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Macau Periodical Index (澳門期刊論文索引)
- Author
- Terpstra-Tong, Jane LY; Terpstra, Robert H
- Title
- Differences in financial risk tolerance: A study of the Uinted States, China, Hong Kong and Macao
- Journal Name
- Euro Asia Journal of Management
- Pub. Info
- Dec. 2013, Vol.23, No.1/2, pp. 43-65
- Keyword
- Financial risk tolerance；Stocks；Gender；Investment behaviour；China；Macao
- Abstract
- Abstract : This study compares the financial risk tolerance of three samples of Chinese from Hong Kong, Macao and Mainland China, with one sample from the United States. Based on 522 responses to a 13-item financial risk tolerance questionnaire developed by Grable and Lytton (1999), the study concludes that the Mainland Chinese have the highest risk tolerance and there is no significant difference in risk tolerance between Hong Kong Chinese, Macao Chinese, and Americans. The findings, therefore, challenge the general perception that people from a collectivist society are more risk tolerant than those from an individualist society because of their larger size of financial help network. Our findings also conclude that females are not necessarily more risk averse than males. In our sample, females from the U.S., Mazao or China do not show any significant difference in financial risk tolerance from their male counterparts. Paragrapgh Headings: 1. Introduction 1.1. Financial risk and financial risk tolerance (FRT) 1.2. Determinants of financial risk tolerance 1.3. Age 1.4. Marital status 1.5. Gender 1.6. Educational attainment and financial knowledge 1.7. Income and wealth 1.8. Cross-national studies of risk tolerance 1.9. Hypotheses 2. Method 2.1. Participants 2.2. Procedures 2.3. Measure 3. Results 4. Discussion and conclusions Tables: 1. Demographic data of the respondents (N=552) from China, Hong Kong, Macao and the United States 2. Cronbach alpha, mean, standard deviation and F-test result of the samples on financial risk tolerance 3. Mean, standard deviation and correlation matrix 4. Regression results for financial risk tolerance scores (N=495) 5. Tukey HSD multiple comparison findings for country and risk tolerance score 6. Gender effect on FRT scores by country