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Development and validation of the Perceived Investment Value (PIV) scale

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Puustinen, P., Maas, P., & Karjaluoto, H. (2013). Development and validation of the Perceived Investment Value (PIV) scale. Journal of Economic Psychology, 35(June), 41-54. https://doi.org/10.1016/j.joep.2013.02.009
Published in
Journal of Economic Psychology
Authors
Puustinen, Pekka |
Maas, Peter |
Karjaluoto, Heikki
Date
2013
Discipline
MarkkinointiMarketing
Copyright
© 2013 Elsevier B.V. This is a final draft version of an article whose final and definitive form has been published by Elsevier. Published in this repository with the kind permission of the publisher.

 
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. ...
Publisher
Elsevier
ISSN Search the Publication Forum
0167-4870
Keywords
Käyttäytymisperusteinen rahoitus sijoituskäyttäytyminen havainto Behavioral finance Investment behavior Perception Value arvo
DOI
https://doi.org/10.1016/j.joep.2013.02.009
URI

http://urn.fi/URN:NBN:fi:jyu-201512164065

Publication in research information system

https://converis.jyu.fi/converis/portal/detail/Publication/22449795

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