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2025-08-14
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Copyright (c) 2025 Jing Yang, Yulin Qin, Mingjun Wang, Nelli Akylbekova, Quanshui Hu, Saida Ibraimova

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How to Cite
Analysis of managers' decision-making psychology and behavior patterns based on market research
Jing Yang
Kyrgyz State University named after Ishenaly Arabaev Bishkek, 720026, the Kyrgyz Republic, Bishkek, Kyrgyz, (employer) Henan Polytechnic, 450046, Zhengzhou, Henan, China.
Yulin Qin
Malaysia INTl Interational university, Negeri Sembilan, 71800, Malaysia
Mingjun Wang
Kyrgyz State University named after Ishenaly Arabaev,720026, Bishkek, the Kyrgyz Republic
Nelli Akylbekova
Nelli Akylbekova Institute of Management and Business Kyrgyz National University named after Jusup Balasagyn 720033, 547 Frunze Str., Bishkek, Kyrgyz Republic
Quanshui Hu
Henan Polytechnic, 450046, Zhengzhou, Henan, shui_2000@163.com
Saida Ibraimova
Kyrgyz Economic University named after M. Ryskulbekov Kyrgyz Republic, Bishkek City, Togolok Mordo No. 58
DOI: https://doi.org/10.59429/esp.v10i8.3894
Keywords: Managerial decision-making; cognitive biases; confirmation bias; overconfidence bias; anchoring bias; emotional influences; stress in decision-making; sustainable development
Abstract
This study investigates how psychological biases (e.g., confirmation bias, overconfidence bias, anchoring bias) and emotional factors (e.g., stress) influence managerial decision-making using market research data. A mixed-methods analysis revealed that cognitive biases (e.g., confirmation bias mean = 3.7) and stress (mean = 4.1) negatively impact decision quality, while confidence in market research enhances outcomes (p < 0.01). In-depth interviews with senior managers confirmed that despite frequent use of market data (mean = 4.2), biases and emotions often override objective analysis. The expectancy-confirmation theory (Ramasamy et al., 2024) explains how managers selectively prioritize information that aligns with pre-existing beliefs, neglecting conflicting data—a pattern observed in this study. Regression models further demonstrated that while biases (e.g., confirmation, overconfidence) correlate negatively with decision accuracy (p < 0.01), reliance on market research improves results. These findings highlight the need for training in psychological awareness and emotional intelligence to mitigate bias-driven errors, fostering more data-informed and sustainable decision-making processes.
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