The influence of positive psychological factors on small business owners' retirement planning activities

Authors

  • Jill B. McCullough Department of Finance, Lariccia School of Accounting & Finance, Youngstown State University

DOI:

https://doi.org/10.61190/fsr.v21i1.3605

Keywords:

Engagement, Satisfaction, Small business owners, Retirement planning, Behavioral finance

Abstract

This analysis studies the influence of certain behavioral characteristics on small business owners' retirement planning preparation. In the proposed model, an owner's retirement goal clarity is hypoth­esized to mediate the relationship between the level of his retirement planning activities and three behavioral factors: engagement, satisfaction, and future time perspective. Survey responses from business owners were analyzed using structural equation modeling. Results suggest that owners who are engaged by their businesses and have a "live for today" attitude are less motivated to plan for retirement. A sense of satisfaction with the business, however, shows positive influences on retirement planning motivation.

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Published

2012-03-31

How to Cite

McCullough, J. B. (2012). The influence of positive psychological factors on small business owners’ retirement planning activities. Financial Services Review, 21(1), 1–18. https://doi.org/10.61190/fsr.v21i1.3605

Issue

Vol. 21 No. 1 (2012): FSR Spring 2012

Section

New Original Submission

License

Copyright (c) 2012 Academy of Financial Services

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