Effects of psychological and resource factors on perceived business performance and financial well-being of government retirees in business

The purpose of the study was to investigate the impact that being in business has on the financial well-being (FWB) of government retirees in business. This study adopted a research approach from the perspectives of psychology and resource theories. The psychological variables were motivation, atti...

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Main Author:	Norhashim, Mariati
Format:	Thesis
Language:	English
Published:	2013
Subjects:	Retirees - Malaysia - Finance Personal Retirement income - Malaysia - Planning Retirement - Psychological aspects
Online Access:	http://psasir.upm.edu.my/id/eprint/38541/1/FEM%202013%2010%20ir.pdf
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id	my-upm-ir.38541
record_format	uketd_dc
spelling	my-upm-ir.385412016-02-24T09:28:27Z Effects of psychological and resource factors on perceived business performance and financial well-being of government retirees in business 2013-06 Norhashim, Mariati The purpose of the study was to investigate the impact that being in business has on the financial well-being (FWB) of government retirees in business. This study adopted a research approach from the perspectives of psychology and resource theories. The psychological variables were motivation, attitude towards ageing and entrepreneurial self-efficacy while the resource factors were human, social and financial capital. A questionnaire based survey was conducted in between July 2010 to January 2011 on government retirees who were in business throughout Malaysia that employed a cross sectional design. Forty one respondents were successfully interviewed. Statistical procedures for the analyses included descriptive analysis, correlation analysis and path analysis. Profiling the government retirees in business revealed that the majority of the respondents operated business in the services, trade or retail industries which were set up and fully owned by themselves. Resource wise, the majority had very low financial capital, human capital and social capital. A worrying finding was that a quarter had neither friends nor family in their social network. Only twenty per cent had family working with them in in their business. Most of the business started were low cost barrier business with half investing RM10,000 or less. Most started their business from their own savings, about a third took out money from their retirement account and a fifth took loans. Those who received government grants or borrowed were worse off in their FWB compared to those who were self-financed. In spite that, all but one of the respondents reported positive FWB even though four of them have negative net worth. Factors which have a negative impact on FWB were number of illnesses and number of dependents. Factors which appeared to influence strongly positive FWB were positive perceived business performance, positive attitudes towards ageing as well as good saving habits. Thus, policies and programmes designed to improve PBP will have an indirect impact on FWB. The findings suggested that those who approach the government agencies for assistance need more than mere financial aid. Two of the factors that were found to improve perceived business performance (PBP) was entrepreneurial self-efficacy (ESE) especially in terms of marketing and social capital in terms of having a friend in their businessrelated social network. However, PBP was not found to have any significant role as a mediating factor on resource and psychological factors towards FWB. Yet, financial capital did have a strong positive but independent impact on both PBP and FWB. Training, mentoring as well as providing a social platform for post-retirement businesspersons would be beneficial in improving the FWB of this at-risk group. Policies and programmes need to go beyond merely putting a financial scheme in place specifically for retirees who wish to venture into business. An agency or other form of intermediary is needed in order to identify potential RIB and provide a ready channel for formulating aid programmes. Retirees - Malaysia - Finance, Personal Retirement income - Malaysia - Planning Retirement - Psychological aspects 2013-06 Thesis http://psasir.upm.edu.my/id/eprint/38541/ http://psasir.upm.edu.my/id/eprint/38541/1/FEM%202013%2010%20ir.pdf application/pdf en public phd doctoral Universiti Putra Malaysia Retirees - Malaysia - Finance, Personal Retirement income - Malaysia - Planning Retirement - Psychological aspects
institution	Universiti Putra Malaysia
collection	PSAS Institutional Repository
language	English
topic	Retirees - Malaysia - Finance Personal Retirement income - Malaysia - Planning Retirement - Psychological aspects
spellingShingle	Retirees - Malaysia - Finance Personal Retirement income - Malaysia - Planning Retirement - Psychological aspects Norhashim, Mariati Effects of psychological and resource factors on perceived business performance and financial well-being of government retirees in business
description	The purpose of the study was to investigate the impact that being in business has on the financial well-being (FWB) of government retirees in business. This study adopted a research approach from the perspectives of psychology and resource theories. The psychological variables were motivation, attitude towards ageing and entrepreneurial self-efficacy while the resource factors were human, social and financial capital. A questionnaire based survey was conducted in between July 2010 to January 2011 on government retirees who were in business throughout Malaysia that employed a cross sectional design. Forty one respondents were successfully interviewed. Statistical procedures for the analyses included descriptive analysis, correlation analysis and path analysis. Profiling the government retirees in business revealed that the majority of the respondents operated business in the services, trade or retail industries which were set up and fully owned by themselves. Resource wise, the majority had very low financial capital, human capital and social capital. A worrying finding was that a quarter had neither friends nor family in their social network. Only twenty per cent had family working with them in in their business. Most of the business started were low cost barrier business with half investing RM10,000 or less. Most started their business from their own savings, about a third took out money from their retirement account and a fifth took loans. Those who received government grants or borrowed were worse off in their FWB compared to those who were self-financed. In spite that, all but one of the respondents reported positive FWB even though four of them have negative net worth. Factors which have a negative impact on FWB were number of illnesses and number of dependents. Factors which appeared to influence strongly positive FWB were positive perceived business performance, positive attitudes towards ageing as well as good saving habits. Thus, policies and programmes designed to improve PBP will have an indirect impact on FWB. The findings suggested that those who approach the government agencies for assistance need more than mere financial aid. Two of the factors that were found to improve perceived business performance (PBP) was entrepreneurial self-efficacy (ESE) especially in terms of marketing and social capital in terms of having a friend in their businessrelated social network. However, PBP was not found to have any significant role as a mediating factor on resource and psychological factors towards FWB. Yet, financial capital did have a strong positive but independent impact on both PBP and FWB. Training, mentoring as well as providing a social platform for post-retirement businesspersons would be beneficial in improving the FWB of this at-risk group. Policies and programmes need to go beyond merely putting a financial scheme in place specifically for retirees who wish to venture into business. An agency or other form of intermediary is needed in order to identify potential RIB and provide a ready channel for formulating aid programmes.
format	Thesis
qualification_name	Doctor of Philosophy (PhD.)
qualification_level	Doctorate
author	Norhashim, Mariati
author_facet	Norhashim, Mariati
author_sort	Norhashim, Mariati
title	Effects of psychological and resource factors on perceived business performance and financial well-being of government retirees in business
title_short	Effects of psychological and resource factors on perceived business performance and financial well-being of government retirees in business
title_full	Effects of psychological and resource factors on perceived business performance and financial well-being of government retirees in business
title_fullStr	Effects of psychological and resource factors on perceived business performance and financial well-being of government retirees in business
title_full_unstemmed	Effects of psychological and resource factors on perceived business performance and financial well-being of government retirees in business
title_sort	effects of psychological and resource factors on perceived business performance and financial well-being of government retirees in business
granting_institution	Universiti Putra Malaysia
publishDate	2013
url	http://psasir.upm.edu.my/id/eprint/38541/1/FEM%202013%2010%20ir.pdf
_version_	1747811730713477120

Effects of psychological and resource factors on perceived business performance and financial well-being of government retirees in business

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