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This study investigates how psychological biases (e.g., confirmation bias, overconfidence bias, anchoring bias) and emotional factors (e.g., stress) influence managerial decision-making using market research data. A mixed-methods analysis revealed that cognitive biases (e.g., confirmation bias mean = 3.7) and stress (mean = 4.1) negatively impact decision quality, while confidence in market research enhances outcomes (p < 0.01). In-depth interviews with senior managers confirmed that despite frequent use of market data (mean = 4.2), biases and emotions often override objective analysis. The expectancy-confirmation theory (Ramasamy et al., 2024) explains how managers selectively prioritize information that aligns with pre-existing beliefs, neglecting conflicting data—a pattern observed in this study. Regression models further demonstrated that while biases (e.g., confirmation, overconfidence) correlate negatively with decision accuracy (p < 0.01), reliance on market research improves results. These findings highlight the need for training in psychological awareness and emotional intelligence to mitigate bias-driven errors, fostering more data-informed and sustainable decision-making processes.
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