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The purpose of this study is to examine a mechanism through which subjective financial literacy can exert negative effects on the retirement saving intention and behaviors, which has not been well understood in prior research. Particularly, the authors draw on the relevant risk literature to introduce financial risk tolerance and risk perception as important mediators that transfer subjective financial literacy into reduced retirement saving intention which in turn affects the saving behaviors.

The authors test the model with a sample of 347 adults using factor analysis and structural equation modeling.

Consistent with the notions about the negative side of subjective financial literacy, the authors find supporting evidence for the proposed indirect effects of financial literacy on retirement saving intention via risk tolerance and risk perception. In addition, the authors observe that an individual's retirement saving intention strongly predicts their retirement saving behaviors.

The study offers insights into the mechanisms that subjective financial knowledge might also inhibit individual's responsible financial behaviors (e.g. retirement saving).

This study aims to explore the factors influencing the post-pandemic intentions of Chinese residents to participate in outbound travel. The mechanism by which residents' perception of the coronavirus disease (COVID-19) influenced their outbound travel intentions are studied.

This study developed an extended theory of planned behavior (TPB) model and used structural equations to analyze data received from 432 questionnaires. Responses were obtained through a combination of online surveys and a traditional paper-based distribution of questionnaires.

Results showed that attitude, subjective norms, perceived behavioral control and past outbound travel behavior have significant positive effects on post-pandemic outbound travel intentions. Although the perception of COVID-19 directly and negatively influences outbound travel intentions, it also has an indirect influence on outbound travel intentions through the mediating effect of non-pharmaceutical interventions. The authors also found that risk tolerance has a negative moderating effect on the direct impact of residents' perception of COVID-19 on their travel intentions.

The findings can serve as a reference for formulating appropriate tourism development policies by government agencies, tourism management departments and tourism enterprises in destination countries.

This study developed an extended TPB model by adding more constructs into the TPB model. Compared with the original TPB model, the extended TPB model has better explanatory power of post-pandemic travel intentions. The study also provides evidence for the applicability of the TPB model in studying travel intentions within the context of major public health emergencies and has expanded the application scope of the TPB model.

新冠肺炎疫情后中国居民出境旅游意愿的影响因素研究······································——基于疫情感知的扩展TPB模型

摘要

本研究致力于探索新冠肺炎疫情后（以下简称“疫情”）中国居民出境旅游意愿的影响因素, 以及疫情感知对出境旅游意愿的作用机制。

本文以TPB理论为基础, 通过构建扩展TPB模型, 并利用结构方程对432份问卷进行数据分析。问卷通过网络发放与传统纸质问卷调研相结合的方式获得。

态度、主观规范、感知行为控制及过去出境旅游行为对中国居民疫情后出境旅游意愿具有显著正向影响; 疫情感知在直接负向影响出境旅游意愿的同时, 还通过非药物干预行为的中介作用间接影响出境旅游意愿; 在疫情感知对出境旅游意愿的直接影响中, 风险容忍度起着负向调节作用。

研究结果对旅游目的地政府、旅游管理部门及旅游企业制定相应旅游发展政策具有一定前瞻性参考价值。

本文通过在原始TPB模型的基础上加入更多变量, 进而构建了扩展TPB模型。与原始模型相比, 扩展TPB模型对疫情蔓延背景下中国居民疫情后出境旅游意愿有着更好的解释力和预测力。本文证实了在突发重大公共卫生事件背景下TPB模型对于研究旅游意愿的适用性, 扩展了TPB模型的应用范围。

Investigación sobre los factores que influyen en la voluntad de viajar al extranjero de los residentes chinos después de la nueva epidemia de neumonía coronaria: un modelo extendido de TPB basado en la percepción de la epidemia

Resumen

Este estudio tiene como objetivo explorar los factores que influyen en las intenciones posteriores a la pandemia de los residentes chinos de participar en viajes al extranjero. Se estudia el mecanismo por el cual la percepción de los residentes sobre la enfermedad por coronavirus (COVID-19) influyó en sus intenciones de viajar al extranjero.

Este estudio tiene como objetivo explorar los factores que influyen en la intención de viaje de salida de los residentes chinos después de la pandemia, en particular el mecanismo por el cual la percepción de los residentes de COVID-19 influyó en sus intenciones de viaje de salida.

Los resultados mostraron que la actitud, las normas subjetivas, el control conductual percibido y el comportamiento de viajes de ida y vuelta en el pasado tienen efectos positivos significativos sobre la intención de viajar de ida después de la pandemia. Si bien la percepción de COVID-19 influye directamente de forma negativa en la intención de viaje de ida, también influye indirectamente en la intención de viaje de ida a través del efecto mediador de las intervenciones no farmacéuticas. También encontramos que la tolerancia al riesgo tiene un efecto moderador negativo sobre el impacto directo de la percepción de los residentes sobre el COVID-19 en la intención de viaje.

Nuestros hallazgos se pueden utilizar como referencia para las agencias gubernamentales, los departamentos de gestión del turismo y las empresas turísticas en los países de destino en la formulación de políticas de desarrollo turístico adecuadas.

Este estudio desarrolló un modelo TPB extendido agregando más constructos en el modelo TPB. En comparación con el modelo TPB original, el modelo TPB extendido tiene un mejor poder explicativo de las intenciones de viaje posteriores a una pandemia en el contexto de una pandemia. Este estudio también proporcionó evidencia de la aplicabilidad del modelo TPB para estudiar las intenciones de viaje en el contexto de las principales emergencias de salud pública y amplió el ámbito de aplicación del modelo TPB.

There is strong excitement during Ponzi schemes and financial bubble periods. This emotion causes investors to turn to “unknown and new investment instruments”. This study, the factors that made “unknown and new investment instruments” preferable to “known and experienced investment instruments” were investigated.

It was taken into account unconscious like phantasy, emotional like emotional intelligence, both affective and cognitive like financial literacy and subjective beliefs like trust and overconfidence. In addition, risk preferences were measured with four different risk variables. In this context, data were collected by online survey method between November 2020 and May 2021 with convenience sampling. First, the data were collected from 832 participants in the pilot study. Additional data were also collected using convenience sampling and online surveys, and a total of 1,692 participants were obtained. Data were analyzed using Statistical Package for the Social Sciences (SPSS) 25 and AMOS 24.

As a result of the analyses made, the variables that lead investors to choose “unknown and new investment instruments” were determined as risky investment intention, phantasy, risk taking/risk avoidance, confidence, risk tolerance and subjective financial literacy. Trust and risk perception have a very weak effect on preferences. However, no effect of emotional intelligence and objective financial literacy was detected. In addition, a moderately positive and significant relationship was found between objective and subjective financial literacy. Subjective financial literacy was found to have a strong and significant relationship with emotional intelligence, confidence, trust, risky investment intention and phantasy.

This study investigates the factors underlying individuals' investment preferences from a broad perspective. We think that this study is unique in this structure and wide variables. We believe that the findings obtained in this manner are unique to both academics and practitioners. We also believe that the findings of the study will make an important contribution to understanding participation behavior in various Ponzi schemes and financial bubbles.

The purpose of this paper is to establish a conceptual model for managerial risk taking that considers objective measures related to an organization’s characteristics and subjective factors related to a decision maker’s profile.

A multilevel process-centered managerial decision-making framework was developed based on previously published risk taking models. The framework accounts for the conflict between agents and principals, as well as the macro- and micro-level environments in which risky decisions are made.

The integrative model presented in this paper provides a theoretically robust tool that can be used to further explore the interrelationships among known risk concepts that influence decision making in corporate settings.

The present research is a conceptual model for managerial risk-taking. Further research is needed to test the linkages and propositions within the model, developing measures of the constructs and empirically testing the relationships among the dimensions of risk.

The proposed model can help firms define what manager profile is most suitable in terms of a match to the company’s investment strategy.

This paper is theoretically valuable in describing the relationships among several elements of risk: risk need, risk capacity, risk profile, risk perception, and risk tolerance. Future directions for empirical research are also presented.

The efficiency of unit trust (UT) funds from quite number of contexts across the globe has been highlighted in previous literature. Yet, there is dearth of research that empirically investigates the factors that influence the selection of UT funds by retailers, particularly in the Malaysian setting. This paper aims to narrow this research gap, whereby perception of past performance, perception of funds’ commitment to Shari’ah compliance, perception of funds’ size and perception of risk tolerance are hypothesized to exert statistically significant influences on the selection of UT funds by retail investors in Malaysia.

The empirical study uses a quantitative research approach whereby survey data have been sampled from 140 retail investors from around Malaysia, using simple random sampling technique. Data analysis has been carried out using multiple regression analysis employing SPSS version 20.0.

The empirical research finds that perceptions of fund size and Shari’ah compliance significantly influence the selection of UT among retail investors in Malaysia. However, there were no enough evidences to support the claims that perceptions of past performance and of risk tolerance influence the selection of UT among Malaysian retail investors.

This research is cross-sectional and uses data from Malaysia only.

The findings from this research will have enormous implications for policymakers in the accounting and finance sectors of government and private financial institutions and for individual professional Malaysian investors. In particular, investors in Malaysia and potential investors abroad may be enlightened by the findings of this research. Again, Islamic financial institutions may use the findings to boost their performance improvement interventions, thus, having clear evidence of the actual factors that influence retailers in the Malaysian setting.

To the best of the authors’ knowledge, this research is among the pioneering research works that empirically explores the factors that influence Malaysian retailers to invest in UT funds. This research is expected to stimulate further research in this novel area.

Investor risk perception is a personalized judgement on the uncertainty of returns pertaining to a financial instrument. This study identifies key psychological and demographic factors that influence risk perception. It also unravels the complex relationship between demographic attributes and investor's risk attitude towards equity investment.

Exploratory factor analysis is used to identify factors that define investor risk perception. Multiple regression is used to assess the relationship between demographic traits and factor groups. Kruskal–Wallis test is used to ascertain whether the factors extracted differ across demographic categories. A risk perception framework based on these findings is developed to provide deeper insight.

There is evidence of the relationship and influence of demographic factors on risk propensity and behavioural bias. From this study, it is apparent that return expectation, time horizon and loss aversion, which define the risk propensity construct, vary significantly based on demographic traits. Familiarity, overconfidence, anchoring and experiential biases which define the behavioural bias construct differ across demographic categories. These factors influence the risk perception of an individual with respect to equity investments.

The reference for the framework of this study is limited as there has been no precedence of similar work in academia.

This paper establishes that information seekers make rational decisions. The paper iterates the need for portfolio managers to develop and align investment strategies after evaluation of investors' risk by including these behavioural factors, this can particularly be advantageous during extreme volatility in markets that concedes the possibility of irrational decision making.

This study highlights that regulators need to acknowledge the investor's affective, cognitive and demographic impact on equity markets and align risk control measures that are conducive to market evolution. It also creates awareness among market participants that psychological factors and behavioural biases can have an impact on investment decisions.

This is the only study that looks at a three-dimensional perspective of the investor risk perception framework. The study presents the relationship between risk propensity, behavioural bias and demographic factors in the backdrop of “information” being the mediating variable. This paper covers five characteristics of risk propensity and eight behavioural biases, such a vast coverage has not been attempted within the academic realm earlier with the aforesaid perspective.

This research aims to examine the decision-making process involved in saving for retirement and compare it with decision-making processes regarding other financial products (such as loans and savings plans) as well as real products (such as a car or a home).

This research is based on the distribution of 107 questionnaires. The questionnaire is composed of two parts: questions examining and focusing on the individual’s decision-making process and questions regarding socioeconomic factors. The average level of risk tolerance is calculated for each respondent with respect to the first four chapters. (These chapters include buying a car or a home, opening a savings plan and taking a loan). Afterward, the consistency (rationality) of the respondents is examined with regard to their decision-making concerning retirement savings plans. Then, an econometric model is used to further test the consistency of the respondents.

The results suggest that the level of risk tolerance associated with a retirement savings plan is consistent with that associated with the other financial products, but not with the real products. Majority of the respondents demonstrate high risk tolerance with respect to retirement savings, and their decision-making process is similar to a random thinking process. The level of deliberation and information-gathering regarding retirement savings is the lowest when compared with the other financial and real products examined in this paper. Majority of the respondents are less risk-tolerant toward the other financial and real products.

In this research, the authors examine how different individuals with different characteristics get different decisions about their personal retirement savings. The authors also examine these decisions’ deviation from the rational model, and compare it with decision-making processes regarding other financial products as well as real products.

Emerging literature on fintech has shown that consumers have been slow to adopt fintech-based products and services. However, limited literature is available regarding the factors associated with consumers' adoption of these products and services. This study aims to investigate the factors that are associated with consumer adoption of fintech-based products and services.

Data on the usage and perception of smartphone financial apps by US residents ages 18–70 was collected in the fall of 2020. Based on the Extended Post-Acceptance Model (EPAM) framework, Structural Equation Modeling and Confirmatory Factor Analysis were applied to inspect how financial capability, perceived security and perceived usefulness affect fintech adoption.

Fintech proficiency, investment risk tolerance and perceived safety are positively associated with the frequency of fintech application use upon adoption. Consumers are more likely to feel safer if they are more financially capable and technologically proficient. Consumers with higher risk tolerance tend to believe fintech apps are safe to use. Consumers with higher fintech proficiency are more likely to recognize the usefulness of fintech services.

The study introduces a revised EPAM framework with antecedent factors, fintech proficiency and risk tolerance to investigate the factors associated with consumer adoption of fintech-based products and services. The key findings of this study validate the EPAM in the American context. Additionally, this research is among the first to have confirmed the direct relationship between perceived security and fintech adoption. The results have practical implications for existing fintech companies, banks and financial institutions, policymakers and financial advisory practices considering adopting fintech-based services for their clients.

The study attempts to assess the relationship between sociodemographic factors and the risk tolerance level of stock market investors reflected by their trading behavior from the perspective of developing market economy.

The study collected data from a survey on capital market investors in Bangladesh. Portfolio beta has been used as a dependent variable to measure the risk tolerance level where total 11 sociodemographic factors have been used as independent variables.

Among all study variables, three sociodemographic factors are found to be significant in differentiating the risk tolerance level of the stock market investors. The author finds that the risk tolerance level of stock market investors significantly varies according to marital status, family size and financial responsibility.

As sociodemographic characteristics provide a basis in assessing the investor risk tolerance level in the context of developing market economies, the study suggests that stock market related policy and investment management planning process should be formulated by incorporating behavioral aspects of the retail investors.

This study has the potential to contribute to the behavioral finance literature by showing how and at what extent sociodemographic factors may influence the risk tolerance level of stock market investors in developing countries, where sociodemographic factors are considered to be more dominating than the normative portfolio selection procedure because of lacking in investors' financial literacy and due to the presence of a weak regulatory as well as institutional framework. Further, apart from identifying and comprehensively incorporating all possible sociodemographic factors, this study uses portfolio beta as a new objective measure for financial risk tolerance, which overcomes the problem of subjective and other risk tolerance measurement in the existing literature.

The authors design a theoretical perspective that explores how different phases of social mood influence financial risk tolerance (FRT) among investors. Risk is involved in almost all financial decision-making. For a better understanding of risk tolerance behavior, the role played by social mood cannot be ignored. This study aims to explore the linkage between social mood and FRT of investors in Pakistan.

Using qualitative phenomenology as the guiding framework, 22 interviews were conducted to have a deeper understanding of the lived experiences of investors with at least 10 years of investment experience. Thematic analysis was done to analyze data. Audio-recording, bracketing, triangulation and member checking were done to ensure validity and reliability.

A theoretical model is developed using the six themes identified through thematic analysis. This model presents an in-depth analysis of the determinants of social mood, its multiple phases and its impact on risk tolerance behavior. Findings reveal that the level of financial literacy, experience and purpose of investment moderate the effect of social mood on FRT.

Investors can manage risk and increase their profits by controlling the effects of social mood. They can benefit from the market situation by taking more risk when the market is extremely low. The advisors can frame their advice in the light of the model.

According to the authors’ knowledge, this is the first study that explores investors’ risk tolerance in response to variations in social mood in the context of an emerging economy. The paper has contributed conceptually and methodologically. It uses phenomenology as the method and develops a theoretical model that describes how different types of investors adjust their risk tolerance in response to changes in their social mood.