Yes it does. But it is also subjective in that what affects one person will affect another very differently. Some people like to be in darker rooms, others would go crazy. Some people can only live in stark white rooms and others would be very unhappy living in such a 'sterile' environment and crave colour. Lighting, also a form of colour, has the same effect. Some like it very subdued others prefer a brightly lit almost harshly lit environment. It isnt just the colour of the room either. Its the colours we wear. When we wear red for example it could make you feel aggressive and assertive and for some people not so calm. Others wear pale pastel colours and tend to be of a more tranquil nature. Black is one of those that works both ways: Some it makes aggressive and some it makes serene and calm, others it makes for somewhere or something to hide in - definitely one of the most controversial colours for its affects on the human psyche.