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Title: The Impact of Self-Efficacy on Wealth Accumulation and Portfolio Choice
Resulting in 1 citation.
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Chatterjee, Swarnankur Finke, Michael S. Harness, Nathaniel J. |
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The Impact of Self-Efficacy on Wealth Accumulation and Portfolio Choice Applied Economics Letters 18,7 (2011): 627-631. Also: http://www.tandfonline.com/doi/abs/10.1080/13504851003761830 Cohort(s): NLSY79 Publisher: Routledge ==> Taylor & Francis (1998) Keyword(s): Assets; Behavior; Demography; Financial Investments; Pearlin Mastery Scale; Self-Perception; Self-Regulation/Self-Control; Socioeconomic Factors; Wealth Self-efficacy is a psychological construct based on the evaluations of one's ability to accomplish certain behaviours or achieve certain outcomes (Bandura, 1977). Although self-efficacy has been linked to health, task accomplishment, greater socio-economic status and income (Seeman and Seeman, 1983; Stretcher et al., 1986; Gecas and Seff, 1990; Judge et al., 2002; Zagorsky, 2007), there has been no study that investigates whether self-efficacy is also a predictor of greater wealth creation over a specific period of time. Applying a theoretical framework based on self-efficacy, this article investigates household financial behaviours using the National Longitudinal Survey of Youth (NLSY79) data-set. For the purpose of this study, change in wealth across time and financial market participation is modelled as a function of socio-economic and demographic variables drawn from prior literature. Findings from this research reveal that self-efficacy is indeed a predictor of investment for financial assets and is also a predictor of wealth creation across time. |
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Bibliography Citation
Chatterjee, Swarnankur, Michael S. Finke and Nathaniel J. Harness. "The Impact of Self-Efficacy on Wealth Accumulation and Portfolio Choice." Applied Economics Letters 18,7 (2011): 627-631.
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