A Cross-Cultural Comparison of Three Risk Tolerance Measures: Turkey and the United States Case
Jorge Ruiz-Menjivar · Amanda Blanco · Zeynep Copur · Michael S. Gutter · Martie Gillen
International Journal of Research in Business and Social Science · 2014 · Vol. 3 / Issue 1 · 1-14
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Abstract
An individual’s attitude toward financial risk tolerance (FRT) is an important preference that influences financial decision-making under uncertainty. FRT involves inter-temporal resource allocation. Accurate and reliable measures of FRT are essential for professionals advising consumers as well as researchers who are trying to predict, and understand consumer behavior. This study explores cross-cultural risk tolerance by comparing random samples from Turkey, and the United States. Similar and distinctive attitudes and patterns regarding FRT are identified. Three subjective measures of FRT are employed in this study: Grable and Lytton (1999), Hanna, Gutter and Fan’s (2001) improved version of Barsky, Juster, Kimball and Shapiro (1997), and the Survey of Consumer Finance’s item on risk tolerance. Data was collected via an online survey that used the above-mentioned FRT measures. There were two versions: the original American English version, and a culturally translated Turkish version. To explore the correlation of FRT among measures, we use bivariate analysis by individually employing Pearson Chi-square test of independence, and cross tabulations analysis to each sample. In addition, by pooling both samples, we conduct cumulative logistic regression. We delineate FRT differences and consistencies between countries across subjective financial risk tolerance measures.
Keywords: {'name': 'Financial Risk Tolerance'}, {'name': 'Cross-Cultural Comparison'}, {'name': 'Risk Tolerance Measures'}
Authors & affiliations
Jorge Ruiz-Menjivar
Affiliation not supplied
Amanda Blanco
Affiliation not supplied
Zeynep Copur
Affiliation not supplied
Michael S. Gutter
Affiliation not supplied
Martie Gillen
Affiliation not supplied
Deposited references
Supplied references, not a list of publications citing this article.
DOI: 10.1017/S0003055401003100
DOI: 10.1162/003355397555280
Blanco, A., Gutter, M., Ruiz-Menjivar, J., Spangler, T. & Wynn, K. (2012). A comparison of three measures of risk tolerance. Consumer Interest Annual, 58.
Copur, Z., Gutter, M. S., Erkal, S. (2010). Exploring saving behavior of Turkish families in Ankara/Turkey. International Journal of Economics and Finance Studies, 2(2), 105-112.
Fan, J. X., Xiao, J. J. (2006). Cross-cultural differences in risk tolerance: a comparison between Chinese and Americans. Journal of Personal Finance, 5(3), 54-75.
van Belle, G. (2011). Statistical Rules of Thumb. (2nd ed.). John Wiley and Sons, New York. ISBN 1118210360, 9781118210369, p. 45-46.
DOI: 10.1016/S1057-0810(99)00041-4
Grable, J. E., & Lytton, R. H. (2001). Assessing the concurrent validity of the SCF risk tolerance question. Financial Counseling and Planning, 12(2), 43-53.
Grable, J. E., & Schumm, W. (2007). An estimation of the reliability of the Survey of Consumer Finances risk tolerance question. TCAI Working Paper: Universityof Arizona, 1-28.
Hanna, S. D., Gutter, M. S., & Fan, J. X. (2001). A measure of risk tolerance based on economic theory. Financial Counseling and Planning, 12(2), 53-60.