Purpose: The primary purpose of the study was to examine the roles of heuristic techniques and cognitive biases in Investment decision making and suggest directions for future research. Design/Methodology/Approach: The study adopted the literature review method to solicit an understanding of the heuristics and biases central to behavioural finance and influence investment decision-making. Findings: The paper provides conceptual insights into the influence of heuristic techniques and cognitive biases in investment decision-making. Results from the conceptual analysis show that in recent times, investors in their bid to minimise losses and maximize gains employ a range of heuristics which often lead to systematic errors in judgment. Practical Implications: The paper encourages investors to prioritise financial literacy as a prerequisite to making investment decisions in the capital market and minimise the overreliance on heuristic techniques which often lead to biases. Originality/Value: The current study is the first to focus on the influence of both heuristic techniques and cognitive biases in investment decision-making together with suggested future research directions. This article enhances understanding of the behavioural finance approach to investment decision-making.

All over the world, investment decisions are regarded as critical decisions. Investors prior to the investment decision would like to know the possible risk and returns associated with the kind of investment to be undertaken. Investors make an excellent investment decision based on facts and figures. Since an investor cannot just by looking at a stock say whether it is overvalued, undervalued or at a fair value. This study is based on a literature review determining the intrinsic value of a stock using the Discounted Cash Flow model, with a particular emphasis on the Internal Rate of Return (IRR) and Net Present Value (NPV) approaches, and their influence on investment decision-making. This study recommends that for investors to make a profitable investment decision, they must focus on investments with intrinsic value equal or higher than the market price of stocks.

The wrong financial decisions can cripple a sound business strategy; thus, an organisaton’s business strategy and financial decisions must work in tandem and effectively to achieve value and competitive advantage to exploit the inconsistencies in the market it operates. Hence, financial decisions and business strategy are crucial to attaining organisational competitiveness leading to sustainable competitive advantage. Therefore, using the literature review method, this conceptual paper examined the roles of financial decisions and business strategy in achieving organisational competitiveness and impacting on sustainable competitive advantage. Further, the article recommends research propositions based on empirical examination of the relationship and impact of financial decisions and strategy on organisational competitiveness and sustainable competitive advantage.