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Article
Publication date: 2 July 2018

Andreas Oehler, Matthias Horn and Florian Wedlich

The purpose of this paper is to derive the determinants of young adults’ subjective and objective risk attitude in theoretical and real-world financial decisions…

Abstract

Purpose

The purpose of this paper is to derive the determinants of young adults’ subjective and objective risk attitude in theoretical and real-world financial decisions. Furthermore, a comparison of the factors that influence young adults’ and older adults’ risk attitude is provided.

Design/methodology/approach

The paper relies on an experimental setting and a cross-sectional field study using data of the German central bank’s (Deutsche Bundesbank) PHF-Survey.

Findings

Young adults’ objective risk aversion is not constant but increases with stake sizes. Furthermore, young adults’ subjective risk attitude is a better predictor for their objective risk attitude than a set of commonly employed socio-demographics and economics like age or income. Moreover, young adults’ subjective risk attitude works as a mediator for the influence of their investable financial wealth on their objective risk attitude. Although young adults’ subjective risk attitude shows a gender effect, the influence of young adults’ gender on their objective risk attitude decreases with higher stake sizes. Compared to older adults, young adults generally show a similar degree of subjective risk aversion. However, due to stronger financial restrictions, young adults show a higher degree of objective risk aversion.

Originality/value

Although individuals’ financial outcomes depend on the financial behavior established in young adulthood, there is no study that simultaneously analyzes the determinants of young adults’ subjective and objective risk attitude in real-world financial decisions with a focus on young adults as a separate age group. The paper closes this gap in literature and additionally provides a comparison of the subsamples of young adults and older adults. The analysis in this paper reveals that young adults’ lower engagement in financial markets is primarily driven by their tight budget and not by a fundamental different subjective risk attitude.

Details

Review of Behavioral Finance, vol. 10 no. 3
Type: Research Article
ISSN: 1940-5979

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Article
Publication date: 12 February 2020

Moshood D. Taofeeq, A.Q. Adeleke and Chia-Kuang LEE

The main parties in construction projects are the engineers, clients, architects, contractors, material suppliers, and consultants such as the project managers. They play…

Abstract

Purpose

The main parties in construction projects are the engineers, clients, architects, contractors, material suppliers, and consultants such as the project managers. They play the most important roles in implementing construction projects, and their activities have a significant impact on their risk attitudes during the execution of projects. Because each participant has their particular interests, by proprietary information, each participant is driven to achieve maximum benefit, which can result in improper behaviour concerning each other. The risk in this situation is that there would be a moral hazard and adverse selection based on information asymmetry among principal construction participants especially contractors; this outcome is called risk attitudes. Behaviour is affected by various risk factors and the successful implementation of construction projects depends on effective management of the key risk factors part of which is a personal factor. The purpose of this paper is to identify the critical factors affecting contractors’ risk attitudes among Malaysian construction companies with the moderating role of government policy. Organizational control theory and expected utility theory were used to develop the theoretical framework. The study investigated G7 contractors in the Malaysian construction industry. Data were collected through the use of a questionnaire.

Design/methodology/approach

The research analysis was based on structural equation modelling (SEM), and the research model was ascertained through the Smart PLS 3.0 software (Ringle et al., 2012). Partial least square-SEM is an appropriate analysis that was used to assess the results in the current research because its algorithm permits the unrestricted computation of cause-effect relationship models that use both reflective and formative measurement models. This study uses the quantitative method to identify the individual factors influencing contractors’ risk attitude and the moderating role of government policy among construction companies in Malaysia. This study also focussed on the G7 contractors operating in the Malaysia construction industry that specializes in building, bridge and road construction projects. The duration of the data collection was between two and three weeks. The questionnaire was prepared both in Malay and English languages to allow the respondents to respond most conveniently. Before the copies of the questionnaire were distributed, the selected contractors’ committees were duly informed about the details of the survey procedures. The adopted Likert scale was originally a five-point scale that ranges from “very low” to “very high” with “low or high” in between.

Findings

The result of this study moderately supports the hypothesized relationships proposed in the theoretical model. In particular, the results recommended that personal factors that affect risk attitudes (working experience, emotional intelligence, professional competence and physical health) have a significant relation with contractors’ risk attitudes in the construction companies in Malaysia. Also, it has been found that government policy (rules and regulations) are important determinants of risk attitudes.

Research limitations/implications

The study focussed on individual factors affecting contractors’ risk attitudes in the construction company’s in Malaysia. Therefore, the dimensions of factors affecting risk attitudes can be used in another aspect of construction projects such as management factors, economic factors and technical factors. Therefore, further research might investigate other grades of Malaysian construction companies apart from Grade 7 contractors to know if there is a similarity in the results; other grades of the contractors might have potential positive contributions to the construction industry as well.

Practical implications

With consider to the practical, the current research findings have several contributions for the contractors and project managers. The research results demonstrate that government policy plays an important role in the construction industry and organizational support will also help contractors to control their attitudes in working place. Individual factor has a direct relationship with contractor risk attitudes (CRA), project managers must ensure that the government policy has an impact in all their workers and offered is competitive, fair and by their employees’ contribution. Apart from that managers should also focus on organizational goals especially in managing professional and skilled contractors in the companies. Employees who perceived their employers as uncaring or not supporting their needs and well-being may not be happy working with the organization and the tendency for them to change their attitudes towards risk will be high.

Social implications

This study also contributes knowledge by lending empirical support to the organizational control theory and expected utility theory system’s effect on CRA and confirming that changing one individual attitude will change the whole equilibrium. This is useful to aid in further synthesis of organizational control theory and expected utility theory in construction companies.

Originality/value

This study is the first attempt at evaluating the direct and moderating effect relationships among individual factor affecting risk attitudes, government policy and CRA in Malaysian construction companies. These findings also prop up the applicability of the organizational control theory and expected utility theory within the context of construction companies in Malaysia. Also, this study contributed to the literature on psychology by subjective (psychological) measures of individuals’ behaviour and decisions. In the CRA literature, there has been much discussion on personal characteristics to understand behaviours such as attitudes of a contractor towards risk and morals.

Details

Journal of Engineering, Design and Technology , vol. 18 no. 6
Type: Research Article
ISSN: 1726-0531

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Book part
Publication date: 3 June 2008

Glenn W. Harrison and E. Elisabet Rutström

We review the experimental evidence on risk aversion in controlled laboratory settings. We review the strengths and weaknesses of alternative elicitation procedures, the…

Abstract

We review the experimental evidence on risk aversion in controlled laboratory settings. We review the strengths and weaknesses of alternative elicitation procedures, the strengths and weaknesses of alternative estimation procedures, and finally the effect of controlling for risk attitudes on inferences in experiments.

Details

Risk Aversion in Experiments
Type: Book
ISBN: 978-1-84950-547-5

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Article
Publication date: 15 February 2013

Rafael Currás‐Pérez, Carla Ruiz‐Mafé and Silvia Sanz‐Blas

The aim of this paper is to analyse the determinants of social networking site loyalty, paying special attention to the roles of user attitude, perceived risk and satisfaction.

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4731

Abstract

Purpose

The aim of this paper is to analyse the determinants of social networking site loyalty, paying special attention to the roles of user attitude, perceived risk and satisfaction.

Design/methodology/approach

The impact of uses and gratifications of social networking sites, attitude, perceived risks and satisfaction on social networking site loyalty is tested through structural equation modelling techniques. The sample consisted of 811 Spanish social networking site users collected through a personal survey. Risk is measured as a formative construct.

Findings

Data analysis shows that attitude is a key variable in increasing satisfaction and loyalty towards social networking sites. Sociability and entertainment gratifications and perceived risks (psychological, time loss and social) are the main drivers of user attitude towards social networking sites.

Practical implications

This research enables managers to know what aspects to highlight in their communication strategies to increase social networking site use and positive word‐of‐mouth. The research findings show managers that social networking site content should provide fun and foster user interactions in order to improve user attitude. Practical recommendations to increase social networking site satisfaction and loyalty and guidelines to reduce perceived risk dimensions are also provided.

Originality/value

Despite the importance of social networking sites for companies, only limited work has been done to identify motivators and barriers of social networking site loyalty. This work aims to combine the influence of gratifications provided by social networking sites, perceived risks, attitude and satisfaction in order to construct an improved model for social networking site loyalty formation. Furthermore risk is measured as a formative construct because there is no reason to expect that risk dimensions in social networking site use are correlated.

Details

Online Information Review, vol. 37 no. 1
Type: Research Article
ISSN: 1468-4527

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Article
Publication date: 11 October 2019

Chunxia Yu, Zhiqin Zou, Yifan Shao and Fengli Zhang

The purpose of this paper is to develop a novel integrated supplier selection approach incorporating decision maker’s risk attitude using the artificial neural network…

Abstract

Purpose

The purpose of this paper is to develop a novel integrated supplier selection approach incorporating decision maker’s risk attitude using the artificial neural network (ANN), analytic hierarchy process (AHP) and technique for order of preference by similarity to ideal solution (TOPSIS) methods.

Design/methodology/approach

In the proposed approach, the ANN model is used to classify decision maker’s risk attitude; the fuzzy AHP method is used to determine the relative weights of evaluation criteria; and the fuzzy TOPSIS method is used to evaluate ratings of suppliers. Finally, experiments are conducted to verify the feasibility and efficiency of the proposed integrated approach.

Findings

Experiments results show that the proposed integrated approach is effective and efficient to help decision makers to select suitable suppliers according to their risk attitudes.

Originality/value

The aim of this paper is to develop a novel integrated supplier selection approach incorporating decision maker’s risk attitude using the ANN, AHP and TOPSIS methods. The decision maker’s risk attitude toward procurement transaction is originally considered in supplier selection process.

Details

Kybernetes, vol. 49 no. 9
Type: Research Article
ISSN: 0368-492X

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Article
Publication date: 9 October 2019

Sevil Sönmez and Asli D.A. Tasci

Despite ample attention to perceived risk and its consequences on tourist behavior, characteristics of travelers who are anti-gun or pro-gun have received little attention…

Abstract

Purpose

Despite ample attention to perceived risk and its consequences on tourist behavior, characteristics of travelers who are anti-gun or pro-gun have received little attention in tourism literature. This study aims to investigate anti-gun and pro-gun attitudes and their correlates for Florida, a state with relatively relaxed gun laws as well as significant tourism activity.

Design/methodology/approach

Qualtrics survey design tools were used to design a structured questionnaire, which was then administered to a random sample of registered survey takers on MTurk. A total of 1,692 cases were analyzed with SPSS Version 24.0.

Findings

Results revealed that gender, education level, ethnicity, visitor experience, and personality traits of emotion-based decision-making and risk-seeking influence travelers’ tendency for anti-gun or pro-gun attitudes toward Florida as a destination. In turn, these attitudes were found to be related to perception of risks in Florida, its perceived safety and desirability as a travel destination and visitor satisfaction and likelihood of repeat visitation.

Originality/value

Leniency in gun laws has been a concern for the safety in the USA for local residents and tourists alike; however, there is a lack of attention on the characteristics of anti-gun and pro-gun individuals and their likely behavior related to a tourist destination with relaxed gun laws. Thus, the current study investigated who are likely to be anti-gun or pro-gun and what are their likely behaviors towards such a destination, Florida in the USA. The current study initiates this dialogue to explore uncharted territory in tourism research.

Details

Tourism Review, vol. 75 no. 2
Type: Research Article
ISSN: 1660-5373

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Article
Publication date: 18 October 2011

Amelie F. Constant, Annabelle Krause, Ulf Rinne and Klaus F. Zimmermann

The aim of this paper is to study the economic effects of risk attitudes, time preferences, trust and reciprocity and to compare natives and second generation migrants.

Abstract

Purpose

The aim of this paper is to study the economic effects of risk attitudes, time preferences, trust and reciprocity and to compare natives and second generation migrants.

Design/methodology/approach

This paper is based on the IZA Evaluation Dataset, a recently collected survey of a representative inflow sample into unemployment in Germany. The data include a large number of migrant‐specific variables as well as information about economic preferences and attitudes. This allows an assessment of whether and how unemployed second generation migrants differ from unemployed natives in terms of economic preferences and attitudes.

Findings

Differences are found between the two groups mainly in terms of risk attitudes and positive reciprocity. Second generation migrants have a significantly higher willingness to take risks and they are less likely to have a low amount of positive reciprocity when compared to natives. It was also found that these differences matter in terms of economic outcomes, and more specifically in terms of the employment probability about two months after unemployment entry.

Research limitations/implications

The findings offer interesting perspectives, e.g. with regard to the design and targeting of active labor market policy. It may be reasonable to specifically focus on less risk averse individuals with measures such as job search requirements and monitoring.

Originality/value

This paper provides novel and direct evidence on the relationship between economic preferences, attitudes and labor market reintegration of natives and second generation migrants.

Details

International Journal of Manpower, vol. 32 no. 7
Type: Research Article
ISSN: 0143-7720

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Book part
Publication date: 27 August 2014

L. Warshawsky-Livne, L. Novack, A. B. Rosen, S. M. Downs, J. Shkolnik-Inbar and J. S. Pliskin

A rich literature has documented gender-based differences in health care utilization and outcomes. The role of risk attitude in explaining the variations is limited at…

Abstract

Purpose

A rich literature has documented gender-based differences in health care utilization and outcomes. The role of risk attitude in explaining the variations is limited at best. This study examines gender differences in health utilities and risk attitudes.

Methodology

Data on 13 health states were collected from 629 students via questionnaires at the Ben-Gurion University of the Negev in 2005. From each respondent, we assessed utilities for a subset of health states, using Time Trade-Off and Standard Gamble. A risk attitude coefficient was calculated for each respondent as a function of their utilities for all outcomes assessed. The risk coefficient derived from a closed-form utility model for men was compared to that of women using the t-statistic.

Findings

There was a statistically significant difference in the risk attitudes of men and women. Men had a concave utility function, representing risk aversion, while women had a near linear utility function, suggesting that women are risk neutral.

Practical/social implications

Differences in risk attitude may be an important contributor to gender-based disparities in health services utilization. More research is needed to assess its full impact on decision-making in health care.

Details

Preference Measurement in Health
Type: Book
ISBN: 978-1-78441-029-2

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Article
Publication date: 19 September 2016

William B. Hansen and Jared L. Hansen

The purpose of this paper is to present a strategy for estimating an individual’s risk of alcohol, cigarette and cannabis use that relies on an assessment of an…

Abstract

Purpose

The purpose of this paper is to present a strategy for estimating an individual’s risk of alcohol, cigarette and cannabis use that relies on an assessment of an adolescent’s age, gender and attitude.

Design/methodology/approach

The authors assembled surveys from 35,987 11-17 year-olds from 36 databases to examine the relationship between attitude and behaviour.

Findings

Attitudes were strongly correlated with concurrent use of alcohol, drunkenness, smoking and cannabis, with correlations of −0.555, −0.517, −0.552 and −0.476, respectively. Logistic regression provided a means for using age, gender and attitudes to estimate an individual’s risk of engaging in substance use behaviour. Developmental changes in attitudes were estimated by analysing changes in scores associated with percentile rankings for each age and gender group. Projected year-to-year changes in attitude were used as a heuristic for estimating future risk.

Research limitations/implications

Analyses relied on cross-sectional panel data. Analyses would benefit from longitudinal data in which age-related changes in attitudes could be more precisely modelled.

Practical implications

Information about estimated current and future risk may prove useful for motivating the adoption and implementation of effective prevention approaches by parents and care providers.

Originality/value

The authors present a novel method for estimating an individual’s risk of substance use knowing attitude, age and gender.

Details

Journal of Children's Services, vol. 11 no. 3
Type: Research Article
ISSN: 1746-6660

Keywords

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Article
Publication date: 1 December 2001

Joan Harvey, Helen Bolam, David Gregory and George Erdos

An attitude survey developed by Harvey et al. was used to measure responses from employees in the nuclear industry before and after a safety training intervention which…

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6225

Abstract

An attitude survey developed by Harvey et al. was used to measure responses from employees in the nuclear industry before and after a safety training intervention which all employees attended in their work teams. The first administration of the survey yielded 417responses, and the second, administered 16 months later following the training intervention, yielded 460 responses, representing response rates of over 69 per cent in both cases. Using six factors derived earlier from the survey, significant improvements in attitudes and beliefs were found for two of the factors (and a further three factors showed rises in the same direction) for management/professional employees. For shop floor employees, only one factor showed a significant change, which was a reduction in job satisfaction over the same time period. It was concluded that the hypotheses that management would respond to the safety initiative but that shop floor would not were supported. A further hypothesis concerning grade differences in culture and attitudes was also supported. These findings are discussed in terms of culture and risk, risk taking and training, where the implications for safety training are crucial.

Details

Personnel Review, vol. 30 no. 6
Type: Research Article
ISSN: 0048-3486

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