Investigating the Impact of Digital Games on Managers’ Financial Decision-Making Styles: The Mediating Role of Cognitive Biases and the Moderating Roles of Gender and Educational Level

Hadi  Behmadi; Majid Ashrafi; Jomadoordi Gorganli davaji; Maryam  Bokharaeian Khorasani

Authors

Hadi Behmadi Department of Financial Engineering, AK.C., Islamic Azad University, Aliabad Katoul, Iran. Author https://orcid.org/0009-0000-7205-7020
Majid Ashrafi Department of Financial Engineering, AK.C., Islamic Azad University, Aliabad Katoul, Iran. Author https://orcid.org/0000-0003-2299-5208
Jomadoordi Gorganli davaji Department of Accounting, AK.C., Islamic Azad University, Aliabad Katoul, Iran. Author https://orcid.org/0000-0002-9151-0537
Maryam Bokharaeian Khorasani Department of Accounting, AK.C., Islamic Azad University, Aliabad Katoul, Iran. Author https://orcid.org/0009-0008-0597-8397

Keywords:

Digital Games, Financial Decision, Making Style, Cognitive Bias, Gender, Education Level

Abstract

This study aimed to investigate the impact of digital gaming patterns on managers’ financial decision-making styles, considering the mediating role of cognitive biases and the moderating roles of gender and educational level. This applied, cross-sectional, descriptive-correlational study was conducted among senior Iranian managers and financial decision-makers in 2025. Using purposive, snowball, and professional-network sampling, 321 valid questionnaires were obtained from chief executive officers, chief financial officers, board members, investment and risk managers, budget managers, entrepreneurs, and senior financial analysts. Data were collected using a composite questionnaire assessing challenge-oriented gaming, immediate reward, social competition, surface progression, cognitive biases, and five financial decision-making styles. The instruments demonstrated acceptable reliability, convergent validity, and discriminant validity. Data were analyzed using SPSS 28 and SmartPLS 4 through Partial Least Squares Structural Equation Modeling, 5,000-resample bootstrapping, mediation analysis, and permutation-based multi-group analysis. Challenge-oriented gaming negatively predicted cognitive biases (β = -.14, p = .007) and positively predicted analytical decision-making (β = .28, p < .001). Immediate reward (β = .31), social competition (β = .19), and surface progression (β = .24) positively predicted cognitive biases (all p < .001). Cognitive biases negatively predicted analytical decision-making (β = -.39, p < .001) and positively predicted intuitive (β = .33), dependent (β = .29), avoidant (β = .46), and spontaneous styles (β = .42; all p < .001). Significant indirect effects confirmed mediation through cognitive biases. Multi-group analysis further showed significant gender and educational-level differences in several structural paths. Digital gaming patterns are differentially associated with managers’ financial decision-making, with cognitive biases functioning as an important explanatory mechanism and gender and educational level shaping selected relationships.

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