A Critical Review of Research on Financial Risk Tolerance
Prasenjit Roy1, S. K. Singh2
1Prasenjit Roy, School of Commerce and Business Studies, Junior Research Fellow, Faculty of Commerce, Jiwaji University, Gwalior (M. P), India.
2S. K. Singh, School of Commerce and Business Studies, Dean, Faculty of Commerce, Jiwaji University, Gwalior 474011 (M.P), India.
Manuscript received on 25 December 2023 | Revised Manuscript received on 12 January 2024 | Manuscript Accepted on 15 January 2024 | Manuscript published on 30 January 2024. | PP: 17-30 | Volume-10 Issue-5, January 2024 | Retrieval Number: 100.1/ijmh.E168410050124 | DOI: 10.35940/ijmh.E1684.10050124
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: This paper set out to conduct a critical review of research on Financial Risk Tolerance. A total of 58 research papers were reviewed and published between 2000 and 2022. This investigation is divided into three sections. Firstly, it focuses on various types of personality. Secondly, it involves six demographic variables, and the remaining ones relate to multiple objectives. Tables and graphs were used to demonstrate the basis of the year of publication, the country of origin, the types of data, the objectives of the research, and the statistical tool used. Findings indicate that a greater number of research studies have been conducted over the last decade, and India has the most significant number of research papers. Nearly 75% of research is based on primary data. Grable’s 13-item questionnaire and 5-point Likert Scale are often used. Descriptive Statistics, Cronbach’s alpha, correlation, and regression are a few of the most common tools utilised in research papers.
Keywords: JEL Classification: D14, D81, G02, Critical Review, Financial Risk Tolerance, Risk Aversion, Big Five Personality, Type A & Type B Personality
Scope of the Article: Classification