{"title":"Revisiting financial fragility during the COVID-19 pandemic: Evidence from Taiwan","authors":"Hung-Ling Chen , Yuan-Lin Hsu , Chi-Yang Lu","doi":"10.1016/j.jbef.2024.100993","DOIUrl":null,"url":null,"abstract":"<div><div>This study examines the impact of self-control and financial literacy on financial fragility during the COVID-19 pandemic in Taiwan. The findings indicate that both cognitive (financial literacy) and non-cognitive/affective (self-control) factors are significantly associated with individuals' financial fragility. Notably, self-control exerts a stronger impact on financial fragility than financial literacy. Individuals with low self-control exhibit significantly lower financial literacy compared to their high self-control counterparts. Additionally, respondents with both high self-control and high financial literacy experience the lowest likelihood of financial fragility. These results are robust after assessing for omitted variables and endogeneity.</div></div>","PeriodicalId":47026,"journal":{"name":"Journal of Behavioral and Experimental Finance","volume":"44 ","pages":"Article 100993"},"PeriodicalIF":4.3000,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Behavioral and Experimental Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2214635024001084","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
This study examines the impact of self-control and financial literacy on financial fragility during the COVID-19 pandemic in Taiwan. The findings indicate that both cognitive (financial literacy) and non-cognitive/affective (self-control) factors are significantly associated with individuals' financial fragility. Notably, self-control exerts a stronger impact on financial fragility than financial literacy. Individuals with low self-control exhibit significantly lower financial literacy compared to their high self-control counterparts. Additionally, respondents with both high self-control and high financial literacy experience the lowest likelihood of financial fragility. These results are robust after assessing for omitted variables and endogeneity.
期刊介绍：
Behavioral and Experimental Finance represent lenses and approaches through which we can view financial decision-making. The aim of the journal is to publish high quality research in all fields of finance, where such research is carried out with a behavioral perspective and / or is carried out via experimental methods. It is open to but not limited to papers which cover investigations of biases, the role of various neurological markers in financial decision making, national and organizational culture as it impacts financial decision making, sentiment and asset pricing, the design and implementation of experiments to investigate financial decision making and trading, methodological experiments, and natural experiments.
Journal of Behavioral and Experimental Finance welcomes full-length and short letter papers in the area of behavioral finance and experimental finance. The focus is on rapid dissemination of high-impact research in these areas.
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