Could the Theory of Planned Behaviour Explain Market Discipline in Sharia Mutual Funds?

IF 1.6 Q3 BUSINESS, FINANCE
U. Widyastuti, Erie Febrian, S. Sutisna, Tettet Fitrijanti
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引用次数: 0

Abstract

A significant number of studies have explored market discipline as indicated by investors or customers being sensitive toward the excessive risks taken by banks. Yet no scholars have sought to review this topic from the behavioural finance perspective. This study defines market discipline as withdrawal behaviour, captured here using the theory of planned behaviour (TPB) as one of the behavioural finance theories. This study aims to determine the psychological and social factors influencing market discipline from a behavioural perspective, by employing the TPB. This study’s sample comprised of 93 academicians who invested in Sharia mutual funds in Greater Jakarta, Indonesia. The results show that the intention to withdraw and perceived behavioural control (PBC) are able to predict the market discipline, while the intention to withdraw from Sharia mutual funds is determined by the subjective norms and PBC. Attitudes towards withdrawal are shown to be insignificant in explaining the intention to withdraw from Sharia mutual funds. 5
计划行为理论能否解释伊斯兰共同基金的市场规律?
大量的研究探讨了投资者或客户对银行承担的过度风险敏感所表明的市场纪律。然而,没有学者试图从行为金融学的角度来审视这一主题。本研究将市场纪律定义为退出行为,这里使用计划行为理论(TPB)作为行为金融学理论之一。本研究旨在从行为学的角度,通过使用TPB来确定影响市场纪律的心理和社会因素。本研究的样本包括在印度尼西亚大雅加达投资伊斯兰教共同基金的93名学者。结果表明,退出意愿和感知行为控制(PBC)能够预测市场纪律,而退出意愿由主观规范和感知行为控制决定。在解释从伊斯兰教共同基金撤出的意图时,对撤出的态度显得无关紧要。5
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来源期刊
CiteScore
3.90
自引率
15.80%
发文量
22
审稿时长
24 weeks
期刊介绍: The Australasian Accounting, Business and Finance Journal is a double blind peer reviewed academic journal. The main focus of our journal is to encourage research from areas of social and environmental critique, exploration and innovation as well as from more traditional areas of accounting, finance, financial planning and banking research. There are no fees or charges associated with submitting to or publishing in this journal.
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