A three-level analysis of values related to socially responsible retirement investments

Figures & data

Figure 1. The three levels of values: (1) The poles of the value-orientation dimension self-enhancement versus self-transcendence, (2) the motivational domains, and (3) the values. Note: The values at the third level are limited to those measured in the present study.

Table 1. The three levels of values (value-orientation dimension poles, motivational domains, and values).

Self-enhancement values

Achievement

Ambitious (hard-working, aspiring)

Capable (competent, effective, efficient)

Successful (achieving goals)

Power

Authority (the right to lead or command)

Social recognition (respect, approval by others)

Wealth (material possessions, money)

Self-transcendence values

Benevolence

Forgiving (willing to pardon others)

Helpful (working for the welfare of others)

Loyal (feeling of faithfulness to friends and group members)

Universalism

Equality (equal opportunities for all)

Protecting the environment (preserving nature)

Social justice (correcting injustice, care for the weak)

Table 2. Independent-samples t-tests on three levels of values as a comparison between socially responsible retirement (SRR) investors and non-SRR investors.

Value level	Variable	SRR investors(n = 68)		Non-SRR investors (n = 937)
		M	SD	M	SD
	Control variables
	Age	51.94	10.65	51.31	11.73
	Gender (% women)**	66.2		48.3
	Education (% university degree)*	56.7		40.8
	Income (% high income)	29.9		36.0
	Values
1	Self-enhancement values	3.63	0.54	3.62	0.60
1.1	Achievement	3.89	0.58	3.85	0.66
1.1.1	Ambitious	3.85	0.80	3.82	0.84
1.1.2	Capable	4.22	0.59	4.11	0.73
1.1.3	Successful	3.59	0.80	3.61	0.82
1.2	Power	3.37	0.65	3.39	0.67
1.2.1	Authority*	3.49	0.91	3.26	0.93
1.2.2	Social recognition	3.65	0.84	3.65	0.88
1.2.3	Wealth*	2.99	0.86	3.26	0.86
2	Self-transcendent values***	4.21	0.52	3.95	0.60
2.1	Benevolence*	4.09	0.59	3.90	0.63
2.1.1	Forgiving**	4.10	0.76	3.85	0.79
2.1.2	Helpful	3.97	0.90	3.86	0.82
2.1.3	Loyal*	4.21	0.80	3.99	0.87
2.2	Universalism***	4.32	0.54	4.01	0.67
2.2.1	Equality***	4.31	0.72	3.93	0.84
2.2.2	Protecting the environment**	4.49	0.59	4.23	0.82
2.2.3	Social justice**	4.16	0.77	3.86	0.83

Note: M = mean value, SD = standard deviation. χ²-tests with continuity correction were performed for gender, education, and income.

* p < .05; ** p < .01, *** p < .001.

Table 3. Means (M), standard deviations (SD), reliability (Cronbach´s α), and Pearson correlations of value-orientation dimension poles, motivational domains, and values, and point-biserial correlations with choice of socially responsible retirement investment (SRRI).

	M	SD	α	SRRI^a^,	1.	1.1	1.1.1	1.1.2	1.1.3	1.2	1.2.1	1.2.2	1.2.3	2.	2.1	2.1.1	2.1.2	2.1.3	2.2	2.2.1	2.2.2
1. Self-enhancement	3.62	0.60	.80	.010
1.1 Achievement	3.85	0.65	.75	.020	.903**
1.1.1 Ambitious	3.82	0.84		.010	.734**	.843**
1.1.2 Capable	4.12	0.72		.040	.698**	.812**	.569**
1.1.3 Successful	3.61	0.82		-.010	.781**	.800**	.480**	.466**
1.2 Power	3.39	0.67	.61	-.010	.908**	.640**	.490**	.457**	.617**
1.2.1 Authority	3.27	0.93		.062*	.720**	.529**	.407**	.426**	.466**	.772**
1.2.2 Social recognition	3.65	0.87		.000	.670**	.446**	.319**	.295**	.475**	.763**	.402**
1.2.3 Wealth	3.24	0.86		-.080*	.651**	.461**	.375**	.301**	.448**	.715**	.305**	.322**
2. Self-transcendence	3.97	0.59	.81	.107**	.297**	.263**	.200**	.237**	.213**	.275**	.191**	.343**	.084**
2.1 Benevolence	3.91	0.63	.64	.077*	.312**	.282**	.229**	.244**	.222**	.283**	.193**	.350**	.096**	.914**
2.1.1 Forgiving	3.87	0.79		.081*	.186**	.162**	.113**	.148**	.140**	.174**	.147**	.230**	.010	.628**	.730**
2.1.2 Helpful	3.86	0.83		.030	.259**	.258**	.200**	.225**	.211**	.211**	.121**	.309**	.050	.699**	.771**	.358**
2.1.3 Loyal	4.01	0.87		.062*	.264**	.221**	.205**	.182**	.155**	.257**	.170**	.257**	.153**	.753**	.779**	.341**	.402**
2.2 Universalism	4.03	0.66	.73	.119**	.236**	.204**	.142**	.192**	.170**	.223**	.159**	.283**	.060	.923**	.687**	.431**	.519**	.608**
2.2.1 Equality	3.95	0.84		.114**	.210**	.196**	.142**	.199**	.146**	.185**	.145**	.233**	.040	.768**	.572**	.397**	.399**	.503**	.833**
2.2.2 Protecting the environment	4.24	0.81		.081*	.161**	.155**	.118**	.163**	.106**	.137**	.067*	.149**	.094**	.662**	.469**	.257**	.338**	.464**	.739**	.388**
2.2.3 Social justice	3.88	0.83		.091**	.196**	.139**	.082**	.102**	.157**	.215**	.169**	.299**	.010	.793**	.614**	.383**	.513**	.499**	.838**	.609**	.406**

^a M = 0.07; SD = 0.24.

* p < .05; ** p < .01.

Table 4. Results of logistic regression analyses of value-orientation dimension poles.

	Model 1				Model 2				Model 3
	B	SE	P	OR	B	SE	p	OR	B	SE	p	OR
Self-enhancement values	−0.222	0.220	0.311	0.801					−0.253	0.237	0.285	0.768
Self-transcendent values	0.870	0.247	0.000	2.388					0.747	0.260	0.004	2.366
Control variables
Age					0.006	0.011	0.620	1.006	−0.001	0.012	0.950	1.006
Gender					0.554	0.285	0.052	1.740	0.441	0.288	0.126	1.740
Education					0.672	0.275	0.014	1.958	0.630	0.276	0.022	1.958
Income					−0.315	0.311	0.310	0.730	−0.154	0.320	0.630	0.730
Number of observations	993								993
χ^2	13.33				13.27				22.00
Nagelkerke R²	0.034				0.034				0.057

Note: Dependent variable is 1 if SSRI were chosen and 0 if not. B = standardized regression coefficient; SE = standard error; OR = odds ratio.

* p < .05; ** p < .01; *** p < .001.

Table 5. Results of logistic regression analyses of motivational domains.

Domain	Model 1				Model 2
	B	SE	P	OR	B	SE	p	OR
Achievement	0.101	0.254	0.691	1.106	0.045	0.263	0.865	1.046
Power	−0.316	0.239	0.186	0.729	−0.259	0.244	0.289	0.772
Benevolence	−0.082	0.292	0.778	0.921	−0.233	0.301	0.438	0.792
Universalism	0.930	0.299	0.002	2.534	0.964	0.309	0.002	2.623
Control variables
Age					−0.002	0.012	0.842	0.998
Gender					0.471	0.290	0.104	1.602
Education					0.661	0.281	0.019	1.938
Income					−0.145	0.321	0.651	0.865
Number of observations	993				993
χ^2	17.05				27.17
Nagelkerke R²	0.044				0.070

Note: Dependent variable is 1 if SSRI were chosen and 0 if not. B = standardized regression coefficient; SE = standard error; OR = odds ratio.

* p < .05; ** p < .01; *** p < .001

Table 6. Results of logistic regression analyses of values.

Values	Model 1				Model 2
	B	SE	P	OR	B	SE	p	OR
Ambitious	−0.001	0.189	0.996	0.999	0.041	0.194	0.830	1.042
Capable	0.130	0.225	0.565	1.139	0.109	0.232	0.637	1.116
Successful	−0.085	0.200	0.669	0.918	−0.148	0.206	0.472	0.862
Authority	0.352	0.170	0.038	1.421	0.375	0.178	0.035	1.455
Social recognition	−0.141	0.171	0.411	0.869	−0.102	0.176	0.561	0.903
Wealth	−0.445	0.166	0.007	0.641	−0.497	0.174	0.004	0.609
Forgiving	0.192	0.192	0.318	1.211	0.130	0.196	0.508	1.139
Helpful	−0.164	0.181	0.365	0.849	−0.284	0.185	0.124	0.753
Loyal	−0.008	0.205	0.969	0.992	−0.058	0.213	0.785	0.944
Equality	0.410	0.222	0.065	1.507	0.396	0.230	0.084	1.486
Protecting the environment	0.274	0.210	0.193	1.315	0.310	0.219	0.158	1.363
Social justice	0.133	0.229	0.561	1.142	0.177	0.240	0.459	1.194
Control variables
Age					−0.005	0.012	0.706	0.995
Gender					0.650	0.298	0.029	1.916
Education					0.620	0.289	0.032	1.859
Income					−0.135	0.323	0.677	0.874
Number of observations	993				993
χ^2	31.93				43.17
Nagelkerke R²	0.080				0.110

Note: Dependent variable is 1 if SSRI were chosen and 0 if not. B = standardized regression coefficient; SE = standard error; OR = odds ratio.

* p < .05; ** p < .01; *** p < .001.