Conceptual Analysis Of Financial Behavior Model Through Systematic Literature Review
DOI:
https://doi.org/10.54099/ijmba.v2i2.628Keywords:
Financial Behavior, , Systematic Literature Review, , Financial Behavior Models.Abstract
Purpose – This study aims to determine the development and novelty of the financial behavior models most commonly used by researchers to predict financial actions.
Methodology/approach – The research was conducted using a Systematic Literature Review approach by selecting articles from the Google Scholar index without limiting the year of publication so that all articles with financial behavior studies could appear. The reports were collected using publish or perish and then analyzed bibliometrically using VOS Viewer before being explored by abstraction and content. The flow of data selection in the study was carried out using the Prism method for 981 documents.
Findings – The research results show that the study of financial behavior began in 1966 and continues to offer an increasing research trend. Models for describing the phenomenon of financial behavior continue to emerge, and one is mutually reinforcing with another. The models often discussed are the psychological model, the socialization model, the economic model, and the REMM model.
Novelty/value – From the models discussed, a model has yet to be found to explain precisely the phenomenon of financial behavior in individual humans. These models are only alternatives, and it does not mean that one model can represent the complexity of human behavior toward finance; what is essential is the extent to which the model is consistent with the observed human behavior.
References
Brunner, K., & Meckling, W. H. (1977). The Perception of Man and the Conception of Government. Journal of Money, Credit and Banking, 9(1), 70. https://doi.org/10.2307/1992000
Davinson, N., & Sillence, E. (2014). Using the health belief model to explore users’ perceptions of “being safe and secure” in the world of technology mediated financial transactions. International Journal of Human Computer Studies, 72(2), 154–168. https://doi.org/10.1016/j.ijhcs.2013.10.003
Dolan, P., Elliott, A., Metcalfe, R., & Vlaev, I. (2012). Influencing financial behavior: From changing minds to changing contexts. Journal of Behavioral Finance, 13(2), 126–142. https://doi.org/10.1080/15427560.2012.680995
Edwards, R., Allen, M. W., & Hayhoe, C. R. (2007). Financial attitudes and family communication about students’ finances: The role of sex differences. Communication Reports, 20(2), 90–100. https://doi.org/10.1080/08934210701643719
Fisch, C., & Block, J. (2018). Six tips for your ( systematic ) literature review in business and management research. Management Review Quarterly, 68(2), 103–106. https://doi.org/10.1007/s11301-018-0142-x
Hayes, D. C. (1983). Accounting for accounting: A story about managerial accounting. Accounting, Organizations and Society, 8(2–3), 241–249. https://doi.org/10.1016/0361-3682(83)90032-6
Hira, T. K., & Loibl, C. (2008). Gender differences in investment behavior. Handbook of Consumer Finance Research, 253–270. https://doi.org/10.1007/978-0-387-75734-6_15
Hira, T. K., & Mugenda, O. (2000). Gender Differences in Financial Perceptions, Behaviors and Satisfaction. FPA Journal, 13(2), 86–93.
Jensen, M. C., & Meckling, W. H. (1994). The Nature of Man. Journal of Applied Corporate Finance, 7(2), 4–19. https://doi.org/10.5840/acpaproc19512527
Kadoya, Y., & Rahim Khan, M. S. (2020). Financial literacy in Japan: New evidence using financial knowledge, behavior, and attitude. Sustainability (Switzerland), 12(9). https://doi.org/10.3390/su12093683
Koropp, C., Kellermanns, F. W., Grichnik, D., & Stanley, L. (2014). Financial Decision Making in Family Firms: An Adaptation of the Theory of Planned Behavior. Family Business Review, 27(4), 307–327. https://doi.org/10.1177/0894486514522483
Mele, D., & Canton, C. G. (2014). The Homo Economicus Model. In Human Foundations of Management (Issue 4, pp. 41–45). https://doi.org/10.24158/fik.2020.4.7
Milosevic, D. (2016). The Nature of Man. Journal of Applied Corporate Finance, 7(2). https://doi.org/10.5840/acpaproc19512513
Opsahl, R. L., & Dunnette, M. D. (1966). Role of financial compensation in industrial motivation. Psychological Bulletin, 66(2), 94–118. https://doi.org/10.1037/h0023614
Ozmete, E., & Hira, T. (2011). Conceptual analysis of behavioral theories/models: Application to financial behavior. European Journal of Social Sciences, 18(3), 386–404.
Page, M. J., McKenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., Mulrow, C. D., Shamseer, L., Tetzlaff, J. M., Akl, E. A., Brennan, S. E., Chou, R., Glanville, J., Grimshaw, J. M., Hróbjartsson, A., Lalu, M. M., Li, T., Loder, E. W., Mayo-Wilson, E., McDonald, S., … Moher, D. (2021). The PRISMA 2020 statement: An updated guideline for reporting systematic reviews. The BMJ, 372. https://doi.org/10.1136/bmj.n71
Pepper, A., & Gore, J. (2015). Behavioral Agency Theory: New Foundations for Theorizing About Executive Compensation. Journal of Management, 41(4), 1045–1068. https://doi.org/10.1177/0149206312461054
Pirson, M. (1994). Chapter 2 Understanding Human Nature. 1–21.
Rahmayanti, P. L. D., Widagda, I. G. N. J. A., Yasa, N. N. K., Giantari, I. G. A. K., Martaleni, Sakti, D. P. B., Suwitho, & Anggreni, P. (2021). Integration of technology acceptance model and theory of reasoned action in predicting e-wallet continuous usage intentions. International Journal of Data and Network Science, 5(4), 649–658. https://doi.org/10.5267/j.ijdns.2021.8.002
Ramiah, V., Xu, X., & Moosa, I. A. (2015). Neoclassical finance, behavioral finance and noise traders: A review and assessment of the literature. International Review of Financial Analysis, 41, 89–100. https://doi.org/10.1016/j.irfa.2015.05.021
Remund, D. L. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. Journal of Consumer Affairs, 44(2), 276–295. https://doi.org/10.1111/j.1745-6606.2010.01169.x
Ricciardi, V., & Simon, H. K. (2000). What is Behavioral Finance ? 1–9.
Rosenstock, I. M., Strecher, V. J., & Becker, M. H. (1988). Social Learning Theory and the Health Belief Model. Health Education & Behavior, 15(2), 175–183. https://doi.org/10.1177/109019818801500203
Scafidi, B., & Skimmy, B. (2016). THE EFFECTS OF PERCEIVED AND ACTUAL FINANCIAL LITERACY ON FINANCIAL BEHAVIORS. 54(1), 675–697. https://doi.org/10.1111/ecin.12255
Shih, H.-M., Chen, B. H., Chen, M.-H., Wang, C.-H., & Wang, L.-F. (2022). A Study of the Financial Behavior Based on the Theory of Planned Behavior. International Journal of Marketing Studies, 14(2), 1. https://doi.org/10.5539/ijms.v14n2p1
Shockey, S. S., & Seiling, S. B. (2004). Moving into action: Application of the transtheoretical model of behavior change to financial education. Journal of Financial Counseling and Planning, 15(1), 41–52.
Tang, N., & Baker, A. (2016). Self-esteem, financial knowledge and financial behavior. Journal of Economic Psychology, 54, 164–176. https://doi.org/10.1016/j.joep.2016.04.005
Thaler, R. H. (1999). Perspectives: The end of behavioral finance. Association for Investment Management and Research, 12–17.
Velicer, W. F., Fava, J. L., Prochaska, J. O., Norman, G. J., & Reading, C. A. (2005). Detailed Overview of the Transtheoretical Model. http://www.uri.edu/research/cprc/TTM/detailedoverview.htm
Wartiovaara, M. (2011). Rationality, REMM, and Individual Value Creation. Journal of Business Ethics, 98(4), 641–648. https://doi.org/10.1007/s10551-010-0643-6
Wasiluk, A. K., Giegiel, A. W., & Zalesko, M. (2018). The Evolution of the Economic Man. From Homo Oeconomicus to Homo Moralis. Gospodarka Narodowa, 1(1), 33–57.
Xiao, J. J. (2008). Applying behavior theories to financial behavior. Handbook of Consumer Finance Research, 69–81. https://doi.org/10.1007/978-0-387-75734-6_5
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 International Journal of Management and Business Applied
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
This work is licensed under a 