Search results for: investor psychology

Authors: Sonali Agarwal

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The investor perception about investment avenues is affected to a great degree by the current happenings, within the country, and on the global stage. The influencing events can range from government policies, bilateral trade agreements, election agendas, to changing exchange rates, appreciation and depreciation of currency, recessions, meltdowns, bankruptcies etc. The current research attempts to discover and unravel the effect of various macroeconomic variables (crude oil price, gold price, silver price and USD exchange rate) on the Indian mutual fund industry in general and the chosen funds (Axis Gold Fund, BSL Gold Fund, Kotak Gold Fund & SBI gold fund) in particular. Cointegration tests and Vector error correction equations prove that the chosen variables have strong effect on the NAVs (net asset values) of the mutual funds. However, the greatest influence is felt from the fund’s own past and current information and it is found that when an innovation of fund’s own lagged NAVs is given, variance caused is high that changes the current NAVs markedly. The study helps to highlight the interplay of macroeconomic variables and their repercussion on mutual fund industry.

Keywords: cointegration, Granger causality, impulse response, macroeconomic variables, mutual funds, stationarity, unit root test, variance decomposition, VECM

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Authors: Mary T. McKinley

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As socio-economic globalization impacts education and turns knowledge into a commodity, institutions of higher education are becoming more intentional about infusing a global and intercultural perspective into education via the recruitment of international students. Coming from dissimilar cultures, many of these students are evaluated and held accountable to Euro-American values of independence, self-reliance, and autonomy. Not surprisingly, these students often experience culture shock with deleterious effects on their mental health and academic functioning. Thus, it is critical to understand the experiences of international students with the hope that such knowledge will keep the field of psychology from promulgating Eurocentric ideals and values and prevent the training of these students as good-enough White therapists. Using a critical narrative inquiry framework, this study elicits stories about the challenges encountered by international students as they navigate their clinical training in the presence of acculturative stress and potentially different worldviews. With its emphasis on story-telling as meaning making, narrative research design is hinged on the assumption that people are interpretive beings who make meaning of themselves and their world through the language of stories. Also, dominant socially-constructed narratives play a central role in creating and maintaining hegemonic structures that privilege certain individuals and ideologies at the expense of others. On this premise, narrative inquiry begins with an exploration of the experiences of participants in their lived stories. Bounded narrative segments were read, interpreted, and analyzed using a critical events approach. Throughout the process, issues of reliability and researcher bias were addressed by keeping a reflective analytic memo, as well as triangulating the data using peer-reviewers and check-ins with participants. The findings situate culture at the epicenter of international students’ acculturation challenges as well as their resiliency in psychology doctoral programs. It was not uncommon for these international students to experience ethical dilemmas inherent in learning content that conflicted with their cultural beliefs and values. Issues of cultural incongruence appear to be further exacerbated by visible markers for differences like speech accent and clothing attire. These stories also link the acculturative stress reported by international students to the experiences of perceived racial discrimination and lack of support from the faculty, administration, peers, and the society at large. Beyond the impact on the international students themselves, there are implications for internationalization in psychology with the goal of equipping doctoral programs to be better prepared to meet the needs of their international students. More than ever before, programs need to liaise with international students’ services and work in tandem to meet the unique needs of this population of students. Also, there exists a need for multiculturally competent supervisors working with international students with varying degrees of acculturation. In addition to making social justice and advocacy salient in students’ multicultural training, it may be helpful for psychology doctoral programs to be more intentional about infusing cross-cultural theories, indigenous psychotherapies, and/or when practical, the possibility for geographically cross-cultural practicum experiences in the home countries of international students while taking into consideration the ethical issues for virtual supervision.

Keywords: decolonizing pedagogies, international students, multiculturalism, psychology doctoral programs

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Authors: Feyzan Tuzkaya, Nihan S. Soylu, Caglar Solak, Mehmet Peker, Hilal Peker, Kemal Ozeralp, Ceren Mete, Ezgi Mehmetoglu, Mehmet Karasu, Cihan Elci, Ece Akca, Melek Goregenli

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Perception, evaluation and representation of the environment have been the subject of many disciplines including psychology, geography and architecture. In environmental and social psychology literature there are several evidences which suggest that cognitive representations about a place consisted of not only geographic items but also social and cultural. Mental representations of residence area or a country is influenced and determined by social-demographics, the physical and social context. Thus, all mental representations of a given place are also social representations. Cognitive maps are the main and common instruments that are used to identify spatial images and the difference between physical and subjective environments. The aim of the current study is investigating the mental and social representations of Turkey in university students’ minds. Data was collected from 249 university students from different departments (i.e. psychology, geography, history, tourism departments) of Ege University. Participants were requested to reflect Turkey in their mind onto the paper drawing sketch maps. According to the results, cognitive maps showed geographic aspects of Turkey as well as the context of symbolic, cultural and political reality of Turkey. That is to say, these maps had many symbolic and verbal items related to critics on social and cultural problems, ongoing ethnic and political conflicts, and actual political agenda of Turkey. Additionally, one of main differentiations in these representations appeared in terms of the East and West side of the Turkey, and the representations of the East and West was varied correspondingly participants’ cultural background, their ethnic values, and where they have born. The results of the study were discussed in environmental and social psychological perspective considering cultural and social values of Turkey and current political circumstances of the country.

Keywords: cognitive maps, East, West, politics, social representations, Turkey

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Authors: Gabriela R. Silveira, Claudia S. Rocha, Lais S. Vitti, Jeane L. Borges, Helen B. Durgante

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Emerging adulthood occurs after adolescence in a period that maybe be marked by experimentation, identity reconfigurations, labor life demands, and insertion in the work environment, which tends to generate stress and emotional instability. Health promotion programs for the development of strengths and virtues, based on Positive Psychology, for emerging adults are sparse in Brazil. The aim of this study was to evaluate the preliminary effects of an online multi-component Positive Psychology program for the health promotion of emerging adults based on Cognitive Behavioural Therapy and Positive Psychology. The program included six online (synchronous) weekly group sessions of approximately two hours each and homework (asynchronous) activities. The themes worked were Values and self-care/Prudence, Optimism, Empathy, Gratitude, Forgiveness, and Meaning of life and work. This study presents data from a longitudinal, pre-experimental design with pre (T1) and post-test (T2) evaluation in the intervention group. 47 individuals aged between 19-30 years old participated, mean age of 24.53 years (SD=3.13), 37 females (78.7%). 42 (89.4%) self-defined as heterosexual, four (8.5%) as homosexual, and one (2.5%) as bisexual. 33 (70.2%) had incomplete higher education, four (8.5%) completed higher education, and seven (14.9%) had a graduate level of education. 27 participants worked (57.4%), out of which 25 were health workers (53.2%). 14 (29.8%) were caregivers, 27 (57.4%) had a spiritual belief, 36 (76.6%) had access to leisure, and 38 (80.9%) had perceived social support. The instruments used were a sociodemographic questionnaire, the 10-item Perceived Stress Scale, and the 12-item General Health Questionnaire. The program was advertised on social networks and interested participants filled out the Consent Form and the evaluation protocol at T1 and T2 via Google Docs form. The main research was approved (CEP n.1,899,368; 4,143,219; CAAE: 61997516.5.0000.5334) and complied with sanitary and Ethics criteria in research with human beings. Wilcoxon statistics revealed significant improvements in indicators of perceived stress between T1 (X=22.21, SD=6.79) and T2 (X=15.10, SD=5.82); (Z=-4.353; p=0.001) as well as depression and anxiety symptoms (T1:X=26.72, SD=8.84; T2: X=19.23, SD=4.68); (Z=-3.945, p=0.001) of the emerging adults after their participation in the programme. The programme has an innovative character not only for presenting an online Positive Psychology approach but also for being based on an intervention developed, evaluated, and manualized in Brazil. By focusing on emerging adults, this study contributes to advancing research on a relatively new field in developmental studies. As a limitation, this is a pre-experimental and pilot study, requiring an increase in sample size for greater statistical robustness, also qualitative data analysis is crucial for methodological complementarity. The importance of investing efforts to accompany this age group and provide advances in longitudinal research in the area of health promotion and disease prevention is highlighted.

Keywords: emerging adults, disease prevention, health promotion, online program

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Authors: Azlina Binti Abu Bakar, Fahmi Zaidi Bin Abdul Razak, Wan Salihin Wong Abdullah

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Psychographic is a psychological study of values, attitudes, interests and it is used mostly in prediction, opinion research and social research. This study predicts the influence of performance expectancy, effort expectancy, social influence and facilitating condition on e-government acceptance among Malaysian citizens. The survey responses of 543 e-government users have been validated and analyzed by means of covariance-based Structural Equation Modeling. The findings indicate that e-government acceptance among Malaysian citizens are mainly influenced by performance expectancy (β = 0.66, t = 11.53, p < 0.01) and social influence (β = 0.20, t = 4.23, p < 0.01). Surprisingly, there is no significant effect of facilitating condition and effort expectancy on e-government continuance intention (β = 0.01, t = 0.27, p > 0.05; β = -0.01, t = -0.40, p > 0.05). This study offers government and vendors a frame of reference to analyze citizen’s situation before initiating new innovations. In case of Malaysian e-government technology, adoption strategies should be built around fostering level of citizens’ technological expectation and social influence on e-government usage.

Keywords: continuance intention, Malaysian citizen, media psychology, structural equation modeling

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Authors: Yu H. Chen, Li C. Chen, Hsiang Y. Wu, Wan Y. Chen, Yin S. Lai, Sarah S. Chen

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Little has been done to customize an appropriate program on gratitude for nurses, who work in high-stress environments. The purpose of this study is to design an appropriate program on gratitude for nurses and to investigate the effects of the program. Based on research done by Kaohsiung Medical University’s Positive Psychology Center, the only one of its kind in Taiwan, one of the top five strengths of nurses is gratitude. Instead of adapting from an older model created from past research, the Gratitude Workshop is developed from a quasi-experimental approach and designed with five additional dimensions that emphasize gratitude: thanking others, thanking one's surroundings, cherishing what one has, appreciating hardships, and appreciating the present. A sample of 84 nurses was randomly selected from the Kaohsiung Municipal Ta-Tung Hospital; 43 of who participated in the nine-hour Gratitude Workshop that spanned over three weeks, while the other 41 were part of the waitlist control group. The pretest and posttest included five questionnaires: Inventory of Undergraduates' Gratitude, The Gratitude Questionnaire-6, Mental Health Continuum‐Short Form, Perceived Stress Scale, and the Stress Coping Strategies Questionnaire. Results of the research showed that the Gratitude Workshop elevates gratitude, well-being, and perceived stress on the nurses; however, it was also found in the Stress Coping Strategies Questionnaire that the Gratitude Workshop only heightened the regulation of emotions.

Keywords: gratitude, nurses, positive psychology, well-being

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Authors: Talita Veldsman, Elzette Fritz

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Many children attending special education present with sensory integration difficulties that hamper their learning and behaviour. These learners can benefit from therapeutic interventions as part of their classroom curriculum that can address sensory development and allow for holistic development to take place. A research study was conducted by utilizing socio-drama as a therapeutic intervention in the classroom in order to develop sensory integration skills. The use of socio-drama as therapeutic intervention proved to be a successful multi-disciplinary approach where education and psychology could build a bridge of growth and integration. The paper describes how socio-drama was used in the classroom and how these sessions were designed. The research followed a qualitative approach and involved six Afrikaans-speaking children attending special secondary school in the age group 12-14 years. Data collection included observations during the session, reflective art journals, semi-structured interviews with the teacher and informal interviews with the adolescents. The analysis found improved self-confidence, better social relationships, sensory awareness and self-regulation in the participants after a period of a year.

Keywords: education, sensory integration, sociodrama, classroom intervention, psychology

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Authors: Ana Violante, Jodie Maccarrone, Maria Fimiani

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In the United States, over 30 million people are hospitalized annually for conditions that require acute, 24-hour, supervised care. The experience of hospitalization can be traumatic, exposing the patient to loss of control, autonomy, and productivity. Furthermore, 40% of patients admitted to hospitals for general medical illness have a comorbid psychiatric diagnosis. Research suggests individuals admitted with psychiatric comorbidities experience poorer health outcomes, higher utilization rates and increased overall cost of care. Empirical work suggests hospital settings that include a consultation liaison (CL) service report reduced length of stay, lower costs per patient, improved medical staff and patient satisfaction and reduced readmission after 180 days. Despite the overall positive impact CL services can have on patient care, it is estimated that only 1% - 2.8% of hospital admits receive these services, and most research has been conducted by the field of psychiatry. Health psychologists could play an important role in increasing access to this valuable service, though the extent to which health psychologists participate in CL settings is not well known. Objective: Outline the preliminary findings from an empirical study to understand how many APPIC internship training programs offer adult consultation liaison rotations within inpatient hospital settings nationally, as well as describe the specific nature of these training experiences. Research Method/Design: Data was exported into Excel from the 2022-2023 APPIC Directory categorized as “health psychology” sites. It initially returned a total of 537 health training programs out 1518 total programs (35% of all APPIC programs). A full review included a quantitative and qualitative comprehensive review of the APPIC program summary, the site website, and program brochures. The quantitative review extracted the number of training positions; amount of stipend; location or state of program, patient, population, and rotation. The qualitative review examined the nature of the training experience. Results: 29 (5%) of all APPIC health psychology internship training programs (2%) respectively of all APPIC training internship programs offering internship CL training were identified. Of the 29 internship training programs, 16 were exclusively within a pediatric setting (55%), 11 were exclusively within an adult setting (38%), and two were a mix of pediatric and adult settings (7%). CL training sites were located to 19 states, offering a total of 153 positions nationally, with Florida containing the largest number of programs (4). Only six programs offered 12-month training opportunities while the rest offered CL as a major (6 month) to minor (3-4 month) rotation. The program’s stipend for CL training positions ranged from $25,000 to $62,400, with an average of $32,056. Conclusions: These preliminary findings suggest CL training and services are currently limited. Training opportunities that do exist are mostly limited to minor, short rotations and governed by psychiatry. Health psychologists are well-positioned to better define the role of psychology in consultation liaison services and enhance and formalize existing training protocols. Future research should explore in more detail empirical outcomes of CL services that employ psychology and delineate the contributions of psychology from psychiatry and other disciplines within an inpatient hospital setting.

Keywords: consultation liaison, health psychology, hospital setting, training

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Authors: Rylle Evan Gabriel Zamora, Micah Dennise Malia, Abygail Deniese Villabona

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The primary motivators of altruism are usually viewed as mutually exclusive. In this study, we wanted to know if the two primary motivators, reciprocity and empathy, can work together in motivating altruism. Therefore, we wanted to find out if there is a significant interaction of effects between reciprocity and empathy. To show how this may occur, we devised the combined altruism model, which is based on Batson’s empathy altruism hypothesis. A sample of 120, 6th-grade students were randomly selected and then randomly assigned to four treatment groups. A 2x2 between subjects’ design was used, which had empathy and reciprocity as independent variables, and altruism as the dependent variable. The study made use of materials that were effort based, where subjects were required to complete a task or a puzzle to help a person in a given scenario, two videos, one to prime empathy were also used. This along with Witt & Boleman’s adapted Self-Reported Altruism Scale was used to determine an individual’s altruism. It was found that both variables were significant in motivating altruism, with empathy being the greater of the two. However, there was no significant interaction of effects between the two variables. To explain why this occurred, we turned to the combined altruism model, where it was found that when empathically primed, we tend to not think of ourselves when helping others. Future studies could focus on other variables, especially age which is said to be one of the greatest factors that influenced the results of the experiment.

Keywords: reciprocity, empathy, altruism, experimental psychology, social psychology

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Authors: F. Ruiz-Fuster

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Arnold’s redefinition of human motives can sustain a psychology of education which emphasizes the beauty of knowledge and the exercise of intellectual functions. Thus, education instead of focusing on skills and learning by doing would be centered on ‘the widest reaches of the human spirit’. One way to attain it is by developing children’s inherent interest. Arnold takes into account the fact that the desire to know is the inherent interest which leads students to explore and learn. She also emphasizes the need of exercising human functions as thinking, judging and reasoning. According to Arnold, the influence of psychological theories of motivation in education has derived in considering that all learning and school tasks should derive from children’s needs and impulses. The desire to know and the curiosity have not been considered as basic and active as any instinctive drive or basic need, so there has been an attempt to justify and understand how biological drives guide student’s learning. However, understanding motives and motivation not as a drive, an instinct or an impulse guided by our basic needs, but as a want that leads to action can help to understand, from a psychological perspective, how teachers can motivate students to learn, strengthening their desire and interest to reason and discover the whole new world of knowledge.

Keywords: academic motivation, interests, desire to know, educational psychology, intellectual functions

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Authors: A. Hira Masood, B. Umer Hameed, C. Ezza Nasir

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Contemporary studies support the strong co-relation between psychology and design. This study elaborates how different psychological personality test can help a fashion designer to judge the needs of their clients with respect to have products which will satisfy the client's request concerning costumised clothing. This study will also help the designer to improve the lacking in the personality and will enable him to put his effort in required areas for grooming the customer, control and direct organization regarding quality maintenance. The use of psychology test to support the choice of certain design strategies that how the right clothing can make client a better intellectual with enhanced self-esteem and confidence. Different projective personality test are being used to suggest to evaluate personality traits. The Rorschach Inkblot Test is projective mental comprising of 10 ink-blots synonymous with the clinical brain research. Lüsher Color Diagnostics measures a person’s psycho physical state, his or her ability to withstand stress to perform and communicate. HTP is a projective responsibility test measuring self-perception, attitudes. The TAT test intend to evaluate a person’s patterns of thoughts, attitudes, observation, capacity and emotional response to this ambiguous test materials. No doubt designers are already crucially redesigning the individuals by their attires, but to expose the behavioral mechanism of the customer, designers should be able to recognize the hidden complexity behind his client by using the above mentioned methods. The study positively finds the design and psychology need to become substantially contacted in order to create a new regime of norms to groom a personality under the concentration and services of a fashion designer in terms of clothing, This interactive activity altimately upgrade design team to help customers to find the suited way to satisfy their needs and wishes, offer client relible relationship and quality management services, and to become more disereable.

Keywords: projective personality tests, customized clothing, Rorschach Inkblot test, TAT, HTP, Lüsher color diagnostics, quality management services

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Authors: B. Marasović, S. Pivac, S. V. Vukasović

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Constructing a portfolio of investments is one of the most significant financial decisions facing individuals and institutions. In accordance with the modern portfolio theory maximization of return at minimal risk should be the investment goal of any successful investor. In addition, the costs incurred when setting up a new portfolio or rebalancing an existing portfolio must be included in any realistic analysis. In this paper rebalancing an investment portfolio in the presence of transaction costs on the Croatian capital market is analyzed. The model applied in the paper is an extension of the standard portfolio mean-variance optimization model in which transaction costs are incurred to rebalance an investment portfolio. This model allows different costs for different securities, and different costs for buying and selling. In order to find efficient portfolio, using this model, first, the solution of quadratic programming problem of similar size to the Markowitz model, and then the solution of a linear programming problem have to be found. Furthermore, in the paper the impact of transaction costs on the efficient frontier is investigated. Moreover, it is shown that global minimum variance portfolio on the efficient frontier always has the same level of the risk regardless of the amount of transaction costs. Although efficient frontier position depends of both transaction costs amount and initial portfolio it can be concluded that extreme right portfolio on the efficient frontier always contains only one stock with the highest expected return and the highest risk.

Keywords: Croatian capital market, Markowitz model, fractional quadratic programming, portfolio optimization, transaction costs

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Authors: Dwi Wijiastutik, Tarjo, Yuni Rimawati

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The purpose of this empirical study is to analyse how to the market reaction and the conservative degree changes on the adoption of International Financial Reporting Standart (IFRS) through Jakarta Islamic Index. The study also has given others additional analysis on the profitability, capital structure and size company toward IFRS adoption. The data collection methods used in this study reveals as secondary data and deep analysis to the company’s annual report and daily price stock at yahoo finance. We analyse 40 companies listed on Jakarta Islamic Index from 2010 to 2014. The result of the study concluded that IFRS has given a different on the depth analysis to the two of variance analysis: Moderated Regression Analysis and Wilcoxon Signed Rank to test developed hypotheses. Our result on the regression analysis shows that market response and conservatism principle is not significantly after IFRS Adoption in Jakarta Islamic Index. Furthermore, in addition, analysis on profitability, capital structure, and company size show that significantly after IFRS adoption. The findings of our study help investor by showing the impact of IFRS for making decided investment.

Keywords: IFRS, earnings response coefficient, conservatism principle

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Authors: Valentina Dolmova

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What consumers choose to buy and who voters select on election days are two questions that have captivated the interest of both academics and practitioners for many decades. The importance of understanding what influences the behavior of those groups and whether or not we can predict or control it fuels a steady stream of research in a range of fields. By looking only at the past 40 years, more than 70 thousand scientific papers have been published in each field – consumer behavior and political psychology, respectively. From marketing, economics, and the science of persuasion to political and cognitive psychology - we have all remained heavily engaged. The ever-evolving technology, inevitable socio-cultural shifts, global economic conditions, and much more play an important role in choice-equations regardless of context. On one hand, this makes the research efforts always relevant and needed. On the other, the relatively low number of cross-field collaborations, which seem to be picking up only in more in recent years, makes the existing findings isolated into framed bubbles. By performing systematic research across both areas of psychology and building a parallel between theories and factors of influence, however, we find that there is not only a definitive common ground between the behaviors of consumers and voters but that we are moving towards a global model of choice. This means that the lines between contexts are fading which has a direct implication on what we should focus on when predicting or navigating buyers and voters’ behavior. Internal and external factors in four main categories determine the choices we make as consumers and as voters. Together, personal, psychological, social, and cultural create a holistic framework through which all stimuli in relation to a particular product or a political party get filtered. The analogy “consumer-voter” solidifies further. Leading academics suggest that this fundamental parallel is the key to managing successfully political and consumer brands alike. However, we distinguish additional four key stimuli that relate to those factor categories (1/ opportunity costs; 2/the memory of the past; 3/recognisable figures/faces and 4/conflict) arguing that the level of expertise a person has determines the prevalence of factors or specific stimuli. Our efforts take into account global trends such as the establishment of “celebrity politics” and the image of “ethically concerned consumer brands” which bridge the gap between contexts to an even greater extent. Scientists and practitioners are pushed to accept the transformative nature of both fields in social psychology. Existing blind spots as well as the limited number of research conducted outside the American and European societies open up space for more collaborative efforts in this highly demanding and lucrative field. A mixed method of research tests three main hypotheses, the first two of which are focused on the level of irrelevance of context when comparing voting or consumer behavior – both from the factors and stimuli lenses, the third on determining whether or not the level of expertise in any field skews the weight of what prism we are more likely to choose when evaluating options.

Keywords: buyers’ behaviour, decision-making, voters’ behaviour, social psychology

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Authors: Lauren Benyo Linford, Jared Warren, Jeremy Bekker, Gus Salazar

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In order to accurately identify areas needing improvement and track growth, the availability of valid and reliable measures of different facets of well-being is vital. Because no specific measures currently exist for many facets of well-being, the purpose of this study was to construct and validate measures of the following constructs: Purpose, Values, Mindfulness, Savoring, Gratitude, Optimism, Supportive Relationships, Interconnectedness, Compassion, Community, Contribution, Engaged Living, Personal Growth, Flow Experiences, Self-Compassion, Exercise, Meditation, and an overall measure of subjective well-being—the Survey on Flourishing. In order to assess their psychometric properties, each measure was examined for internal consistency estimates, and items with poor item-test correlations were dropped. Additionally, the convergent validity of the Survey on Flourishing (SURF) was assessed. Total score correlations of SURF and other commonly used measures of well-being such as the Positive and Negative Affect Schedule (PANAS), The Satisfaction with Life Scale (SWLS), the PERMA Profiler (measure of Positive Emotion, Engagement, Relationships, Meaning, and Achievement) were examined to establish convergent validity. The Kessler Psychological distress scale (K6) was also included to determine the divergent validity of the SURF measure. Three week test-retest reliability was also assessed for the SURF measure. Additionally, normative data from general population samples was collected for both the Self-Compassion and Survey on Flourishing (SURF) measures. The purpose of this study is to introduce each of these measures, divulge the psychometric findings of this study, as well as explore additional psychometric properties of the SURF measure in particular. This study will highlight how these measures can be used in future research exploring these positive psychology constructs. Additionally, this study will discuss the utility of these measures to guide individuals in their use of the online self-directed, self-administered My Best Self 101 positive psychology resources developed by the researchers. The goal of My Best Self 101 is to disseminate real, research-based measures and tools to individuals who are seeking to increase their well-being.

Keywords: measurement, psychometrics, test validation, well-Being

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Authors: Karlijn Van Den Broek, Ian Walker, Christian Klöckner

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Campaigns aiming to induce energy-saving behaviour among householders use a wide range of approaches that address many different drivers thought to underpin this behaviour. However, little research has compared the relative importance of the different factors that influence energy behaviour, meaning campaigns are not informed about where best to focus resources. Therefore, this study applies the Comprehensive Action Determination Model (CADM) to compare the role of normative, intentional, habitual, and situational processes on energy-saving behaviour. An online survey on a sample of households (N = 247) measured the CADM variables and the data was analysed using structural equation modelling. Results showed that situational and habitual processes were best able to account for energy saving behaviour while normative and intentional processes had little predictive power. These findings suggest that policymakers should move away from motivating householders to save energy and should instead focus their efforts on changing energy habits and creating environments that facilitate energy saving behaviour. These findings add to the wider development in social and environmental psychology that emphasizes the importance of extra-personal variables such as the physical environment in shaping behaviour.

Keywords: energy consumption, behavioural modelling, environmental psychology theory, habits, values

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Authors: Annamarija Paula

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Modern psychology is divided into three distinct domains: cognition, affect, and conation. Historically, psychology devalued the importance of studying the effect in order to explain human behavior as it supposedly lacked both rational thought and a scientific foundation. As a result, affect remained the least studied domain for years to come. However, the last 30 years have marked a significant change in perspective, claiming that not only is affect highly adaptive, but it also plays a crucial role in cognitive processes. Affective states have a crucial impact on human behavior, which led to fundamental advances in the study of affective states on perception and judgment. Positive affect and negative affect are distinct entities and have different effects on social information processing. In addition, emotions of the same valence are manifested in distinct and unique physiological reactions indicating that not all forms of positive or negative affect are the same or serve the same purpose. The effect plays a vital role in perception and judgments, which impacts the validity and reliability of memory retrieval. The research paper analyzes key findings from the past three decades of observational and empirical research on affective states and cognition. The paper also addresses the limitations connected to the findings and proposes suggestions for possible future research.

Keywords: memory, affect, perception, judgement, mood congruency effect

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Authors: Megha Agarwal

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The research paper is an effort to compare the earnings based and cash flow based methods of valuation of an enterprise. The theoretically equivalent methods based on either earnings such as Residual Earnings Model (REM), Abnormal Earnings Growth Model (AEGM), Residual Operating Income Method (ReOIM), Abnormal Operating Income Growth Model (AOIGM) and its extensions multipliers such as price/earnings ratio, price/book value ratio; or cash flow based models such as Dividend Valuation Method (DVM) and Free Cash Flow Method (FCFM) all provide different estimates of valuation of the Indian giant corporate Reliance India Limited (RIL). An ex-post analysis of published accounting and financial data for four financial years from 2008-09 to 2011-12 has been conducted. A comparison of these valuation estimates with the actual market capitalization of the company shows that the complex accounting based model AOIGM provides closest forecasts. These different estimates may be derived due to inconsistencies in discount rate, growth rates and the other forecasted variables. Although inputs for earnings based models may be available to the investor and analysts through published statements, precise estimation of free cash flows may be better undertaken by the internal management. The estimation of value from more stable parameters as residual operating income and RNOA could be considered superior to the valuations from more volatile return on equity.

Keywords: earnings, cash flows, valuation, Residual Earnings Model (REM)

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Authors: Maria Francesca Maunes

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Life is never the same when an adolescent becomes a teenage parent. Living in a developing country with the highest rate of teenage pregnancy in the Asia-Pacific region, it is necessary to address the psychological well-being of Filipino teenage parents and be put into consideration. Thus, this quantitative study used both descriptive statistics and quantitative techniques on a total of 70 participants, consisting of 32 teenage fathers and 38 teenage mothers to describe the level of psychological well-being among teenage parents according to the six domains of Ryff’s eudaimonic well-being—autonomy, environmental mastery, personal growth, positive relations with others, purpose in life, and self-acceptance, and to determine the difference between the psychological well-being of teenage fathers and teenage mothers. Results show that there is no significant difference in the overall psychological well-being between the two groups of participants, yet, when compared by each domain, it is found that there is a significant difference between their purpose in life. While both teenage fathers and teenage mothers are high scorers across all the domains, this does not serve as an assurance that the sustained increase in the number of teenage pregnancies in the Philippines does not anymore pose as a national issue. This could only signify that despite dire circumstances, Filipino teenage parents are able to continue make meaning in their lives and strive to keep living in comfort and contentment, not only for themselves but for their children as well. Additional findings as well as its implications are further discussed. Recommendations and suggestions for further study are presented.

Keywords: adolescence, adolescent psychology, eudaimonic psychological well-being, positive psychology, teenage fathers, teenage mothers, teenage parents, teenage pregnancy in the Philippines

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Authors: Priyal Motwani, Garvit Goel

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In this study, we have studied and analysed the transaction data of investors of a mutual fund investment company based in India. Based on the data available, we have identified the top four biases that affect the investors of the emerging market economies through regression analysis and three uniquely defined ratios. We found that the four most prominent biases that affected the investment making decisions in India are– Chauffer Knowledge, investors tend to make ambitious decisions about sectors they know little about; Bandwagon effect – the response of the market indices to macroeconomic events are more profound and seem to last longer compared to western markets; base-rate neglect – judgement about stocks are too much based on the most recent development ignoring the long-term fundamentals of the stock; availability bias – lack of proper communication channels of market information lead people to be too reliant on limited information they already have. After segregating the investors into six groups, the results have further been studied to identify a correlation among the demographics, gender and unique cultural identity of the derived groups and the corresponding prevalent biases. On the basis of the results obtained from the derived groups, our study recommends six methods, specific to each group, to educate the investors about the prevalent biases and their role in investment decision making.

Keywords: Bandwagon effect, behavioural biases, Chauffeur knowledge, demographics, investor literacy, mutual funds

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Authors: Khansa Hayat

Abstract:

Organizational stress is one of the vital phenomena which is having its roots deep down in has deep roots in management, psychology, and organizational behavior research. In the meanwhile, keeping its focus on the positive strength of humans rather than the traditional negativity oriented research, positive psychology has emerged as a separate branch of organizational behavior. The current study investigates the interactive effects of Challenge and hindrance stressors and core Self Evaluations (CSE’s) of the individual on job performances including the in-role performance and extra role performances. The study also aims to investigate the supporting/buffering role of the human dispositions (i.e., self esteem, self efficacy, locus of control and emotional stability). The results show that Challenge stressors have a significant positive effect on in role performance and extra role performance of the individual. The findings of the study indicate that Core Self evaluations strengthen the relationship between challenge stressors and in role performance of the individual. In case of Hindrance Stressors the Core self Evaluations lessen the negative impact of Hindrance stressors and they let the individual perform at a better and normal position even when the Hindrance stressors are high. The relationship and implication of conservation of resource theory are also discussed. The limitations, future research directions and implications of the study are also discussed.

Keywords: challenge-hindrance stressors, core self evaluations, in-role performance, extra-role performance

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Authors: I. T. Adebayo, J. R. Aworemi, V. A. Ogundele, O. J. Babalola, J. O. Ajayi

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The behavior of road users is a critical element in road safety. However, despite the proven effectiveness of the seat belt in reducing injury severity, some drivers still do not use the seat belt. The study, therefore, examined seat belt usage among drivers in Ogbomoso, Oyo State, Nigeria. Face-to-face surveys were conducted to elicit data on seat belt usage and road behaviors on 54,038 drivers plying the General-Lautech Road in Ogbomoso over a period of six months. Data collected were analyzed using both descriptive and inferential statistics. Findings revealed that seat belt usage was moderate among private car drivers in the morning (52.75 percent) and much lower in the evening (37.67 percent), while less than 30 percent of the commercial bus/taxi drivers used the seat during both periods. The paired T-test revealed a significant difference in seat belt usage by all the drivers in the morning and in the evening, as indicated with a T value of 113.977 and the level of significance p < 0.05. The study concluded that there is a significant difference in the usage of the seat belt by both private car and commercial bus/taxi drivers in Ogbomoso as most drivers made use of the seat belt, especially in the morning, to avoid being delayed when flagged down and fined for non-compliance with seat belt usage by the road traffic law enforcement agents. However, most of the drivers cited inadequate/lack of enforcement of compulsory use of seat belts by the relevant agencies and discomfort as the major reasons for not using the seat belt while driving.

Keywords: drivers, road , seat belt, traffic psychology

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Authors: Gulnara Moldasheva

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The research explores the relationship between management responsibility and corporate governance of listed companies in Kazakhstan. This research employs firm level data of randomly selected listed non-financial firms and firm level data “operational” financial sector, consisted from banking sector, insurance companies and accumulated pension funds using multivariate regression analysis under fixed effect model approach. Ownership structure includes institutional ownership, managerial ownership and private investor’s ownership. Management responsibility of the firm is expressed by the decision of the firm on amount of leverage. Results of the cross sectional panel study for non-financial firms showed that only institutional shareholding is significantly negatively correlated with debt to equity ratio. Findings from “operational” financial sector show that leverage is significantly affected only by the CEO/Chair duality and the size of financial institutions, and insignificantly affected by ownership structure. Also, the findings show, that there is a significant negative relationship between profitability and the debt to equity ratio for non-financial firms, which is consistent with pecking order theory. Generally, the found results suggest that corporate governance and a management responsibility play important role in corporate performance of listed firms in Kazakhstan.

Keywords: ownership, corporate governance, debt to equity ratio, corporate performance

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Authors: Long Zhang, Ian Hampson, Loretta O' Donnell

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Practitioners in various industries, especially in the finance industry that conventionally benefit from financial capital and resources, appear to be increasingly aware of the importance of human capital resources (HCR) after the 2008 Global Financial Crisis. Scholars from diverse fields have conducted extensive and fruitful research on HCR within their own disciplines. This review suggests that the mainstream of pure quantitative research alone is insufficient to provide precise or comprehensive understanding of HCR. The complex relationships and interactions in HCR call for more integrative and cross-disciplinary research to more holistically understand complex and intricate HCRs. The complex nature of HCR requires deep qualitative exploration based on in-depth data to capture the everydayness of organizational activities and to register its individuality and variety. Despite previous efforts, a systematic and holistic integration of HCR research among multiple disciplines is lacking. Using a retrospective analysis of articles published in the field of economics, finance and management, including psychology, human resources management (HRM), organizational behaviour (OB), industrial and organizational psychology (I-O psychology), organizational theory, and strategy literatures, this study summaries and compares the major perspectives, theories, and findings on HCR research. A careful examination of the progress of the debates of HCR definitions and measurements in distinct disciplines enables an identification of the limitations and gaps in existing research. It enables an analysis of the interplay of these concepts, as well as that of the related concepts of intellectual capital, social capital, and Chinese guanxi, and how they provide a broader perspective on the HCR-related influences on firms’ competitive advantage. The study also introduces the themes of Environmental, Social and Governance, or ESG based investing, as the burgeoning body of ESG studies illustrates the rising importance of human and non-financial capital in investment process. The ESG literature locates HCR into a broader research context of the value of non-financial capital in explaining firm performance. The study concludes with a discussion of new directions for future research that may help advance our knowledge of HCR.

Keywords: human capital resources, social capital, Chinese guanxi, human resources management

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Authors: Gianluca Castelnuovo, Giada Pietrabissa, Gian Mauro Manzoni, Margherita Novelli, Emanuele Maria Giusti, Roberto Cattivelli, Enrico Molinari

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Diabesity could be defined as a new global epidemic of obesity and being overweight with many complications and chronic conditions. Such conditions include not only type 2 diabetes, but also cardiovascular diseases, hypertension, dyslipidemia, hypercholesterolemia, cancer, and various psychosocial and psychopathological disorders. The financial direct and indirect burden (considering also the clinical resources involved and the loss of productivity) is a real challenge in many Western health-care systems. Recently the Lancet journal defined diabetes as a 21st-century challenge. In order to promote patient compliance in diabesity treatment reducing costs, evidence-based interventions to improve weight-loss, maintain a healthy weight, and reduce related comorbidities combine different treatment approaches: dietetic, nutritional, physical, behavioral, psychological, and, in some situations, pharmacological and surgical. Moreover, new technologies can provide useful solutions in this multidisciplinary approach, above all in maintaining long-term compliance and adherence in order to ensure clinical efficacy. Psychological therapies with diet and exercise plans could better help patients in achieving weight loss outcomes, both inside hospitals and clinical centers and during out-patient follow-up sessions. In the management of chronic diseases clinical psychology play a key role due to the need of working on psychological conditions of patients, their families and their caregivers. mHealth approach could overcome limitations linked with the traditional, restricted and highly expensive in-patient treatment of many chronic pathologies: one of the best up-to-date application is the management of obesity with type 2 diabetes, where mHealth solutions can provide remote opportunities for enhancing weight reduction and reducing complications from clinical, organizational and economic perspectives. A stepped care mHealth-based approach is an interesting perspective in chronic care management of obesity with type 2 diabetes. One promising future direction could be treating obesity, considered as a chronic multifactorial disease, using a stepped-care approach: -mhealth or traditional based lifestyle psychoeducational and nutritional approach. -health professionals-driven multidisciplinary protocols tailored for each patient. -inpatient approach with the inclusion of drug therapies and other multidisciplinary treatments. -bariatric surgery with psychological and medical follow-up In the chronic care management of globesity mhealth solutions cannot substitute traditional approaches, but they can supplement some steps in clinical psychology and medicine both for obesity prevention and for weight loss management.

Keywords: clinical health psychology, mhealth, obesity, type 2 diabetes, stepped care, chronic care management

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Authors: Ana Paula Melchiors Stahlschmidt

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This paper discusses the role of music as a ludic activity and constituent element of voice in the construction and consolidation of the relationship of the baby and his/her mother or caretaker, evaluating its implications in his/her psychic structure and constitution as a subject. The work was based on the research developed as part of the author’s doctoral activities carried out from her insertion in a project of the Music Department of Federal University of Rio Grande do Sul - UFRGS, which objective was the development of musical activities with groups of babies from 0 to 24 months old and their caretakers. Observations, video recordings of the meetings, audio testemonies, and evaluation tools applied to group participants were used as instruments for this research. Information was collected on the participation of 195 babies, among which 8 were more focused on through interviews with their mothers or caretakers. These interviews were analyzed based on the referential of French Discourse Analysis, Psychoanalysis, Psychology of Development and Musical Education. The results of the research were complemented by other posterior experiences that the author developed with similar groups, in a context of a private clinic. The information collected allowed the observation of the ludic and structural functions of musical activities, when developed in a structured environment, as well as the importance of the musicality of the mother’s voice to the psychical structuring of the baby, allowing his/her insertion in the language and his/her constituition as a subject.

Keywords: music and babies, maternal voice, Psychoanalysis and music, psychology and music

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Authors: Khaldoon G. Albitar, Hassan Y. Kikhia, Jin P. Zhang

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Since 2007, all companies listed on both Shanghai Stock Exchange and Shenzhen Stock Exchange are required to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). This study investigates the impact of adopting IFRS on accounting quality for a sample of listed on Chinese companies during the period 2003-2013 with sample of 10846 observations over a four-year period before and a five-year period after the adoption of IFRS. This study tests whether the level of earnings management is significantly lower after the adoption of IFRS, and reported earnings is more value relevant during the IFRS period by using the Ohlson model and Jones model, as modified by Dechow. The empirical results show that accounting quality improved with lower earnings management and higher value relevant after the adoption of IFRS in China. The current study contributes to the literature on IFRS adoption and earning quality in two ways. First, As most of the existing studies on earnings quality and IFRS have been conducted on data from the U.S and European countries, this study fills a gap in the existing literature by studying the effect of adoption of IFRS on earnings quality in an emerging market. Second, the findings of our study have important implications for policymakers, auditors, multinational firms, and users of financial reports. As the rapid growth of China's economy gains global recognition, the Chinese stock market is capturing the attention of international investor.

Keywords: international financial reporting standards (ifrs), accounting quality, earnings management, value relevance, china

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Authors: Guliz Kolburan

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Juvenile delinquency studies has a special place and importance in criminality researches. Young adolescents, have not reached psychological, mental and physical maturity, and they cannot understand their roles and duties in society. In this case, if such an adolescent turns into a crime machine as a gang leader, he has the least responsibility of this result. All institutions, like family, school, community and the state as a whole have duties and responsibilities in this regard. While planning the studies about prevention of juvenile delinquency, all institutions related with the development of the children, should be involved in the center of the study. So that effective goals for prevention studies can be determined only in this way. Most of youth who commit homicide feel no attachment to anybody or society except for themselves. Children who committed homicide generally developed defense mechanisms about their guilt, sadness, fear and anger. For this reason, treatment of these children should be based on the awareness of these feelings and copying with them. In the movie, events making the youth realize his own feelings and responsibilities were studied from a theoretical perspective. In this study, some of the dialogs and the scenes in the movie were analyzed and the factors cause the young gang leader to be drawn to crime were evaluated in terms of the science of psychology. The aim of this study is to analyze the process of the youth to being drawn into criminal behavior in terms of social and emotional developmental phases in a theoretical perspective via the movie produced in 2005 (94. Min.). The method of this study is discourse analysis.

Keywords: crime, child, evaluation (development), psychology

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Authors: Jonathan Iworiso

Abstract:

Forecasting the equity premium out-of-sample is a major concern to researchers in finance and emerging markets. The quest for a superior model that can forecast the equity premium with significant economic gains has resulted in several controversies on the choice of variables and suitable techniques among scholars. This research focuses mainly on the application of Regression Training (RT) techniques to forecast monthly equity premium out-of-sample recursively with an expanding window method. A broad category of sophisticated regression models involving model complexity was employed. The RT models include Ridge, Forward-Backward (FOBA) Ridge, Least Absolute Shrinkage and Selection Operator (LASSO), Relaxed LASSO, Elastic Net, and Least Angle Regression were trained and used to forecast the equity premium out-of-sample. In this study, the empirical investigation of the RT models demonstrates significant evidence of equity premium predictability both statistically and economically relative to the benchmark historical average, delivering significant utility gains. They seek to provide meaningful economic information on mean-variance portfolio investment for investors who are timing the market to earn future gains at minimal risk. Thus, the forecasting models appeared to guarantee an investor in a market setting who optimally reallocates a monthly portfolio between equities and risk-free treasury bills using equity premium forecasts at minimal risk.

Keywords: regression training, out-of-sample forecasts, expanding window, statistical predictability, economic significance, utility gains

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Authors: Wanlapha Phraibueng, Patrick Sentis, Geraldine Riviere-Giordano

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Corporate Social Responsibility (CSR) initiatives have been widely discussed especially in investor-oriented firms. In contrast, cooperatives pay less attention to CSR because their activities have integrated the responsibility and the solidity of social, economic and environment. On the other hand, by adopting ownership theory and agency theory – cooperatives ignore CSR investment due to unclarified decision control in the governance and the limitation to acquire the capital financed. The unique governance and financial structures in cooperatives lead to the conflict among the stakeholders and long-term investment which have an impact on firm financial performance. As an illustration of cooperatives dilemmas, we address the question of Whether or not cooperatives in term of governance and financial structures are the constraints on implementing CSR policies. We find that the governance and financial structures in large cooperatives are the influence factors which predispose cooperatives to invest on CSR. In contrast, in the startup or small cooperatives, its governance and financial structures are the constraints on implementing CSR policies. We propose the alternative financial structure based on the trade-off between debt and equity which aims to relax the restrictions in cooperatives’ governance and allow cooperatives to acquire the capital financed either from its members or non-members. We suggest that engaging equity as a financial structure induces cooperatives to invest on CSR policies. Alternative financial structure eliminates not only cooperative ownership control problem but also the constraints in capital acquisition. By implementing CSR activities consistent with the alternative financial choice, cooperatives can increase firm’s value and reduce the conflict among their stakeholders.

Keywords: cooperatives, corporate social responsibility, financial, governance

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