Development and validation of the Perceived Investment Value (PIV) scale
AbstractThis 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.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Psychology.
Volume (Year): 36 (2013)
Issue (Month): C ()
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Web page: http://www.elsevier.com/locate/joep
Behavioral finance; Investment Behavior; Perception; Value;
Find related papers by JEL classification:
- C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
- D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
- G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
- M30 - Business Administration and Business Economics; Marketing; Accounting - - Marketing and Advertising - - - General
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