Ảnh hưởng của một số tính cách đến dự định đầu tư cổ phiếu trong tương lai của nhà đầu tư cá nhân trên thị trường chứng khoán Việt Nam: nghiên cứu vai trò trung gian của nhận thức rủi ro, nhận thức không chắc chắn và kết quả đầu tư.Ảnh hưởng của một số tính cách đến dự định đầu tư cổ phiếu trong tương lai của nhà đầu tư cá nhân trên thị trường chứng khoán Việt Nam: nghiên cứu vai trò trung gian của nhận thức rủi ro, nhận thức không chắc chắn và kết quả đầu tư.Ảnh hưởng của một số tính cách đến dự định đầu tư cổ phiếu trong tương lai của nhà đầu tư cá nhân trên thị trường chứng khoán Việt Nam: nghiên cứu vai trò trung gian của nhận thức rủi ro, nhận thức không chắc chắn và kết quả đầu tư.Ảnh hưởng của một số tính cách đến dự định đầu tư cổ phiếu trong tương lai của nhà đầu tư cá nhân trên thị trường chứng khoán Việt Nam: nghiên cứu vai trò trung gian của nhận thức rủi ro, nhận thức không chắc chắn và kết quả đầu tư.Ảnh hưởng của một số tính cách đến dự định đầu tư cổ phiếu trong tương lai của nhà đầu tư cá nhân trên thị trường chứng khoán Việt Nam: nghiên cứu vai trò trung gian của nhận thức rủi ro, nhận thức không chắc chắn và kết quả đầu tư.Ảnh hưởng của một số tính cách đến dự định đầu tư cổ phiếu trong tương lai của nhà đầu tư cá nhân trên thị trường chứng khoán Việt Nam: nghiên cứu vai trò trung gian của nhận thức rủi ro, nhận thức không chắc chắn và kết quả đầu tư.Ảnh hưởng của một số tính cách đến dự định đầu tư cổ phiếu trong tương lai của nhà đầu tư cá nhân trên thị trường chứng khoán Việt Nam: nghiên cứu vai trò trung gian của nhận thức rủi ro, nhận thức không chắc chắn và kết quả đầu tư.Ảnh hưởng của một số tính cách đến dự định đầu tư cổ phiếu trong tương lai của nhà đầu tư cá nhân trên thị trường chứng khoán Việt Nam: nghiên cứu vai trò trung gian của nhận thức rủi ro, nhận thức không chắc chắn và kết quả đầu tư.Ảnh hưởng của một số tính cách đến dự định đầu tư cổ phiếu trong tương lai của nhà đầu tư cá nhân trên thị trường chứng khoán Việt Nam: nghiên cứu vai trò trung gian của nhận thức rủi ro, nhận thức không chắc chắn và kết quả đầu tư.
OFinEDUCATION AND TRAINING The thesis MINISTRY was completed University of Economics HCM City UNIVERSITY OF ECONOMICS HO CHI MINH Supervisors: Associate Professor, PhD Trần Hà Minh Quân CITY -PhD Ngô Quang Huân Reviewer 1: NGUYỄN HỮU THO ………………………………………………………………………… ………………………………………………………………………… ……………………………………………………………………… THE EFFECT OF BIG FIVE TRAITS ON Reviewer INVESTMENT INTENTIONS: THE ROLE OF ………………………………………………………………………… MEDIATORS OF RISK PERCEPTION, ………………………………………………………………………… UNCERTAINTY PERCEPTION AND ………………………………………………………………………… Reviewer INVESTMENT PERFORMANCE ………………………………………………………………………… Major: Business Administration ………………………………………………………………………… Code: 9340101 ……………………………………………………………………… SUMMARY OF PhD THESIS The thesis will be presented to the university-level thesis evaluation board at:……… At time date month year…2022 The thesis can be found at: Ho Chi Minh City - 2022 ………………………………………………………………………… ……………………………………………………………………… THE LIST OF PUBLICATIONS RELATED TO THE DISERTATION Type of TT Name of articles Year paper “The effect of risk perception and uncertainty perception 01 on investment performance and intentions in the Vietnam stock 2020 Article 2020 Article 2020 Article market.” Nguyễn Hữu Thọ, Trần Hà Minh Quân, Tăng Vũ Hùng The effect of Big Five Traits on stock investment intentions: The mediators of risk perception, uncertainty 02 perception and performance investment (Vietnamese version) Nguyễn Hữu Thọ, Trần Hà Minh Quân The Impacts of the Big Five Traits on the Intention of Stock 03 Investment through Uncertainty, and Performance Perception Risk, Investment (English version) Nguyễn Hữu Thọ, Trần Hà Minh Quân CHAPTER 1: OVERVIEW OF RESEARCH THESIS 1.1 Research problem 1.1.1 Current stock investment in Vietnam Individual investors are the key contributors to the development of Vietnam's stock market There have been close to 2,8 million trading accounts owned by individual investors in 2020, individual investors make up by 99.5% of the total investors trading in the stock market However, individual investors also experienced many tough periods due to the fluctuation of stock prices, ups and downs Namely, when the world faced the global financial crisis in 2007, surprisingly, the VN-INDEX index increased dramatically, leading the stock market to become the "hottest" market According to Stock Market Magazine (cafef.vn, 2007), individual investors used high leverage to buy stocks, for example, debt ratio of 1:3 (for every VND, investors can borrow more VND) As a result, when stock prices went down sharply, especially, in the period 2009-2010, a large number of investors fell into heavy debt, even went bankruptcy Recently, in 2020, according to Vietnam Economic Review (VnEconomy), when the stock market recovered, the VN index reached from 915 points (October 1, 2020) to 1,015 points (December 31, 2020), causing investors to consider it as an opportunity to earn higher returns than bank savings So, they withdrew their bank deposits to buy stocks However, after only a few trading sessions, the VN index dropped 90 points, from 1,125 points (January 19, 2021) to 1,035 points (January 28, 2021), investors faced huge losses Importantly, when the stock market plunged continuously, plus the COVID-19 outbreak (January 2021), investors sold stocks at any cost and accepted to sell at low prices to cut losses When faced a large loss, investors may be discouraged and not want to invest in stocks, which may lead them to change from stock investment to other channels such as bank savings, gold savings, foreign currencies trading Therefore, it needs to have more interventions to help investors reduce their concerns, enhance awareness of financial investment as part of accumulated and long-term savings and have more positive attitudes towards stock investment, which all make them to continue to invest in the stock market 1.1.2 Gaps in literature Literature finds the role of personality traits in investment decisions, and confirms that a better understanding of personality traits helps investors (investors) be more cautious in decision- making, and as a result, have more effective results in stock investment and continue investing in the stock market (Aren et al., 2021; Aren & Hamamcı, 2020; Akhtar & Batool, 2012; Mayfield et al., 2008; Nandan & Saurabh, 2016) Big Five Traits exert an influence on investment intentions, namely: openness (Aren & Hamamcı, 2020; Akhtar & Batool, 2012); conscientiousness (Aren et al., 2021; Akhtar & Batool, 2012; Nandan & Saurabh, 2016); extraversion (Nandan & Saurabh, 2016; Mayfield et al., 2008); agreeableness (Aren et al., 2021; Nandan & Saurabh, 2016); and neuroticism (Aren et al., 2021; Aren & Hamamcı, 2020; Nandan & Saurabh, 2016; Mayfield et al., 2008) Mayfield et al (2008) find that only one out of five traits: openness has a direct impact on long-term investment intentions This may lead to an argument that the nature of personality traits cannot fully explain decision making Instead, it needs to think about possible risks of stocks and achieved results before making an investment decision (Nandan and Saurabh, 2016; Trang & Khuong, 2017; Trang & Tho, 2017) Risk perception is a contributor to investment results (Hoffmann et al., 2015; Lim et al., 2016; Trang & Khuong, 2017; Trang & Tho, 2017) The risk-return tradeoff is a well-known concept that is derived from finance theory: traditional and modern finance theory (behavioral finance) Traditional financial theory – such as the Capital Asset Pricing Model – CAPM demonstrates a positive relationship between risk and return: the higher the risk, the higher the expected return Proponents of behavioral finance also find a positive association between perceived risk and perceived investment returns (Hoffmann et al., 2015; Lim et al., 2016; Trang & Khuong, 2017; Trang & Tho, 2017) Risk perception is also a mediator between personality traits and investment results and investment decisions (Trang & Khuong, 2017; Trang & Tho, 2017) However, risk perception (and uncertainty perception) as mediators remain limited in the literature, particularly, in financial decisions This study, therefore, will examine this and expects to contribute to theory and practice In fact, some effective investors want to continue investing, and investors are not have profit investing in securities, they want to leave the market, so the study proposes factors affecting individual investors' intention to continue investing in securities (stocks) by combining with three fundamental theories: (i) trait theory, (ii) financial theory : includes traditional finance with modern finance, and (iii) theory of planned behavior (TPB) Trait Theory Personality theory deals with human personality Allport (1961) developed 4,500 personality adjectives and classified them into three levels: primary (passionate/obsessed), central (honest) and secondary (like/dislike) Personality is different from emotion: personality is relatively stable, while emotions change and occur only for a short time (Ekkekakis, 2013) The study examines and classifies the personality of investors according to the five personalities of the authors Costa & McCrae (1985); McCrae & Costa Jr (1997) and McCrae & John (1992), with the name "Big Five", including openness, conscientiousness,, extraversion, agreeableness and neuroticism The Big Five became the most widely used personality assessment tool (Matthews, Deary & Whiteman, 2003) However, the author is interested in the explanatory personality It is not enough to directly affect the decision to intend to continue investing because investors can be affected by many environmental factors such as perceived risk, uncertainty and investment outcomes in the past (Nofsinger, 2008) Specifically, investors may be more risk-averse (preferring to invest high-risk stocks) after a profit, but are very careful to take risks after a loss (Nofsinger, 2008) Therefore, the author will examine investor personality in relation to environmental factors in financial theory Financial theory: tradition and modern Traditional financial theory assumes that investors are risk averse, but when risk is high, returns are high That is, the relationship between risk and return is positive (Ex: Capital Asset Pricing Model - CAPM) This Opinion is much debated by researchers who support modern finance theory – behavioral finance The authors argue that the relationship between risk and return is not always positive (Kahneman & Tversky, 1979; Ricciardi, 2008; Simon, 1955; Tversky & Kahneman, 1975), instead there, they can be in the positive, or in the negative depending on the investor's point of view In fact, investors want to achieve high profits but choose to invest in stable, sustainable stocks with little market price volatility The study agrees with the assumptions of traditional financial theory and a part of behavioral finance on the positive relationship between risk and return: the higher the perceived risk, the higher the risk The higher the expected return, and this perception can make investors feel excited to continue investing in the near future This argument is related to theory of planned behavior Theory of planned behavior (TPB): The theory of planned behavior (Fishbein.& Ajzen, 1977; Ajzen, 1991) was developed from the Theory of Reasoned Action (TRA), which emphasizes the importance of intention to something Because the higher we have intentions, the more likely they are to deliver In the study, the author also thinks that, the higher the investor intends to invest in securities, the more likely they are to invest and maintain investment Up to now, there seems to be little empirical research that combines three theories: personality, finance and planning behavior about securities investment of individual investors on the Vietnamese stock market Therefore, the author conducts a thesis research with the title: “The influence of Big Five Traits on investment intentions of individual investors in the Vietnamese stock market: A study of the mediating role of risk perception, uncertainty perception and investment results” General Conceptual Framework Big five traits - Risk perception Uncertainty perception Investment results Investment intentions Source: Suggested by Author Figure 1.1 General Conceptual framework 1.2 Research objectives - Investigate the effect of Big Five Traits on investment intentions through risk perception, uncertainty perception and investment results - Examine the effect of Big Five Traits on risk perception and uncertainty perception - Examine the effect of risk perception and uncertainty perception on investment results - Examine the effect of investment results on stock investment intentions - Propose policy and administration implications to the State Securities Commission, Stocks Exchange, investors and securities companies 1.3 Research questions 1) Do personality traits affect risk perception and uncertainty perception and investment intentions? 2) To what extent risk perception and uncertainty perception affect investment results? 3) To what extent investment results affect investment intentions? 4) What are the policy and administration implications for individual investors and brokerage firms? 1.4 Scope and research methodology Research scope: this study surveyed individual investors trading in the Vietnamese stock markets such as Ho Chi Minh City (HOSE), Hanoi (HNX) and UpCom Investors have mainly lived in Ho Chi Minh City, Hanoi, Da Nang, and Mekong Delta areas Research methodology: this study used qualitative and quantitative methods (i) Qualitative method: this study conducted in-depth interviews with financial experts with ten years of experience in securities investment This method helps to develop scales of risk and uncertainty perception when investing in the types of stocks in practice In addition, it helps complement and adjust the questions of the big five traits, investment results and investment intentions prior to conducting quantitative research (preliminary and final surveys) (ii) Quantitative method: this study conducted a preliminary test with 265 individual investors Final surveys were sent to 600 individual investors and received 465 valid responses with full information 1.5 New contributions in theory and practice of the thesis Contributions to the literature: This study (i) relatively complete and systematic synthesis study of the underlying theories: personality, finance, and planned behavior More importantly, financial theory is the mediator between personality theory and planned behavior theory The theories presented are of value as a reference for research in the relevant field (ii) develops the scales of risk perception and uncertainty perception about stock investment in the Vietnam stock market Particularly, this study addresses the difference between perceived risk and uncertainty and investigates this difference through an empirical study Practical contributions: This study has practical significance for the State Securities Commission, the Stock Exchange should develop and supplement clear securities policies and laws, especially for stocks with warning, control, restrict or suspend transactions, and strictly handle listed public joint stock companies when providing incomplete or inaccurate information In addition, research helps individual investors understand their personality, understand the importance of risk perception, uncertainty and satisfaction with investment results in deciding to continue investing in stocks in the future Securities companies, stockbrokers better understand the relationship between customers' personality and investment intentions to be able to advise more effectively for individual investors 1.6 Structure of the thesis This thesis is carried out in five chapters: Chapter 1: Overview of the research topic; Chapter 2: Theoretical background and research model; Chapter 3: Research method; Chapter 4: Research results and discussion; Chapter 5: Conclusion and implications Investors not always make rational decisions to achieve optimal returns (Statman, 2005) Instead, they can sell stocks to avoid losses (Kahneman & Tversky 1979; Ackert, 2014; Baker & Ricciardi 2014) The study is based on financial theory (traditional and behavioral) to examine the relationship between perceived risk (uncertainty) and investor's expected returns Knight (1921) distinguishes the difference between risk and uncertainty as follows: both are relative to the risks, but differ only in knowing or not knowing the probability of success in stock investment Therefore, the perceived risk of a stock investment is the level of risk perceived by investors when the probability of success is known Perceived uncertainty about stock investment is the degree of uncertainty perceived by investors when the probability of success is unknown Given this distinction, the study examines the level of risk and uncertainty perceived by investors when investing in stocks 2.3 Theory of Planned Behavior (TPB) Theory of Planned Behaviour (TPB) was developed from the Theory of Reasoned Action (TRA) (Fishbein, 1967; Ajzen & Fishbein, 1975) According to TRA, attitudes towards a behaviour and subjective norms are the two main predictors of behavioral intentions Later, Ajzen (1991) suggest an additional factor “perceived behavioral control” to reflect the ease or difficulty of performing a behavior The study uses the TPB to examine investors' intentions to invest in stocks, as greater intentions to perform a behaviour result in higher actual stock investment (Ajzen, 1991) 2.4 Related literature and hypotheses formation 2.4.1 Direct impacts Openness: People prone to openness are often highly imaginative, innovative and tend to use information in their decisions (McCrae & Costa, 1997; Mayfield et al., 2008; Pinjisakikool, 2018) Previous studies find a relationship between openness and investment intentions short-term 10 investment intentions is positive (Akhtar & Batool, 2012; Nandan & Saurabh, 2016; Aren & Hamamcı, 2020); negative (Mayfield et al., 2008; Nandan & Saurabh, 2016); and insignificant (Mayfield et al., 2008; Aren et al., 2021) This study proposes hypothesis H1.1 as follows: H1.1: Openness has a positive effect on investment intentions Conscientiousness: People with conscientiousness are often strongwilled, goal-oriented, and successful-oriented (McCrae & Costa, 1997; Pinjisakikool, 2018) Most studies have found a relationship between conscientiousness and investment intentions to be positive (Nandan & Saurabh, 2016; Aren et al., 2021); and insginificant (Mayfield et al., 2008; Nandan & Saurabh, 2016; Aren & Hamamcı, 2020) Based on evidence, hypothesis H1.2 is proposed as follows: H1.2: Conscientiousness has a positive effect on investment intentions Extraversion: Extraverts are usually positive thinkers (Peterson, 2007; Davidson and Begley, 2012), engaged in risky activities and less averse to losses (Benischke et al., 2019) Several studies have found a linkage between extraversion and investment intentions to be positive (Mayfield et al., 2008; Nandan & Saurabh, 2016); negative (Nandan & Saurabh, 2016); and insignificant (Mayfield et al., 2008; Aren & Hamamcı, 2020; Aren et al., 2021) Based on these results, this study proposes hypothesis H1.3: H1.3: Extraversion has a positive effect on investment intentions Agreeableness: Agreeable people tend to have a positive mindset and are capable of building good relationships with others (Durand et al., 2008; Mayfield et al., 2008; Becker et al., 2008; Davidson & Begley, 2012) Several studies find a link of agreeableness to investment intentions to be positive (Nandan & Saurabh, 2016); negative (Aren et al., 2021) and insignificant (Mayfield et al., 2008; Nandan & Saurabh, 2016; Aren & Hamamcı, 2020) Based on the results, hypothesis H1.4 is proposed: H1.4: Agreeableness has a positive effect on investment intentions 11 Neuroticism: Neurotics often have emotional instability, anxiety, and low self-control (McCrae & Costa, 1997; Mayfield et al., 2008) The effect of neuroticism on investment intention is positive (Aren & Hamamci, 2020; Aren et al., 2021); negative (Mayfield et al., 2008; Nandan & Saurabh, 2016; Nandan & Saurabh, 2016); and insginificant (Mayfield et al., 2008) Based on evidence, hypothesis H1.5 is suggested as follows: H1.5: Neuroticism has a negative effect on investment intentions Previous studies have found that risk-taking behavior has a positive association with openness, conscientiousness and neuroticism and negative with agreeableness (Soane & Chmiel, 2005; Dohmen et al., 2010; Pan & Chmiel et al Statman, 2013; Wong & Carducci, 2013; Pak and Mahmood, 2015; Pinjisakikool, 2018) Trang & Khuong (2017) find that openness, extroversion, and neuroticism are positively related to uncertainty perception and extraversion has an impact on risk perception Based on the results, the following hypotheses are proposed: H2.1 - H2.5: Openness, conscientiousness, extraversion, agreeableness have a positive and neuroticism has a negative effect influence on risk perception H3.1 - H3.5: Openness, conscientiousness, extroversion, agreeableness have a positive and neuroticism has a negative effect on uncertainty perception Several studies have found the influence of perceived risk and perceived uncertainty on investment results (Lim et al., 2016; Trang & Khuong, 2017; Trang & Tho, 2017; Akhtar & Das, 2020) Therefore, hypotheses H4 and H5 are suggested: H4-H5: Perceived risk and uncertainty have a positive influence on investment results Previous studies have also found the effect of investment performance on investment decisions (Gopi & Ramayah, 2007; Ramayah et al., 2009; 12 Phan & Zhou, 2014; Nandan & Saurabh, 2016; Aren & Hamamci, 2020; Shehata et al., 2021) Therefore, this study proposes hypothesis H6: H6: Investment results have a positive effect on investment intentions 2.4.2 Indirect impacts Some studies have found the mediating role of risk perception, uncertainty perception and investment performance, including: financial risk (Nandan & Saurabh, 2016); positive mood (Trang, Khuong & Tho, 2016); uncertainty perception (Trang & Khuong, 2017); attitude to investment perception (Akhtar & Das, 2019); take risking (Akhtar & Das, 2020); investment results (Trang & Tho, 2017) Therefore, hypothesis H7 proposes as follows: H7: Risk perception, uncertainty perception and investment performance are mediation role between the impacts of the Big Five Traits on the Intention of Stock Investment 2.4.3 Research models Based on Trait Theory, Finance Theory and Theory of Planned Behaviour, the research model is suggested in Figure 2.1 BIG FIVE TRAITS - Openness Uncertainty perception - Conscientiousness - Agreeableness - Neuroticism H3 H5 H - Extraversion H Investment results Risk perception H7 H1 H6 Investment intentions 13 Source: Suggested by Author Direct effect, indirect effect Figure 2.1 Conceptual framework Model 14 CHAPTER 3: RESEARCH METHOD 3.1 Research process This study implemented qualitative and quantitative approaches, with three phases: (i) in-dept interviews to financial experts, (ii) a preliminary test with 265 investors and (iii) final surveys to 600 investors and received 465 responses with full information, being 78% response rates These interviews aimed to develop the scales of risk and uncertainty perceptions and adjust the questions of personality traits, investment results and investment intentions to be more readable and understandable The preliminary test aimed to examine the reliability of the scales and explore the factor loadings After that, final surveys were sent 465 investors through web-based surveys such as Zalo, Facebook, and emails, and paper-based surveys to investigate the hypotheses and respond to the research questions and objectives of the study 3.2 Scales of variables for the preliminary test (N=265) Based on the results of qualitative method, the original scales for the preliminary test consist of nine scales with thirty-eight observed variables presented in Table 3.1 All questions are a 5-Likert scale with for totally disagree to for totally agree 3.3 Analysis of the preliminary test This study examined the coefficient reliability of the scales After removing observed variables with their coefficient correlation less than 0.3 (OPEN5, CON4, EXT3, EXT4, AGR4, RISK3, RISK4, UNCE3, UNCE4), all scales each have Cronbach's Alpha greater than 0.7 and the total correlation of the observed variables in each scale greater than 0.3 Table 3.1 Scales of variables - the preliminary test Original scales Observed Authors 15 variables Openness Kovaleva & et al (2013) Conscientiousness Kovaleva & et al (2013) Extraversion Kovaleva & et al (2013) Agreeableness Kovaleva & et al (2013) Neuroticism Kovaleva & et al (2013) Risk perception Knight (1921) and Qualitative Knight (1921) and Qualitative Lương & Hà (2011) Uncertainty perception Investment results Investment Dodds & et al (1991); intentions Total Sodelund & Ohman, (2003) 38 Source: Adjusted from Authors After exploratory factor analysis (EFA), observed variables (NEU1, NEU3, OPEN4) were removed due to factor loading less than 0.4 The EFA results (N=265) including scales with 26 corresponding observed variables (see Table 3.2) are used for the official study (N=465) Table 3.2 A summary of scales and observed variables for the official study (N=465) Variables/scales Openness (OPEN) Questions 16 OPEN1 I highly value artistic and aesthetic experiences OPEN2 I am curious about many different things OPEN3 I have an active imagination Conscientiousness (CON) CON1 I things efficiently CON2 I a thorough job CON3 I make plans and follow through with them Extraversion (EXT) EXT1 I am outgoing and sociable EXT2 I generate a lot of enthusiasm Agreeableness (AGR) AGR1 I generally trust others* AGR2 I tend to find fault with others* AGR3 I can be cold and aloof * Neuroticism (NEU) NEU2 I get nervous easily NEU4 I am relaxed and handle stress well* Risk perception (RISK): Even though I know the probability of getting good results when investing in stocks , I still feel it is a risky investment RISK1 Warned, controlled or suspended for trading RISK2 Under 10,000 VND Uncertainty perception (UNCE) If I don't know the probability of getting a good result when investing in stocks…, I feel it is an uncertain investment UNCE1 Warned, controlled or suspended for trading UNCE2 Under 10,000 VND Investment results (RETU) 17 RETU1 RETU2 RETU3 The return rate of the recent stock investment meets my expectation The rate of returns this year are equal to or higher than last year Over the past year, I have been satisfied with the results of stock investment Investment intentions (INTE) INTE1 I intend to invest in stocks in the next months INTE2 I plan to invest in stocks in the next months INTE3 I want to invest in stocks in the next months INTE4 I will invest in stocks in the next months INTE5 I am willing to invest in stocks in the next months INTE6 I would like to invest in stocks in the next months Source: Adjusted from Authors 18 CHAPTER 4: RESEARCH RESULTS AND DISCUSSION 4.1 Sample description (N=465) This study with 465 individual investors is summarized as: male investors accounts for 57% and female investors for 43% of the sample, with 80% under the age of 35 and 44% of married investors Most investors have a university degree or higher and have less than years of experience in stock investment Most investors have an income of less than 12 million VND/month, live in Ho Chi Minh City and have investment amount of less than 300 million VND 4.2 Main results This research model includes scales to test the hypotheses suggested above This study carried out the following tests: reliability coefficient (Cronbach’s Alpha), exploratory factor analysis (EFA) and confirmatory factor analysis (CFA) After that, this study tests the hypotheses through structural equation modeling method (SEM) Figure 4.1: SEM model Chi-square = 454,892 # 0, Chi-square/df = 1,679 < 3, Df = 271, TLI = 0.968 > 0,9, CFI = 0,973 > 0,9, MRSEA = 0,038 < 0,06 19 Note: *: p