University of Isfahan Journal of Asset Management and Financing 2383-1189 11 4 2023 12 22 Explaining the Dimensions of Sentiment Management for Asset Management Services Customers Using Meta-Synthesis Explaining the Dimensions of Sentiment Management for Asset Management Services Customers Using Meta-Synthesis 1 28 27667 10.22108/amf.2023.137559.1797 FA Vahid Nasehifar Associate Professor, Department of Business Administration, Faculty of Management and Accounting, Allameh Tabataba’i University, Tehran, Iran Zohreh Dehdashti Shahrokh Professor, Department of Business Administration, Faculty of Management and Accounting, Allameh Tabataba’i University, Tehran, Iran Mohammad Taghi Taghavifard Professor, Department of Operations Management and Information Technology, Faculty of Management and Accounting, Allameh Tabataba’i University, Tehran, Iran Mohsen Lalejini Ph.D. Candidate, Faculty of Management and Accounting, Allameh Tabataba’i University, Tehran, Iran Journal Article 2023 05 02 This research seeks to provide a model for explaining the dimensions of customer sentiment management of asset management services, including investment funds and portfolio-managed accounts, using meta-synthesis application. By reviewing and screening 254 papers written between 2002-2022, coding was done by studying 49 studies. Finally, the components were classified with 32 final codes as basic themes and 5 codes as organizing themes. The reliability and validity of the model were calculated by a Kappa coefficient equal to 0.78, which is at the level of excellent agreement. Since this study uses the meta-synthesis method, its innovation is a method that examines all national and international studies in this field and identifies the dimensions of the subject completely and comprehensively for the readers. According to the results, the components of customer sentiment management dimensions of asset management services were categorized with five themes including the importance of sentiment management, influencing factors on customer sentiments, sentiment characteristics, sentiment management practices, and results of sentiment management. The results can be used by managers of asset management institutions in designing strategies for managing customers' sentiments. Keywords: Customer Satisfaction, Sentiment Management, Asset Management, Meta-synthesis, Capital Market. Introduction Clients of asset management companies are people who invest in investment funds or privately managed accounts. Meanwhile, individual investors have emotional orientations (Tabatabaei, et al. 2021). Several studies such as Gutsche et al. (2023) and Heeb et al. (2022) showed that emotions play an important role in investment behaviors. In addition, Imbug et al. (2018), believe that managing sentiments and experiences is very important to attract new customers. The main problem is that due to insufficient research in the field of emotions, the managers of asset management companies in Iran do not have a framework to understand the dimensions of managing the sentiments of their customers. So, the research question is: what are the dimensions of managing the sentiments of clients of asset management services? Various research has been conducted in the field of investors' feelings and behavior in financial markets, such as the book Investor Behavior written by Baker and Riccardi (2014). In addition, Riccardi (2005) examined a large volume of literature in the field of behavioral finance and emotions, and it became a good starting point for those interested in this field. Goodell et al. (2023) also answered the question of which emotions in which conditions cause a certain effect in the market by reviewing thirty years of papers in the field of emotions and the stock market. So, the main objective of this research is to provide a framework for the optimal design of marketing strategies based on customer sentiments by identifying the dimensions of customer sentiment management of asset management services. Materials and Methods The method of this study is meta-synthesis, which is a type of literature review. The steps of this meta-synthesis are based on the seven-step method of Barroso and Sandelowski (2007). These steps consist of research question design, systematic literature review, search and selection of appropriate sources, information extraction from sources, analysis and combination of qualitative findings, quality control, and presentation of findings. In the first step, the research question was designed as follows: What are the dimensions of managing the sentiments of clients of asset management services? A systematic review of the texts with the keywords of customers' sentiment, experience, marketing, asset management, and emotions in the database was done. In this study, by examining 254 published papers and filtering the papers in terms of title, abstract, and content suitability with the subject under investigation from the years 2002 to 2022, finally studying 49 papers, three-stage coding (i.e. open, axial, and selective coding) was done. Finally, the components were categorized with 32 final codes under the title of basic themes and 5 codes under the title of organizing themes. The reliability and validity of the model were calculated through the Kappa coefficient equal to 0.78, which is at the level of excellent agreement. Research Findings In the first step of this meta-synthesis, we found 254 papers, which were screened based on issues such as title, abstract, content, and research method, and the final 49 papers were selected for review in the next stages. Finally, after analyzing these papers line by line and combining the qualitative findings, 32 basic themes and 5 organizing themes were categorized as follows. Table 1. Organizing and basic themes Basic themes Organizer themes High effectiveness of asset management service customers from emotions The importance of sentiment management Predictability of customer behavior Customer behavior control Creating value and rebuilding relationships with customers Attracting new customers Trust in the asset management company Influencing factors on customer sentiments Customer experiences The media Return on assets in asset management services Portfolio composition and asset management service risk The level of customer expectation of service quality Customer's risk-taking level Political and economic factors Financial and income profile of customers The level of knowledge and awareness of customers The influence of people around Create satisfaction Results of sentiment management Create a sense of security Build loyalty Changing customers' judgments Changing sales level and customer retention Reciprocal effect on employees Lack of stability of emotions Sentiments characteristics Spreading feelings to others Variety of positive and negative emotions Predictability of sentiment Ability to influence sentiment The complexity of managing sentiment Ways of recognizing emotions Sentiment management practices Choice of sentiment management strategy Tools for influencing emotional stimuli Effective communication to manage sentiment Discussion and Conclusions Considering that the behavior of investors originates from their emotional tendencies (Hoseini & Morshedi, 2019) and until now a framework for optimizing marketing strategies based on the sentiments of clients of asset management services has not been available to managers, the purpose of this study was to explain the dimensions of managing the sentiments of clients of asset management services. The good news is that sentiments are predictable and can be influenced by proper management (Phung, T., & Khuong, 2016). Each customer faces different emotions such as fear or avoiding regret, overconfidence, conservatism, etc. (KhoshTinat & Nadi Ghomi, 2010). According to Wiener (2009), we should first recognize these feelings and then provide an appropriate response to them. Some of the factors influencing sentiments such as customer experiences, their financial and income profile, and their level of knowledge and awareness are individual characteristics. Some others, such as the level of risk-taking, level of customer expectation, and composition and risk of the portfolio are determined by the relationship between the customer and the company. Macro factors such as political and economic factors are also beyond the control of company managers (Khalfaoui, et al. 2019). Other factors such as trust in the company, advertising, communication with customers, and the returns of the funds are completely under the control of the companies. Therefore, managers are recommended to promote their company brand and provide good services. To influence sentiments, they can use effective communication tools such as public relations and information, electronic marketing, call center, advertising, and direct communication (Bandpay, et al. 2023). Acknowledgments We are grateful to Mrs. Neda Omidi, who accompanied the researchers during the stages of this study, including the coding of themes, and to Mrs. Akram Lalejini, who worked diligently in editing the paper. This research seeks to provide a model for explaining the dimensions of customer sentiment management of asset management services, including investment funds and portfolio-managed accounts, using meta-synthesis application. By reviewing and screening 254 papers written between 2002-2022, coding was done by studying 49 studies. Finally, the components were classified with 32 final codes as basic themes and 5 codes as organizing themes. The reliability and validity of the model were calculated by a Kappa coefficient equal to 0.78, which is at the level of excellent agreement. Since this study uses the meta-synthesis method, its innovation is a method that examines all national and international studies in this field and identifies the dimensions of the subject completely and comprehensively for the readers. According to the results, the components of customer sentiment management dimensions of asset management services were categorized with five themes including the importance of sentiment management, influencing factors on customer sentiments, sentiment characteristics, sentiment management practices, and results of sentiment management. The results can be used by managers of asset management institutions in designing strategies for managing customers' sentiments. Keywords: Customer Satisfaction, Sentiment Management, Asset Management, Meta-synthesis, Capital Market. Introduction Clients of asset management companies are people who invest in investment funds or privately managed accounts. Meanwhile, individual investors have emotional orientations (Tabatabaei, et al. 2021). Several studies such as Gutsche et al. (2023) and Heeb et al. (2022) showed that emotions play an important role in investment behaviors. In addition, Imbug et al. (2018), believe that managing sentiments and experiences is very important to attract new customers. The main problem is that due to insufficient research in the field of emotions, the managers of asset management companies in Iran do not have a framework to understand the dimensions of managing the sentiments of their customers. So, the research question is: what are the dimensions of managing the sentiments of clients of asset management services? Various research has been conducted in the field of investors' feelings and behavior in financial markets, such as the book Investor Behavior written by Baker and Riccardi (2014). In addition, Riccardi (2005) examined a large volume of literature in the field of behavioral finance and emotions, and it became a good starting point for those interested in this field. Goodell et al. (2023) also answered the question of which emotions in which conditions cause a certain effect in the market by reviewing thirty years of papers in the field of emotions and the stock market. So, the main objective of this research is to provide a framework for the optimal design of marketing strategies based on customer sentiments by identifying the dimensions of customer sentiment management of asset management services. Materials and Methods The method of this study is meta-synthesis, which is a type of literature review. The steps of this meta-synthesis are based on the seven-step method of Barroso and Sandelowski (2007). These steps consist of research question design, systematic literature review, search and selection of appropriate sources, information extraction from sources, analysis and combination of qualitative findings, quality control, and presentation of findings. In the first step, the research question was designed as follows: What are the dimensions of managing the sentiments of clients of asset management services? A systematic review of the texts with the keywords of customers' sentiment, experience, marketing, asset management, and emotions in the database was done. In this study, by examining 254 published papers and filtering the papers in terms of title, abstract, and content suitability with the subject under investigation from the years 2002 to 2022, finally studying 49 papers, three-stage coding (i.e. open, axial, and selective coding) was done. Finally, the components were categorized with 32 final codes under the title of basic themes and 5 codes under the title of organizing themes. The reliability and validity of the model were calculated through the Kappa coefficient equal to 0.78, which is at the level of excellent agreement. Research Findings In the first step of this meta-synthesis, we found 254 papers, which were screened based on issues such as title, abstract, content, and research method, and the final 49 papers were selected for review in the next stages. Finally, after analyzing these papers line by line and combining the qualitative findings, 32 basic themes and 5 organizing themes were categorized as follows. Table 1. Organizing and basic themes Basic themes Organizer themes High effectiveness of asset management service customers from emotions The importance of sentiment management Predictability of customer behavior Customer behavior control Creating value and rebuilding relationships with customers Attracting new customers Trust in the asset management company Influencing factors on customer sentiments Customer experiences The media Return on assets in asset management services Portfolio composition and asset management service risk The level of customer expectation of service quality Customer's risk-taking level Political and economic factors Financial and income profile of customers The level of knowledge and awareness of customers The influence of people around Create satisfaction Results of sentiment management Create a sense of security Build loyalty Changing customers' judgments Changing sales level and customer retention Reciprocal effect on employees Lack of stability of emotions Sentiments characteristics Spreading feelings to others Variety of positive and negative emotions Predictability of sentiment Ability to influence sentiment The complexity of managing sentiment Ways of recognizing emotions Sentiment management practices Choice of sentiment management strategy Tools for influencing emotional stimuli Effective communication to manage sentiment Discussion and Conclusions Considering that the behavior of investors originates from their emotional tendencies (Hoseini & Morshedi, 2019) and until now a framework for optimizing marketing strategies based on the sentiments of clients of asset management services has not been available to managers, the purpose of this study was to explain the dimensions of managing the sentiments of clients of asset management services. The good news is that sentiments are predictable and can be influenced by proper management (Phung, T., & Khuong, 2016). Each customer faces different emotions such as fear or avoiding regret, overconfidence, conservatism, etc. (KhoshTinat & Nadi Ghomi, 2010). According to Wiener (2009), we should first recognize these feelings and then provide an appropriate response to them. Some of the factors influencing sentiments such as customer experiences, their financial and income profile, and their level of knowledge and awareness are individual characteristics. Some others, such as the level of risk-taking, level of customer expectation, and composition and risk of the portfolio are determined by the relationship between the customer and the company. Macro factors such as political and economic factors are also beyond the control of company managers (Khalfaoui, et al. 2019). Other factors such as trust in the company, advertising, communication with customers, and the returns of the funds are completely under the control of the companies. Therefore, managers are recommended to promote their company brand and provide good services. To influence sentiments, they can use effective communication tools such as public relations and information, electronic marketing, call center, advertising, and direct communication (Bandpay, et al. 2023). Acknowledgments We are grateful to Mrs. Neda Omidi, who accompanied the researchers during the stages of this study, including the coding of themes, and to Mrs. Akram Lalejini, who worked diligently in editing the paper.

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