IDEAS home Printed from https://ideas.repec.org/a/eee/joepsy/v36y2013icp41-54.html
   My bibliography  Save this article

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

Author

Listed:
  • Puustinen, Pekka
  • Maas, Peter
  • Karjaluoto, Heikki

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.

Suggested Citation

  • Puustinen, Pekka & Maas, Peter & Karjaluoto, Heikki, 2013. "Development and validation of the Perceived Investment Value (PIV) scale," Journal of Economic Psychology, Elsevier, vol. 36(C), pages 41-54.
    • Handle: RePEc:eee:joepsy:v:36:y:2013:i:c:p:41-54
    DOI: 10.1016/j.joep.2013.02.009
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S016748701300041X
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.joep.2013.02.009?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Fama, Eugene F. & French, Kenneth R., 2007. "Disagreement, tastes, and asset prices," Journal of Financial Economics, Elsevier, vol. 83(3), pages 667-689, March.
    2. Canova, Luigina & Rattazzi, Anna Maria Manganelli & Webley, Paul, 2005. "The hierarchical structure of saving motives," Journal of Economic Psychology, Elsevier, vol. 26(1), pages 21-34, February.
    3. Fama, Eugene F., 1998. "Market efficiency, long-term returns, and behavioral finance," Journal of Financial Economics, Elsevier, vol. 49(3), pages 283-306, September.
    4. Hardesty, David M. & Bearden, William O., 2004. "The use of expert judges in scale development: Implications for improving face validity of measures of unobservable constructs," Journal of Business Research, Elsevier, vol. 57(2), pages 98-107, February.
    5. Richins, Marsha L, 1994. "Special Possessions and the Expression of Material Values," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 21(3), pages 522-533, December.
    6. Belk, Russell W, 1988. "Possessions and the Extended Self," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 15(2), pages 139-168, September.
    7. Sullivan, Mary Kay & Miller, Alex, 1996. "Segmenting the informal venture capital market: Economic, hedonistic, and altruistic investors," Journal of Business Research, Elsevier, vol. 36(1), pages 25-35, May.
    8. Babin, Barry J & Darden, William R & Griffin, Mitch, 1994. "Work and/or Fun: Measuring Hedonic and Utilitarian Shopping Value," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 20(4), pages 644-656, March.
    9. Gilles Laurent & Pierre Chandon & Brian Wansink, 2000. "A Benefit Congruency Framework of Sales Promotion Effectiveness," Post-Print hal-00458440, HAL.
    10. Peter Maas, 2010. "How Insurance Brokers Create Value—A Functional Approach," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 13(1), pages 1-20, March.
    11. Nicholas Barberis & Ming Huang, 2001. "Mental Accounting, Loss Aversion, and Individual Stock Returns," Journal of Finance, American Finance Association, vol. 56(4), pages 1247-1292, August.
    12. Sheth, Jagdish N. & Newman, Bruce I. & Gross, Barbara L., 1991. "Why we buy what we buy: A theory of consumption values," Journal of Business Research, Elsevier, vol. 22(2), pages 159-170, March.
    13. Daniel Dorn & Paul Sengmueller, 2009. "Trading as Entertainment?," Management Science, INFORMS, vol. 55(4), pages 591-603, April.
    14. Nicholas Barberis & Ming Huang, 2001. "Mental Accounting, Loss Aversion, and Individual Stock Returns," NBER Working Papers 8190, National Bureau of Economic Research, Inc.
    15. LAURENT, Gilles & CHANDON, Pierre & WANSINK, Brian, 2000. "A benefit congruency framework of sales promotion effectiveness," HEC Research Papers Series 698, HEC Paris.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ki, Chung-Wha (Chloe) & Li, Chunsheng & Chenn, Ashley Stevens & Chong, Sze Man & Cho, Erin, 2024. "Wiseconsumerchoices inonlinesecondhandluxury(OSHL)shopping: Anintegratedmodel ofmotivations,attitudes, andpurchaseintentions for OSHL aswise,conspicuous, andsustainableconsumption," Journal of Retailing and Consumer Services, Elsevier, vol. 76(C).
    2. Dastane, Omkar & Goi, Chai Lee & Rabbanee, Fazlul, 2020. "A synthesis of constructs for modelling consumers’ perception of value from mobile-commerce (M-VAL)," Journal of Retailing and Consumer Services, Elsevier, vol. 55(C).
    3. Dastane, Omkar & Goi, Chai Lee & Rabbanee, Fazlul, 2023. "The development and validation of a scale to measure perceived value of mobile commerce (MVAL-SCALE)," Journal of Retailing and Consumer Services, Elsevier, vol. 71(C).
    4. Youssef Riahi & Karim Garrouch, 2024. "A model explaining perceived investment value and switching intentions toward FinTech: the case of crowdlending," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(2), pages 553-567, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Christine Gonzalez & Élodie Huré & Karine Picot-Coupey, 2013. "Mobile application value for consumers," Economics Working Paper Archive (University of Rennes & University of Caen) 201340, Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS.
    2. Stephanie Schwipper & Severine Peche & Gertrud Schmitz, 2020. "Mobile Location-Based Services’ Value-in-Use in Inner Cities: Do a Customer’s Shopping Patterns, Prior User Experience, and Sales Promotions Matter?," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 72(4), pages 511-564, October.
    3. Hye Jung Jung & HaeJung Kim & Kyung Wha Oh, 2016. "Green Leather for Ethical Consumers in China and Korea: Facilitating Ethical Consumption with Value–Belief–Attitude Logic," Journal of Business Ethics, Springer, vol. 135(3), pages 483-502, May.
    4. Wang, Yi-Shun & Yeh, Ching-Hsuan & Liao, Yi-Wen, 2013. "What drives purchase intention in the context of online content services? The moderating role of ethical self-efficacy for online piracy," International Journal of Information Management, Elsevier, vol. 33(1), pages 199-208.
    5. Huré, Elodie & Picot-Coupey, Karine & Ackermann, Claire-Lise, 2017. "Understanding omni-channel shopping value: A mixed-method study," Journal of Retailing and Consumer Services, Elsevier, vol. 39(C), pages 314-330.
    6. Kwangyong Kim & Hyun-jun Choi & Sunghyup Sean Hyun, 2020. "Coffee House Consumers’ Value Perception and Its Consequences: Multi-Dimensional Approach," Sustainability, MDPI, vol. 12(4), pages 1-9, February.
    7. Rafael Currás‐Pérez & Consuelo Dolz‐Dolz & María J. Miquel‐Romero & Isabel Sánchez‐García, 2018. "How social, environmental, and economic CSR affects consumer‐perceived value: Does perceived consumer effectiveness make a difference?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 25(5), pages 733-747, September.
    8. Liu, Yan & Kou, Yan & Guan, Zhenzhong & Hu, JiaJing & Pu, Bo, 2020. "Exploring hotel brand attachment: The mediating role of sentimental value," Journal of Retailing and Consumer Services, Elsevier, vol. 55(C).
    9. Wagner, Tillmann & Rudolph, Thomas, 2010. "Towards a hierarchical theory of shopping motivation," Journal of Retailing and Consumer Services, Elsevier, vol. 17(5), pages 415-429.
    10. Aydinli, Aylin & Lamey, Lien & Millet, Kobe & ter Braak, Anne & Vuegen, Maya, 2021. "How Do Customers Alter Their Basket Composition When They Perceive the Retail Store to Be Crowded? An Empirical Study," Journal of Retailing, Elsevier, vol. 97(2), pages 207-216.
    11. Ostovan, Nima & Khalili Nasr, Arash, 2022. "The manifestation of luxury value dimensions in brand engagement in self-concept," Journal of Retailing and Consumer Services, Elsevier, vol. 66(C).
    12. Adam Zaremba & Jacob Koby Shemer, 2018. "Price-Based Investment Strategies," Springer Books, Springer, number 978-3-319-91530-2, October.
    13. Büyükdağ, Naci & Kitapci, Olgun, 2021. "Antecedents of consumer-brand identification in terms of belonging brands," Journal of Retailing and Consumer Services, Elsevier, vol. 59(C).
    14. MULLICK Naushadul Haque, 2013. "Enhancing The Image & Brand Equity Of A Shopping Mall," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 8(3), pages 72-81, Decembre.
    15. Martos-Partal, Mercedes & González-Benito, Óscar, 2013. "Studying motivations of store-loyal buyers across alternative measures of behavioural loyalty," European Management Journal, Elsevier, vol. 31(4), pages 348-358.
    16. Mohamed S. Ahmed & John A. Doukas, 2021. "Revisiting disposition effect and momentum: a quantile regression perspective," Review of Quantitative Finance and Accounting, Springer, vol. 56(3), pages 1087-1128, April.
    17. Bhat Ishfaq Hussain & Singh Sapna, 2018. "Examining the moderating effect of shopping value on private-label and loyalty in Indian grocery stores," Management & Marketing, Sciendo, vol. 13(1), pages 748-760, March.
    18. Jérôme Lacoeuilhe & Selima Ben & Hager Turki & Samy Belaïd, 2017. "Are consumers leaning towards hedonic, symbolic or functional attributes ? Brand benefits scale development and validation in emerging markets: case of Tunisia [Des consommateurs hédonistes, symbol," Post-Print hal-01768093, HAL.
    19. Konuş, Umut & Verhoef, Peter C. & Neslin, Scott A., 2008. "Multichannel Shopper Segments and Their Covariates," Journal of Retailing, Elsevier, vol. 84(4), pages 398-413.
    20. Jamal, Ahmad & Peattie, Sue & Peattie, Ken, 2012. "Ethnic minority consumers' responses to sales promotions in the packaged food market," Journal of Retailing and Consumer Services, Elsevier, vol. 19(1), pages 98-108.

    More about this item

    Keywords

    Behavioral finance; Investment Behavior; Perception; Value;
    All these keywords.

    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; Personnel Economics - - Marketing and Advertising - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:joepsy:v:36:y:2013:i:c:p:41-54. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/joep .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.