Abstract

Efficient investment decision-making is a function of a free and efficient market. Government interference may distort such efficient markets and subsequent investment decision-making. We investigate the role of emotions in property fund managers' decisions and the extent of the influence of government actions on these decisions. The results show that property fund managers perceive the influence of national and local government actions on their investment decisions as negative with a feeling of regret towards these investment decisions made. It also shows the volatility of the South African property fund decision-making environment and its associated difficulties.