The Influence Of Demographics And Financial Literacy On Investment Behavior With Risk Attitude Moderation In Bpkp Civil Servants
Abstract
This research aims to investigate the influence of demographic factors and financial literacy on risk attitudes and investment behavior among Civil Servants (PNS) of the Financial and Development Supervisory Agency (BPKP) as well as the moderating role of risk attitudes in this relationship. Data was collected from 272 BPKP civil servants and analyzed using the Partial Least Squares Structural Equation Modeling (PLS-SEM) method. The research results show that demographic factors such as age and educational background have a significant effect on risk attitude. Apart from that, age, gender and income level have a significant effect on investment behavior. Financial literacy is proven to have a positive and significant influence on risk attitude and investment behavior. Risk attitude also has a positive and significant influence on investment behavior. The moderating role of risk attitude is proven to be significant on the relationship between demographic factors and investment behavior, but not significant on the relationship between financial literacy and investment behavior. These findings provide important implications for financial managers and policy makers at BPKP to consider demographic factors and financial literacy in an effort to increase financial literacy and risk management among civil servants as well as encourage the development of more effective financial training programs and personalize investment strategies according to risk profiles. individual .
Keywords
References
Agresti, A. (2013). Categorical Data Analysis (3rd ed.). John Wiley & Sons.
Ahmad, F. (2020). Personality traits as predictor of cognitive biases: moderating role of risk-attitude. Qualitative Research in Financial Markets, 12(4), 465–484. https://doi.org/10.1108/QRFM-10-2019-0123
Andini, P., & Rahmani, H. F. (2023). Investment in perceptions of financial literacy and company characteristics (case study of early adults in bandung city). Asian Journal of Applied Business and Management, 2(1), 99-112.
Apartsin, Y., Maymon, Y., Cohen, Y., & Singer, G. (2013). Nationality and risk attitude: Testing differences and similarities of investors’ behavior in selected financial markets. In Global Finance Journal (Vol. 24, Issue 2, pp. 114–118). https://doi.org/10.1016/j.gfj.2013.07.005
Ashfaq, M., Shafique, A., & Selezneva, V. (2023). Exploring the missing link:Financial literacy and Cognitive biases in Investment Decisions. Journal of Modelling in Management. https://doi.org/10.1108/JM2-11-2022-0266
Asravor, R. K. (2024). Factors influencing risk attitudes of entrepreneurs in Ghana: the role of gender. Journal of Small Business and Entrepreneurship, 36(1), 29–52. https://doi.org/10.1080/08276331.2021.1980838
Chawla, D., Bhatia, S., & Singh, S. (2022). Parental influence, financial literacy and investment behaviour of young adults. Journal of Indian Business Research, 14(4), 520–539. https://doi.org/10.1108/JIBR-10-2021-0357
Görlitz, K., & Tamm, M. (2020). Parenthood, risk attitudes and risky behavior. Journal of Economic Psychology, 79(November 2018), 102189. https://doi.org/10.1016/j.joep.2019.102189
Madinga, N. W., Maziriri, E. T., Chuchu, T., & Magoda, Z. (2022). An Investigation of the Impact of Financial Literacy and Financial Socialization on Financial Satisfaction : Mediating Role of Financial Risk attitude. https://doi.org/10.1177/09749101211070952
Manocha, S., Bhullar, P. S., & Sachdeva, T. (2023). Factors determining the investment behaviour of farmers the moderating role of socioeconomic demographics. Journal of Indian Business Research, 15(3), 301–317. https://doi.org/10.1108/JIBR-02-2022-0045
Nik Azman, N. H., Zulkafli, A. H., Masron, T. A., & Abdul Majid, A. R. (2023). The interconnectivity between Islamic financial literacy and financial sustainability: evidence from Muslim micro-entrepreneurs in Malaysia. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-07-2022-0191
Oehler, A., Horn, M., & Wedlich, F. (2018). Young adults’ subjective and objective risk attitude in financial decision making: Evidence from the lab and the field. Review of Behavioral Finance, 10(3), 274294. https://doi.org/10.1108/RBF-07-2017-0069
Pavlíček, A., Bobenič Hintošová, A., & Sudzina, F. (2021). Impact of Personality Traits and Demographic Factors on Risk attitude. SAGE Open, 11(4). https://doi.org/10.1177/21582440211066917
Rosen, A. B., Tsai, J. S., & Downs, S. M. (2003). Variations in Risk attitude across Race, Gender, and Education. Medical Decision Making, 23(6), 511517. https://doi.org/10.1177/0272989X03258431
Wong, R. S., Osman, M., Wong, W. H., Lin, Y., & Ho, K. (2019). Saving for a Better Retirement: How Risk attitudes Affect Choice of Retirement Scheme. Psychological Reports, 122(1), 305–322. https://doi.org/10.1177/0033294118755093
Xiu, L., Kang, G. (Grace), & Roline, A. C. (2015). Who negotiates a higher starting salary?: A moderation model on the role of gender, personality and risk attitude. Nankai Business Review International, 6(3), 240–255. https://doi.org/10.1108/NBRI-01-2015-0004
Zhang, Y., Jia, Q., & Chen, C. (2021). Risk attitude , fi nancial literacy and household consumption : Evidence from stock market crash in China. Economic Modelling, 94(December 2019), 995–1006. https://doi.org/10.1016/j.econmod.2020.02.040
Apartsin, Y., Maymon, Y., Cohen, Y., & Singer, G. (2013). Nationality and risk attitude: Testing differences and similarities of investors’ behavior in selected financial markets. In Global Finance Journal (Vol. 24, Issue 2, pp. 114–118). https://doi.org/10.1016/j.gfj.2013.07.005
Ashfaq, M., Shafique, A., & Selezneva, V. (2023). Exploring the missing link:Financial literacy and Cognitive biases in Investment Decisions. Journal of Modelling in Management. https://doi.org/10.1108/JM2-11-2022-0266
Asravor, R. K. (2024). Factors influencing risk attitudes of entrepreneurs in Ghana: the role of gender. Journal of Small Business and Entrepreneurship, 36(1), 29–52. https://doi.org/10.1080/08276331.2021.1980838
Atkinson, A. F., & Messy, F. (2012). Measuring financial literacy: Results of the OECD/International Network on Financial Education (INFE) pilot study. Finance, Insurance and Private Pensions, 15, 1–73. https://doi.org/10.1787/20797117
Babbie, E. (2016). The Practice of Social Research (14th ed.). Cengage Learning.
Bhandari, G. and Deaves, R. (2006), “The demographics of overconfidence”, Journal of Behavioral Finance, Vol. 7 No. 1, pp. 5-11.
Beal, D.G. (2005), Why do we invest ethically?, The Journal ofInvesting, Vol. 14 No. 3.
Becker, G. S. (1976). The Economic Approach to Human Behavior. University of Chicago Press.
Bentler, P. M., & Bonett, D. G. (1980). Significance tests and goodness of fit in the analysis of covariance structures. Psychological Bulletin, 88(3), 588-606.
Black, K. (2019). Business Statistics: For Contemporary Decision Making (9th ed.). Wiley.
Cooper, D. R. (2014). Business Research Methods (12th ed.). McGraw-Hill Education.
Costa, P. T., & McCrae, R. R. (1992). Revised NEO Personality Inventory (NEO-PI-R) and NEO Five-Factor Inventory (NEO-FFI) professional manual. Psychological Assessment Resources.
Chawla, D., Bhatia, S., & Singh, S. (2022). Parental influence, financial literacy and investment behaviour of young adults. Journal of Indian Business Research, 14(4), 520–539. https://doi.org/10.1108/JIBR-10-2021-0357
Chiu, W., Cho, H. and Chi, C.G. (2021), “Consumer’ continuance intention to use fitness and health apps: an integration of the expectation – confirmation model and investment model”, Information Technology and People, Vol. 34 No. 3, pp. 978-998.
Cohen, J. (1988). Statistical Power Analysis for the Behavioral Sciences (2nd ed.). Lawrence Erlbaum Associates.
Deaves, R., Lüders, E. and Schröder, M. (2010), “Thedynamicsof overconfidence: evidence from market forecasters”, Journal of Economic Behavior and Organization,Vol.75 No. 3, pp. 402-412.
Desmoulins-Lebeault, F., Oehler, A., & Wedlich, F. (2018). The relationship between personality traits and investment risk preference. Journal of Behavioral Finance, 19(3), 287-300.
Dijkstra, T. K., & Henseler, J. (2015). Consistent partial least squares path modeling. MIS Quarterly, 39(2), 297-316.
S. Setyaningsih and Y. Suchyadi, “Implementation of Principal Academic Supervision To Improve Teacher Performance in North Bogor,” Jhss (Journal Humanit. Soc. Stud., vol. 5, no. 2, pp. 179–183, 2021, doi: 10.33751/jhss.v5i2.3909.
Y. Suchyadi and Nurjanah, “Relationship between Principal Supervision in Increasing the Job Satisfaction of Private Junior High School Teachers in East Bogor District,” JHSS (Journal Humanit. Soc. Stud., vol. 02, no. 01, pp. 26–29, 2018, doi: https://doi.org/10.33751/jhss.v2i1.818.
Y. Suchyadi, “Relationship between Work Motivation and Organizational Culture in Enhancing Professional Attitudes of Pakuan University Lecturers,” JHSS (JOURNAL Humanit. Soc. Stud., vol. 01, no. 01, pp. 41–45, 2017, doi: https://doi.org/10.33751/jhss.v1i1.372.
Y. Suchyadi, N. Karmila, and N. Safitri, “Kepuasan Kerja Guru Ditinjau Dari Peran Supervisi Kepala Sekolah Dasar Negeri Di Kecamatan Bogor Utara,” JPPGuseda | J. Pendidik. Pengajaran Guru Sekol. Dasar, vol. 2, no. 2, pp. 91–94, Nov. 2019, doi: 10.33751/jppguseda.v2i2.1453.
R. Purnamasari et al., “Student Center Based Class Management Assistance Through The Implementation Of Digital Learning Models,” J. Community Engagem., vol. 02, no. 02, pp. 41–44, 2020, doi: https://doi.org/10.33751/jce.v2i2.2801.
Y. Suchyadi and H. Suharyati, “The Use Of Multimedia As An Effort To Improve The Understanding Ability Of Basic School Teachers ‘Creative Thinking In The Era ‘Freedom Of Learning,’” in Merdeka Belajar, A. Rahmat, Ed. Yogyakarta: Zahir Publishing, 2021, pp. 42–53.
Y. Suchyadi et al., “Increasing Personality Competence Of Primary School Teachers, Through Education Supervision Activities In Bogor City,” J. COMMUNITY Engagem., vol. 01, no. 01, 2019, [Online]. Available: https://journal.unpak.ac.id/index.php/jce
Y. Suchyadi et al., “Improving The Ability Of Elementary School Teachers Through The Development Of Competency Based Assessment Instruments In Teacher Working Group , North Bogor City,” J. COMMUNITY Engagem., vol. 02, no. 01, pp. 1–5, 2020, doi: https://doi.org/10.33751/jce.v2i01.2742.
S. Hardinata, Y. Suchyadi, and D. Wulandari, “Strengthening Technological Literacy In Junior High School Teachers In The Industrial Revolution Era 4.0,” J. Humanit. Soc. Stud., vol. 05, no. 03, pp. 330–335, 2021.
H. Suharyati, H. Laihad, and Y. Suchyadi, “Development of Teacher Creativity Models to Improve Teacher’s Pedagogic Competency in the Educational Era 4.0,” Int. J. Innov. Creat. Chang. www.ijicc.net, vol. 5, no. 6, pp. 919–929, 2019, [Online]. Available: www.ijicc.net
Y. Suchyadi, Nurjanah, and N. Karmila, Supervisi Pendidikan: Strategi Meningkatkan Profesionalisme Guru. Bogor: PGSD Universitas Pakuan, 2020.
Suchyadi, Y., & Suryani, A. "Educational Environment In The Implementation Of Character Education". JHSS (Journal Of Humanities And Social Studies), 5(2), 208-212. 2021.
Marwah, H. S., Suchyadi, Y., & Mahajani, T. "Pengaruh Model Problem Based Learning Terhadap Hasil Belajar Subtema Manusia Dan Benda Di Lingkungannya". Journal of Social Studies Arts and Humanities (JSSAH), 1(1), 42-45. 2021.
Suchyadi, Y., Sunardi, O., Suhardi, E., & Sundari, F. S. "Using a Multimedia for Natural Science Learning in Improving Concept Skills of Elementary School Teachers".
Hardinata, S., Suchyadi, Y., & Wulandari, D. "Model of Strengthening Technology Literacy for Junior High School Teachers in the Era of the Industrial Revolution 4.0."
Suchyadi, Y., Mirawati, M., Anjaswuri, F., & Destiana, D. "Supervisi Akademik Dalam Meningkatkan Kompetensi Guru Sekolah Dasar". Jurnal Manajemen Pendidikan, 10(1), 067-074. 2022.
Suchyadi, Y., Nurlela, N., & Indriani, R. S. "Analysis of Student Self-Regulated Learning in an Effort To Increase the Effectiveness of Online Lectures in the Pandemic Period". Jhss (Journal of Humanities and Social Studies), 6(1), 120-125. 2022.
Nurohmah, N., Suchyadi, Y., & Mulyawati, Y. "Pengaruh Gaya Belajar Terhadap Hasil Belajar Matematika Di Sd Negeri Sukaharja 01 Kabupaten Bogor". Journal of Social Studies Arts and Humanities (JSSAH), 2(1), 067-070. 2022.
Suchyadi, Y., & Nurjanah, N. "The Influence Of The Implementation Of Educational Supervision By The Principal On Teacher Performance In Schools". Jurnal Manajemen Pendidikan, 10(2), 125-129. 2022.
Suchyadi, Y., Muhajang, T., Indriani, R. S., & Mirawati, M. "Implementation Of Supervision In Improving The Learning Process And Character Education In Elementary Schools". Journal of Social Studies Arts and Humanities (JSSAH), 2(2), 143-146. 2022.
Gunawan, N. D., Suchyadi, Y., & Sumardi, S. "The Effect Of Online Learning On Interest In Learning Mathematics In Elementary Schools". Journal of Social Studies Arts and Humanities (JSSAH), 2(2), 110-113. 2022.
Bagus, S. N., Anwar, W. S., & Suchyadi, Y. "Analisis Bimbingan Belajar Siswa Berkesulitan Membaca". Journal of Social Studies Arts and Humanities (JSSAH), 2(2), 137-142. 2022.
Hikmah, N., Indriani, R. S., Karmila, N., Suchyadi, Y., Harahap, L. P. A., Ainurrahmah, A., & Fardila, I. "Elementary School Students Learning Assistance in The Covid-19 Pandemic Through The Introduction Of The Kipin School 4.0 Application". Journal of Community Engagement (JCE), 5(1), 31-35. 2023.
Suchyadi, Y., Indriani, R. S., & Budiana, S. "The Influence of the Implementation of Principal Supervision on Teacher Work Discipline in the Learning Process". JHSS (Journal Of Humanities And Social Studies), 7(1), 238-242. 2023.
Dohmen, T., Falk, A., Golsteyn, B. H. H., Huffman, D., & Sunde, U. (2017). Risk attitudes across the life course. The Economic Journal, 127, F95–F116.
Draper, N. R., & Smith, H. (1998). Applied Regression Analysis (3rd ed.). New York: John Wiley & Sons.
Fares, A.R. and Khamis, F.G. (2011), “Individual investors’ stock trading behavior at Amman stock exchange”, International Journal ofEconomics and Finance, Vol. 3 No. 6, pp. 128-134.
Fowler, F. J. (2013). Survey Research Methods (5th ed.). SAGE Publications.
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39-50.
Görlitz, K., & Tamm, M. (2020). Parenthood, risk attitudes and risky behavior. Journal of Economic Psychology, 79(November 2018), 102189. https://doi.org/10.1016/j.joep.2019.102189
Grohmann, A., Kouwenberg, R., & Menkhoff, L. (2014). Financial literacy and its consequences in the emerging middle class [Working Paper No 1943]. Kiel Institute for the World Economy.
Gujarati, D. N. (2009). Basic Econometrics (5th ed.). McGraw-Hill/Irwin.
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate Data Analysis (7th ed.). Prentice Hall.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) (2nd ed.). Thousand Oaks, CA: Sage Publications.
Henseler, J., Ringle, C.M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115-135.
Hillson, D. (2007). Risk management: A mature process?. International Journal of Project Management, 25(4), 365-371.
Hosmer, D. W., Lemeshow, S., & Sturdivant, R. X. (2013). Applied Logistic Regression (3rd ed.). John Wiley & Sons.
Hu, L. T., & Bentler, P. M. (1999). Cutoff criteria for fit indexes in covariance structure analysis: Conventional criteria versus new alternatives. Structural Equation Modeling: A Multidisciplinary Journal, 6(1), 1-55.
Jonsson, S., Söderberg, I., & Wilhelmsson, M. (2017). An investigation of the impact of financial literacy, risk attitude, and saving motives on the attenuation of mutual fund investors’ disposition bias. Managerial Finance, 43(3), 282–298. https://doi.org/10.1108/MF-10-2015-0269
Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision under Risk. Econometrica, 47(2), 263-291.
Kline, R. B. (2016). Principles and Practice of Structural Equation Modeling (4th ed.). New York: The Guilford Press.
Kumar, S. and Goyal, N. (2016), “Evidence on rationality and behavioural biases in investment decision making”, Qualitative Research in Financial Markets, Vol. 8 No. 4, pp. 270-287.
Lam, D. (2015). Gender differences in risk aversion among Chinese university students. Journal of Gambling Studies, 31, 1405–1415.
Lappeman, J., Ferreira, C., Robertson, J., & Chikweche, T. (2019). Worlds apart: An investigation of South Africa’sestablished and emerging middle-class consumers. Society and Business Review, 14(4), 300–319. https://doi.org/10.1108/SBR-10-2018-0114
Lönnqvist, J. E., Verkasalo, M., Walkowitz, G., & Wichardt, P. C. (2015). Measuring individual risk attitudes in the lab: Task or ask? An empirical comparison. Journal of Economic Behavior & Organization, 119, 254–266.
Li, S., & Liu, Y. (2008). The relationship between personality traits and investment risk preference. Journal of Money, Investment and Banking, 8, 35-47.
Manocha, S., Bhullar, P. S., & Sachdeva, T. (2023). Factors determining the investment behaviour of farmers – the moderating role of socioeconomic demographics. Journal of Indian Business Research, 15(3), 301–317. https://doi.org/10.1108/JIBR-02-2022-0045
MacKenzie, C. and Lewis, A. (1999), Morals and markets: the case of ethical investing, Business Ethics Quarterly, Vol. 9 No. 3, pp. 439-452
Moore, D. S., McCabe, G. P., & Craig, B. A. (2009). Introduction to the Practice of Statistics (6th ed.). W.H. Freeman and Company.
Nik Azman, N. H., Zulkafli, A. H., Masron, T. A., & Abdul Majid, A. R. (2023). The interconnectivity between Islamic financial literacy and financial sustainability: evidence from Muslim micro-entrepreneurs in Malaysia. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-07-2022-0191
Nosita, F., Pirzada, K., Lestari, T., & Cahyono, R. (2020). Impact of demographic factors on risk tolerance. Journal of Security and Sustainability Issues, 9, 1327–1336.
Nunnally, J. C. (1978). Psychometric theory (2nd ed.). New York: McGraw-Hill.
Nicholson, N., Soane, E., Fenton-O'Creevy, M., & Willman, P. (2005). Personality and domain-specific risk taking. Journal of Risk Research, 8(2), 157-176.
Nigam, N.K. and Pandey, P. (2016), “Behaviour and determinants of implied volatility in Indian market”, Journal ofAdvances in Management Research, Vol. 13 No. 3, pp. 271-291.
Oehler, A., Horn, M., & Wedlich, F. (2018). Young adults’ subjective and objective risk attitude in financial decision making: Evidence from the lab and the field. Review of Behavioral Finance, 10(3), 274294. https://doi.org/10.1108/RBF-07-2017-0069
Pavlíček, A., Bobenič Hintošová, A., & Sudzina, F. (2021). Impact of Personality Traits and Demographic Factors on Risk attitude. SAGE Open, 11(4). https://doi.org/10.1177/21582440211066917
Prosad, J.M., Kapoor, S. and Sengupta, J. (2015), “Behavioral biases in Indian investors: a survey of Delhi-NCR region, Qualitative Research in Financial Markets, Vol. 7 No. 3, pp. 230-263.
Qazi, A., et al. (2021). How does risk attitude influence project performance? An empirical study of construction projects. International Journal of Project Management, 39(2), 165-178.
Rammstedt, B., et al. (2014). The Big Five Personality Inventory (BFI): Assessment and validation. Journal of Personality Assessment, 96(1), 20-31.
Ringle, C. M., Wende, S., and Becker, J.-M. 2022. "SmartPLS 4." Oststeinbek: SmartPLS GmbH, http://www.SmartPLS.com.
Rosen, A. B., Tsai, J. S., & Downs, S. M. (2003). Variations in Risk attitude across Race, Gender, and Education. Medical Decision Making, 23(6), 511–517. https://doi.org/10.1177/0272989X03258431
Scherer, B. (2017), Algorithmic portfolio choice: lessons from panel survey data, Financial Markets and Portfolio Management, Vol. 31 No. 1, pp. 49-67.
Sutter, M., Kocher, M. G., Glätzle-Rützler, D., & Trautmann, S. T. (2013). Impatience and uncertainty: Experimental decisions predict adolescents’ field behavior. American Economic Review, 103, 510–531.
Tabachnick, B. G., & Fidell, L. S. (2013). Using Multivariate Statistics (6th ed.). Pearson.
Thaler, R. H. (1993). Advances in Behavioral Finance. Russell Sage Foundation.
Tekçe, B. dan Yılmaz, N. (2015), “Are individual stock investors overconfident? Evidence from an emerging market”, Journal ofBehavioral andExperimental Finance, Vol. 5, pp. 35-45.
Trochim, W., & Donnelly, J. P. (2006). The Research Methods Knowledge Base (3rd ed.). Atomic Dog Publishing.
Tversky, A., & Kahneman, D. (1992). Advances in Prospect Theory: Cumulative Representation of Uncertainty. Journal of Risk and Uncertainty, 5(4), 297-323
Twumasi Baffour, P., Mohammed, I., & Abdul Rahaman, W. (2019). Personality and gender differences in revealed risk preference: Evidence from Ghana. International Journal of Social Economics, 46, 631–647
Weber, E. U., Blais, A.-R., & Betz, N. E. (2002). A domain-specific risk-attitude scale: Measuring risk perceptions and risk behaviors. Journal of Behavioral Decision Making, 15(4), 263-290.
Weber, E. U. (1997). The utility of measuring and modeling perceived risk. Annals of Operations Research, 75, 265-286.
West, T. and Worthington, A.C. (2014a), “Macroeconomic conditions and Australian financial risk attitudes, 2001-2010”, Journal of Family and Economic Issues, Vol. 35 No. 2, pp. 263-277.
West, T. and Worthington, A.C. (2014b), “Personal attributes and financial risk-taking in Australia”, JASSA The Finsia Journal of Applied Finance, No. 1, pp. 25-33.
Wong, A., et al. (2018). Risk attitude and allocation of assets. Journal of Business Research, 89, 173-179.
Wong, R. S., Osman, M., Wong, W. H., Lin, Y., & Ho, K. (2019). Saving for a Better Retirement: How Risk attitudes Affect Choice of Retirement Scheme. Psychological Reports, 122(1), 305–322. https://doi.org/10.1177/0033294118755093
Xiu, L., Kang, G. (Grace), & Roline, A. C. (2015). Who negotiates a higher starting salary?: A moderation model on the role of gender, personality and risk attitude. Nankai Business Review International, 6(3), 240–255. https://doi.org/10.1108/NBRI-01-2015-0004
Zhang, Y., Jia, Q., & Chen, C. (2021). Risk attitude , fi nancial literacy and household consumption : Evidence from stock market crash in China. Economic Modelling, 94(December 2019), 995–1006. https://doi.org/10.1016/j.econmod.2020.02.040
DOI: 10.33751/jhss.v8i3.10405
Refbacks
- There are currently no refbacks.
![Creative Commons License](http://licensebuttons.net/l/by-nc/4.0/88x31.png)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.