how they interpret and navigate systemic risk using an interpretative phenomenological framework. Nine participants (6 male, 3 female), each with over 10 years of professional experience in global financial institutions across Asia, Europe, and North America, were recruited through purposive sampling. Data were collected via semi-structured, in-depth interviews lasting 60–90 minutes, conducted either face-to-face or through secure video conferencing platforms., the research reveals that decision-making under uncertainty is profoundly shaped by three interwoven dimensions: the emotional burden of responsibility, reliance on professional intuition, and the struggle with ethical ambiguity. Participants frequently described suppressing internal anxiety to maintain external composure, highlighting the hidden emotional labor inherent in financial leadership roles. In moments when conventional risk models proved insufficient, intuition—rooted in experience and tacit knowledge—emerged as a critical tool. Simultaneously, ethical dilemmas surfaced, often involving conflicts between profit maximization and personal or societal values.
Interview transcripts were analyzed using NVivo 14 software, applying a multi-stage coding process consistent with interpretative phenomenological analysis (IPA). This included initial open coding, the identification of emergent themes, and iterative cross-case comparison to ensure analytic depth and thematic saturation. These findings offer a human-centered lens to financial decision-making, suggesting that investment practice is not merely a function of data analysis, but also a deeply subjective endeavor shaped by internal moral and emotional processes. The study advocates for institutional frameworks that support ethical reflection and psychological resilience, positioning these as essential complements to technical competence in finance. This work contributes to the growing discourse on experiential finance and calls for more integrative approaches in professional training and research.
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