Get-Rich-Quick Syndrome and Ponzi Scheme Investment Intention

Wisdom Kalabeke, Lan Thi Phuong Nguyen
{"title":"Get-Rich-Quick Syndrome and Ponzi Scheme Investment Intention","authors":"Wisdom Kalabeke, Lan Thi Phuong Nguyen","doi":"10.1109/ICETSIS61505.2024.10459689","DOIUrl":null,"url":null,"abstract":"Ponzi Schemes represent deceptive online investment platforms that allure potential victims with exceptionally high returns. These schemes have inflicted significant financial losses on victims, leading to adverse repercussions on financial systems, especially in developing nations. Although victims may recognize signs of a Ponzi scheme, they often succumb to the allure of quick wealth, investing their money with the hope of substantial returns. This study investigated the correlation between the Get-Rich-Quick syndrome, risk appetite, financial knowledge, and investment intentions in Ponzi schemes in Nigeria. Using a structured questionnaire with simple random sampling, data was gathered from 368 past and current Ponzi scheme investors across Nigeria's six geopolitical zones. The results of Spearman rank correlation analysis indicate a strong positive correlation coefficient of 0.825 between the Get-Rich-Quick syndrome and investment intentions in Ponzi schemes. Conversely, there is a weak -0.198 negative relationships between the Get-Rich-Quick syndrome and risk appetite. Surprisingly, individual financial knowledge shows no significant correlation with Ponzi scheme investment intentions. The study concludes that Ponzi schemes may persist in Nigeria due to the prevalence of the Get-Rich-Quick syndrome, emphasizing the need for urgent economic development initiatives and policies encouraging legitimate business activities among young adults.","PeriodicalId":518932,"journal":{"name":"2024 ASU International Conference in Emerging Technologies for Sustainability and Intelligent Systems (ICETSIS)","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2024-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"2024 ASU International Conference in Emerging Technologies for Sustainability and Intelligent Systems (ICETSIS)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1109/ICETSIS61505.2024.10459689","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0

Abstract

Ponzi Schemes represent deceptive online investment platforms that allure potential victims with exceptionally high returns. These schemes have inflicted significant financial losses on victims, leading to adverse repercussions on financial systems, especially in developing nations. Although victims may recognize signs of a Ponzi scheme, they often succumb to the allure of quick wealth, investing their money with the hope of substantial returns. This study investigated the correlation between the Get-Rich-Quick syndrome, risk appetite, financial knowledge, and investment intentions in Ponzi schemes in Nigeria. Using a structured questionnaire with simple random sampling, data was gathered from 368 past and current Ponzi scheme investors across Nigeria's six geopolitical zones. The results of Spearman rank correlation analysis indicate a strong positive correlation coefficient of 0.825 between the Get-Rich-Quick syndrome and investment intentions in Ponzi schemes. Conversely, there is a weak -0.198 negative relationships between the Get-Rich-Quick syndrome and risk appetite. Surprisingly, individual financial knowledge shows no significant correlation with Ponzi scheme investment intentions. The study concludes that Ponzi schemes may persist in Nigeria due to the prevalence of the Get-Rich-Quick syndrome, emphasizing the need for urgent economic development initiatives and policies encouraging legitimate business activities among young adults.
快速致富综合症和庞氏骗局投资意图
庞氏骗局是一种具有欺骗性的在线投资平台,以极高的回报率诱惑潜在受害者。这些骗局给受害者造成了巨大的经济损失,对金融体系,尤其是发展中国家的金融体系造成了负面影响。虽然受害者可以识别庞氏骗局的迹象,但他们往往会屈服于快速致富的诱惑,将资金投入其中,希望获得可观的回报。本研究调查了尼日利亚庞氏骗局中 "快速致富综合症"、风险偏好、金融知识和投资意向之间的相关性。通过结构化问卷和简单随机抽样,从尼日利亚六个地缘政治区的 368 名过去和现在的庞氏骗局投资者中收集了数据。斯皮尔曼等级相关分析结果表明,"快速致富 "综合征与庞氏骗局投资意向之间存在 0.825 的强正相关系数。相反,"急功近利 "综合症与风险偏好之间存在-0.198 的微弱负相关。令人惊讶的是,个人金融知识与庞氏骗局投资意向之间没有明显的相关性。研究得出结论认为,由于 "急功近利 "综合症的普遍存在,庞氏骗局可能会在尼日利亚持续存在,并强调有必要采取紧急经济发展措施和政策,鼓励年轻人从事合法的商业活动。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
来源期刊
自引率
0.00%
发文量
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信