Development and validation of social inclusion scale for stock market participation
Social inclusion is essential to inclusive development but is less explored in relation to financial behavior, especially stock market participation. This study aims to develop and validate a social inclusion scale specific to stock market participation. The study used literature review, expert insi...
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| Format: | Article |
| Language: | English |
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Taylor & Francis Group
2025-12-01
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| Series: | Cogent Economics & Finance |
| Subjects: | |
| Online Access: | https://www.tandfonline.com/doi/10.1080/23322039.2025.2453585 |
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| author | S. M. Riha Parvin Niyaz Panakaje Madhura K Niha Sheikh Shakira Irfana |
| author_facet | S. M. Riha Parvin Niyaz Panakaje Madhura K Niha Sheikh Shakira Irfana |
| author_sort | S. M. Riha Parvin |
| collection | DOAJ |
| description | Social inclusion is essential to inclusive development but is less explored in relation to financial behavior, especially stock market participation. This study aims to develop and validate a social inclusion scale specific to stock market participation. The study used literature review, expert insights, and focus groups to identify social inclusion items, followed by Exploratory and Confirmatory Factor Analyses (EFA and CFA) using SPSS and AMOS 23 to check validity. The scale identifies three main dimensions: social interaction, social capital, and peer effect. Social interaction reflects engagement with social groups during major investments, peer effect captures the influence of peers' investment success, and social capital highlights the role of resourceful social networks in investment decisions. This scale is a valuable tool for investors, financial institutions, regulatory bodies, and researchers to assess social inclusion's impact on stock market participation and shape policies for market inclusivity. This study fills a gap by providing a validated scale for social inclusion among stock market participants, offering insights into how social factors influence financial behavior. |
| format | Article |
| id | doaj-art-dde801a8ec6749d8b4c3b7a490e3088b |
| institution | Kabale University |
| issn | 2332-2039 |
| language | English |
| publishDate | 2025-12-01 |
| publisher | Taylor & Francis Group |
| record_format | Article |
| series | Cogent Economics & Finance |
| spelling | doaj-art-dde801a8ec6749d8b4c3b7a490e3088b2025-01-20T08:14:50ZengTaylor & Francis GroupCogent Economics & Finance2332-20392025-12-0113110.1080/23322039.2025.2453585Development and validation of social inclusion scale for stock market participationS. M. Riha Parvin0Niyaz Panakaje1Madhura K2Niha Sheikh3Shakira Irfana4Yenepoya Research Centre for Finance & Entrepreneurship Development (YEN-REFINED), YIASCM, Yenepoya (Deemed to be University), Mangalore, IndiaYenepoya Research Centre for Finance & Entrepreneurship Development (YEN-REFINED), YIASCM, Yenepoya (Deemed to be University), Mangalore, IndiaYenepoya Research Centre for Finance & Entrepreneurship Development (YEN-REFINED), YIASCM, Yenepoya (Deemed to be University), Mangalore, IndiaYenepoya Research Centre for Finance & Entrepreneurship Development (YEN-REFINED), YIASCM, Yenepoya (Deemed to be University), Mangalore, IndiaYenepoya Research Centre for Finance & Entrepreneurship Development (YEN-REFINED), YIASCM, Yenepoya (Deemed to be University), Mangalore, IndiaSocial inclusion is essential to inclusive development but is less explored in relation to financial behavior, especially stock market participation. This study aims to develop and validate a social inclusion scale specific to stock market participation. The study used literature review, expert insights, and focus groups to identify social inclusion items, followed by Exploratory and Confirmatory Factor Analyses (EFA and CFA) using SPSS and AMOS 23 to check validity. The scale identifies three main dimensions: social interaction, social capital, and peer effect. Social interaction reflects engagement with social groups during major investments, peer effect captures the influence of peers' investment success, and social capital highlights the role of resourceful social networks in investment decisions. This scale is a valuable tool for investors, financial institutions, regulatory bodies, and researchers to assess social inclusion's impact on stock market participation and shape policies for market inclusivity. This study fills a gap by providing a validated scale for social inclusion among stock market participants, offering insights into how social factors influence financial behavior.https://www.tandfonline.com/doi/10.1080/23322039.2025.2453585Social capitalsocial interactionpeer effectsocial inclusionstock market participationscale development |
| spellingShingle | S. M. Riha Parvin Niyaz Panakaje Madhura K Niha Sheikh Shakira Irfana Development and validation of social inclusion scale for stock market participation Cogent Economics & Finance Social capital social interaction peer effect social inclusion stock market participation scale development |
| title | Development and validation of social inclusion scale for stock market participation |
| title_full | Development and validation of social inclusion scale for stock market participation |
| title_fullStr | Development and validation of social inclusion scale for stock market participation |
| title_full_unstemmed | Development and validation of social inclusion scale for stock market participation |
| title_short | Development and validation of social inclusion scale for stock market participation |
| title_sort | development and validation of social inclusion scale for stock market participation |
| topic | Social capital social interaction peer effect social inclusion stock market participation scale development |
| url | https://www.tandfonline.com/doi/10.1080/23322039.2025.2453585 |
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