When the market moves: How stock market fluctuations shape risk-related behaviors at work

How employees' personal stock holdings perform during the day has become increasingly visible and accessible, yet research has rarely examined how fluctuations in those holdings shape employees' experiences at work. Integrating cross-domain spillover and regulatory focus theories, we propose that morning fluctuation in personal stock holdings spills over into the workplace by influencing employees' risk propensity-their willingness to take or avoid risks-and, in turn, their risk-related workplace behaviors. Specifically, drawing from regulatory focus theory, we propose that a more positive (vs. negative) fluctuation in personal stock holdings than usual is associated with subsequent increases (vs. decreases) in employees' willingness to engage in risk. In a 10-day experience sampling study of full-time employees who personally invest in the South Korean stock market, a more positive morning fluctuation in stock holding value than they typically experience predicted higher state risk propensity, which subsequently led to greater risk-taking behavior and voice. These indirect effects were moderated by long-term orientation, such that employees lower (vs. higher) in long-term orientation showed greater sensitivity to morning fluctuation in stock holding value. We then conducted two complementary experiments that supported the theorized regulatory focus mechanism by demonstrating that more positive fluctuation in personal stock holdings elicited promotion focus, whereas more negative fluctuation heightened prevention focus, and that these motivational states subsequently shaped employees' willingness to engage in risk. Together, these findings highlight employees' personal stock holdings as an overlooked source of daily behavioral variability at work. (PsycInfo Database Record (c) 2026 APA, all rights reserved).