Nurasyikin Jamaludin, Malcolm Smith and Paul Gerrans
Under its “Members Investment Scheme” strategic initiative, the Malaysian Employees Provident Fund (EPF) permits its members to invest part of their retirement savings in approved…
Abstract
Purpose
Under its “Members Investment Scheme” strategic initiative, the Malaysian Employees Provident Fund (EPF) permits its members to invest part of their retirement savings in approved external funds. Given there is an increasing number of unit trust funds available in the market, it is not an easy task for members to make this investment choice decision. The purpose of this paper is to explore the perceived importance of fund selection criteria within the context of retirement savings in Malaysia. In addition, it also seeks to examine whether there is a relationship between religious affiliation and choice of fund.
Design/methodology/approach
A questionnaire‐survey was carried out among 440 individual EPF members.
Findings
The survey results show that the ranking of mutual fund selection criteria differs between Muslim and non‐Muslim members. Past performance was the most important criterion valued by the non‐Muslim EPF members. In line with conforming to religious belief, the fund's commitment to Islamic principles was the most important criterion considered by Muslim EPF members. Both type of religious group members also considered the overall reputation of the fund as important criterion in selecting a mutual fund.
Research limitations/implications
The paper is subject to the normal limitations associated with survey research.
Practical implications
The findings of this study can help fund management companies to better promote their funds to the right investors.
Originality/value
The paper provides empirical evidence regarding mutual fund selection criteria from the perspectives of individual investors.
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Dharmendra Singh and Garima Malik
Achieving financial well-being is essential for individuals, families and countries as it leads to life satisfaction and happiness. This study synthesizes and identifies financial…
Abstract
Purpose
Achieving financial well-being is essential for individuals, families and countries as it leads to life satisfaction and happiness. This study synthesizes and identifies financial well-being’s key areas and dimensions using a blended systematic literature review and bibliometric analysis approach.
Design/methodology/approach
The authors systematically study a sample of 467 articles from the Scopus database to identify the research trend regarding financial well-being during the last 25 years (1997–2021). Various graphs and networks are presented to understand the publication trends, influential papers, conceptual and intellectual structures and research collaboration status.
Findings
Four clusters in the field of financial well-being were found: conceptualization and antecedents of financial well-being, financial well-being of young adults, the relationship between financial literacy and financial well-being and consequences of financial well-being. Further, emerging themes in financial well-being were identified with a content analysis of the papers published during the last five years.
Practical implications
This study will help financial planners, regulatory bodies and academic researchers in getting a better understanding of financial well-being and in identifying potential areas for future research.
Originality/value
Prior to this study, no such comprehensive bibliometric analysis on financial well-being has been carried out to the best of the authors' knowledge. This gap motivated the authors to combine quantitative and qualitative methods to review the published research and do a content analysis, to identify prominent authors and publications.
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Muhammad Wahab, Muhammad Aamir Khan, Muhammad Siddique and Fakhrul Hasan
This research designed, optimized and tested a context-specific scale to evaluate public sector employees' pension choices.
Abstract
Purpose
This research designed, optimized and tested a context-specific scale to evaluate public sector employees' pension choices.
Design/methodology/approach
The authors developed the scale using a comprehensive process of interviews and focus groups with experts across academia and finance. The authors used the refined scale to collect data from 564 faculty members in public sector universities following a multistage systematic cluster sampling technique. The findings revealed diversity in choice across different socio-economic and demographic variables.
Findings
The results revealed that items related to the defined benefit pension system explain most of the data variance and are preferred widely. This is followed by a preference for monetizing pension benefits and a defined contribution system. These findings indicated the need for flexible pension plans.
Practical implications
Therefore, the progressive movement towards monetization and the shift from defined benefit to a defined contribution pension system due to economic pressures must be accurately calculated and introduced where it is suitable.
Originality/value
Although the theory of introducing a defined contribution pension system and monetization system is appealing, its practical implementation may not be encouraging for all employees.
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Nisha Prakash, Subburaj Alagarsamy and Aparna Hawaldar
The study attempts to understand the factors impacting the financial wellbeing of IT employees in India using confirmatory factor analysis (CFA). It utilizes well-established…
Abstract
Purpose
The study attempts to understand the factors impacting the financial wellbeing of IT employees in India using confirmatory factor analysis (CFA). It utilizes well-established survey instruments to assess the impact of financial literacy, financial behaviour and financial stress on financial wellbeing. The study also attempts to understand the role of demographic factors (age, gender, monthly income, job category and work experience) in determining financial wellbeing through multigroup analysis.
Design/methodology/approach
Structured equation modelling (SEM) is used to study the link between the determinants. The study also attempts to understand the role of demographic factors (age, gender, monthly income, job category and work experience) in determining financial wellbeing through multigroup analysis. Data used for the analysis covers 237 employees working in the IT sector.
Findings
While financial literacy and financial behaviour have a significant positive impact on financial wellbeing, financial stress has a significant negative impact. Financial behaviour and financial stress were found to have a mediating role in the relationship between financial literacy and financial wellbeing. The demographic variables significantly moderate the relationship between the factors leading to financial wellbeing.
Originality/value
The results show the need for financial wellbeing programs to focus on enhancing financial knowledge and improving financial planning. Further, it suggests offering customized financial wellbeing programs based on the employee's demographic characteristics rather than following a “one program, fits all” approach.
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Rakesh Gupta and Thadavillil Jithendranathan
The purpose of this paper is to examine the various segments of the managed funds market to establish if there is any significant difference in the way the assets are allocated…
Abstract
Purpose
The purpose of this paper is to examine the various segments of the managed funds market to establish if there is any significant difference in the way the assets are allocated into various asset categories and if investors base their investment decisions based on the past performance of the fund.
Design/methodology/approach
An average investor who does not possess superior investment knowledge may base their investment decision on the past performance of funds resulting in flow based on past performance. This study uses a panel regression model to test the relationship between net flows and past excess returns.
Findings
Significant differences are found in asset allocation between the retail and wholesale segments. Retail investors prefer less risky investments compared to wholesale investors and have lower preference for overseas investments. The results indicate that investors base their investment decisions on the past performance of funds, with the retail segment showing a higher level of influence of past performance, as compared to the wholesale segment. The results further show less evidence of a reaction to risk among the managed investment categories.
Practical implications
Fund managers use fund performance for marketing purposes and results of the study may be of importance to the managers and investors in understanding this objective. The findings are also of significance for policy makers in terms of understanding investor behaviour.
Originality/value
This is the first study of the Australian managed funds industry (including wholesale and retail funds) that tests the link between past performance and fund flows. The study includes data until June 2008, which includes a period when a number of policy changes occurred in Australian superannuation industry.
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The purpose of this paper is to propose a framework for integrating social responsibility within the accountability context now prevalent across the regular and special education…
Abstract
Purpose
The purpose of this paper is to propose a framework for integrating social responsibility within the accountability context now prevalent across the regular and special education contexts of Canadian and American schools while exposing readers to many of the different theories that exist concerning transdisciplinary forms of inclusive education.
Design/methodology/approach
The author uses her experience as superintendent to create a system of inclusive and authentic collaboration amongst educators, parents, and specialists in the hope of creating a more complete plan for special education in her district. She introduces these collaborative teams to numerous various theoretical frameworks hoping to expand their views of what constitutes “acceptable” educational knowledge.
Findings
Results from the full‐scale implementation of the new transdisciplinary model indicate that emergent collaborative sensibilities among team members are beginning to characterize educational work which reflects a transition towards a more socially responsible learning community characterized by qualities of transparency, honesty, inclusivity, interdependence, respectful reciprocity, trust, and caring.
Originality/value
The study furthers our understanding of special education programs and the different ways in which it is possible to improve the current special education system. The study introduces us to one specific study (related to special education and done by the author herself) while continuously relating that study to grounded and established educational and ethic‐related theory.
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Long She, Hassam Waheed, Weng Marc Lim and Sahar E-Vahdati
Financial well-being among young adults is an emerging and important field of research. This study aims to shed light on the current insights and future directions for young…
Abstract
Purpose
Financial well-being among young adults is an emerging and important field of research. This study aims to shed light on the current insights and future directions for young adults’ financial well-being research.
Design/methodology/approach
A systematic review was performed using (1) the Preferred Reporting Items for Systematic Reviews and Meta-Analyses protocol to curate the corpus and (2) the bibliometric-content analysis technique to review that corpus on young adults’ financial well-being research.
Findings
Young adults’ financial well-being is influenced by contextual factors such as changes in macroeconomic environment, market factors, technological advancement and financial social comparisons, as well as personal factors such as sociodemographics, personality traits and values, skills and attitudes, financial practices, financial socialization, lifestyles and early life experiences, and subjective financial situation and mental health. Noteworthily, interest in this field is growing with a plethora of journals, countries, authors, theories, methods and measures.
Research limitations/implications
Several noteworthy gaps exist in the literature on young adults’ financial well-being, which include the lack of international collaboration, the lack of interventions to improve young adults’ financial well-being, the limited range of theoretical lenses, the limited consensus on measuring young adults’ financial well-being, the limited understanding of contextual factors, and the inconsistencies between personal factors and young adults’ financial well-being. Potential ways forward are proposed to address these gaps.
Originality/value
This review contributes to a seminal synthesis of young adults’ financial well-being research, providing both retrospective insights and prospective ways forward.
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Shan Lei and Leslie Ramos Salazar
Drawing on the literature regarding the social network and stock investment, this paper aims to focus on the use of the social network on stock ownership decisions at individual…
Abstract
Purpose
Drawing on the literature regarding the social network and stock investment, this paper aims to focus on the use of the social network on stock ownership decisions at individual levels. This paper also attempts to shed light on potential mediators of the relationship between the social network and stock ownership.
Design/methodology/approach
To determine the relationship between stock ownership and using the social network, logistic regression was used. In order to isolate the effect of using hs on stock ownership, a decomposing method was adopted.
Findings
The findings provide evidence of the positive contribution of the use of social networks in stock ownership. Personal characteristics, such as household net worth, homeownership, education level and risk tolerance, may play a vital role in influencing individuals' decisions regarding stock investment. In addition, this study contributes to our understanding of income's mediating role in stock investment decisions.
Originality/value
First, the authors contribute theoretically by drawing from the assumptions of social networking contagion theory, social influence theory, and social capital theory. Second, we explored potential mediators of the relationship between the social network and stock ownership. Third, this study complements the literature in incorporating the social network in business, financial professionals to be exact.
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Syam Kumar and Jogendra Kumar Nayak
This study aims to establish that the relationship between the risky indebtedness behavior (RIB) of consumers and their attitude toward adopting buy-now-pay-later (BNPL) is not…
Abstract
Purpose
This study aims to establish that the relationship between the risky indebtedness behavior (RIB) of consumers and their attitude toward adopting buy-now-pay-later (BNPL) is not immediate but is mediated through impulse buying. Moreover, it explores how perceived risk moderates the association between the attitude to adopt BNPL and its adoption intention.
Design/methodology/approach
This study used the existing theoretical and empirical evidence to propose a model and validated it using the data collected from 339 young shoppers in India. Analysis of data is conducted using partial least squares structural equation modeling.
Findings
The study results show that consumers’ RIB is not directly related to their attitude toward BNPL. However, impulse buying fully mediates this relationship, influencing the attitude toward BNPL. Impulse buying and attitude serially mediate the relationship between RIB and BNPL adoption intention. Further, in the context of BNPL, perceived risk strengthens the attitude-intention gap.
Practical implications
This study advises policymakers and BNPL providers to carefully assess users’ creditworthiness to prevent those already in debt from entering into a detrimental loop.
Originality/value
This study provides novel perspectives on consumer’s RIB and BNPL within the Indian context. The study additionally identifies the mediating influence of impulse buying and the moderating effect of perceived risk on BNPL adoption intention.
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The greening of the supply chain initiative, as implemented by world‐class ISO 14001 certified companies, has already demonstrated how much it contributes towards greening the…
Abstract
The greening of the supply chain initiative, as implemented by world‐class ISO 14001 certified companies, has already demonstrated how much it contributes towards greening the industry of the region they operate in. The SMEs have been involved in such a green supply chain only to the extent of their participation as suppliers, distributors and in other capacities as business partners complementing the world‐class companies. All the same, in many regions, the environmental initiatives taken by the SMEs do conform to the different phases of the green supply chain. This study investigates if in the Philippine context this postulate is indeed true, and with the help of an empirical survey, establishes that the SME population in the Philippines do indeed carry out different phases of the green supply chain, though in a heterogeneous manner. This would be indeed expected given the heterogeneity in size and nature of business for SMEs in this region.