Personality and disruption-driven investment decision-making: reflective accounts of property fund managers

Purpose This study examines how personality influences disruption-driven property investment decisions. Despite extensive research on property investment decision-making, the explicit consideration of investor personality and its impact on the decision-making process in a disrupted market remains underexplored. Design/methodology/approach By focusing on the unique personalities, perceptions and experiences of decision-makers, this study leveraged the five-factor theory of personality and a qualitative strategy involving the phenomenological evaluation of property fund managers (PFMs). Experienced PFMs across major Real Estate Investment Trusts (REITs) in New Zealand were engaged in semi-structured interviews, where they provided reflective, in-depth accounts of how they made disruption-driven investment decisions in their respective organisations. Findings The research findings indicate that PFMs' personality traits shape their risk perception, opportunity recognition and strategic responses to market disruptions. Specific traits were reported to influence how managers adapt investment strategies, collaborate and make decisions amidst market uncertainties. Practical implications Understanding the influence of personality traits on disruption-driven property investment decision-making could enable REITs to align fund management and investment roles with decision-makers' dispositional strengths, enhance decision-making efficiency and promote targeted training to support employee and organisational development. Originality/value The study advances the property investment decision-making literature by providing original empirical evidence that links personality to disruption-driven investment behaviour. The research findings also offer practical insights that could enhance the decision-making process by highlighting the need for property investment decision-makers to understand their peculiar personality traits and associated tendencies.