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Article
Publication date: 21 June 2022

Sumit Kumar Maji and Arindam Laha

The article makes a modest attempt to explore the level of financial literacy (FL) amongst the farmers in India. An effort was also made to unearth the factors affecting such FL.

Abstract

Purpose

The article makes a modest attempt to explore the level of financial literacy (FL) amongst the farmers in India. An effort was also made to unearth the factors affecting such FL.

Design/methodology/approach

The study used secondary data on 11,030 farmers across various regions of India from the Financial Inclusion Insight Survey, 2017. Standard and Poor Global FL questions were used to measure the level of FL amongst the respondents. In addition to the appropriate statistical tools and techniques, the censored tobit regression model and generalized structural equation model were applied to explore the determinants of FL of the Indian farmers.

Findings

The outcome of the study indicated that the majority of Indian farmers are financially illiterate. The average FL score obtained by the sample farmers was found to be only 33%. The results of the study signaled significant regional variation in FL amongst the farmers across India. Apart from the regional variation in FL, farmer type, state-specific agricultural productivity, gender, marital status, age, educational attainment and financial inclusion were found to be the major determinants of the FL amongst the farmers.

Originality/value

Evaluation of FL amongst farmers is scanty in the literature in developed nations and especially in the context of emerging economies, like India. The authors tried to fill this gap by exploring FL and its determinants amongst Indian farmers. In addition to this, the study for the first time used a comprehensive and rich dataset of 11,030 Indian farmers while exploring the level of FL and its determinants.

Details

Agricultural Finance Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0002-1466

Keywords

Article
Publication date: 25 April 2022

Péter Kiszl and Bea Winkler

The recent financial crises and the economic problems caused by the pandemic highlight the importance of financial literacy (FL). Libraries have an essential role in…

Abstract

Purpose

The recent financial crises and the economic problems caused by the pandemic highlight the importance of financial literacy (FL). Libraries have an essential role in developing informational literacy and promoting access to information. In this study the authors seek to identify, based on the published literature, in which areas and in what roles libraries engage in the development of FL, and what options are available for those who intend to set out in this direction in the near future.

Design/methodology/approach

The basis of the research is a review of the literature, as comprehensive as possible, achieved by keyword- and discipline-focused searches run in the Library, Information Science and Technology Abstracts (LISTA), the Web of Science (WoS) and the Scopus database. At the beginning of the study, the initial list of results had 765 publications, but this number decreased significantly after removing duplicates and sorting the results. Finally, 138 publications were included in the analysis.

Findings

Libraries engage in the development of FL mostly through their collections, with recommendations, through education, by organizing programs and through information service. Most successful methods do not require any specialized FL knowledge from librarians. Necessary competences are more related to organizational skills, cooperation with partners and creativity.

Research limitations/implications

The study is based on publications which include the term financial culture, any of its synonyms, or broader or more specific terms and which are related to libraries in the manner described in the search strategy. The international literature databases chosen for the searches limited the scope of the articles available for inclusion.

Originality/value

The study summarizes the results in libraries related to FL from the past 10 years. There has been no other similar summary published recently applicable in practice.

Details

Reference Services Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0090-7324

Keywords

Article
Publication date: 4 April 2022

Riidhi Jain, Dipasha Sharma, Abhishek Behl and Aviral Kumar Tiwari

The purpose of this study is to examine the role of personality traits (PTs) of individual investors on their investment intention (II). Further, to study the mediating…

Abstract

Purpose

The purpose of this study is to examine the role of personality traits (PTs) of individual investors on their investment intention (II). Further, to study the mediating role of overconfidence (OC) bias and financial literacy (FL) on the relationship between PTs and II.

Design/methodology/approach

The present study uses the quantitative approach for the data collection from the sample of 327 Indian investors investing in the stock market. The questionnaire was divided into segments to assess the investor’s PTs, OC, FL and II. The PT has been measured using the Big Five Personality Traits. Confirmatory factor analysis was used to test the reliability and validity of the constructs. The hypothesis was tested using structural equation modeling.

Findings

Findings of the study show that the PTs of an individual investor are associated with FL and II but insignificant with OC bias. Further, the FL and OC bias have a positive and significant influence on II. In addition, the mediation analysis showed that FL partly mediates the relationship between PTs and II.

Practical implications

The present study is helpful for financial companies, government, personal finance advisors and individual investors; they can keep in mind the behavior-related traits that can influence the investment decisions and design the portfolio accordingly. The policy-makers can implement programs on FL to enhance investment decisions in India.

Originality/value

This paper is unique that covers the mediating role of psychological bias, i.e. OC bias and FL, between the PTs and II of an Indian investor.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 29 March 2022

Mohd Adil, Yogita Singh and Mohd Shamim Ansari

In an emerging economy like India, the contribution of Indians in the stock market is very low, despite having the highest percentage of savings. The research tries to…

Abstract

Purpose

In an emerging economy like India, the contribution of Indians in the stock market is very low, despite having the highest percentage of savings. The research tries to look for the variables which influence the investor's intentions to invest in the Indian stock market, by considering the theory of planned behavior (TPB). Moreover, the study incorporates financial literacy (FL) in the model to examine its influence on investors’ investment intention and also examine the moderation effect of financial literacy.

Design/methodology/approach

Data were collected using a structured questionnaire from a sample of 393 respondents by using the convenience sampling method which is followed by the snowball sampling technique. For testing the research hypotheses, SEM and PROCESS macro v3.0 for SPSS were taken into consideration.

Findings

The results explain that factors of TPB i.e. attitude (AT), subjective norms (SNs) and perceived behavioral control (PBC) are significantly associated with investment intentions (IIs). Furthermore, along with the original components of the TPB model, Financial Literacy (FL) was also incorporated in the model, which predicted the investors' intention better. The results also stated that FL has a positive impact on AT, PBC and II. Moreover, results reveal that FL moderates the association between AT, PBC and II.

Research limitations/implications

The study describes that financial literacy can help in increasing the participation of investors in the stock market. Therefore, in this situation, the current research permits the Security Exchange Board of India (SEBI), governments and financial institutions (FIs) to plan and design seminars or courses, programs, to enhance FL among individuals and promote individuals in making well-organized and efficient investment decisions in stock markets that will in turn upsurge individual investors participation. The study contributes to the existing literature of investment behavior by incorporating FL as a moderator. Research avoids considering actual investment behavior. The study also neglects demographic and socio-psychological factors which are the major factor that affects an investment decision. Furthermore, the research has only considered the objective dimension of FL.

Originality/value

The current research tries to incorporate FL in TPB model. Moreover, tries to examine the moderation effect of FL. The research is one of its kind as the past research neglect to examine the moderation effect of FL in relationship between AT, PBC and investment intension to investment in stock market. The research helps to understand how FL encourages investors to invest in the Indian stock market.

Details

Managerial Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0307-4358

Keywords

Book part
Publication date: 16 January 2014

Tomoki Kitamura and Munenori Nakasato

Previous studies showed mixed results as to the cause of myopic loss aversion (MLA). This paper reexamines the main driver of MLA, considering two factors from previous…

Abstract

Purpose

Previous studies showed mixed results as to the cause of myopic loss aversion (MLA). This paper reexamines the main driver of MLA, considering two factors from previous studies and an additional factor.

Design/methodology/approach

Experimentally investigate whether flexibility of investment, frequency of information feedback, or timing of decision cause MLA.

Findings

Timing of decision and flexibility of investment explain most differences in subject behavior. Frequency of information feedback makes only a marginal contribution.

Originality/value of the paper

The differences in subject behavior can be interpreted by a shift in their reference points depending on the difference in flexibility of investment, frequency of information feedback, or timing of decision.

Details

Experiments in Financial Economics
Type: Book
ISBN: 978-1-78350-141-0

Keywords

Article
Publication date: 11 October 2021

Paulo Duarte, Susana Silva, Wilian Ramalho Feitosa and Rui Sebastião

Considering the importance of financial literacy (FL) in people’s lives the goal of this study aims to assess the level of FL of young Portuguese students, addressing the…

Abstract

Purpose

Considering the importance of financial literacy (FL) in people’s lives the goal of this study aims to assess the level of FL of young Portuguese students, addressing the impact of the level of education on the FL of college students.

Design/methodology/approach

Data from a non-probabilistic sample of 185 students attending higher education bachelor’s and master’s degrees courses in Economics, Management and Marketing was collected between February 25 and March 23, 2019, using an online questionnaire. Descriptive and inferential statistics were computed using IBM SPSS 25 to analyze the data.

Findings

The findings show that the level of the degree (bachelor’s or master’s degree) and the academic background of the individual’s parents have a positive impact on FL. Moreover, among individuals with a high level of FL, gender and professional situation are additional predictors. Furthermore, the authors observed that the level of FL of Portuguese students attending higher education is overall low, especially in terms of their knowledge of the main financial concepts, which may call for public policies to be implemented so that to reduce this vulnerability.

Research limitations/implications

Among limitations is the limited sample collected, restricted to a particular target, Portuguese students attending business-related courses such as Economics, Management and Marketing, either studying for a master’s or bachelor’s degree. This issue restricts the generalization of the overall findings to other students studying different fields. Future studies can collect a random and representative sample.

Practical implications

This study test can be replicated to generate a diagnosis in any region or country, identifying how financially literate the region under analysis is. Also, this can be done to verify the evolution of FL after educational interventions.

Social implications

FL is an important competence. In fact, youngsters in the whole world have been suffering from a lack of financial knowledge (FK), and some characteristics of them can push them into indebtedness, and, even bankruptcy, such as a higher level of status consumption, the tendency to have an attitude of self-appraisal, to be self-centered, to seek instant gratification. This study helps to lead to a better understanding of this phenomenon.

Originality/value

Addressing college students attending different levels is an add-on to the existing body of literature. This paper contributes to study differences in FL between college and master students, enlightening and evaluating the role of scholarship maturity on financial education. Furthermore, some of the findings challenge the extant knowledge regarding the influence of professional experience, gender and age on the level of FK that students have. Finally, the current approach is innovative as it addresses FK, FL and numeracy in the same study.

Details

Young Consumers, vol. 23 no. 1
Type: Research Article
ISSN: 1747-3616

Keywords

Article
Publication date: 21 September 2020

Sonia Ouachani, Olfa Belhassine and Aïda Kammoun

The purpose of this paper is to review the main methods used in the literature to measure financial literacy (FL) of individuals.

1159

Abstract

Purpose

The purpose of this paper is to review the main methods used in the literature to measure financial literacy (FL) of individuals.

Design/methodology/approach

The paper begins by describing how the different items used to measure the FL level of individuals are constructed. Then, it focuses on how do researchers select the items. Finally, it reviews the different calculation methods used in the literature to assess the FL level.

Findings

FL as a concept is tough to define and measure. Several studies focus on the definition and the measure of this concept. Different items are used in the literature and are mostly related to the study topics. The used calculation methods differ across the different studies.

Originality/value

This paper sheds light on the principal methodologies used in the literature to measure FL. It highlights the relationship between the items' content areas and the studies' subjects. Thus, this paper suggests guidance for future studies on measuring methods of FL.

Details

Managerial Finance, vol. 47 no. 2
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 9 July 2020

Ehsan Poursoleiman, Gholamreza Mansourfar and Sazali Abidin

This paper aims to investigate the impact of debt maturity on the relationship between financial leverage and future financing constraints. Moreover, it attempts to…

Abstract

Purpose

This paper aims to investigate the impact of debt maturity on the relationship between financial leverage and future financing constraints. Moreover, it attempts to analyze the moderating role of short-term debt and the mediating role of future financing constraints in the relationship between financial leverage and future investment.

Design/methodology/approach

To test the moderating role of debt maturity, all the observations are divided into two groups based on short-term debt to total debt ratio. Moreover, Sobel, Aroian and Goodman tests are used to analyze the mediating role of future financing constraints. The sample used in this research includes firms listed on the Tehran Stock Exchange from 2006 to 2018.

Findings

It is shown that financial leverage is inversely (positively) related to future financing constraints for firms with higher (lower) use of short-term debt and, short-term debt moderates the relation between financial leverage and future investment. The findings also indicate that future financing constraints carry the influence of financial leverage to future investment.

Originality/value

In an imperfect market where financing is not independent of investment, it is highly required to carry out some studies on the role of different financing scenarios in firms and their impacts on future financing and investment; therefore, this paper is conducted to address one of the most important issues in the capital market, which is almost the pioneer study in this field.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 13 no. 4
Type: Research Article
ISSN: 1753-8394

Keywords

Content available
Article
Publication date: 5 December 2016

Olga Vybornova and Jean-Luc Gala

The purpose of this paper is to analyze the decision-making process and provide a decision support framework for deployment of an on-site analytical capacity (a fieldable…

Abstract

Purpose

The purpose of this paper is to analyze the decision-making process and provide a decision support framework for deployment of an on-site analytical capacity (a fieldable laboratory (FL)) to contain an expanding outbreak and protect public health.

Design/methodology/approach

The FL mission cycle consists of five successive interlinked phases with a set of operational functions (OFs) performed during the mission. The list of phases, OFs and their contents were iteratively developed during and after FL missions and validated with operational partners.

Findings

The well-defined structure of the FL domain appears as the best functional basis for tracking the decision-making process across the whole mission cycle. Description of all the FL elements and information flows addresses the major issue of interoperability of resources used by similar international capacities (inter-)acting as operational partners in global response to the crisis.

Originality/value

The work presents the first attempt in this field to systematically describe and chronologically organize the decisions taken by a FL manager and staff during all phases of the FL mission cycle. Definition of OFs with all the related information flows allows for comparison of procedures, their better planning and refining, validation of protocols, mutual training and operational improvement between FLs from different geographical, organizational and cultural origins.

Details

Journal of Humanitarian Logistics and Supply Chain Management, vol. 6 no. 3
Type: Research Article
ISSN: 2042-6747

Keywords

Article
Publication date: 1 July 2005

Kamran Ahmed, A. John Goodwin and Kim R. Sawyer

This study examines the value relevance of recognised and disclosed revaluations of land and buildings for a large sample of Australian firms from 1993 through 1997. In…

Abstract

This study examines the value relevance of recognised and disclosed revaluations of land and buildings for a large sample of Australian firms from 1993 through 1997. In contrast to prior research, we control for risk and cyclical effects and find no difference between recognised and disclosed revaluations, using yearly‐cross‐sectional and pooled regressions and using both market and non‐market dependent variables. We also find only weak evidence that revaluations of recognised and disclosed land and buildings are value relevant.

Details

Pacific Accounting Review, vol. 17 no. 2
Type: Research Article
ISSN: 0114-0582

Keywords

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