Investigation of Content Validity and Exploratory Factor Analysis of Students’ Economic Behavior Measure
Abstract
Economic behavior has attracted scholars in the last decade, and past studies measured this construct partially from consumptive perspectives or entrepreneurial behavior (Mulyani et al., 2018). Therefore, this study aims to develop a new and valid measurement of students’ economic behavior and investigate its content validity using an exploratory factor analysis (EFA). The content validity is provided using an experts’ assessment method with a 4-point evaluation form. At the same time, the exploratory factor analysis is performed using SPSS. This study involved content validity assessment for each item (I-CVI) for the entire scale (S-CVI/Ave). Based on the analysis of the questionnaire scale, it can be concluded that the content validity check using I-CVI, S-CVI/Ave, and S-CVI/UA is all satisfactory except for item SEB20, which was subsequently dropped. On the other hand, the results of EFA indicated that two more items did not meet the thresholds and, thus, were excluded. Therefore, developing instruments to measure students’ economic behavior is prominent in dealing with digital changes, preventing consumptive behavior, and enhancing economic well-being.
Keywords
References
Almanasreh, E., Moles, R., & Chen, T. F. (2019). Evaluation of methods used for estimating content validity. Research in Social and Administrative Pharmacy, 15(2), 214–221. https://doi.org/10.1016/j.sapharm.2018.03.066
Aw, E. C. X., Cheah, J. H., Ng, S. I., & Sambasivan, M. (2018). Breaking compulsive buying-financial trouble chain of young Malaysian consumers. Young Consumers, 19(3), 328–344. https://doi.org/10.1108/YC-11-2017-00755
Badea, L., Șerban-Oprescu, G. L., Dedu, S., & Piroșcă, G. I. (2020). The impact of education for sustainable development on Romanian economics and business students’ behavior. Sustainability, 12(19), 8169. https://doi.org/10.3390/su12198169
Dolega, L., Rowe, F., & Branagan, E. (2021). Going digital? The impact of social media marketing on retail website traffic, orders, and sales. Journal of Retailing and Consumer Services, 60, 102501. https://doi.org/10.1016/j.jretconser.2021.102501
Field, A. P. (2005). Is the meta-analysis of correlation coefficients accurate when population correlations vary?. Psychological Methods, 10(4), 444. https://psycnet.apa.org/doi/10.1037/1082-989X.10.4.444
Hair J.F., Black W. C., Babin, B. J. (2010) Multivariate data analysis: A global perspective. Pearson Prentice Hall, New Jersey
Herawati, N. T., Candiasa, I. M., Yadnyana, I. K., & Suharsono, N. (2018). Factors that influence financial behavior among accounting students in Bali. International Journal of Business Administration, 9(3), 30–38. https://doi.org/10.5430/ijba.v9n3p30
Houdek, P., & Koblovský, P. (2017). Behavioural economics of organization: Employees and managers. Ekonomie, 1, 1–15
Khalisharani, H., Johan, I. R., & Sabri, M. F. (2022). The influence of financial literacy and attitude towards financial behaviour amongst undergraduate students: A cross-country evidence. Pertanika Journal of Social Sciences & Humanities, 30(2), 449–474. https://doi.org/10.47836/pjssh.30.2.03
Khandelwal, R., Kolte, A., Veer, N., & Sharma, P. (2022). Compulsive buying behaviour of credit card users and affecting factors such as financial knowledge, prestige and retention time: A cross-sectional research. Vision, 26(2), 172–180. https://doi.org/10.1177/0972262920981428
Liu, J., Zhu, Y., Serapio, M. G., & Cavusgil, S. T. (2019). The new generation of millennial entrepreneurs: A review and call for research. International Business Review, 28(5), 101581. https://doi.org/10.1016/j.ibusrev.2019.05.001
Jaikumar, S., & Sharma, Y. (2021). Consuming beyond means: Debt trap of conspicuous consumption in an emerging economy. Journal of Marketing Theory and Practice, 29(2), 233–249. https://doi.org/10.1080/10696679.2020.1816476
Mulyani, R., Thomas, P., & Widiyanto, W. (2018). The influence of student consumption, social status of family, the economic parent status, and the economic education of family to consumption behavior. Journal of Economic Education, 7(1), 24–30. https://doi.org/10.15294/JEEC.V7I1.22190
Pallant, J. (2020). SPSS survival manual: A step by step guide to data analysis using IBM SPSS. Routledge.
Ridhayani, F., & Johan, I. R. (2020). The influence of financial literacy and reference group toward consumptive behavior across senior high school students. Journal of Consumer Sciences, 5(1), 29–45. https://doi.org/10.29244/jcs.5.1.29-45
Rubio, D. M., Berg-Weger, M., Tebb, S. S., Lee, E. S., & Rauch, S. (2003). Objectifying content validity: Conducting a content validity study in social work research. Social Work Research, 27(2), 94–104. https://doi.org/10.1093/swr/27.2.94
Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach. John Wiley & Sons.
Summers, B., Williamson, T., & Read, D. (2004). Does method of acquisition affect the quality of expert judgment? A comparison of education with on‐the‐job learning. Journal of Occupational and Organizational Psychology, 77(2), 237–258. https://doi.org/10.1348/096317904774202162
Suratno, S., Narmaditya, B. S., & Wibowo, A. (2021). Family economic education, peer groups and students’ entrepreneurial intention: the mediating role of economic literacy. Heliyon, 7(4), e06692. https://doi.org/10.1016/j.heliyon.2021.e06692
Surindra, B. (2022). The influence of economic literacy and digital literacy on consumptive behaviour of students. International Journal of Humanities Education and Social Sciences (IJHESS), 1(5), 15. https://doi.org/10.55227/ijhess.v1i5.143
Sutter, M., Zoller, C., & Glätzle-Rützler, D. (2019). Economic behavior of children and adolescents–A first survey of experimental economics results. European Economic Review, 111, 98–121. https://doi.org/10.1016/j.euroecorev.2018.09.004
Taherdoost, H. (2018). Development of an adoption model to assess user acceptance of e-service technology: E-service technology acceptance model. Behaviour & Information Technology, 37(2), 173–197. https://doi.org/10.1080/0144929X.2018.1427793
Vakili, M. M., & Jahangiri, N. (2018). Content validity and reliability of the measurement tools in educational, behavioral, and health sciences research. Journal of Medical Education Development, 10(28), 106–118. 10.29252/edcj.10.28.106
Wahyono, H., & Narmaditya, B. S. (2022). Structural model of the application of anti-corruption values to local government bureaucrats. Social Sciences & Humanities Open, 6(1), 100346. https://doi.org/10.1016/j.ssaho.2022.100346
Wahyono, H., Narmaditya, B. S., Wibowo, A., & Kustiandi, J. (2021). Irrationality and economic morality of SMEs’ behavior during the Covid-19 pandemic: lesson from Indonesia. Heliyon, 7(7), e07400. https://doi.org/10.1016/j.heliyon.2021.e07400
Yusoff, M. S. B. (2019). ABC of content validation and content validity index calculation. Resource, 11(2), 49–54. https://doi.org/10.21315/eimj2019.11.2.6
Zikmund, W. G., Babin, B. J., Carr, J. C., & Griffin, M. (2013). Business research methods. Cengage Learning.
DOI: 10.15408/jp3i.v13i2.30485
Refbacks
- There are currently no refbacks.
Copyright (c) 2024 Bagus Shandy Narmaditya, Sheerad Sahid, Muhammad Hussin
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
