Development and Validation of the Perceived Investment Value (PIV) Scale
Journal
Journal of Economic Psychology
ISSN
0167-4870
ISSN-Digital
1872-7719
Type
journal article
Date Issued
2013-06
Author(s)
Abstract
This study aims to develop a complementary and more comprehensive measurement to assess the nature of investment value affecting consumers' investment behavior. Recent research suggests that consumers may desire and obtain certain outcomes from investments that have not been anticipated in mainstream finance and economics literature. These benefits might be hedonistic or altruistic, self-expressive or emotional and experiential. Yet, while an increasing amount of attention has been paid to this topic, little effort has been made to develop an appropriate measurement scale for the subjective consumer perceptions of investments. To address this gap in the literature, this study introduces the concept of Perceived Investment Value (PIV), and develops and validates a measurement scale for the concept. The ultimate 18-item PIV scale parsimoniously represents six perceived investment value dimensions: Economic value-Monetary savings; Economic value-Efficiency; Functional value-Convenience; Emotional value-Emotions and Experiences; Symbolic value-Altruism; and Symbolic value-Esteem. The final measurement scale demonstrates acceptable reliability and validity. Implications related to the developed scale are discussed in terms of their potential to inform a future research agenda
Language
English
Keywords
Behavioral finance
Investment Behavior
Perception
Value
HSG Classification
contribution to scientific community
HSG Profile Area
SoM - Business Innovation
Refereed
Yes
Publisher
Elsevier
Publisher place
Amsterdam
Volume
36
Number
June 2013
Start page
41
End page
54
Pages
14
Subject(s)
Division(s)
Eprints ID
221221