Factors affecting people's intention to buy voluntary social insurance in Ho Chi Minh City
Main Article Content
Abstract
Voluntary social insurance is part of the social security system, it has the function of stabilizing workers' lives, ensuring safety and quality of participants' whole lives. This study extends the theory of planned behavior (TPB) and behavioral reasoning theory to investigate the factors affecting people's intention to participate in voluntary social insurance in Ho Chi Minh City. Based on data collected from 317 people interested in voluntary social insurance in Ho Chi Minh City, and using covariance-based structural equation model (CB-SEM) to evaluate the theory in the research model. The results show that attitude, subjective norm and perceived behavioral control have a positive influence on intention to participate in voluntary social insurance. Besides, the research results also confirm the factors that negatively affect the intention to participate in voluntary social insurance including, value barrier, financial risk and efficiency risk. Besides, the author proposes application implications to increase the intention to buy voluntary social insurance of people in Ho Chi Minh City. The findings of the study help the social insurance agency to develop voluntary social insurance both in terms of quantity and quality of voluntary social insurance.
Article Details
Keywords
Intention to participate, Risk, Social insurance, Voluntary
References
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Ajzen, Icek. (2002). Constructing a TPB questionnaire: Conceptual and methodological considerations.
Amin, H., & Chong, R. (2011). Is the theory of reasoned action valid for Ar-Rahnu? An empirical investigation. Australian Journal of Basic and Applied Sciences, 5(10), 716–726.
An, D., Ji, S., & Jan, I. U. (2021). Investigating the determinants and barriers of purchase intention of innovative new products. Sustainability (Switzerland), 13(2), 1–14. https://doi.org/10.3390/su13020740
Assael, H., Pope, N., Brennan, L., & Voges, K. (2007). Consumer behaviour: First Asia-Pacific edition. Milton, Australia: John Wiley & Sons Australia, Ltd.
Bagozzi, R. P., & Yi, Y. (2012). Specification, evaluation, and interpretation of structural equation models. Journal of the Academy of Marketing Science, 40(1), 8–34.
Bhatti, T., & Husin, M. M. (2019). An investigation of the effect of customer beliefs on the intention to participate in family Takaful schemes. Journal of Islamic Marketing.
Brugnoni, G. C., Lorenzo, P. G. C. Di, Didonato, R., Giustiniani, E., Lentini, L., Mariani, M., Palandra, C., Petrucci, F., Salvi, A., & Tami, A. (2017). Islamic bonds and real estate securitizations: the Italian perspective for issuing a sukuk. In Empirical Studies on Economics of Innovation, Public Economics and Management (pp. 3–28). Springer.
Chaniotakis, I. E., Lymperopoulos, C., & Soureli, M. (2010). Consumers’ intentions of buying own‐label premium food products. Journal of Product & Brand Management.
Claudy, M. C., Garcia, R., & O’Driscoll, A. (2015). Consumer resistance to innovation—a behavioral reasoning perspective. Journal of the Academy of Marketing Science, 43(4), 528–544.
Conner, M., & Armitage, C. J. (1998). Extending the theory of planned behavior: A review and avenues for further research. Journal of Applied Social Psychology, 28(15), 1429–1464.
Dooley, K. (2001). Social research methods. 4 Th Ed. Upper Saddle River, NJ.
Fishbein, M., & Ajzen, I. (1975). Belief, attitude, intention, and behavior: An introduction to theory and RAC. Rio de Janeiro, 23(1), 23–42.
Fornell, C., & Larcker, D. F. (1981). Evaluating Structural Equation Models with Unobservable Variables and Measurement Error. Journal of Marketing Research, 18(1), 39. https://doi.org/10.2307/3151312
Gupta, A., & Arora, N. (2017). Understanding determinants and barriers of mobile shopping adoption using behavioral reasoning theory. Journal of Retailing and Consumer Services, 36, 1–7.
Hanudin, A. & Rosita, C. (2011). Is the theory of reasoned action valid for ar-rahnu? An empirical investigation. Australian Journal of Basic and Applied Sciences, 5(10), 716-726.
Hair, J. F., Anderson, R. E., Babin, B. J., & Black, W. C. (2010). Multivariate data analysis: A global perspective (Vol. 7): Pearson Upper Saddle River. NJ.
Hair, Jr. J. F., Hult, G. T. M., Ringle, C., & Sarstedt, M. (2016). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) (2nd ed.). Thousand Oaks: Sage.
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Husin, M. M., & Ab Rahman, A. (2016). Do Muslims intend to participate in Islamic insurance? Analysis from theory of planned behaviour. Journal of Islamic Accounting and Business Research, 7(1), 42–58.
Huyen, N. T. (2020). Theoretical background and solutions for Social security model in Vietnam. Science & Technology Development Journal-Economics-Law and Management, 4(1), 600–610.
ISSA. (2018). 10 Global challenges for social sercurity-Asia and the Pacific, International Social Security Association. Geneva. https://ww1.issa.int/news/10-global-challenges-social-security-asia-pacific
Jahan, T., & Sabbir, M. M. (2018). Analysis of consumer purchase intention of life insurance: Bangladesh perspective. Business Review–A Journal of Business Administration Discipline, 13(2), 13–28.
Kazaure, M. A. (2019). Extending the theory of planned behavior to explain the role of awareness in accepting Islamic health insurance (takaful) by microenterprises in northwestern Nigeria. Journal of Islamic Accounting and Business Research.
Khanra, S., Dhir, A., Kaur, P., & Joseph, R. P. (2021). Factors influencing the adoption postponement of mobile payment services in the hospitality sector during a pandemic. Journal of Hospitality and Tourism Management, 46(November 2020), 26–39. https://doi.org/10.1016/j.jhtm.2020.11.004
Kushwah, S., Dhir, A., & Sagar, M. (2019). Understanding consumer resistance to the consumption of organic food. A study of ethical consumption, purchasing, and choice behaviour. Food Quality and Preference, 77, 1–14.
Lê Thị Mỹ, N., & Nguyễn Tuấn, K. (2020). Sự sẵn sàng chi trả bảo hiểm y tế tự nguyện của các cá nhân trên địa bàn tỉnh Hậu Giang. Tạp Chí Khoa Học Thương Mại, 147, 26–34.
Lo, F. Y., Yu, T. H. K., & Chen, H. H. (2020). Purchasing intention and behavior in the sharing economy: Mediating effects of APP assessments. Journal of Business Research, 121(August), 93–102. https://doi.org/10.1016/j.jbusres.2020.08.017
Mahdzan, N. S., & Victorian, S. M. P. (2013). The determinants of life insurance demand: A focus on saving motives and financial literacy. Asian Social Science, 9(5), 274.
Maiyaki, A. A., & Ayuba, H. (2015). Consumers’ attitude toward Islamic insurance services (Takaful) patronage in Kano Metropolis, Nigeria. International Journal of Marketing Studies, 7(2), 27.
Mitchell, V. W., & Vassos, V. (1998). Perceived risk and risk reduction in holiday purchases: A cross-cultural and gender analysis. Journal of Euromarketing, 6(3), 47–79.
Morar, D. D. (2013). An overview of the consumer value literature–perceived value, desired value. Marketing from Information to Decision, 6, 169–186.
Nguyễn Hồng, H., & Lê Long, H. (2020). Các yếu tố ảnh hưởng đến quyết định tham gia bảo hiểm xã hội tự nguyện của người lao động khu vực phi chính thức tại tỉnh Kiên Giang. Tạp Chí Khoa Học, 9, 106–109.
Nguyễn Thị Nguyệt, D., & Nguyễn Thị, S. (2019). Nghiên cứu các yếu tố ảnh hưởng đến ý định tham gia bảo hiểm xã hội tự nguyện của người lao động trên địa bàn Huyện Thạch Thất, thành phố Hà Nội.
Nguyễn Tiến, D., Phạm Ngọc Trâm, A., & Phạm Tiến, M. (2015). Các yếu tố ảnh hưởng đến ý định mua bảo hiểm hưu trí tự nguyện của cư dân TP. HCM.
Nguyễn Xuân, C., Nguyễn Xuân, T., & Hồ Huy, T. (2014). Một số nhân tố ảnh hưởng đến sự quan tâm tham gia bảo hiểm xã hội tự nguyện của người buôn bán nhỏ lẻ trên địa bàn tỉnh Nghệ An. Vnu Journal of Economic and Business, 30(1).
Nosi, C., D’Agostino, A., Pagliuca, M. M., & Pratesi, C. A. (2014). Saving for old age: Longevity annuity buying intention of Italian young adults. Journal of Behavioral and Experimental Economics, 51, 85–98.
Percy, L., & Rossiter, J. R. (1992). A model of brand awareness and brand attitude advertising strategies. Psychology & Marketing, 9(4), 263–274.
Podsakoff, P. M., MacKenzie, S. B., Lee, J.-Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: a critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879.
Raza, S. A., Ahmed, R., Ali, M., & Qureshi, M. A. (2019). Influential factors of Islamic insurance adoption: an extension of theory of planned behavior. Journal of Islamic Marketing.
Rogers, E. M. (1995). Diffusion of Innovations: modifications of a model for telecommunications. In Die diffusion von innovationen in der telekommunikation (pp. 25–38). Springer.
Tan, C. S., Ooi, H. Y., & Goh, Y. N. (2017). A moral extension of the theory of planned behavior to predict consumers’ purchase intention for energy-efficient household appliances in Malaysia. In Energy Policy (Vol. 107, pp. 459–471).
Tandon, A., Dhir, A., Kaur, P., Kushwah, S., & Salo, J. (2020). Behavioral reasoning perspectives on organic food purchase. Appetite, 154, 104786. https://doi.org/10.1016/j.appet.2020.104786
Tang, S., Reily, N., Arena, A., Batterham, P., Calear, A. L., Carter, G., Mackinnon, A., & Christensen, H. (2021). People who die by suicide without receiving mental health services: A systematic review. Frontiers in Public Health, 2285.
Thuy, H. T., & Thu, B. H. M. (2018). Factors influencing the intention to subscribe to voluntary social insurance of farmers: A case study in Phu Yen Province. Science & Technology Development Journal-Economics-Law and Management, 2(4), 54–62.
Tirtiroglu, E., & Elbeck, M. (2008). Qualifying purchase intentions using queueing theory. Journal of Applied Quantitative Methods, 3(2), 167–178.
Warshaw, P. R. (1980). A new model for predicting behavioral intentions: An alternative to Fishbein. Journal of Marketing Research, 17(2), 153–172.
Westaby, J. D. (2005). Behavioral reasoning theory: Identifying new linkages underlying intentions and behavior. Organizational Behavior and Human Decision Processes, 98(2), 97–120.
Zakaria, Z., Azmi, N. M., Hassan, N. F. H. N., Salleh, W. A., Tajuddin, M. T. H. M., Sallem, N. R. M., & Noor, J. M. M. (2016). The intention to purchase life insurance: A case study of staff in public universities. Procedia Economics and Finance, 37, 358–365.
Ajzen, Icek. (2002). Constructing a TPB questionnaire: Conceptual and methodological considerations.
Amin, H., & Chong, R. (2011). Is the theory of reasoned action valid for Ar-Rahnu? An empirical investigation. Australian Journal of Basic and Applied Sciences, 5(10), 716–726.
An, D., Ji, S., & Jan, I. U. (2021). Investigating the determinants and barriers of purchase intention of innovative new products. Sustainability (Switzerland), 13(2), 1–14. https://doi.org/10.3390/su13020740
Assael, H., Pope, N., Brennan, L., & Voges, K. (2007). Consumer behaviour: First Asia-Pacific edition. Milton, Australia: John Wiley & Sons Australia, Ltd.
Bagozzi, R. P., & Yi, Y. (2012). Specification, evaluation, and interpretation of structural equation models. Journal of the Academy of Marketing Science, 40(1), 8–34.
Bhatti, T., & Husin, M. M. (2019). An investigation of the effect of customer beliefs on the intention to participate in family Takaful schemes. Journal of Islamic Marketing.
Brugnoni, G. C., Lorenzo, P. G. C. Di, Didonato, R., Giustiniani, E., Lentini, L., Mariani, M., Palandra, C., Petrucci, F., Salvi, A., & Tami, A. (2017). Islamic bonds and real estate securitizations: the Italian perspective for issuing a sukuk. In Empirical Studies on Economics of Innovation, Public Economics and Management (pp. 3–28). Springer.
Chaniotakis, I. E., Lymperopoulos, C., & Soureli, M. (2010). Consumers’ intentions of buying own‐label premium food products. Journal of Product & Brand Management.
Claudy, M. C., Garcia, R., & O’Driscoll, A. (2015). Consumer resistance to innovation—a behavioral reasoning perspective. Journal of the Academy of Marketing Science, 43(4), 528–544.
Conner, M., & Armitage, C. J. (1998). Extending the theory of planned behavior: A review and avenues for further research. Journal of Applied Social Psychology, 28(15), 1429–1464.
Dooley, K. (2001). Social research methods. 4 Th Ed. Upper Saddle River, NJ.
Fishbein, M., & Ajzen, I. (1975). Belief, attitude, intention, and behavior: An introduction to theory and RAC. Rio de Janeiro, 23(1), 23–42.
Fornell, C., & Larcker, D. F. (1981). Evaluating Structural Equation Models with Unobservable Variables and Measurement Error. Journal of Marketing Research, 18(1), 39. https://doi.org/10.2307/3151312
Gupta, A., & Arora, N. (2017). Understanding determinants and barriers of mobile shopping adoption using behavioral reasoning theory. Journal of Retailing and Consumer Services, 36, 1–7.
Hanudin, A. & Rosita, C. (2011). Is the theory of reasoned action valid for ar-rahnu? An empirical investigation. Australian Journal of Basic and Applied Sciences, 5(10), 716-726.
Hair, J. F., Anderson, R. E., Babin, B. J., & Black, W. C. (2010). Multivariate data analysis: A global perspective (Vol. 7): Pearson Upper Saddle River. NJ.
Hair, Jr. J. F., Hult, G. T. M., Ringle, C., & Sarstedt, M. (2016). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) (2nd ed.). Thousand Oaks: Sage.
Hoàng Thu, Thủy., & Lê Thị Hồng, Nghĩa. (2017). Phát triển bảo hiểm xã hội tự nguyện–nghiên cứu tại tỉnh Kon Tum. Tạp Chí Khoa Học và Công Nghệ-Đại Học Đà Nẵng, 2(111), 95–101.
Husin, M. M., & Ab Rahman, A. (2016). Do Muslims intend to participate in Islamic insurance? Analysis from theory of planned behaviour. Journal of Islamic Accounting and Business Research, 7(1), 42–58.
Huyen, N. T. (2020). Theoretical background and solutions for Social security model in Vietnam. Science & Technology Development Journal-Economics-Law and Management, 4(1), 600–610.
ISSA. (2018). 10 Global challenges for social sercurity-Asia and the Pacific, International Social Security Association. Geneva. https://ww1.issa.int/news/10-global-challenges-social-security-asia-pacific
Jahan, T., & Sabbir, M. M. (2018). Analysis of consumer purchase intention of life insurance: Bangladesh perspective. Business Review–A Journal of Business Administration Discipline, 13(2), 13–28.
Kazaure, M. A. (2019). Extending the theory of planned behavior to explain the role of awareness in accepting Islamic health insurance (takaful) by microenterprises in northwestern Nigeria. Journal of Islamic Accounting and Business Research.
Khanra, S., Dhir, A., Kaur, P., & Joseph, R. P. (2021). Factors influencing the adoption postponement of mobile payment services in the hospitality sector during a pandemic. Journal of Hospitality and Tourism Management, 46(November 2020), 26–39. https://doi.org/10.1016/j.jhtm.2020.11.004
Kushwah, S., Dhir, A., & Sagar, M. (2019). Understanding consumer resistance to the consumption of organic food. A study of ethical consumption, purchasing, and choice behaviour. Food Quality and Preference, 77, 1–14.
Lê Thị Mỹ, N., & Nguyễn Tuấn, K. (2020). Sự sẵn sàng chi trả bảo hiểm y tế tự nguyện của các cá nhân trên địa bàn tỉnh Hậu Giang. Tạp Chí Khoa Học Thương Mại, 147, 26–34.
Lo, F. Y., Yu, T. H. K., & Chen, H. H. (2020). Purchasing intention and behavior in the sharing economy: Mediating effects of APP assessments. Journal of Business Research, 121(August), 93–102. https://doi.org/10.1016/j.jbusres.2020.08.017
Mahdzan, N. S., & Victorian, S. M. P. (2013). The determinants of life insurance demand: A focus on saving motives and financial literacy. Asian Social Science, 9(5), 274.
Maiyaki, A. A., & Ayuba, H. (2015). Consumers’ attitude toward Islamic insurance services (Takaful) patronage in Kano Metropolis, Nigeria. International Journal of Marketing Studies, 7(2), 27.
Mitchell, V. W., & Vassos, V. (1998). Perceived risk and risk reduction in holiday purchases: A cross-cultural and gender analysis. Journal of Euromarketing, 6(3), 47–79.
Morar, D. D. (2013). An overview of the consumer value literature–perceived value, desired value. Marketing from Information to Decision, 6, 169–186.
Nguyễn Hồng, H., & Lê Long, H. (2020). Các yếu tố ảnh hưởng đến quyết định tham gia bảo hiểm xã hội tự nguyện của người lao động khu vực phi chính thức tại tỉnh Kiên Giang. Tạp Chí Khoa Học, 9, 106–109.
Nguyễn Thị Nguyệt, D., & Nguyễn Thị, S. (2019). Nghiên cứu các yếu tố ảnh hưởng đến ý định tham gia bảo hiểm xã hội tự nguyện của người lao động trên địa bàn Huyện Thạch Thất, thành phố Hà Nội.
Nguyễn Tiến, D., Phạm Ngọc Trâm, A., & Phạm Tiến, M. (2015). Các yếu tố ảnh hưởng đến ý định mua bảo hiểm hưu trí tự nguyện của cư dân TP. HCM.
Nguyễn Xuân, C., Nguyễn Xuân, T., & Hồ Huy, T. (2014). Một số nhân tố ảnh hưởng đến sự quan tâm tham gia bảo hiểm xã hội tự nguyện của người buôn bán nhỏ lẻ trên địa bàn tỉnh Nghệ An. Vnu Journal of Economic and Business, 30(1).
Nosi, C., D’Agostino, A., Pagliuca, M. M., & Pratesi, C. A. (2014). Saving for old age: Longevity annuity buying intention of Italian young adults. Journal of Behavioral and Experimental Economics, 51, 85–98.
Percy, L., & Rossiter, J. R. (1992). A model of brand awareness and brand attitude advertising strategies. Psychology & Marketing, 9(4), 263–274.
Podsakoff, P. M., MacKenzie, S. B., Lee, J.-Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: a critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879.
Raza, S. A., Ahmed, R., Ali, M., & Qureshi, M. A. (2019). Influential factors of Islamic insurance adoption: an extension of theory of planned behavior. Journal of Islamic Marketing.
Rogers, E. M. (1995). Diffusion of Innovations: modifications of a model for telecommunications. In Die diffusion von innovationen in der telekommunikation (pp. 25–38). Springer.
Tan, C. S., Ooi, H. Y., & Goh, Y. N. (2017). A moral extension of the theory of planned behavior to predict consumers’ purchase intention for energy-efficient household appliances in Malaysia. In Energy Policy (Vol. 107, pp. 459–471).
Tandon, A., Dhir, A., Kaur, P., Kushwah, S., & Salo, J. (2020). Behavioral reasoning perspectives on organic food purchase. Appetite, 154, 104786. https://doi.org/10.1016/j.appet.2020.104786
Tang, S., Reily, N., Arena, A., Batterham, P., Calear, A. L., Carter, G., Mackinnon, A., & Christensen, H. (2021). People who die by suicide without receiving mental health services: A systematic review. Frontiers in Public Health, 2285.
Thuy, H. T., & Thu, B. H. M. (2018). Factors influencing the intention to subscribe to voluntary social insurance of farmers: A case study in Phu Yen Province. Science & Technology Development Journal-Economics-Law and Management, 2(4), 54–62.
Tirtiroglu, E., & Elbeck, M. (2008). Qualifying purchase intentions using queueing theory. Journal of Applied Quantitative Methods, 3(2), 167–178.
Warshaw, P. R. (1980). A new model for predicting behavioral intentions: An alternative to Fishbein. Journal of Marketing Research, 17(2), 153–172.
Westaby, J. D. (2005). Behavioral reasoning theory: Identifying new linkages underlying intentions and behavior. Organizational Behavior and Human Decision Processes, 98(2), 97–120.
Zakaria, Z., Azmi, N. M., Hassan, N. F. H. N., Salleh, W. A., Tajuddin, M. T. H. M., Sallem, N. R. M., & Noor, J. M. M. (2016). The intention to purchase life insurance: A case study of staff in public universities. Procedia Economics and Finance, 37, 358–365.
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