Structure and sequence of decision making in financial online social networks

Abstract

Online Social Communities and Networks (OSNs) have become a popular source of information for those seeking advice for everyday decision making. A key benefit of OSNs is known to be the provision of free and easy access to a wide range of information, largely unconstrained by geographical barriers and free of charge. This paper specifically addresses the potential use of OSNs as a support tool for financial decision making. The key objectives of this paper are to explore and identify the structure and sequence of decision-making phases in financial OSNs (FOSNs). This research uses Netnography - a qualitative research method to achieve these objectives. Key results suggest that most of the decision-making phases identified by Simon and Mintzberg are present in FOSNs and that the sequence of these phases tends to be anarchical.