Financial Inclusion as an Intentional behaviour in Zimbabwe
Keywords:
Financial inclusion; Planned behaviour; PLS-SEM; Behavioural Intention; Theory of planned behaviour; Use behaviour; ZimbabweAbstract
This article examined financial inclusion as a planned behaviour using partial least squares structural equation modeling (PLS-SEM) algorithm in SmartPLS 3 software. Attention was given to perspective antecedents in behavioural intention and use behaviour of financial services/products. To understand this phenomenon, primary data collected through an online survey were used to empirically test the extended theory of the planned behaviour model. We applied the partial least squares structural equation modeling (PLS-SEM) algorithm using SmartPLS 3 software to analyse relationships between latent and observed variables. Respondents were drawn from academics, banking and non-banking participants in Zimbabwe. Our results show that an extended TPB model holds for financial inclusion. The results also show an acceptable model fit with predictive relevance of endogenous constructs as assessed by R2, Q2, the significance of paths and standardized root mean square residual (SRMR). Our findings also confirmed hypothesis H1a, H1b, H6, and H7 while the rest were rejected as they were insignificant. Financial services product developers, policymakers, financial inclusion practitioners, and regulators will have a better understanding of financial inclusion behavioural intention and use behaviour based on the findings. Previous research has largely ignored the influence of perceptive antecedents in financial inclusion. This article covers this gap by drawing attention to the cognitive psychological perspective of financial inclusion.
References
Aduda, J., and Kalunda, E. (2012). “Financial Inclusion and Financial Sector Stability With Reference To Kenya: A Review of Literature,” Journal of Applied Finance & Banking, Vol. 2(6), pp. 95-120.
Ajzen, I. (1985). From intentions to actions: A theory of planned behaviour. In J. Kuhl and J. Beckmann (Eds.). Action-control: From cognition to behavior (pp. 11-39). Heidelberg: Springer.
Ajzen, I. (1991). “The theory of planned behavior,” Organizational Behavior and Human Decision Process, Vol. 50(2), pp. 179–211. https://doi.org/10.1080/08870446.2011.613995.
Ajzen, I. (2005). Attitudes, Personality, and Behavior, (2nd Ed.). Maidenhead: Open University Press.
Ajzen, I. (2012). The Theory of Planned Behavior. In P. A. M. Lange, A. W. Kruglanski and E. T. Higgins (Eds.). Handbook of Theories of Social Psychology (pp. 438-459). London: Sage.
Ajzen, I. and Madden, T. (1986). “Prediction of goal-directed behavior: attitude, intentions, and perceived behavioral control,” Journal of Experimental Social Psychology, Vol. 22(5), pp. 453-474.
Ajzen, I., and Fishbein, M. (1980). Understanding attitudes and predicting social Behaviour. Englewood Cliffs, NJ: Prentice-Hall.
Ajzen, I., and Fishbein, M. (2005). The influence of attitudes on behaviour. In D. Albarracin, B. T. Johnson, and M. P. Zanna (Eds.). The handbook of attitudes (pp. 173–221). Mahwah, NJ: Lawrence Erlbaum Associates Publishers.
Armitage, C. J., and Conner, M. (2001). “Efficacy of the theory of planned behaviour: A meta‐analytic review,” British journal of social psychology, Vol. 40(4), pp. 471-499.
Avkiran, N. K. (2018). Rise of the Partial Least Squares Structural Equation Modeling: An Application in Banking. In N. K. Avkiran, C. M. Ringle (Eds.), Partial Least Squares Structural Equation Modeling (pp. 1-29). International Series in Operations Research & Management Science 267. https://doi.org/10.1007/978-3-319-71691-6_1.
Bacon, L. D. (1999). Using LISREL and PLS to Measure Customer Satisfaction, Sawtooth Software Conference Proceedings, La Jolla, California, Feb 2-5, 305-306.
Bagozzi, R. P. and Yi, Y. (1988). “On the evaluation of structural equation models,” Journal of the Academy of Marketing Science, Vol. 16(1), pp. 74–94.
Bagozzi, R. P., Lee, K.-H., and Van Loo, M. F. (2001). “Decisions to donate bone marrow: The role of attitudes and subjective norms across cultures,” Psychology and Health, Vol. 16(1), pp. 29-56.
Bailey, C. and Austin, M. (2006). “360 Degree Feedback and Developmental Outcomes: The Role of Feedback Characteristics, Self-Efficacy and Importance of Feedback Dimensions to Focal Managers' Current Role,” International Journal of Selection and Assessment, Vol.14, pp. 51-66.
Bandura, A. (1977). “Self-efficacy: Toward a unifying theory of behavioral change,” Psychological Review, Vol. 84(2), pp. 191-215.
Bandura, A. (1986). Social foundations of thought and action, Englewood Cliffs, NJ Prentice-Hall.
Beck, T., Demirgüç-Kunt, A., and Honohan, P. (2009). “Access to financial services: Measurement, impact, and policies,” The World Bank Research Observer, Vol. 24(1), pp. 119-145.
Berliner, L. S., and Kenworthy, N. J. (2017). “Producing a worthy illness: Personal crowdfunding amidst financial crisis,” Social Science and Medicine, Vol. 187, pp. 233–242. https://doi.org/10.1016/j.socscimed.2017.02.008.
Bi, S., Liu, Z., and Usman, K. (2017). “The influence of online information on investing decisions of reward-based crowdfunding,” Journal of Business Research, Vol. 71, pp. 10–18. https://doi.org/10.1016/j.jbusres.2016.10.001.
Biel, A., and Thøgersen, J. (2007). “Activation of social norms in social dilemmas: a review of the evidence and reflections on the implications for environmental behavior,” Journal of Economic Psychology, Vol. 28(1), pp. 93–112.
Briones-Penalver, A. J., Bernal-Conesa, J. A., and Nieves-Nieto, C. (2018). “Analysis of corporate social responsibility in Spanish agribusiness and its influence on innovation and performance,” Corporate Social Responsibility and Environmental Management, Vol. 25(2), pp. 182-193.
Center for Financial Inclusion (2013). Seizing the Moment: On the Road to Financial Inclusion. Financial Inclusion 2020, A Global Forum, Center for Financial Inclusion, ACCION.
Chau, P. Y., and Hu, P. J. H. (2001). “Information technology acceptance by individual professionals: A model comparison approach,” Decision Sciences, Vol. 32(4), pp. 699-719.
Chen, E., Dowling, N., and Yap, K. (2012). “An Examination of Gambling Behaviour in Relation to Financial Management Behaviour, Financial Attitudes, and Money Attitudes,” International Journal of Mental Health & Addiction, Vol. 10(2), pp. 231-242.
Chen, M. F. (2007). “Consumer attitudes and purchase intentions in relation to organic foods in Taiwan: moderating effects of food-related personality traits,” Food Quality and Preference, Vol. 18(7), pp.1008–1021.
Cho, M., and Kim, G. (2017). “A cross-cultural comparative analysis of crowdfunding projects in the United States and South Korea,” Computers in Human Behavior, Vol. 72, pp. 312–320. https://doi.org/10.1016/j.chb.2017.03.013.
Dulany, D. E. (1968). Awareness, rules, and propositional control: A confrontation with S-R behavior theory. In D. Horton and T. Dixon (Eds). Verbal Behavior and S-R Behavior Theory (pp. 340-387). Englewood Cliffs, NJ: Prentice-Hall.
East, R. (1993). “Investment decisions and the theory of planned behaviour,” Journal of Economic Psychology, Vol. 14, pp. 337-375.
Ellis, K., Lemma, A., and Rud, J.-P. (2010). Investigating the impact of access to financial services on household investment. London: Overseas Development Institute.
Falk, R. F., and Miller, N. B. (1992). A primer for soft modeling, University of Akron Press.
Fishbein, M., and Ajzen, I. (1975). Belief, attitude, intention, and behavior: An introduction to theory and research. Reading, MA: Addison-Wesley.
Fishbein, M., and Ajzen, I. (2011). Predicting and changing behavior: The reasoned action approach. New York: Psychology Press.
Fornell, C. and Larcker, D. F. (1981). “Evaluating structural equation models with unobservable variables and measurement error,” Journal of Marketing Research, Vol.18 (1), pp. 39-50.
Gefen, D. and Straub, D. (2005). “A practical guide to factorial validity using PLS-Graph: Tutorial and annotated example,” Communications of the Association for Information Systems, Vol. 16(1), p. 91-109.
Haenlein, M. and Kaplan, A. M. (2004). “A beginner’s guide to partial least squares analysis,” Understanding Statistics, Vol. 3(4), pp. 283–297.
Hair, J. F., Celsi, M., Money, A. H., Samouel, P., and Page, M. J. (2016). Essentials of Business Research Methods (3rd Ed.). Armonk, NY: Sharpe.
Hair, J. F., Hult, G. T. M., Proksch, D., Sarstedt, M., Pinkwart, A., and Ringle, C. M. (2018). “Addressing endogeneity in International Marketing applications of partial least squares structural equation modeling,” Journal of International Marketing, Vol. 26(3), pp. 1-21.
Hair, J. F., Hult, G. T. M., Ringle, C. M., and Sarstedt, M. (2013). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). Thousand Oaks, CA.: Sage.
Hair, J. F., Hult, G. T. M., Ringle, C. M., and Sarstedt, M. (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) (2nd Ed.). Los Angeles: Sage.
Hair, J. F., Sarstedt, M., Ringle, C. M., and Mena, J. A., (2012). “An assessment of the use of partial least squares structural equation modeling in marketing research,” Journal of the Academy of Marketing Science, Vol. 40(3), pp. 414-433.
Han, H., Hsu, L. T. J., and Sheu, C. (2010). “Application of the theory of planned behavior to green hotel choice: Testing the effect of environmental friendly activities,” Tourism Management, Vol. 31(3), pp. 325–334.
Henseler, J., Ringle, C. M., and Sarstedt, M. (2015). “A new criterion for assessing discriminant validity in variance-based structural equation modeling,” Journal of the Academy of Marketing Science, Vol. 43, pp. 115–135.
Hobbs, J., Grigore, G., and Molesworth, M. (2016). “Success in the management of crowdfunding projects in the creative industries,” Internet Research, Vol. 26(1), pp. 146–166. https://doi.org/10.1108/IntR-08-2014-0202.
Hoyle, R. H. (1995). Structural Equation Modeling (Ed.). Thousand Oaks, CA.: SAGE Publications, Inc.
Hulland, J. (1999). “Use of partial least squares (PLS) in strategic management research: a review of four recent studies,” Strategic Management Journal, Vol. 20(2), pp. 195–204.
Hwang, H., Malhotra, N. K., Kim, Y., Tomiuk, M. A., and Hong, S. (2010). “A comparative study on parameter recovery of three approaches to structural equation modeling,” Journal of Marketing Research, Vol. 47, pp. 699-712.
Jin, D., Chai, K. H. and Tan, K. C. (2012). “Organizational adoption of new service development tools,” Managing Service Quality: An International Journal, Vol. 22(2), pp. 233-259.
Kempson, E., and Whyley, C. (1999). Kept out or opted out: Understanding and Combating Financial Inclusion. Bristol: Policy Press.
Kidwell, B., and Turrisi, R. (2003). “An Examination of Money Management Tendencies,” Advances in Consumer Research, Vol. 30, pp. 112-114.
Lachance, M. J. (2012). “Young adults’ attitudes towards credit,” International Journal of Consumer Studies, Vol. 36(5), pp. 539-548.
Liu, Y., Lu, H., and Veenstra, K. (2014). “Is sin always a sin? The interaction effect of social norms and financial incentives on market participants’ behavior,” Accounting, Organizations and Society, Vol. 39(4), pp. 289-307.
Lusardi, A., Mitchell, O. S., and Curto, V. (2010). “Financial literacy among the young,” Journal of Consumer Affairs, Vol. 44(2), pp. 358-380.
Madden, T. J., Ellen, P.S. and Ajzen, I. (1992). “A comparison of the theory of planned behavior and the theory of reasoned action,” Personality and Social Psychology Bulletin, Vol. 18(1), p. 3-9.
Manning, M. (2009). “The effects of subjective norms on behaviour in the theory of planned behaviour: A meta-analysis,” British Journal of Social Psychology, Vol. 48(4), pp. 649–705. https://doi.org/10.1348/014466608X393136.
Manstead, A. S. R., and Eekelen, S. A. M. (1998). "Distinguishing between perceived behavioural control and self-efficacy in the domain of academic achievement intentions and behaviors,” Journal of Applied Social Psychology, Vol. 28(15), pp. 1375–1392. https://doi.org/10.1111/j.1559-1816.1998.tb01682.x.
Marcoulides, G. A. and Saunders, C. (2006). “Editor’s Comments – PLS: A Silver Bullet?” MIS Quarterly, Vol. 30(2), pp. iii-ix.
Massara, M. A., and Mialou, A. (2014). Assessing Countries’ Financial Inclusion Standing - A New Composite Index, International Monetary Fund.
Mataruka, N., 2015. Financial inclusion in Zimbabwe banking & microfinance sector. Reserve Bank of Zimbabwe, Presented On the Occasion of the Third Zimbabwe SME Banking & Microfinance Summit.
Maune, A. (2018). “Financial Inclusion and the Trade-Growth Nexus: Evidence from the Emerging Zimbabwean Economy,” Journal of Economics and Behavioral Studies, Vol. 10(6A), pp. 43-55.
Maune, A., Matanda, E., and Mundonde, J. (2020). “Does Financial Inclusion cause Economic Growth in Zimbabwe? An Empirical Investigation,” Acta Universitatis Danubius Oeconomica, Vol. 16(1), pp. 195-215.
Mindra, R. and Moya, M. (2017). "Financial self-efficacy: a mediator in advancing financial inclusion," Equality, Diversity and Inclusion: An International Journal, Vol. 36(2), pp. -, Doi: 10.1108/EDI-05-2016-0040.
Norvilitis, J. M., and Mao, Y. (2013). “Attitudes towards credit and finances among college students in China and the United States,” International Journal of Psychology, Vol. 48(3), pp. 389-398.
Norvilitis, J. M., Merwin, M. M., Osberg, T. M., Roehling, P. V., Young, P., and Kamas, M. M. (2006). “Personality Factors, Money Attitudes, Financial Knowledge, and Credit-Card Debt in College Students,” Journal of Applied Social Psychology, Vol. 36(6), pp. 1395-1413.
Peak, H. (1955). Attitude and motivation. In M. R. Jones (Ed.). Nebraska Symposium on Motivation (pp. 149-189). Lincoln, NE: University of Nebraska Press.
Pearson, A.W., Carr, J.C., and Shaw, J. C. (2008). “Toward a theory of familiness: a social capital perspective,” Entrepreneurship Theory and Practice, Vol. 32(6), pp. 949–969.
Petter, S., Straub, D., and Rai, A. (2007). “Specifying formative constructs in information systems research,” MIS Quarterly, Vol. 31(4), pp. 623-656.
Reserve Bank of Zimbabwe (2020). Mid-term monetary policy statement, Harare, Zimbabwe.
Reserve Bank of Zimbabwe [RBZ] (2017). Mid-term monetary policy statement, Harare, Zimbabwe.
Reuters (2021, April 14). Twitter to open first African office in Ghana. The Herald, p. F4.
Ringle, C. M. and Sarstedt, M. (2016). “Gain more insight from your PLS-SEM results,” Industrial Management and Data Systems, Vol. 116(9), pp. 1865-1886. DOI 10.1108/IMDS-10-2015-0449.
Rosenberg, M. J., and Hovland, C. I. (1960). Cognitive, affective, and behavioural components of attitudes. In C. I. Hovland and M. J. Rosenberg (Eds.). Attitude Organisation and Change: An analysis of consistency among attitude components (pp. 1-14). New Haven, CT: Yale University Press.
Sethi, V., Tandon, M.S., and Dutta, K. (2018). “A path model of antecedents of green purchase behavior among Indian consumers,” Int. J. Public Sector Performance Management, Vol. 4(1), pp. 21–44.
Sheeran, P. and Orbell, S. (1999). “Implementation intentions and repeated behaviour: Augmenting the predictive validity of the theory of planned behaviour,” European Journal of Social Psychology, Vol. 29, pp. 349 – 369.
Shih, T.-Y., and Ke, S.-C. (2013). “Determinates of financial behavior: insights into consumer money attitudes and financial literacy,” Service Business, pp. 1-22.
Shih, Y. Y. and Fang, K. (2004). “The use of a decomposed theory of planned behavior to study Internet banking in Taiwan,” Internet Research, Vol. 14(3), pp. 213–223. DOI 10.1108/10662240410542643.
Shneor, R., and Munimb, Z. H. (2019). “Reward crowdfunding contribution as planned behaviour: An extended framework,” Journal of Business Research, Vol. 103, pp. 56–70.
Sidique, S. F., Lupi, F., and Joshi, S.V. (2010). “The effects of behavior and attitudes on drop-off recycling activities,” Resources, Conservation and Recycling, Vol. 54(3), pp.163–170.
Smith, J. R. and McSweeney, A. (2007). “Charitable Giving: The Effectiveness of a Revised Theory of Planned Behaviour Model in Predicting Donating Intentions and Behaviour,” Journal of Community & Applied Social Psychology J. Community Appl. Soc. Psychol., Vol. 17, pp. 363–386. DOI: 10.1002/casp.906.
Sparks, P., Hedderly, D. and Shepherd, R. (1992). “An investigation into the relationship between perceived control, attitude variability, and the consumption of two common foods,” European Journal of Social Psychology, Vol. 22, pp. 55-71.
Taib, F. M., Ramayah, T., and Razak, D. A. (2008). “Factors influencing intention to use diminishing partnership home financing,” International Journal of Islamic and Middle Eastern Finance and Management, Vol. 1(3), pp. 235-248.
Tenenhaus, M., Vinzi, V. E., Chatelin, Y.-M., and Lauro, C. (2005). “PLS path modeling,” Computational Statistics and Data Analysis, Vol. 48, pp. 159–205.
Terry, D. J., and O'Leary, J. E. (1995). “The theory of planned behaviour: The effects of perceived behavioural control and self-efficacy,” British Journal of Social Psychology, Vol. 34(2), pp. 199–220. https://doi.org/10.1111/j.2044-8309.1995.tb01058.x.
Theodorakis, Y. (1994). “Planned behavior, attitude strength, role identity, and the prediction of exercise behavior,” The Sport Psychologist, Vol. 8, pp. 149-165.
Vermeir, I. and Verbeke, W. (2006). “Sustainable food consumption: exploring the consumer ‘attitude-behavioral intention’ gap,” Journal of Agricultural and Environmental Ethics, Vol. 19(2), pp.169–194.
Vinzi, E. V., Trinchera, L., and Amato, S. (2010). PLS Path Modeling: From Foundations to Recent Developments and Open Issues for Model Assessment and Improvement. In. V. E. Vinzi, W.W. Chin, J. Henseler & H. Wang (Eds) Handbook of Partial Least Squares: Concepts, Methods and Applications (47-82) Berlin, Germany: Springer Berlin Heidelberg.
Wasko, M. M. and Faraj, S. (2005). “Why should I share? Examining Social Capital and Knowledge Contribution in Electronic Networks of Practice,” MIS Quarterly, Vol. 29(1), pp. 35-57.
Wong, K. K. (2010). “Handling small survey sample size and skewed dataset with partial least square path modeling,” Vue: The Magazine of the Marketing Research and Intelligence Association, November, pp. 20-23.
Wong, K. K. (2011). Review of the book Handbook of Partial Least Squares: Concepts, Methods and Applications, by V. E. Vinzi, W.W. Chin, J. Henseler & H. Wang (Eds.). International Journal of Business Science & Applied Management. Vol. 6(2), pp. 52-54.
Wong, K. K. (2013). “Partial Least Squares Structural Equation Modeling (PLS-SEM) Techniques Using SmartPLS,” Marketing Bulletin, Vol. 24(1), pp. 1-32.
Zhao, H., Seibert, S. E. and Hills, G. E. (2005). “The Mediating Role of Self-Efficacy in the Development of Entrepreneurial Intentions,” Journal of Applied Psychology, Vol. 90, pp. 1265-1272.
Zimmerman, B. J., Bandura, A. and Martinez-Pons, M. (1992). “Self-motivation for academic attainment: The role of self-efficacy beliefs and personal goal setting,” American Educational Research Journal, Vol. 29, pp. 663-676.
Ajzen, I. (1985). From intentions to actions: A theory of planned behaviour. In J. Kuhl and J. Beckmann (Eds.). Action-control: From cognition to behavior (pp. 11-39). Heidelberg: Springer.
Ajzen, I. (1991). “The theory of planned behavior,” Organizational Behavior and Human Decision Process, Vol. 50(2), pp. 179–211. https://doi.org/10.1080/08870446.2011.613995.
Ajzen, I. (2005). Attitudes, Personality, and Behavior, (2nd Ed.). Maidenhead: Open University Press.
Ajzen, I. (2012). The Theory of Planned Behavior. In P. A. M. Lange, A. W. Kruglanski and E. T. Higgins (Eds.). Handbook of Theories of Social Psychology (pp. 438-459). London: Sage.
Ajzen, I. and Madden, T. (1986). “Prediction of goal-directed behavior: attitude, intentions, and perceived behavioral control,” Journal of Experimental Social Psychology, Vol. 22(5), pp. 453-474.
Ajzen, I., and Fishbein, M. (1980). Understanding attitudes and predicting social Behaviour. Englewood Cliffs, NJ: Prentice-Hall.
Ajzen, I., and Fishbein, M. (2005). The influence of attitudes on behaviour. In D. Albarracin, B. T. Johnson, and M. P. Zanna (Eds.). The handbook of attitudes (pp. 173–221). Mahwah, NJ: Lawrence Erlbaum Associates Publishers.
Armitage, C. J., and Conner, M. (2001). “Efficacy of the theory of planned behaviour: A meta‐analytic review,” British journal of social psychology, Vol. 40(4), pp. 471-499.
Avkiran, N. K. (2018). Rise of the Partial Least Squares Structural Equation Modeling: An Application in Banking. In N. K. Avkiran, C. M. Ringle (Eds.), Partial Least Squares Structural Equation Modeling (pp. 1-29). International Series in Operations Research & Management Science 267. https://doi.org/10.1007/978-3-319-71691-6_1.
Bacon, L. D. (1999). Using LISREL and PLS to Measure Customer Satisfaction, Sawtooth Software Conference Proceedings, La Jolla, California, Feb 2-5, 305-306.
Bagozzi, R. P. and Yi, Y. (1988). “On the evaluation of structural equation models,” Journal of the Academy of Marketing Science, Vol. 16(1), pp. 74–94.
Bagozzi, R. P., Lee, K.-H., and Van Loo, M. F. (2001). “Decisions to donate bone marrow: The role of attitudes and subjective norms across cultures,” Psychology and Health, Vol. 16(1), pp. 29-56.
Bailey, C. and Austin, M. (2006). “360 Degree Feedback and Developmental Outcomes: The Role of Feedback Characteristics, Self-Efficacy and Importance of Feedback Dimensions to Focal Managers' Current Role,” International Journal of Selection and Assessment, Vol.14, pp. 51-66.
Bandura, A. (1977). “Self-efficacy: Toward a unifying theory of behavioral change,” Psychological Review, Vol. 84(2), pp. 191-215.
Bandura, A. (1986). Social foundations of thought and action, Englewood Cliffs, NJ Prentice-Hall.
Beck, T., Demirgüç-Kunt, A., and Honohan, P. (2009). “Access to financial services: Measurement, impact, and policies,” The World Bank Research Observer, Vol. 24(1), pp. 119-145.
Berliner, L. S., and Kenworthy, N. J. (2017). “Producing a worthy illness: Personal crowdfunding amidst financial crisis,” Social Science and Medicine, Vol. 187, pp. 233–242. https://doi.org/10.1016/j.socscimed.2017.02.008.
Bi, S., Liu, Z., and Usman, K. (2017). “The influence of online information on investing decisions of reward-based crowdfunding,” Journal of Business Research, Vol. 71, pp. 10–18. https://doi.org/10.1016/j.jbusres.2016.10.001.
Biel, A., and Thøgersen, J. (2007). “Activation of social norms in social dilemmas: a review of the evidence and reflections on the implications for environmental behavior,” Journal of Economic Psychology, Vol. 28(1), pp. 93–112.
Briones-Penalver, A. J., Bernal-Conesa, J. A., and Nieves-Nieto, C. (2018). “Analysis of corporate social responsibility in Spanish agribusiness and its influence on innovation and performance,” Corporate Social Responsibility and Environmental Management, Vol. 25(2), pp. 182-193.
Center for Financial Inclusion (2013). Seizing the Moment: On the Road to Financial Inclusion. Financial Inclusion 2020, A Global Forum, Center for Financial Inclusion, ACCION.
Chau, P. Y., and Hu, P. J. H. (2001). “Information technology acceptance by individual professionals: A model comparison approach,” Decision Sciences, Vol. 32(4), pp. 699-719.
Chen, E., Dowling, N., and Yap, K. (2012). “An Examination of Gambling Behaviour in Relation to Financial Management Behaviour, Financial Attitudes, and Money Attitudes,” International Journal of Mental Health & Addiction, Vol. 10(2), pp. 231-242.
Chen, M. F. (2007). “Consumer attitudes and purchase intentions in relation to organic foods in Taiwan: moderating effects of food-related personality traits,” Food Quality and Preference, Vol. 18(7), pp.1008–1021.
Cho, M., and Kim, G. (2017). “A cross-cultural comparative analysis of crowdfunding projects in the United States and South Korea,” Computers in Human Behavior, Vol. 72, pp. 312–320. https://doi.org/10.1016/j.chb.2017.03.013.
Dulany, D. E. (1968). Awareness, rules, and propositional control: A confrontation with S-R behavior theory. In D. Horton and T. Dixon (Eds). Verbal Behavior and S-R Behavior Theory (pp. 340-387). Englewood Cliffs, NJ: Prentice-Hall.
East, R. (1993). “Investment decisions and the theory of planned behaviour,” Journal of Economic Psychology, Vol. 14, pp. 337-375.
Ellis, K., Lemma, A., and Rud, J.-P. (2010). Investigating the impact of access to financial services on household investment. London: Overseas Development Institute.
Falk, R. F., and Miller, N. B. (1992). A primer for soft modeling, University of Akron Press.
Fishbein, M., and Ajzen, I. (1975). Belief, attitude, intention, and behavior: An introduction to theory and research. Reading, MA: Addison-Wesley.
Fishbein, M., and Ajzen, I. (2011). Predicting and changing behavior: The reasoned action approach. New York: Psychology Press.
Fornell, C. and Larcker, D. F. (1981). “Evaluating structural equation models with unobservable variables and measurement error,” Journal of Marketing Research, Vol.18 (1), pp. 39-50.
Gefen, D. and Straub, D. (2005). “A practical guide to factorial validity using PLS-Graph: Tutorial and annotated example,” Communications of the Association for Information Systems, Vol. 16(1), p. 91-109.
Haenlein, M. and Kaplan, A. M. (2004). “A beginner’s guide to partial least squares analysis,” Understanding Statistics, Vol. 3(4), pp. 283–297.
Hair, J. F., Celsi, M., Money, A. H., Samouel, P., and Page, M. J. (2016). Essentials of Business Research Methods (3rd Ed.). Armonk, NY: Sharpe.
Hair, J. F., Hult, G. T. M., Proksch, D., Sarstedt, M., Pinkwart, A., and Ringle, C. M. (2018). “Addressing endogeneity in International Marketing applications of partial least squares structural equation modeling,” Journal of International Marketing, Vol. 26(3), pp. 1-21.
Hair, J. F., Hult, G. T. M., Ringle, C. M., and Sarstedt, M. (2013). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). Thousand Oaks, CA.: Sage.
Hair, J. F., Hult, G. T. M., Ringle, C. M., and Sarstedt, M. (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) (2nd Ed.). Los Angeles: Sage.
Hair, J. F., Sarstedt, M., Ringle, C. M., and Mena, J. A., (2012). “An assessment of the use of partial least squares structural equation modeling in marketing research,” Journal of the Academy of Marketing Science, Vol. 40(3), pp. 414-433.
Han, H., Hsu, L. T. J., and Sheu, C. (2010). “Application of the theory of planned behavior to green hotel choice: Testing the effect of environmental friendly activities,” Tourism Management, Vol. 31(3), pp. 325–334.
Henseler, J., Ringle, C. M., and Sarstedt, M. (2015). “A new criterion for assessing discriminant validity in variance-based structural equation modeling,” Journal of the Academy of Marketing Science, Vol. 43, pp. 115–135.
Hobbs, J., Grigore, G., and Molesworth, M. (2016). “Success in the management of crowdfunding projects in the creative industries,” Internet Research, Vol. 26(1), pp. 146–166. https://doi.org/10.1108/IntR-08-2014-0202.
Hoyle, R. H. (1995). Structural Equation Modeling (Ed.). Thousand Oaks, CA.: SAGE Publications, Inc.
Hulland, J. (1999). “Use of partial least squares (PLS) in strategic management research: a review of four recent studies,” Strategic Management Journal, Vol. 20(2), pp. 195–204.
Hwang, H., Malhotra, N. K., Kim, Y., Tomiuk, M. A., and Hong, S. (2010). “A comparative study on parameter recovery of three approaches to structural equation modeling,” Journal of Marketing Research, Vol. 47, pp. 699-712.
Jin, D., Chai, K. H. and Tan, K. C. (2012). “Organizational adoption of new service development tools,” Managing Service Quality: An International Journal, Vol. 22(2), pp. 233-259.
Kempson, E., and Whyley, C. (1999). Kept out or opted out: Understanding and Combating Financial Inclusion. Bristol: Policy Press.
Kidwell, B., and Turrisi, R. (2003). “An Examination of Money Management Tendencies,” Advances in Consumer Research, Vol. 30, pp. 112-114.
Lachance, M. J. (2012). “Young adults’ attitudes towards credit,” International Journal of Consumer Studies, Vol. 36(5), pp. 539-548.
Liu, Y., Lu, H., and Veenstra, K. (2014). “Is sin always a sin? The interaction effect of social norms and financial incentives on market participants’ behavior,” Accounting, Organizations and Society, Vol. 39(4), pp. 289-307.
Lusardi, A., Mitchell, O. S., and Curto, V. (2010). “Financial literacy among the young,” Journal of Consumer Affairs, Vol. 44(2), pp. 358-380.
Madden, T. J., Ellen, P.S. and Ajzen, I. (1992). “A comparison of the theory of planned behavior and the theory of reasoned action,” Personality and Social Psychology Bulletin, Vol. 18(1), p. 3-9.
Manning, M. (2009). “The effects of subjective norms on behaviour in the theory of planned behaviour: A meta-analysis,” British Journal of Social Psychology, Vol. 48(4), pp. 649–705. https://doi.org/10.1348/014466608X393136.
Manstead, A. S. R., and Eekelen, S. A. M. (1998). "Distinguishing between perceived behavioural control and self-efficacy in the domain of academic achievement intentions and behaviors,” Journal of Applied Social Psychology, Vol. 28(15), pp. 1375–1392. https://doi.org/10.1111/j.1559-1816.1998.tb01682.x.
Marcoulides, G. A. and Saunders, C. (2006). “Editor’s Comments – PLS: A Silver Bullet?” MIS Quarterly, Vol. 30(2), pp. iii-ix.
Massara, M. A., and Mialou, A. (2014). Assessing Countries’ Financial Inclusion Standing - A New Composite Index, International Monetary Fund.
Mataruka, N., 2015. Financial inclusion in Zimbabwe banking & microfinance sector. Reserve Bank of Zimbabwe, Presented On the Occasion of the Third Zimbabwe SME Banking & Microfinance Summit.
Maune, A. (2018). “Financial Inclusion and the Trade-Growth Nexus: Evidence from the Emerging Zimbabwean Economy,” Journal of Economics and Behavioral Studies, Vol. 10(6A), pp. 43-55.
Maune, A., Matanda, E., and Mundonde, J. (2020). “Does Financial Inclusion cause Economic Growth in Zimbabwe? An Empirical Investigation,” Acta Universitatis Danubius Oeconomica, Vol. 16(1), pp. 195-215.
Mindra, R. and Moya, M. (2017). "Financial self-efficacy: a mediator in advancing financial inclusion," Equality, Diversity and Inclusion: An International Journal, Vol. 36(2), pp. -, Doi: 10.1108/EDI-05-2016-0040.
Norvilitis, J. M., and Mao, Y. (2013). “Attitudes towards credit and finances among college students in China and the United States,” International Journal of Psychology, Vol. 48(3), pp. 389-398.
Norvilitis, J. M., Merwin, M. M., Osberg, T. M., Roehling, P. V., Young, P., and Kamas, M. M. (2006). “Personality Factors, Money Attitudes, Financial Knowledge, and Credit-Card Debt in College Students,” Journal of Applied Social Psychology, Vol. 36(6), pp. 1395-1413.
Peak, H. (1955). Attitude and motivation. In M. R. Jones (Ed.). Nebraska Symposium on Motivation (pp. 149-189). Lincoln, NE: University of Nebraska Press.
Pearson, A.W., Carr, J.C., and Shaw, J. C. (2008). “Toward a theory of familiness: a social capital perspective,” Entrepreneurship Theory and Practice, Vol. 32(6), pp. 949–969.
Petter, S., Straub, D., and Rai, A. (2007). “Specifying formative constructs in information systems research,” MIS Quarterly, Vol. 31(4), pp. 623-656.
Reserve Bank of Zimbabwe (2020). Mid-term monetary policy statement, Harare, Zimbabwe.
Reserve Bank of Zimbabwe [RBZ] (2017). Mid-term monetary policy statement, Harare, Zimbabwe.
Reuters (2021, April 14). Twitter to open first African office in Ghana. The Herald, p. F4.
Ringle, C. M. and Sarstedt, M. (2016). “Gain more insight from your PLS-SEM results,” Industrial Management and Data Systems, Vol. 116(9), pp. 1865-1886. DOI 10.1108/IMDS-10-2015-0449.
Rosenberg, M. J., and Hovland, C. I. (1960). Cognitive, affective, and behavioural components of attitudes. In C. I. Hovland and M. J. Rosenberg (Eds.). Attitude Organisation and Change: An analysis of consistency among attitude components (pp. 1-14). New Haven, CT: Yale University Press.
Sethi, V., Tandon, M.S., and Dutta, K. (2018). “A path model of antecedents of green purchase behavior among Indian consumers,” Int. J. Public Sector Performance Management, Vol. 4(1), pp. 21–44.
Sheeran, P. and Orbell, S. (1999). “Implementation intentions and repeated behaviour: Augmenting the predictive validity of the theory of planned behaviour,” European Journal of Social Psychology, Vol. 29, pp. 349 – 369.
Shih, T.-Y., and Ke, S.-C. (2013). “Determinates of financial behavior: insights into consumer money attitudes and financial literacy,” Service Business, pp. 1-22.
Shih, Y. Y. and Fang, K. (2004). “The use of a decomposed theory of planned behavior to study Internet banking in Taiwan,” Internet Research, Vol. 14(3), pp. 213–223. DOI 10.1108/10662240410542643.
Shneor, R., and Munimb, Z. H. (2019). “Reward crowdfunding contribution as planned behaviour: An extended framework,” Journal of Business Research, Vol. 103, pp. 56–70.
Sidique, S. F., Lupi, F., and Joshi, S.V. (2010). “The effects of behavior and attitudes on drop-off recycling activities,” Resources, Conservation and Recycling, Vol. 54(3), pp.163–170.
Smith, J. R. and McSweeney, A. (2007). “Charitable Giving: The Effectiveness of a Revised Theory of Planned Behaviour Model in Predicting Donating Intentions and Behaviour,” Journal of Community & Applied Social Psychology J. Community Appl. Soc. Psychol., Vol. 17, pp. 363–386. DOI: 10.1002/casp.906.
Sparks, P., Hedderly, D. and Shepherd, R. (1992). “An investigation into the relationship between perceived control, attitude variability, and the consumption of two common foods,” European Journal of Social Psychology, Vol. 22, pp. 55-71.
Taib, F. M., Ramayah, T., and Razak, D. A. (2008). “Factors influencing intention to use diminishing partnership home financing,” International Journal of Islamic and Middle Eastern Finance and Management, Vol. 1(3), pp. 235-248.
Tenenhaus, M., Vinzi, V. E., Chatelin, Y.-M., and Lauro, C. (2005). “PLS path modeling,” Computational Statistics and Data Analysis, Vol. 48, pp. 159–205.
Terry, D. J., and O'Leary, J. E. (1995). “The theory of planned behaviour: The effects of perceived behavioural control and self-efficacy,” British Journal of Social Psychology, Vol. 34(2), pp. 199–220. https://doi.org/10.1111/j.2044-8309.1995.tb01058.x.
Theodorakis, Y. (1994). “Planned behavior, attitude strength, role identity, and the prediction of exercise behavior,” The Sport Psychologist, Vol. 8, pp. 149-165.
Vermeir, I. and Verbeke, W. (2006). “Sustainable food consumption: exploring the consumer ‘attitude-behavioral intention’ gap,” Journal of Agricultural and Environmental Ethics, Vol. 19(2), pp.169–194.
Vinzi, E. V., Trinchera, L., and Amato, S. (2010). PLS Path Modeling: From Foundations to Recent Developments and Open Issues for Model Assessment and Improvement. In. V. E. Vinzi, W.W. Chin, J. Henseler & H. Wang (Eds) Handbook of Partial Least Squares: Concepts, Methods and Applications (47-82) Berlin, Germany: Springer Berlin Heidelberg.
Wasko, M. M. and Faraj, S. (2005). “Why should I share? Examining Social Capital and Knowledge Contribution in Electronic Networks of Practice,” MIS Quarterly, Vol. 29(1), pp. 35-57.
Wong, K. K. (2010). “Handling small survey sample size and skewed dataset with partial least square path modeling,” Vue: The Magazine of the Marketing Research and Intelligence Association, November, pp. 20-23.
Wong, K. K. (2011). Review of the book Handbook of Partial Least Squares: Concepts, Methods and Applications, by V. E. Vinzi, W.W. Chin, J. Henseler & H. Wang (Eds.). International Journal of Business Science & Applied Management. Vol. 6(2), pp. 52-54.
Wong, K. K. (2013). “Partial Least Squares Structural Equation Modeling (PLS-SEM) Techniques Using SmartPLS,” Marketing Bulletin, Vol. 24(1), pp. 1-32.
Zhao, H., Seibert, S. E. and Hills, G. E. (2005). “The Mediating Role of Self-Efficacy in the Development of Entrepreneurial Intentions,” Journal of Applied Psychology, Vol. 90, pp. 1265-1272.
Zimmerman, B. J., Bandura, A. and Martinez-Pons, M. (1992). “Self-motivation for academic attainment: The role of self-efficacy beliefs and personal goal setting,” American Educational Research Journal, Vol. 29, pp. 663-676.
Published
2021-06-24
How to Cite
Maune, A., Matanda, E., & Mundonde, J. (2021). Financial Inclusion as an Intentional behaviour in Zimbabwe: Array. Acta Universitatis Danubius. Œconomica, 17(4). Retrieved from https://dj.univ-danubius.ro/index.php/AUDOE/article/view/1023
Issue
Section
Financial Economics
License
The author fully assumes the content originality and the holograph signature makes him responsible in case of trial.
