Do financial ethics matter in risky asset investment of households? Evidence from Japan

In this study, we examine how financial ethics, defined as an aversive attitude toward financial matters, influence households’ risky asset investments. By using a questionnaire survey on households in Japan, financial ethics are measured on multiple dimensions: psychological attitude toward money,...

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Published inInternational Journal of Economic Policy Studies Vol. 18; no. 2; pp. 387 - 414
Main Authors Aman, Hiroyuki, Motonishi, Taizo, Yamane, Chisako
Format Journal Article
LanguageEnglish
Published Singapore Springer Nature Singapore 01.08.2024
Springer Nature B.V
Subjects
Asian Economics
Asset allocation
Asset management
Assets
Attitudes
Aversive
Bias
Christianity
Economic Policy
Economics
Economics and Finance
Ethics
Financial information
Financial literacy
Households
Hypotheses
Industrial Organization
Investments
Knowledge
Labor Economics
Money
Research Article
Securities markets
Transactions
Wealth
United States > US
Japan
Questionnaire survey
G50
G41
G11
Financial ethics
Risky investment
Household finance
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Abstract In this study, we examine how financial ethics, defined as an aversive attitude toward financial matters, influence households’ risky asset investments. By using a questionnaire survey on households in Japan, financial ethics are measured on multiple dimensions: psychological attitude toward money, normative attitude toward economic transactions, and unwillingness to disclose financial information. Overall, evidence supports the financial ethics hypothesis that people with a high level of financial ethics are reluctant to invest in risky assets. Particularly, decisions to participate in the stock market are impaired by strong financial ethics. The hypothesis is partly supported for the percentage shares of stock holdings and investment in a broad class of risky assets. Furthermore, our mediation analysis reveals that financial ethics not only directly discourage investment but also have an indirect effect through reduced financial literacy.
AbstractList In this study, we examine how financial ethics, defined as an aversive attitude toward financial matters, influence households’ risky asset investments. By using a questionnaire survey on households in Japan, financial ethics are measured on multiple dimensions: psychological attitude toward money, normative attitude toward economic transactions, and unwillingness to disclose financial information. Overall, evidence supports the financial ethics hypothesis that people with a high level of financial ethics are reluctant to invest in risky assets. Particularly, decisions to participate in the stock market are impaired by strong financial ethics. The hypothesis is partly supported for the percentage shares of stock holdings and investment in a broad class of risky assets. Furthermore, our mediation analysis reveals that financial ethics not only directly discourage investment but also have an indirect effect through reduced financial literacy.
Author Motonishi, Taizo
Aman, Hiroyuki
Yamane, Chisako
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  surname: Aman
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  email: aman@kwansei.ac.jp
  organization: Kwansei Gakuin University
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  givenname: Taizo
  surname: Motonishi
  fullname: Motonishi, Taizo
  organization: Kansai University
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  givenname: Chisako
  surname: Yamane
  fullname: Yamane, Chisako
  organization: Hiroshima University of Economics
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Copyright Japan Economic Policy Association (JEPA) 2024. Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.
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Snippet In this study, we examine how financial ethics, defined as an aversive attitude toward financial matters, influence households’ risky asset investments. By...
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SubjectTerms Asian Economics
Asset allocation
Asset management
Assets
Attitudes
Aversive
Bias
Christianity
Economic Policy
Economics
Economics and Finance
Ethics
Financial information
Financial literacy
Households
Hypotheses
Industrial Organization
Investments
Knowledge
Labor Economics
Money
Research Article
Securities markets
Transactions
Wealth
Title Do financial ethics matter in risky asset investment of households? Evidence from Japan
URI https://link.springer.com/article/10.1007/s42495-024-00134-2
https://www.proquest.com/docview/3114641192
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