本研究探討全球與在地身份認同以及性別如何影響消費者的財務決策，並分析風險偏好的角色。使用來自美國的數據，我們分析全球或在地身份認同與性別如何影響消費者進行較高風險財務決策的意願。研究發現，具有在地身份認同的男性相比於具有全球身份認同的男性，更傾向於選擇風險較高的財務決策；而女性無論是全球還是在地身份認同，均偏好較低風險的財務決策。雖然風險偏好並未成為顯著的中介因素，但其他因素，例如金融素養，可能更能解釋這些效果。這些見解可以幫助資產管理者和財務顧問設計更具針對性的金融產品。未來的研究應在不同地區及更廣泛的財務情境中驗證這些發現。

This study investigates how global-local identity and gender influence consumers’ financial decision-making, by analyzing the role of risk aversion. Using data from the United States, we analyze how global or local identity and gender influence consumers' willingness to engage in riskier financial decision-making. We find that men with a local identity favor riskier financial decision-making compared to their global counterparts, while women, regardless of global-local identity, show a preference for less risky financial decision-making. Although risk aversion was not a significant mediator, alternative factors like financial literacy may better explain these effects. These insights can inform asset managers and financial advisors in developing more targeted financial products. Future research should validate these findings in different regions and with broader financial scenarios.

Agha, M., & Pramathevan, S. (2023). Executive gender, age, and corporate financial decisions and performance: The role of overconfidence. Journal of Behavioral and Experimental Finance, 38, 100794.

Ang S, Rockstuhl T, Tan ML (2015). Cultural intelligence and competencies. International Encyclopedia of the Social & Behavioral Sciences, 2, 433–439.

Arnett, J. J. (2002). The psychology of globalization. American psychologist, 57(10), 774.

Atmaningrum, S., Kanto, D. S., & Kisman, Z. (2021). Investment decisions: The results of knowledge, income, and self-control. Journal of Economics and Business, 4(1), 100-112.

Bajtelsmit, V. L., & Bernasek, A. (1996). Why do women invest differently than men?. Financial counseling and planning, 7, 1-10.

Bank of Japan. (2020). Flow of Funds - Overview of Japan, the United States, and the Euro area. Retrieved from https://www.boj.or.jp/en/statistics/sj/sjhiq.pdf

Bardhi, F., Eckhardt, G. M., & Arnould, E. J. (2012). Liquid relationship to possessions. Journal of Consumer Research, 39(3), 510–529.

Bodur, N. D., Dudu, S., Bozkuş, S. C., & Elveren, A. Y. (2023). Gender differences in risk aversion: Evidence from private pension system in Türkiye. Women’s Studies International Forum, 101, 102843.

Brooks, C., Sangiorgi, I., Hillenbrand, C., & Money, K. (2019). Experience wears the trousers: Exploring gender and attitude to financial risk. Journal of Economic Behavior & Organization, 163, 483-515.

Buchan, N. R., Brewer, M. B., Grimalda, G., Wilson, R. K., Fatas, E., & Foddy, M. (2011). Global Social Identity and Global Cooperation. Psychological Science, 22(6), 821–828.

Chang, W. (2013). Climbing up the Social Ladders: Identity, Relative Income, and Subjective Well-being. Social Indicators Research, 113, 513-535.

Charness, G., & Gneezy, U. (2012). Strong evidence for gender differences in risk taking. Journal of economic behavior & organization, 83(1), 50-58.

Cohn, R. A., Lewellen, W. G., Lease, R. C., & Schlarbaum, G. G. (1975). Individual investor risk aversion and investment portfolio composition. The Journal of Finance, 30(2), 605-620.

Collignon, S., & Sajuria, J. (2018). Local means local, does it? Regional identification and preferences for local candidates. Electoral Studies, 56, 170–178.

da Silva, J. L. G., Costa, T. P. D. P., & Castro, F. N. (2024). Tell me what you buy, and I will tell you how you are: Luxurious cars increase perceptions of status, social dominance, and attractiveness. Personality and Individual Differences, 218, 112489.

Earley, P. C., & Ang, S. (2003). Cultural intelligence: Individual interactions across cultures. Stanford University Press.

Ewe, S. Y., Lee, C. K. C., & Watabe, M. (2020). Prevention focus and prior investment failure in financial decision making. Journal of Behavioral and Experimental Finance, 26, 100321.

Frydman, C., & Camerer, C. F. (2016). The psychology and neuroscience of financial decision making. Trends in cognitive sciences, 20(9), 661-675.

Gan, L., Yin, Z., & Tan, J. (2015). China household finance survey report 2014. Southwestern University of Finance and Economics Press.

Gao, H., Zhang, Y., & Mittal, V. (2017). How does local–global identity affect price sensitivity?. Journal of Marketing, 81(3), 62-79.

Gao, H., Mittal, V., & Zhang, Y. (2020). The differential effect of local–global identity among males and females: The case of price sensitivity. Journal of Marketing Research, 57(1), 173–191.

George, D., & Mallery, P. (2003). SPSS for Windows step by step: A simple guide and reference, 11.0 update (4th ed.). Allyn & Bacon.

Gohary, A., Madani, F., Chan, E. Y., & Tavallaei, S. (2023). Political ideology and fair-trade consumption: A social dominance orientation perspective. Journal of Business Research, 156, 113535.

Greenberg, A. E., & Hershfield, H. E. (2019). Financial decision making. Consumer Psychology Review, 2(1), 17-29.

Grimalda, G., Buchan, N., & Brewer, M. (2023). Global social identity predicts cooperation at local, national, and global levels: Results from international experiments. Frontiers in Psychology, 14, 1008567.

Han, K., Jung, J., Mittal, V., Zyung, J. D., & Adam, H. (2019). Political identity and financial risk taking: Insights from social dominance orientation. Journal of Marketing Research, 56(4), 581-601.

Holt, D. B., Quelch, J. A., & Taylor, E. L. (2004). How global brands compete. Harvard Business Review, 82, 68–75.

Jacobsen, B., Lee, J. B., Marquering, W., & Zhang, C. Y. (2014). Gender differences in optimism and asset allocation. Journal of Economic Behavior & Organization, 107, 630-651.

Jensen, L. A. (2003). Coming of age in a multicultural world: Globalization and adolescent cultural identity formation. Applied Developmental Science, 7(3), 189-196.

Jensen, L. A., & Arnett, J. J. (2012). Going global: New pathways for adolescents and emerging adults in a changing world. Journal of Social Issues, 68(3), 473-492.

Katarachia, A., & Konstantinidis, A. (2014). Financial education and decision-making processes. Procedia Economics and Finance, 9, 142-152.

Kim, J. S. (2022). Attitudes toward global and local consumer culture and the meanings of brands. Review of Marketing Science, 20(1), 37-61.

Lin, Y. C., & Wang, K. Y. (2016). Local or global image? The role of consumers' local–global identity in code-switched ad effectiveness among monolinguals. Journal of Advertising, 45(4), 482-497.

Liu, J., Zhang, Y., & Ding, C. J. (2024). Political background, digital finance, and risky financial asset allocation. International Review of Economics & Finance, 96, 103594.

McInroy, N. (2018). Wealth for all: Building new local economies. Local Economy, 33(6), 678-687.

Merkoulova, Y., & Veld, C. (2022). Why do individuals not participate in the stock market?. International Review of Financial Analysis, 83, 102292.

Milfont, T. L., & Sibley, C. G. (2014). The hierarchy enforcement hypothesis of environmental exploitation: A social dominance perspective. Journal of Experimental Social Psychology, 55, 188-193.

Montford, W., & Goldsmith, R. E. (2016). How gender and financial self‐efficacy influence investment risk taking. International journal of consumer studies, 40(1), 101-106.

Nie, X., Yang, Z., Zhang, Y., & Janakiraman, N. (2022). How does global–local identity affect consumer preference for access-based consumption? Investigating the mediating role of consumption openness. Journal of Marketing Research, 59(3), 555-577.

Pong, V., & Tam, K. P. (2023). Relationship between global identity and pro-environmental behavior and environmental concern: a systematic review. Frontiers in Psychology, 14, 1033564.

Powell, M., & Ansic, D. (1997). Gender differences in risk behaviour in financial decision-making: An experimental analysis. Journal of economic psychology, 18(6), 605-628.

Pratto, F., Sidanius, J., Stallworth, L. M., & Malle, B. F. (1994). Social dominance orientation: A personality variable predicting social and political attitudes. Journal of personality and social psychology, 67(4), 741.

Pratto, F., Liu, J. H., Levin, S., Sidanius, J., Shih, M., Bachrach, H., & Hegarty, P. (2000). Social Dominance Orientation and the Legitimization of Inequality Across Cultures. Journal of Cross-Cultural Psychology, 31(3), 369-409.

Raddant, M., & Kenett, D. Y. (2021). Interconnectedness in the global financial market. Journal of International Money and Finance, 110, 102280.

Robson, J., & Peetz, J. (2020). Gender differences in financial knowledge, attitudes, and behaviors: Accounting for socioeconomic disparities and psychological traits. Journal of Consumer Affairs, 54(3), 813-835.

Sarin, R., & Wieland, A. (2016). Risk aversion for decisions under uncertainty: Are there gender differences?. Journal of Behavioral and Experimental Economics, 60, 1-8.

Schmidt, U., Friedl, A., Eichenseer, M., & de Miranda, K. L. (2021). Social comparison and gender differences in financial risk taking. Journal of Economic Behavior & Organization, 192, 58-72.

Sekścińska, K., Trzcińska, A., & Maison, D. A. (2016). The influence of different social roles activation on women’s financial and consumer choices. Frontiers in psychology, 7, 365.

Semenov, A. V., & Randrianasolo, A. (2024). An extended conceptualization of cultural intelligence. International Journal of Cross Cultural Management, 14705958241268289.

Shi, G. F., Li, M., Shen, T. T., & Ma, Y. (2021). The impact of medical insurance on household stock market participation: evidence from China household finance survey. Frontiers in Public Health, 9, 710896.

Sidanius, J., & Pratto, F. (2011). Social dominance theory. Handbook of theories of social psychology, 2, 418-438.

Statista. (2024). Percentage of U.S. adults who have money invested in the stock market from 1999 to 2024. Retrieved from
https://www.statista.com/statistics/270034/percentage-of-us-adults-to-have-money-invested-in-the-stock-market

Statista. (2024). Stock market investment activity in Canada as of January 2023. Retrieved from https://www.statista.com/statistics/1317844/stock-market-investment-activity-canada/

Stefaniak, A., Bilewicz, M., & Lewicka, M. (2017). The merits of teaching local history: Increased place attachment enhances civic engagement and social trust. Journal of environmental psychology, 51, 217-225.

Steenkamp, J. B. E. (2019). Global versus local consumer culture: Theory, measurement, and future research directions. Journal of International Marketing, 27(1), 1–19.

Strizhakova, Y., & Coulter, R. A. (2015). Drivers of local relative to global brand purchases: A contingency approach. Journal of International Marketing, 23(1), 1–22.

Trueblood, J. S., & Sussman, A. B. (2021). When a gain becomes a loss: The effect of wealth predictions on financial decisions. Cognition, 215, 104822.

Tu, L., Khare, A., & Zhang, Y. (2012). A short 8-item scale for measuring consumers’ local–global identity. International Journal of Research in Marketing, 29(1), 35-42.

Wang, J. J., Lalwani, A. K., & DelVecchio, D. (2022). The impact of power distance belief on consumers' brand preferences. International Journal of Research in Marketing, 39(3), 804-823.

Wang, Y., Kirmani, A., & Li, X. (2021). Not too far to help: Residential mobility, global identity, and donations to distant beneficiaries. Journal of Consumer Research, 47(6), 878–889.

Weber, E. U., & Bottom, W. P. (1989). Axiomatic measures of perceived risk: Some tests and extensions. Journal of Behavioral Decision Making, 2(2), 113-131.

Westjohn, S. A., Singh, N., & Magnusson, P. (2012). Responsiveness to global and local consumer culture positioning: A personality and collective identity perspective. Journal of International Marketing, 20(1), 58-73.

Yamori, N., & Ueyama, H. (2022). Financial literacy and low stock market participation of Japanese households. Finance Research Letters, 44, 102074.

Yang, Z., Sun, S., Lalwani, A. K., & Janakiraman, N. (2019). Consumers' local or global identity and price-quality associations: The role of perceived quality variance. Journal of Marketing, 83(3), 145-162.

Zeugner-Roth, K. P., Žabkar, V., & Diamantopoulos, A. (2015). Consumer ethnocentrism, national identity, and consumer cosmopolitanism as drivers of consumer behavior: A social identity theory perspective. Journal of international marketing, 23(2), 25-54.

Zhang, Y., & Khare, A. (2009). The impact of accessible identities on the evaluation of global versus local products. Journal of Consumer Research, 36(3), 524-537.

Zhang, T., Chen, J., & Grunert, K. G. (2022). Impact of consumer global–local identity on attitude towards and intention to buy local foods. Food quality and preference, 96, 104428.

Zhou, K. Z., Su, C., & Bao, Y. (2002). A paradox of price–quality and market efficiency: a comparative study of the US and China markets. International Journal of Research in marketing, 19(4), 349-365.