Key behavioral factors of participant groups in the Ukrainian stock market
DOI:
https://doi.org/10.26661/2522-1566/2026-3/37-09Keywords:
participant groups of the stock market, behavioral finance, behavioral factors, challenges, the stock.Abstract
The article is devoted to developing new scientific solutions regarding the determination of key behavioral factors of participant groups in the Ukrainian stock market. The study proved that the development of effective stimulating measures for the development of Ukraine's stock market is possible only on the basis of identification and consideration of the behavioral factors influencing the main groups of stock market participants in the country. The article aims to identify the key behavioral factors influencing groups of participants in the Ukrainian stock market based on a review of scholarly works by foreign and Ukrainian researchers, an analysis of the country’s stock market development, and an examination of the actions of major groups of stock market participants under wartime challenges. Methodology: A set of general and special methods was applied at the empirical and theoretical levels, including critical literature analysis to evaluate academic research in the field of behavioral finance; historical comparative quantitative analysis to examine the development of the Ukrainian stock market in 2021–2025; logical generalization to identify the key behavioral factors affecting the defined groups of participants in the Ukrainian stock market; synthesis to identify the key groups of participants in the Ukrainian stock market; and systematization, grouping, and logical generalization to systematize information and formulate the conclusions and scientific proposals of the study. Results: The study allowed for the identification of the key behavioral factors influencing the defined groups of participants in the Ukrainian stock market, such as Ukrainian issuers, excluding the state and municipal authorities; the state; municipal authorities (local self-government bodies); professional investors, including institutional investors; private investors, households; and foreign investors. Practical significance: The practical implementation of the proposals and conclusions of this article should be considered in the context of their importance for developing ways to stimulate the development of Ukraine’s stock market amid the wartime and post-war transformation of the country’s economic system. Uniqueness/value: The scientific study, based on the author's definition of the term "behavioral finance," proposed expanding the range of behavioral factors that influence the stock market by incorporating behavioral factors associated with the digitalization of the market. It also suggested identifying behavioral factors according to the key groups of stock market participants, based on an analysis of the development of a specific stock market, namely the Ukrainian stock market.
JEL класифікація: Е37, Е44, G20.
References
1. Weild D., Kim E., Newport L. Making Stock Markets Work to Support Economic Growth : Implications for Governments, Regulators, Stock Exchanges, Corporate Issuers and their Investors. OECD Corporate Governance Working Papers No. 10. 2013. URL: https://www.oecd.org/en/publications/making-stock-markets-work-to-support-economic-growth_5k43m4p6ccs3-en.html
2. Chowdhury E. K. Role of Stock Exchanges in Regional Economic Progress : A South Asia Perspective. Chittagong Independent University. 2024. 16 р.
3. Han Kim E., Singal V. Stock Market Openings : Experience of Emerging Economies. The Journal of Business. 2000. Volume 73. № 1. URL: https://www.jstor.org/stable/10.1086/209631?seq=1
4. Шулик Ю. В. Стан та перспективи розвитку фондового ринку України. Наукові записки Національного університету «Острозька академія». Серія «Економіка». 2024. № 33(61). С. 69–80.
5. Чернега В. В. Сучасний стан та перспективи розвитку фондового ринку України. Економіка та суспільство. 2024. Випуск 67. URL: https://doi.org/10.32782/2524-0072/2024-67-144
6. Тімошенко Н.М. Стратегічні напрями розвитку фондового ринку України. Економіка та суспільство. 2023. Випуск 53. URL: https://doi.org/10.32782/2524-0072/2023-53-11
7. Перегуда Ю. А. Ринок цифрових фінансових активів та фондовий ринок України : напрями взаємодії та перспективи розвитку. Розвиток міста. 2026. № 2 (10). URL: https://doi.org/10.32782/city-development.2026.2-22
8. Бражник Л. В., Капаєва Л. М. Цифровізація та модернізація інфраструктури фондового ринку України : сучасні виклики та перспективи. Інфраструктура ринку. 2025. №84. URL: https://doi.org/10.32782/infrastruct84-15
9. Townsend M. Ready or Not, the Digital Stock Market Is Coming. Charles Schwab. 2026. URL: https://www.schwab.com/learn/story/ready-or-not-digital-stock-market-is-coming
10. Шишкіна О., Борисенко І. Типи і принципи поведінки інвесторів на фінансових ринках в умовах цифрової економіки. Проблеми і перспективи економіки та управління. 2023. № 2 (30). С. 101–114.
11. Ricciardi V., Simon H. K. What is behavioral finance? Business, Education & Technology Journal. 2000. № 2 (2). URL: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=256754
12. Перегуда Ю. А., Вдовенко Н. М. Вплив тіньової і поведінкової економіки на адаптацію фінансових інструментів сталого розвитку та фінансової безпеки держави. Наукові записки Львівського університету бізнесу та права. 2024. № 40. URL: https://nzlubp.org.ua/index.php/journal/article/view/1108
13. Bishop G. W. Charles H. Dow and The Dow Theory. New York : Appleton-Century-Crofts Inc., 1960. URL: https://archive.org/details/charleshdowdowth0000geor/page/n7/mode/2up
14. Pigou A. C. Industrial Fluctuations. The Quarterly Journal of Economics. 1928. Volume 42. № 4. URL: https://www.jstor.org/stable/1882538?seq=1
15. Baruch B. M. Baruch : My Own Story. New York : Henry Holt and Co., 1957. URL: https://archive.org/details/baruchmyownstory0000unse/page/n5/mode/2up
16. Elliott R. N. The Wave Principle. Igal Meirovich, 2012. URL: https://socionomics.net/the-elliott-wave-principle
17. Tversky A., Kahneman D. Judgment under uncertainty : Heuristics and biases. Science, New Series. 1974. Volume 185. № 4157. URL: https://www.jstor.org/stable/1738360
18. Shahzad M. A., Jianguo D., Jan N., Rasool Y. Perceived Behavioral Factors and Individual Investor Stock Market Investment Decision : Multigroup Analysis and Major Stock Markets Perspectives. Sage Open. 2024. № 14 (2). URL: https://journals.sagepub.com/doi/10.1177/21582440241256210
19. Barber B. M., Odean T. Trading Is Hazardous to Your Wealth : The Common Stock Investment Performance of Individual Investors. Journal of Finance. 2000. Volume LV. № 2. URL: https://faculty.haas.berkeley.edu/odean/papers%20current%20versions/individual_investor_performance_final.pdf
20. Olsen R. A. Behavioral Finance and Its Implications for Stock-Price Volatility. Financial Analysts Journal. 1998. Volume 2. № 54. URL: https://ideas.repec.org/a/taf/ufajxx/v54y1998i2p10-18.html
21. Fromlet H. Behavioural finance – theory and practical application. Business Economics. 2001. № 7(1). URL: https://www.jstor.org/stable/23488166
22. Ліпич М.А. Поведінкові фінанси : концептуалізація поняття. Вісник ОНУ імені І.І. Мечникова. 2014. Том 19. Випуск 3/4. С. 54-58.
23. Понзель В. В. Поведінкові фінанси : як психологія впливає на прийняття інвестиційних рішень? Актуальні питання економічних наук. 2024. № 6. URL: https://doi.org/10.5281/zenodo.14287748
24. Державна служба статистики України. Валовий внутрішній продукт 2022-2025. 2026. URL: https://stat.gov.ua/uk/explorer
25. World Bank Group. Stocks traded, total value (% of GDP) – Ukraine, 2022-2025. 2026. URL: https://data.worldbank.org/indicator/CM.MKT.TRAD.GD.ZS?year=2022&locations=UA
26. World Bank Group. Stocks traded, total value (% of GDP), 2022-2025. 2026. URL: https://data.worldbank.org/indicator/CM.MKT.TRAD.GD.ZS?year=2022
27. World Bank Group. Market capitalization of listed domestic companies (current US$) – Ukraine, 2010-2025. 2026. URL: https://data.worldbank.org/indicator/CM.MKT.LCAP.CD?locations=UA&year=2022
28. Національна комісія з цінних паперів та фондового ринку. Інформаційна довідка щодо розвитку фондового ринку України протягом 2021-2025 років. Аналітичні дані щодо розвитку фондового ринку. 2026. URL: https://www.nssmc.gov.ua/news/insights
29. Державна служба статистики України. Кількість діючих підприємств 2021-2025. 2026. URL: https://stat.gov.ua/uk/explorer
30. Державна служба статистики України. Капітальні інвестиції підприємств 2021-2025. 2026. URL: https://stat.gov.ua/uk/explorer
31. Державна служба статистики України. Обсяг інвестиції 2021-2025. 2026. URL: https://stat.gov.ua/uk/explorer
32. Державна служба статистики України. Обсяг інвестиції за джерелами фінансування 2021-2025. 2026. URL: https://stat.gov.ua/uk/explorer
33. Національний банк України. Цінні папери 2021-2025. 2026. URL: https://bank.gov.ua/ua/statistic/sector-financial
34. Національний банк України. Акціонерний капітал 2021-2025. 2026. URL: https://bank.gov.ua/ua/statistic/sector-financial
REFERENCES
Weild, D., Kim, E., Newport, L. (2013). Making Stock Markets Work to Support Economic Growth: Implications for Governments, Regulators, Stock Exchanges, Corporate Issuers and their Investors. OECD Corporate Governance Working Papers No. 10. https://www.oecd.org/en/publications/making-stock-markets-work-to-support-economic-growth_5k43m4p6ccs3-en.html
Chowdhury, E. K. (2024). Role of Stock Exchanges in Regional Economic Progress : A South Asia Perspective. Chittagong Independent University.
Han Kim, E., Singal, V. (2000). Stock Market Openings: Experience of Emerging Economies. The Journal of Business, 73, 1. https://www.jstor.org/stable/10.1086/209631?seq=1
Shulyk, Y. V. (2024). State and prospects for the development of the stock market in Ukraine. Scientific Notes of Ostroh Academy National University, Economics Series, 33(61), 69–80.
Cherneha, V. V. (2024). Current state and development prospects of the stock market of Ukraine. Economy and Society, 67. https://doi.org/10.32782/2524-0072/2024-67-144
Timoshenko, N. М. (2023). Strategic directions of the development of the stock market of Ukraine. Economy and Society, 53. https://doi.org/10.32782/2524-0072/2023-53-11
Pereguda, Y. А. (2026). Digital financial assets market and the ukrainian securities market : areas of interaction and development prospects. City development, № 2 (10). https://doi.org/10.32782/city-development.2026.2-22
Brazhnуk, L. V., Kapaieva, L. М. (2025). Digitalization and modernization of the infrastructure of Ukraine's stock market: current challenges and prospects. Market Infrastructure, 84. https://doi.org/10.32782/infrastruct84-15
Townsend, M. (2026). Ready or Not, the Digital Stock Market Is Coming. Charles Schwab. https://www.schwab.com/learn/story/ready-or-not-digital-stock-market-is-coming
Shyshkina, O., & Borysenko, I. (2023). Types and principles of the investors’ behavior in financial markets in the conditions of the digital economy. Problems and Prospects of Economics and Management, 2(30), 101–114.
Ricciardi, V., Simon, H.K. (2000). What is behavioral finance? Business, Education & Technology Journal, 2 (2). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=256754
Pereguda, Y. А., Vdovenko, N. M. (2024). The influence of the shadow and behavioral economy on the adaptation of financial instruments of sustainable development and state financial security. Scientific Notes of Lviv University of Business and Law, 40. https://nzlubp.org.ua/index.php/journal/article/view/1108
Bishop, G. W. (1960). Charles H. Dow and The Dow Theory. New York : Appleton-Century-Crofts Inc. https://archive.org/details/charleshdowdowth0000geor/page/n7/mode/2up
Pigou, A. C. (1928). Industrial Fluctuations. The Quarterly Journal of Economics, 42 (4). https://www.jstor.org/stable/1882538?seq=1
Baruch, B. M. (1957). Baruch : My Own Story. New York : Henry Holt and Co. https://archive.org/details/baruchmyownstory0000unse/page/n5/mode/2up
Elliott, R.N. (2012). The Wave Principle. Igal Meirovich. https://socionomics.net/the-elliott-wave-principle
Tversky, A., Kahneman, D. (1974). Judgment under uncertainty : Heuristics and biases. Science, New Series, 185 (4157). https://www.jstor.org/stable/1738360
Shahzad, M. A., Jianguo, D., Jan, N., Rasool, Y. (2024). Perceived Behavioral Factors and Individual Investor Stock Market Investment Decision : Multigroup Analysis and Major Stock Markets Perspectives. Sage Open, 14(2). https://journals.sagepub.com/doi/10.1177/21582440241256210
Barber, B. M., Odean, T. (2000). Trading Is Hazardous to Your Wealth : The Common Stock Investment Performance of Individual Investors. Journal of Finance, LV (2). https://faculty.haas.berkeley.edu/odean/papers%20current%20versions/individual_investor_performance_final.pdf
Olsen, R. A. (1998). Behavioral Finance and Its Implications for Stock-Price Volatility. Financial Analysts Journal, 2 (54). https://ideas.repec.org/a/taf/ufajxx/v54y1998i2p10-18.html
Fromlet, H. (2001). Behavioural finance – theory and practical application. Business Economics, 7(1). https://www.jstor.org/stable/23488166
Lipych, M. A. (2014). Behavioral finance : conceptualizing the concept. Odesa National University Herald, 19 (3/4), 54-58.
Ponzel, V. V. (2024). Behavioral Finance : How Psychology Influences Investment Decision Making?. Current Issues of Economic Sciences, 6. https://doi.org/10.5281/zenodo.14287748
The State Statistics Service of Ukraine (2026). Gross domestic product 2022-2025. https://stat.gov.ua/uk/explorer
World Bank Group (2026). Stocks traded, total value (% of GDP) – Ukraine, 2022-2025. https://data.worldbank.org/indicator/CM.MKT.TRAD.GD.ZS?year=2022&locations=UA
World Bank Group (2026). Stocks traded, total value (% of GDP), 2022-2025. https://data.worldbank.org/indicator/CM.MKT.TRAD.GD.ZS?year=2022
World Bank Group (2026). Market capitalization of listed domestic companies (current US$) – Ukraine, 2010-2025. https://data.worldbank.org/indicator/CM.MKT.LCAP.CD?locations=UA&year=2022
The National Securities and Stock Market Commission (2026). Information Brief on the Development of the Ukrainian Stock Market (2021–2025). Analytical Data on Stock Market Development. https://www.nssmc.gov.ua/news/insights
The State Statistics Service of Ukraine (2026). Number of operating enterprises (2021–2025). https://stat.gov.ua/uk/explorer
The State Statistics Service of Ukraine (2026). Enterprise capital investments (2021–2025). https://stat.gov.ua/uk/explorer
The State Statistics Service of Ukraine (2026). Investment volume 2021–2025. https://stat.gov.ua/uk/explorer
The State Statistics Service of Ukraine (2026). Investment volume by funding source 2021-2025. https://stat.gov.ua/uk/explorer
The National Bank of Ukraine (2026). Securities 2021-2025. https://bank.gov.ua/ua/statistic/sector-financial
The National Bank of Ukraine (2026). Equity Capital 2021-2025. https://bank.gov.ua/ua/statistic/sector-financial
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Management and Entrepreneurship: Trends of Development
This work is licensed under a Creative Commons Attribution 4.0 International License.
