传承动机对金融冒险行为的影响:未来自我连续性的中介

doi:10.3724/SP.J.1041.2020.01004

摘要/Abstract

摘要：

人们普遍拥有“期待不朽、被人铭记”的传承动机, 文章通过4个实验探讨了该动机如何通过未来自我连续性的影响作用于个体的金融冒险行为。实验1发现传承动机能够提升个体对未来自我的连续性感知。实验2在此基础上发现传承动机会弱化个体金融冒险行为(2a), 并且该效应被自我连续性感知中介(2b)。实验3进一步考察个体社会经济地位对上述中介效应的调节, 结果发现上述中介效应只出现在社会经济地位相对较高(vs.较低)的个体身上。

关键词: 传承动机, 未来自我连续性, 金融冒险倾向, 社会经济地位

Abstract:

Legacy motivation refers to the phenomenon that individuals want to leave a mark on this planet and be remembered by others for a long time. It is a fundamental motivation that has been widely possessed by human beings. It can have important psychological and behavioral consequences because it offers individuals an enduring meaning for self-identity and motivates them to extend themselves into the future. Previous work examined the influences of legacy motivation in the domains of intergenerational decision making and employee behaviors. However, research on how legacy motivation influences individuals' other behaviors remains in infancy. The current work takes a novel perspective and focuses on the influence of legacy motivation in the domain of financial decision making. We examine how and why legacy motivation affects individuals' risk- taking behavior and when it occurs. We propose that legacy motivation would diminish individuals' tendency to engage in risk-taking behavior. This effect is driven by future self-continuity perception and occurs among people with a high socioeconomic status (SES).

Four experiments were conducted to test our proposed hypothesis. Study 1 was designed to offer initial evidence that legacy motivation would lead to a greater perception of future self-continuity. This study employed a one factor (legacy motivation: legacy vs. control) between-subject design and manipulated legacy motivation by asking participants to write an essay on what they wanted to be remembered for by future others. In the control condition, participants were instructed to imagine and write about what life would be in 30 years. Study 2a established the main effect of legacy motivation on individuals' risk-taking tendency. Participants were presented a job recruitment advertisement featuring a high wage but low job security to measure their risk-taking tendency. They indicated their likelihood of adopting this new job. Study 2b replicated the effect of legacy motivation on risk-taking behavior and explored the underlying mechanism of future self-continuity. Risk-taking behavior was operationalized by asking participants to select one of three financial portfolio products that represent different degrees of financial risk. Study 3 investigated the moderation role of individuals' SES. A 2 (legacy motivation: legacy vs. control) × 2 (SES: continuous variable) design was employed, in which legacy motivation was manipulated, and SES was measured.

The propositions were supported by several convergent results. Study 1 provided initial evidence that activating legacy motivation would result in a higher future self-continuity perception (M_legacy = 4.25, SD = 1.50, M_control = 3.81, SD = 1.44; F(1, 182) = 4.08, p = 0.045, Cohen's d = 0.30). Study 2a documented the main effect by showing that legacy motivation weakened individuals' likelihood of engaging in financial risk taking (M_legacy = 4.22, SD = 1.84, M_control = 4.66, SD = 1.72; F(1, 259) = 4.09, p = 0.044, Cohen's d = 0.25) and ruled out several alternative interpretations such as self-esteem, mood, and impression management. Study 2b confirmed the mediation role of future self-continuity in driving legacy motivation's effect on financial risk taking (b = 0.12, SE = 0.06, 95% CI = 0.03~0.26). Study 3 investigated the moderating role of participants' SES. We found that the legacy effect on financial risk taking as a function of future self-continuity only existed in participants with a relatively high SES (b = 0.19, SE = 0.08, 95% CI = 0.05~0.37) and disappeared with a relatively low SES (b = 0.03, SE = 0.05, 95% CI = -0.04~0.15).

This study contributes to the literature on legacy motivation, future self-continuity, and financial risk-taking behavior. It extends the research on legacy motivation by documenting an important behavioral consequence in the domain of individual financial decision making. It also provides a new antecedent for future self-continuity and financial risk-taking behavior.

Key words: legacy motivation, future self-continuity, financial risk-taking, socioeconomic status

中图分类号:

B849:C91

王琳, 陈增祥, 何云. (2020). 传承动机对金融冒险行为的影响:未来自我连续性的中介. 心理学报, 52(8), 1004-1016.

WANG Lin, CHEN Zengxiang, HE Yun. (2020). Effect of legacy motivation on individuals' financial risk-taking: Mediating role of future self-continuity. Acta Psychologica Sinica, 52(8), 1004-1016.

图/表 2

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