Consumer Buying Behaviour Towards Life Insurance Post-COVID-19 in Ghana
A Study of Private Basic School Teachers in the Cape Coast Metropolis
DOI:
https://doi.org/10.47963/jobed.v12i.1363Keywords:
Consumer buying, COVID-19, Financial, Insurance industry, Life Insurance Policy, TeachersAbstract
The current study explores consumer buying behaviour towards life insurance among private basic school teachers in the Cape Coast Metropolis of Ghana, focusing on the post-COVID-19 landscape. Utilizing a descriptive survey design, data were gathered through a five-point Likert-type scale questionnaire and analyzed using various statistical methods, including frequencies, percentages, mean, standard deviation, and Pearson Product Moment Correlation. Using a population of 224 private school teachers, the results indicated that teachers primarily opt for life, hospital, and education support plans, signifying an aspiration to secure their future and further their education. The study underscores the imperative for financial resilience post-COVID-19 to protect the emerging middle class from reverting to poverty. Although teachers employ strategic coping mechanisms during the pandemic, they expressed concerns over delayed life policy settlements, which have compounded their challenges. Recommendations include targeted engagement by insurance companies at private basic schools to elucidate the benefits of life policies, as well as the formulation of insurance packages that offer effective risk coverage and promote long-term investment, rather than merely focusing on tax benefits.
Downloads
References
REFERENCES
Ab-Rahim, F. & Amin, H. (2011). Determinants of Islamic insurance acceptance: An empirical analysis. International Journal of Business and Society, 12. 37-54.
Adekeye, O., Adeusi, S., Ahmadu, F. & Okojide, A. (2017). Determinants of career maturity among senior high school students in Nigeria. ICERI2017 Proceedings, pp. 7597-7604. https://doi.org/10.21125/iceri. 2017.2026
Agbekpornu, H., Yeboah, D., Quartey, S., Williams, R., Yeboah, R. & Issah, F. (2014). Willingness to Participate in an Insurance Scheme by Artisanal Fishers in Ghana. IIFET Australia Conference Proceedings
Ajzen, I. (1991). The theory of planned behaviour. Organizational Behaviour and Human Decision Processes, 50: 179–211.https://doi.org/10.101 6/0749-5978(91)90020-T
Ajzen, I. (1985). From intentions to actions: A theory of planned behavior. In Kuhl, J and Beckman, J. (eds.). Action-control: From cognition to behaviour (pp.11–39). Springer.
Ajzen, I., & Cote, N. G. (2008). Attitudes and the prediction of behaviour. In W. D. Crano & R. Prislin (Eds.), Attitudes and attitude change (pp. 289–311). Psychology Press.
Akhter, W., & Khan, S. U. (2017). Determinants of Takāful and conventional
insurance demand: A regional analysis. Cogent Economics & Finance, 5(1), 1291150.
Akotey, J. O., & Abor, J. (2013). Risk management in the Ghanaian insurance industry. Qualitative Research in Financial Markets, 5(1), 26-42. https://doi.org/10.1108/17554171311308940
Akotey, J. O., Sackey, F. G., Amoah, L., & Manso, R. F. (2013). The financial performance of life insurance companies in Ghana. Journal of Risk Finance, 14, 286-302. https://doi.org/10.1108/JRF-11-2012-0081
Al-Amri, K., Said, G., & Al-Muharrami, S. (2012). Analyzing the technical efficiency of insurance companies in GCC. Journal of Risk Finance, 13, 362-380. https://doi.org/10.1108/15265941211254471
Alhassan, A. L., & Fiador, V. (2014). Insurance-growth nexus in Ghana: An autoregressive distributed lag bounds co-integration approach. Review of Development Finance, 4, 83-96.https://doi.org/10.1016/j.rdf.2014. 05.003
Ame, A. M. (2013). Factors influencing customer’s evaluation of service quality and customer satisfaction: Findings from Tanzania. International Journal of Marketing and Technology, 3(5), 87-112.
Anderson, R., & Swaminathan, S. (2011). Customer satisfaction and loyalty in e-markets: A PLS path modeling approach. Journal of Marketing Theory and Practice, 19, 221-234. https://doi.org/10.2753/MTP1069-6679190207
Ang, J.S., Cole, R.A. & Lin, J.W. (2000), Agency costs and ownership structure. The Journal of Finance, 55, 81-106. https://doi.org/10.1111/0022-1082.00201
Ansah-Adu, K., Andoh, C., & Abor, J. (2012). Evaluating the cost efficiency of insurance companies in Ghana. The Journal of Risk Finance, 13(1), 61-76. https://doi.org/10.1108/15265941211191949
Appiah-Gyimah, R., Boohene, R., Agyapong, G., & Boohene, K. (2011). Customer satisfaction in the outdoor advertising industry: A case of Alliance Media Ghana Limited. International Journal of Marketing Studies, 3(2), 82-91. https://doi.org/10.5539/ijms.v3n2p82
Apuke, O. (2017). Quantitative research methods: A synopsis approach. Kuwait Chapter of Arabian Journal of Business and Management Review 6(11), 40-47. https://doi.org/10.12816/0040336.
Arena, M. (2008). Does insurance market activity promote economic growth? A cross-country study for industrialized and developing countries. Journal of Risk and Insurance, 75(4), 921– 946. https://doi.org/10.1111/j.1539-6975.2008.00291.x
Arifin, J., Yazid, A. S., & Sulong, Z. (2013). A conceptual model of literature review for family Takaful (Islamic Life Insurance) demand in Malaysia. International Business Research, 6(3), 210-216. https://doi.org/10.5539 /ibr.v6n3p210
Arshad, H. M., Noor , M., Noor , N., Ahmad , W., & Javed, S. (2014). Impac of effective advertising on consumer buying behavior: A study of mobile phone purchases in Pakistan. Journal of Basic and Applied Science Research, 4(3), 224-231
Asare, K. B., & Nti, S. K. (2014). Teacher education in Ghana: A contemporary
synopsis and matters arising. Sage Open
Awan, H., Bukhari, K., & Iqbal, A. (2011). Service quality and customer satisfaction in the banking sector. Journal of Islamic Marketing, 2(3), 203-224. https://doi.org/10.1108/17590831111164750
Babuna, P., Yang, X., Gyilbag, A., Awudi, D. A., Ngmenbelle, D. & Bian, D. (2020). The impact of COVID-19 on the insurance industry. Int J Environ Res Public Health, 17(16), 57-66. https://doi.org/10.33 90/ijerph17165766.
Bagozzi, R. P., Tybout, A. M., Craig, C. S., & Sternthal, B. (1979). The
construct validity of the tripartite classification of attitudes. Journal of Marketing Research, 16(1), 88-95.
Baker, S. R., Farrokhnia, R. A., Meyer, S., Pagel, M., & Yannelis, C. (2020). How Does Household Spending Respond to an Epidemic? Consumption During the 2020 COVID-19 Pandemic (Working Paper No. 26949; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w26949
Baldwin, R. (2020, March 13). Keeping the lights on: Economic medicine for a medical shock. VoxEU.Org. https://voxeu.org/article/how-should-we-think-about-containing-covid19-economic-crisis
Barro, R. J. (2020). Non-Pharmaceutical Interventions and Mortality in U.S. Cities during the Great Influenza Pandemic, 1918-1919 (Working Paper No. 27049; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w27049
Bechwati, N., Sisodia, R., & Sheth, N. (2009). Developing a model of antecedents to consumers' perceptions and evaluations of price unfairness. Journal of Business 154 Research, 62, 761-767.https://doi.org/10.1016/j.jbusres.2008.09.004
Beck, T., & Webb, I. (2003). Economic, demographic and institutional determinants of life insurance consumption. The World Bank Economic Review, 17, 51–88. https://doi.org/10.1093/wber/lhg011
Beins, B. C., & McCarthy, M. A. (2018). Research methods and statistics (2nd ed.). Allyn & Bacon.
Best, J.W. & Kahn, J.V. (2016) Research in education. Pearson Education Inc.
Binder, C. (2020). Coronavirus fears and macroeconomic expectations. Social Sciences Research Network, 34.
Blachman, A. (2018). my total retail. E-commerce. https://www.mytotalretail.com/article/the-difference-between-buying-andshopping-and-why-it-matters-for-retailers/
Blackwell, R., D'Souza, C., Taghian, M., Miniard, P., & Engel, J. (2006). Consumer behaviour. Thomson Learning.
Bohari, A. M., Rainis, R., & Marimuthu, M. (2011). Customer lifetime value model in perspective of firm and customer: Practical issues and limitation on prospecting profitable customers of hypermarket business. International Journal of Business and Management, 6(8), 161-169. https://doi.org/10.5539/ijbm.v6n8p161
Boissay, F., & Rungcharoenkitkul, P. (2020). Macroeconomic effects of Covid-19: An early review. In BIS Bulletins (No. 7; BIS Bulletins). Bank for International Settlements.https://ideas.repec.org/p/bis/bisblt/7.html
Bonadio, B., Huo, Z., Levchenko, A. A., & Pandalai-Nayar, N. (2020). Global supply chains in the pandemic (Working Paper No. 27224; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w27224
Brick, J. M., Williams, D., & Montaquila, J. M. (2011). Address-based sampling for subpopulation surveys. Public Opinion Quarterly, 75(3), 409–428. https://doi.org/10.1093/poq/nfr023
Browne, M. J., & Kim, K. (1993). An international analysis of life insurance demand. The Journal of Risk and Insurance, 60(4), 616–634. https://doi.org/10.2307/253382
Brucks, M. (1985). The effects of product class knowledge on information
search behaviour. Journal of Consumer Research, 12, 1- 16.
Brug, J., de Vet, E., de Nooijer, J., & Verplanken, B. (2006). Predicting fruit consumption: cognitions, intention, and habits. Journal of nutrition education and behavior, 38(2), 73-81. https://doi.org/10.10 16/j.jneb.2005.11.027
Cai, H., Tu, B., Ma, J., Chen, L., Fu, L., Jiang, Y., et al. (2020). Psychological
impact and coping strategies of frontline medical staff in Hunan between January and March 2020 during the outbreak of Coronavirus Disease 2019 (COVID- 19) in Hubei, China. Med. Sci. Monit. 26:e924171. doi: 10.12659/MSM. 924171
Carlsson-Szlezak, P., Reeves, M., & Swartz, P. (2020). Understanding the economic shock of coronavirus. Harvard Business Review. https://hbr.org/2020/03/understanding-the-economic-shock-of-coronavirus
Carrigan, M.D. (2010). Economic uncertainty and the role of organizational development. Journal of Business & Economics Research, 8(4), 99-104. https://doi.org/10.19030/jber.v8i4.708
Céspedes, L. F., Chang, R., & Velasco, A. (2020). the macroeconomics of a pandemic: A minimalist model (Working Paper No. 27228; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w27228
Chan, C-C. (2009). Creating a market in the presence of cultural resistance: The case of life insurance in China. Theory Soc. 38(3), 271–305. https://doi.org/10.1007/s11186-008-9081-1
Chen, H., Liu, J. Y., Sheu, T. S., & Yang, M. (2012). The impact of financial services quality and fairness on customer satisfaction. Managing Service Quality, 22, 399- 421. https://doi.org/10.1108/09604521211253496
Chrzan, K., & Kemery, M. (2012). Make or break: A simple non-compensatory customer satisfaction model. International Journal of Market Research, 54(2), 163-176. https://doi.org/10.2501/IJMR-54-2-163-176
Chuang, C. C., & Hu, F. (2011). An empirical study of customers' perception of E-banking service based on time usage. Journal of Internet Banking and Commerce, 16(2), 1-11.
Clauw, D. J., Engel, C. C., Aronowitz, R., Jones, E., Kipen, H. M., Kroenke,
K., et al. (2003). Unexplained symptoms after terrorism and war: an expert consensus statement. J. Occup. Environ. Med. 45, 1040–1048. doi: 10.1097/01. jom.0000091693.43121.2f
Coase, R. H., (2013). The problem of social cost. Journal of Law and Economics, 56(4), 837-877. https://doi.org/10.1086/674872
Cohen, R. J., & Swerdlik, M. (2009). Psychological testing and assessment (7th ed.). McGraw-Hill Humanities/Social Sciences/Languages.
Cohen, L. Manion, L. & Morrison, K. (2011). Research methods in education. (7th ed.). Routledge.
Coibion, O., Gorodnichenko, Y., & Weber, M. (2020b). The cost of the Covid-19 crisis: Lockdowns, macroeconomic expectations, and consumer spending (Working Paper No. 27141; Working Paper Series). National Bureau of Economic Research.https://doi.org/10.3386/w27141
Connelly, L. M. (2008). Pilot studies. Medsurg Nursing, 17(6), 411-412.
Cramer, P. (1991). The development of defense mechanisms: theory, research,
and assessment. J. Pers. 55, 597–614. doi: 10.1007/978-1-4613-9025-1
Dane, E. (2011). Paying attention to mindfulness and its effects on task performance in the workplace. Journal of Management, 37, 997-1018.
https://doi.org/10.1177/0149206310367948
Das, V. S., Davies, N. & Podpiera R. (2003). Insurance and issues in financial soundness. IMF Working paper, Monetary and Exchange Affairs Department.
Das, S., Nayak, J., Nayak, S. & Dey, S. (2022). Prediction of life insurance premium during Pre-and Post-Covid-19: A higher-order neural network approach. Journal of The Institution of Engineers (India): Series B, 103, 1747–1773 (2022). https://doi.org/10.1007/s40031-022-00771-1
Dhanabhakyam, M., Anitha, V., & Kavitha, S. (2012). Applying knowledge management in the life insurance industry. International Journal of Marketing and Technology, 2(1), 231-241.
Dhanabhakyam, M. & Kokilambal, K. (2014). A study on existing talent management practice and its benefits across industries. Journal of Research in Business Management, 2(7), 23-36.
Dreyer A., Kritzinger G., Decker J. D. (2007). Assessing the impact of a pandemic on the life insurance industry in South Africa. Proceedings of the 1st IAA Life Colloquium; Stockholm, Sweden.
Duru, K., & Tsitinidis, A. (2013). Managerial incentives and earnings
management: An empirical examination of the income smoothing in the Nordic banking industry (Unpublished master thesis). Uppsala University
Elenev, V., Landvoigt, T., & Van Nieuwerburgh, S. (2020). Can the Covid bailouts save the economy? (Working Paper No. 27207; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.33 86/w27207
Eling, M., & Kiesenbauer, D. (2012). Does surplus participation reflect market discipline? An analysis of the German life insurance market. Journal of Financial Services Research, 42(3), 159-185. https://doi.org/10.1007/s 10693-011-0113-z
Engel, J.F., Kollat, D.T. & Blackwell, R.D. (1968). Consumer behaviour. Holt, Rinehart &Winston.
Engel, J.F., Blackwell, R.D. & Miniard, P.W. (1990). Consumer behaviour. (6th Edition). Dryden Press.
Epetimehin, F. M. (2011). A study of the factors enhancing the purchase of life insurance in Nigeria. International Business Management, 5(3), 124-128.
Fan, Y., Orhun, A. Y., & Turjeman, D. (2020). Heterogeneous actions, beliefs,constraints and risk tolerance during the COVID-19 pandemic (Working Paper No. 27211; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w27211
Fatima, J., & Razzaque, M. (2013). Roles of customer involvement in rapport and satisfaction. Asia Pacific Journal of Marketing and Logistics, 25(3), 452-471. https://doi.org/10.1108/APJML-09-2012-0092
Ferguson, N., Laydon, D., Nedjati Gilani, G., Imai, N., Ainslie, K., Baguelin, M., Bhatia, S., Boonyasiri, A., Cucunuba Perez, Z., Cuomo-Dannenburg, G., Dighe, A., Dorigatti, I., Fu, H., Gaythorpe, K., Green, W., Hamlet, A., Hinsley, W., Okell, L., Van Elsland, S., … Ghani, A. (2020). Impact of non-pharmaceutical interventions (NPIs) to reduce COVID19 mortality and healthcare demand. Imperial College London. https://doi.org/10.25561/77482
Fishbein, M & Ajzen, I. (2010). Predicting and changing behaviour: The reasoned action approach, New York, NY: Psychology Press. https://doi.org/10.4324/9780203838020
Fishbein, M., & Ajzen, I. (1975). Belief, attitude, intention, and behavior: An introduction to theory and research. Addison-Wesley.
Fletcher, K. & Hastings, W. J. (1984). Consumer choice: A study of insurance buying, intention and beliefs. The Services Industries Journal, 4(2), 174–188. https://doi.org/10.1080/02642068400000034
Flores, J., Gonçalves-Coelho, A., Mourão, A. & Cavique, M. (2015). Theory of practices as a means to uncover the customer needs. Procedia CIRP, 34, 25-30. https://doi.org/10.1016/j.procir.2015.07.008
Foropon, C., Seiple, R. & Kerbache, L. (2013). Using servqual to examine service quality in the classroom: Analyses of undergraduate and executive education operations management courses. International Journal of Business and Management, 8(20), 105-116 https://doi.org/10.5539/ijbm.v8n20p105.
Fraenkel, J. R., Wallen, N. E., & Hyun, H. H. (2012). How to design and evaluate research in education (8th ed.). McGraw Hill.
Gao, X., Shi, X., Guo, H., and Liu, Y. (2020). To buy or not buy food online:
the impact of the COVID-19 epidemic on the adoption of e-commerce in China. PLoS One 15:e0237900. doi: 10.1371/journal.pone.0237900
Gardner, R. G., Harris, T. B., Li, N., Kirkman, B. L., & Mathieu, J. E. (2017). Understanding “it depends” in organizational research: A theory-based taxonomy, review, and future research agenda concerning interactive and quadratic relationships. Organizational Research Methods, 20(4), 610–638. https://doi.org/10.1177/1094428117708856
Garrett, T. A. (2007). Economic effects of the 1918 influenza pandemic. Federal Reserve Bank of St. Louis, 26.
Gatzert, N., Holzmüller, I., & Schmeiser, H. (2012). Creating customer value in participating life insurance. Journal of Risk and Insurance, 79, 645-670. https://doi.org/10.1111/j.1539-6975.2011.01453.x
Gay, L.R., Mills, G. E. & Airasian, P. (2012). Educational research: Competencies for analysis and application (10th ed.). Pearson.
Gizaw, K. D., & Pagidimarri, V. (2014). The mediation effect of customer satisfaction on service quality - customer loyalty link in insurance sector of Ethiopia: A study. International Journal of Marketing and Technology, 4(1), 184-199. https://doi.org/10.5897/AJMM2019.0608
Ghalandari, K. & Norouzi, A. (2012). The effect of country origin on purchase
intention: The role of product knowledge. Research Journal of Applied Sciences, Engineering and Technology, 4(9), 1166-1171.
Ghosh, A. (2013). Does life insurance activity promote economic development in India: An empirical analysis. Journal of Asia Business Studies, 7, 31-43. https://doi.org/10.1108/15587891311301007
Gourinchas, P. O. (2020). Flattening the pandemic and recession curves. Mitigating the COVID Economic Crisis: Act fast and do whatever. http://vietstudies.net/kinhte/COVIDEconomicCrisis.pdf#page=38
Gray, C. A. (1976). A study of the working class in post war era. Longman Green and Co. Ltd.
Grundey, D. (2009). Consumer behaviour and ecological agri-business: Some evidence from Europe. Economics & Sociology, 2(1a), 157-170. https://doi.org/10.14254/2071-789X.2009/2-1a/19.
GSS (Ghana Statistical Service) (2020). How COVID-19 is affecting firms in Ghana: Results from the Business Tracker Survey (BTS). Accra.
GSS (2021). Population and Housing Census 2021. Ghana Statistical Service. https://www2.statsghana.gov.gh/nada/index.php/catalog/110
Gudlaugsson, T., & Eysteinsson, F. (2013). What is the effect of a change in customers ́ trust, following a banking collapse, on their loyalty towards their own bank? International Journal of Business and Social Science, 4(10), 49-56.
Gupta, M., & Aggarwal, N. (2013). Role of information sources in selection of life insurance schemes: An empirical study of policyholders. South Asian Journal of Management, 20(3), 58-73.
Hannan, T., & Adams, R. (2011). Consumer switching costs and firm pricing: Evidence from bank pricing of deposit accounts. Journal of Industrial Economics, 59, 296-320.
http://dx.doi.org/10.1111/j.1467-6451.2011.00456.x
Harris, T.F., Yelowitz, A. & Courtemanche C. (2021). Did COVID-19 change life insurance offerings? Journal of Risk Insurance, 88(4), 831-861. http://dx.doi.org/10.1111/jori.12344
Haron, H., Ismail, I., & Razak, S.H.A. (2011), Factors influencing unethical behavior of insurance agents. International Journal of Business and Social Science, 2(1), 84-101.
Hart, O. & Zingales, L. (2017). Companies should maximize shareholder welfare not market value. Journal of Law, Finance, and Accounting, 2(2), 247-274. http://dx.doi.org/10.1561/108.00000022
Hill, R. (1998). What sample size is “enough” in internet survey research? Interpersonal Computing and Technology: An Electronic Journal for the 21st Century, 6(3-4).
Hinz, O., Hann, I., & Spann, M. (2011). Price discrimination in e-commerce? An examination of dynamic pricing in name-your-own price markets. MIS Quarterly, 35(1), 81-98. https://www.jstor.org/stable/23043490
Ho, T. Y., Dubinsky, A. J., & Lim, C. U. (2012). Determinants of telemarketer misselling in life insurance services. Journal of Services Marketing, 26, 403-418. http://dx.doi.org/10.1108/08876041211257891
Holbrook, M. B., & Hirschman, E. C. (1982). The experiential aspects of
consumption: Consumer fantasies, feelings, and fun. Journal of consumer research, 9(2), 132-140.
Homburg, C., Muller, M., & Klarmann, M. (2011). When should the customer really be king? On the optimum level of salesperson customer orientation in sales encounters. Journal of Marketing, 75, 55-74. http://dx.doi.org/10.1509/jmkg.75.2.55
Howell, D. C. (2010). Statistical methods for psychology (7th ed.). Belmont,
CA: Wadsworth.
Hoyer, W. D. & Macinnis, D. J. (2012). Consumer behaviour (5th ed.). Cengage Learning.
Huber, C., Gatzert, N. & Schmeiser, H. (2015). How does price presentation influence consumer choice? The case of life insurance products. Journal of Risk and Insurance, 82(2), 401-432.http://dx.doi.org/10.1 111/jori.12026
Hull, H. F., Danila, R., & Ehresmann, K. (2003). Smallpox and bioterrorism:
public-health responses. J. Lab. Clin. Med. 142, 221–228. doi: 10.1016/S0022- 2143(03)00144-6
Hunt, W., & Downing, S. (1990). Mergers, acquisitions and human resource
management. Int. J. Hum. Resour. Manag. 1, 195–210. doi: 10.1080/ 095851990000000047
Husin, M. & Rahman, A. (2016). Predicting intention to participate in family takaful scheme using decomposed theory of planned behaviour. International Journal of Social Economics. 43(12), 1351-1366. http://dx.doi.org/10.1108/IJSE-03-2015-0074.
Hussain, S. (2014). The assessment of operational efficiency of commercial banks in India using cost to income ratio approach. International Journal of Management and Business Research, 4, 25-234.
Iacobucci, D. & Churchill, G. A. (2018). Marketing research: Methodological foundations (12th Edition). Earlie Lite Books, Inc.
ILO (International Labour Organization) (2021). ILO monitor: COVID-19 and
the world of work. Updated estimates and analysis. ILO.
Insurance Thought Leadership (2021). How COVID alters consumer demands.
Insurance Thought Leadership. Retrieved from:
ISSER (2020). COVID-19 and the plight of private school teachers in Ghana. ISSER. https://isser.ug.edu.gh/latest-news/covid-19-and-plight-private-school-teachers-ghana
Jacoby, J. (2002). Stimulus‐organism‐response reconsidered: an evolutionary step in modeling (consumer) behavior. Journal of consumer psychology, 12(1), 51-57.https://doi.org/10.1207/S15327663JCP1201_05
Jensen, M. & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3, 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Jonas, O. B. (2013). Pandemic Risk: World Development Report 2014 on Risk and Opportunity: Managing Risks for Development. https://openknowledge.worldbank.org/bitstream/handle/10986/16343/WDR14_bp _Pandemic_Risk_Jonas.pdf?sequence=1&isAllowed=y
Jonung, L., & Roeger, W. (2006). The macroeconomic effects of a pandemic in Europe: A model-based assessment. European Commission, Brussels.
Jordà, Ò., Singh, S. R., & Taylor, A. M. (2020). Longer-run economic consequences of pandemics (Working Paper No. 26934; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3 386/w26934
Joo, B. A. (2013). Analysis of financial stability of Indian non-life insurance companies. Asian Journal of Finance & Accounting, 5(1), 306-19. https://doi.org/10.5296/ajfa.v5i1.3366
Juaneda-Ayensa, E., Mosquera, A., & Murillo, Y. S. (2016). Omnichannel customer behaviour: Key drivers of technology acceptance and use and their effects on purchase intention. Frontiers in Psychology, 7, 1-11. https://doi.org/10.3389/fpsyg.2016.01117
Keisidou, E., Sarigiannidis, L., Maditinos, D. I., & Thalassinos, E. I. (2013). Customer satisfaction, loyalty, and financial performance. International Journal of Bank Marketing, 31, 259-288. https://doi.org/10.1108/IJBM-11-2012-0114
Kenrick, D. T., Griskevicius, V., Neuberg, S. L., & Schaller, M. (2010). Renovating the pyramid of needs: Contemporary extensions built upon ancient foundations. Perspectives on Psychological Science, 5(3), 292–314. https://doi.org/10.1177/1745691610369469
Keogh-Brown, M., McDonald, S., Edmunds, J., Beutels, P., & Smith, R. (2008). The macroeconomic costs of a global influenza pandemic. Presented at the 11th Annual Conference on Global Economic Analysis, Helsinki, Finland.
Kesharwani, A., & Shailendra, S. B. (2012). The impact of trust and perceived risk on internetbanking adoption in India. International Journal of Bank Marketing, 30, 303-322.https://doi.org/10.1108/02652321211236923
Kim, S., Ham, S., Moon, H., Chua, B. L., & Han, H. (2019). Experience, brand
prestige, perceived value (functional, hedonic, social, and financial), and loyalty among GROCERANT customers. International Journal of Hospitality Management, 77, 169-177.
Kirti, D., & Shin, M. Y. (2020). Impact of COVID-19 on insurers. International Monetary Fund. https://www.imf.org
Kistner, W. (1990). Organizing a personal financial plan. Healthcare Financial Management, 44(7), 94.
Kiyani, T., Niazi, M., Rizvi, R., & Khan, I. (2012). The relationship between brand trust, customer satisfaction, and customer loyalty: Evidence from automobile sector of Pakistan. Interdisciplinary Journal of Contemporary Research in Business, 4(1), 489-502.
Klitzman, S., & Freudenberg, N. (2003). Implications of the world trade center
attack for the public health and health care infrastructures. Am. J. Public Health 93, 400–406. doi: 10.2105/AJPH.93.3.400
Kobylanski, A., & Pawlowska, B. (2012). Managing customer satisfaction: A conceptual framework. The Business Review, Cambridge, 20(1), 33-41.
Kotler, P. & Armstrong, G. (2018). Principle of marketing. (17th Global Edition). Pearson Education Limited.
Kramaric, T. P., & Galetic, F. (2013). The role of the overall economic development on the insurance market growth: Evidence of the European Union. Journal of Applied Finance & Banking, 3, 157-168. RePEc:spt:apfiba:v:3:y:2013:i:3:f:3_3_11
Krejcie, R. V., & Morgan, D. W. (1970). Determining sample size for research activities. Educational and Psychological Measurement, 30(3), 607–610.
Kunreuther, H. C. & Schupp, J. (2021). Evaluating the role of insurance in managing risk of future pandemics. NBER Working Paper No. w28968. http://dx.doi.org/10.2139/ssrn.3868224
Kurland, N. B. (1995). ETHICAL intentions and the theories of reasoned action and planned behaviour. Journal of Applied Social Psychology, 25(4), 297-313
Kyowon, S., Sarang, G., & Byungdo, K. (2020). Pricing strategies under
markets with time gap between purchase and consumption. J. Bus. Res. 120, 312–320. 066 doi: 10.1016/j.jbusres.2020.01
Larios-Gómez, E., Fischer, L., Peñalosa, M., & Ortega-Vivanco, M. (2021).
Purchase behaviour in COVID-19: a cross study in Mexico, Colombia, and Ecuador. Heliyon 7:e06468. doi: 10.1016/j.heliyon.2021.e06468
Laato, S., Islam, A. N., Farooq, A., & Dhir, A. (2020). Unusual purchasing behaviour during the early stages of the COVID-19 pandemic: The stimulus-organism response approach. Journal of Retailing and Consumer Services, 57(1), 1-12.https://doi.org/10.1016/j.jretconser. 2020.102224
Leary, M. R. (2011). Introduction to behavioural research methods (6th Edition). Pearson Education, Inc.
Lesch, W. C., & Baker, B. R. (2013). Balancing the insurance equation: Understanding the climate for managing consumer insurance fraud and abuse. Journal of Insurance Issues, 36(1), 82-120.RePEc:wri:journl:v:36:y:2013:i:1:p:82-120
Levy, P.S. and Lemeshow, S. (2008) Sampling of Populations: Methods and Applications (4th Edition). John Wiley & Sons.
Lewis, D., Mertens, K., & Stock, J. H. (2020). U.S. Economic activity during the early weeks of the SARS-Cov-2 outbreak (Working Paper No. 26954; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w26954
Liu, C., Huang, C., & Chen, M. (2014). Relational benefits, customer satisfaction, and customer loyalty in chain store restaurants. International Journal of Organizational Innovation,7(1), 46-56.
Lobonţiu, G., & Lobonţiu, M. (2014). The owner-manager and the functional management of a small firm. Procedia—Social and Behavioral Sciences, 124, 552-561. http://dx.doi.org/10.1016/j.sbspro.2014.02.519
Lodico, M.G., Spaulding, D.T. & Voegtle, K.H. (2006). Methods in educational
research: From theory to practice. John Wiley.
Lu, M., Wang, R., & Li, P. (2021). Comparative analysis of online fresh food
shopping behaviour during normal and COVID-19 crisis periods. Br. Food J. [Epub Online ahead of print] doi: 10.1108/BFJ-09-2020-0849
Ludvigson, S. C., Ma, S., & Ng, S. (2020). Covid19 and the macroeconomic effects of costly disasters (Working Paper No. 26987; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386 /w26987
Ma, Z., & Dube, L. (2011). Process and outcome interdependency in frontline service encounter. Journal of Marketing, 75(3), 83-98. http://dx.doi. org/10.1509/jmkg.75.3.83
Madhav, N., Oppenheim, B., Gallivan, M., Mulembakani, P., Rubin, E., & Wolfe, N. (2017). Pandemics: Risks, impacts, and mitigation. In D. T. Jamison, H. Gelband, S. Horton, P. Jha, R. Laxminarayan, C. N. Mock, & R. Nugent (Eds.), Disease control priorities: Improving health and reducing poverty (3rd ed.). The World Bank.
Mahalakshmi, V., & Saravanaraj, M. (2011). An empirical study on customer's satisfaction towards banking services in Trichy. Interdisciplinary Journal of Contemporary Research in Business, 3(4), 237-253.
Malik, M. E., Ghafoor, M. M., & Iqbal, H. F. (2012). Impact of brand image: Service quality and price on customer satisfaction in Pakistan telecommunication sector. International Journal of Business and Social Science, 3(23), 123-129.
Malhotra, N., Nunan, D., & Birks, D. (2017). Marketing research: An applied approach. (5th ed.) Pearson.
Mansoor, D. & Jalal, A. (2010). The global business crisis and consumer behaviour: Kingdom of Bahrain as a case study. International Journal of Business and Management. 6(1), 104-115. https://doi.org/10.5539/ ijbm.v6n1p104.
Mason, A., Narcum, J., & Mason, K. (2020). Changes in consumer decision-
making resulting from the COVID-19 pandemic. Journal of Customer Behaviour, 19(2), 15-32
https://doi.org/10.1362/147539220×16003502334181
Marketing Week (2020. Unilever looks to advertising for cost savings as
coronavirus slows growth. Marketing Weekend. Retrieved from: https://www.marketingweek.com/unilever-cost-savings-coronavirus-crisis/
McMillan, J. H., & Schumacher, S. (2010). Research in education: evidence-based inquiry (7th ed.). Pearson.
Medyanik. O.V. (2020). Attitude of citizens to insurance policy as a factor of economic security of the individual.https://disser.spbu.ru/files/2019/ disser_medyanik.pdf
Ministry of Education (2020). Covid-19 coordinated education response plan
for Ghana. Retrieved from:
Mowen, D. M. (2017). Consumer behavior. (17th Edition). Chicago Business Press.
Morgan, M. (2011). Building Personal Equity. Strategic Finance, 93(6),
,18,61.
Moore, G.F., Williams, A., Moore, L. & Murphy, S. (2013). An exploratory cluster randomised trial of a university halls of residence based social norms marketing campaign to reduce alcohol consumption among 1st year students. Substance Abuse Treatment, Prevention, and Policy volume, 8(15), 1-12. https://doi.org/10.1186/1747-597X-8-15
Mulligan, C. B. (2020). Economic activity and the value of medical innovation during a pandemic (Working Paper No. 27060; Working Paper Series). National Bureau of Economic Research.https://doi.org/10.3386/w27060
Mulki, J. P., & Jaramillo, F. (2011). Workplace isolation: Salespeople and supervisors in USA. The International Journal of Human Resource Management, 22(4), 902–923. https://doi.org/10.1080/09585192.2011 .555133
Murphy, K. J. (1985). Corporate performance and managerial remuneration: An empirical analysis. Journal of Accounting and Economics, 7(1-3), 11–42. https://doi.org/10.1016/0165-4101(85)90026-6
Musgrave, R. (2000) Public finance in a democratic society: The foundations
of taxation and expenditure. Edward Elgar.
Myers, M.D. (2013) Qualitative research in business & management. (2nd Edition). Sage Publications.
Namasivayam, S., Kalra, M. K., Torres, W. E. & Small, W. C. (2006). Adverse reactions to intravenous iodinated contrast media: a primer for radiologists. Emergency Radiology, 12(5), 210-5. https://doi.org/10.100 7/s10140-006-0488-6.
Namasivayam, N., Ganesan, S., & Rajendran, S. (August, 2006). Socio-
economic factors influencing the decision in taking life insurance policies. The ICFAI University Press
National Insurance Commission, [NIC] (2020). Ghana-National Insurance Commission Annual Reports and Financial Statements-2018. NIC. https://nicgh.org/wp-content/uploads/2019/02/2017_NIC_Annual-Report.pdf
National Insurance Commission, [NIC] (2013). Annual Report, Ghana. NIC. http://www.nicgh.org/live/en/downloads.php?pg=165
Nazari, K. & Emami, M. (2012). Conceptual and theoretical foundations of business intelligence (2012). Elixir International Business Management, 46, 8195-8202. http://dx.doi.org/10.2139/ssrn.2298879
Nekmahmud, M., Rahman, F., Huq, S.M., & Rahman, S. (2017). Generation Y
consumer attitude towards the uses of smartphone in northern area of Bangladesh. Australian Academy of Business and Economics Review, 3(4), 207-223.
Neuman, W. L. (2011). Social research methods qualitative and quantitative approach (7th ed.). Pearson.
Nworgu, B.G. (2006). Educational research; Basic issues and methodology. Windon Publishers Ltd.
OECD (2021). Responding to the COVID-19 and pandemic protection gap in insurance. OECD. https://www.oecd.org/coronavirus/policy-responses /responding-to-the-covid-19-and-pandemic-protection-gap-in-insurance-35e74736/
O'Gorman, K. D. P., & MacIntosh, R. P. (2015). Research methods for business and management: A guide to writing your dissertation.
Okura, M. (2013). The relationship between moral hazard and insurance fraud. The Journal of Risk Finance, 14(2), 120-128. https://doi.org/10.1108/1 5265941311301161
Okura, M., & Yanase, N. (2013). What is the driving force behind consolidations in the insurance market? The Journal of Risk Finance, 14, 108-119. https://doi.org/10.1108/15265941311301152
Omar, O. & Owusu-Frimpong, N. (2007). Life insurance in Nigeria: An application of the theory of reasoned action to consumers' attitudes and purchase intention. The Service Industries Journal, 27(7-8), 963-976. https://doi.org/10.1080/02642060701570891.
Omar, N. A., Muhamad, A. N., Mohd, H. A., & Syed, S. A. (2021). The panic
buying behaviour of consumers during the COVID-19 pandemic: examining the influences of uncertainty, perceptions of severity, perceptions of scarcity, and anxiety. J. Retail. Consum. Serv. 62:102600. doi: 10.1016/j.jretconser.2021. 102600
Orodho, J. A., Khatete, I., & Mugiraneza, J. P. (2016). Concise statistics: An illustrative approach to problem solving. Kanezja Publishers.
Osei, G. (2006). Teachers in Ghana: Issues of training, remuneration and
effectiveness. International Journal of Educational Development, 26(1), 38-51.
Ostrom, T. M. (1969). The relationship between the affective, behavioral, and
cognitive components of attitude. Journal of experimental social psychology, 5(1), 12-30.
Outreville, J. F. (2013). The relationship between insurance and economic development: 85 empirical papers for a review of the literature. Risk Management and Insurance Review, 16, 71-122.
https://doi.org/10.1111/j.1540-6296.2012.01219.x.
Pacces, A.M. (2000). Financial intermediation in the securities markets: Law
and economics of business regulation. International Review of Law and Economics, 20(1), 479-510.
Pallant, J. (2011). SPSS survival manual: A step by step guide to data analysis using the SPSS program (4th Edition). Allen & Unwin.
Pantouvakis, A., & Bouranta, N. (2013). The link between organizational learning culture and customer satisfaction. The Learning Organization, 20(1), 48-64. https://doi.org/10.1108/09696471311288528
Parasuraman, A., Berry, L. L., & Zeithaml, V. A. (1996). The behavioral consequences of service quality. Journal of Marketing, 60(2), 31-46. https://doi.org/10.2307/1251929
Park, C.W., Motherbaugh D.L. & Feick, L. (1994). Consumer knowledge
assessment. Journal of Consumer Research, 21, 71- 82.
Park, C.W, Motherbaugh D.L. & Feick, L. (1992). Consumer knowledge
assessment: How product experience and knowledge of brands, attributes and features affects what we think we know. Advances in Consumer Research, 19, 193-198
Patil, S. J. (2012). A study on consumer satisfaction towards Life Insurance Corporation of India. International Journals of Marketing and Technology, 2, 210-224.
Peni, E., & Vähämaa, S. (2012). Did good corporate governance improve bank performance during the financial crisis? Journal of Financial Services Research, 41(1-2), 19-35. https://doi.org/10.1007/s10693-011-0108-9
Philippe, A. & Ngobo, P. (1999). Assessment of consumer knowledge and its
consequences: A multi-component approach. Advances in Consumer Research, 26: 569-575.
Prentice, C. (2013). Service quality perceptions and customer loyalty in casinos. International Journal of Contemporary Hospitality Management, 25(1), 49-64. https://doi.org/10.1108/09596111311290219
Quartey, P. (2020). COVID-19 and the plight of private school teachers in
Ghana. Retrieved from: https://isser.ug.edu.gh/latest-news/covid-19-and-plight-private-school-teachers-ghana
Rahim, F. A. & Amin, H. (2011). Determinants of Islamic insurance acceptance: An empirical analysis. International Journal of Business and Society, 12(2), 37 - 54
Reynolds, P. D. (1971). A primer in theory construction. MacMillian Publishing
Company
Richter, N. F., Schlaegel, C., & Hauff, S. (2018). Advocating the use of cultural archetypes in cross-cultural management studies. Journal of International Management, 22(1), 63-63. http://dx.doi.org/10.1016/ j.intman.2015.09.001
Rita, P., Oliveira, T., & Farisa, A. (2019). The impact of e-service quality and customer satisfaction on customer behavior in online shopping. Heliyon, 5(10), 1-14. http://dx.doi.org/10.1016/j.heliyon.2019.e02690.
Robinson, C. & McCartan, K. (2016). Real world research: A resource for users of social research methods in applied settings (4th Edition). Wiley
Rust, R. & Huang, M-H. (2018). Artificial Intelligence in Service. Journal of Service Research. 21(2), 155-172.http://dx.doi.org/10.1177/10946 70517752459.
Sahoo, R., & Swain, A. (2012). Life insurance market in India: A review. International Journal of Management Research and Reviews, 2(6), 920-925.
Salignac, F., Marjolin, A., Reeve, R. & Muir, K. (2019). Conceptualizing and measuring financial resilience: A multidimensional framework. Social Indicators Research volume, 145, 17–38.https://doi.org/10.1007/s11 205-019-02100-4
Sarkodie, E. E. & Yusif, H. M., (2015). Determinants of life insurance demand, consumer perspective - A Case Study of Ayeduase-Kumasi community, Ghana. Business and Economics Journal, 6(3), 1-4. https://doi.org/10 .4172/2151-6219.1000170
Samet, Ç, & Gözde, G. K. (2021). Mediating effect of intolerance of uncertainty
in the relationship between coping styles with stress during pandemic (COVID- 19) process and compulsive buying behavior. Prog. Neuro-Psychopharmacol. Biol. Psychiatry 110:110321. doi: 10.1016/j.pnpbp.2021.110321
Sekaran, U. & Bougie, R. (2016). Research methods for business: A skill- building approach. (7th Edition). Wiley & Sons.
Siddiqi, K. (2011). Interrelations between service quality attributes, customer satisfaction, and customer loyalty in the retail banking sector in Bangladesh. International Journal of Business and Management, 6(3),12-36. https://doi.org/10.5539/ijbm.v6n3p12
Simms Mensah, K. (2019) Bank risk, corporate governance and bank performance in Africa. (Unpublished doctoral thesis). Manchester Metropolitan University.
Siniscalco, M. T., & Auriat, N. (2005). Questionnaire design: Quantitative research methods in educational planning. UNESCO International Institute for Educational Planning.
Smith, J. H. (2014). Analyzing the value of life insurance as an investment. Journal of Financial Planning, 27(3), 22-23.
Smith Jr, C. W. (1976). Option pricing: A review. Journal of Financial
Economics, 3(1-2), 3-51.
Smith, R. E, & Swinyard, W. R (1983). Attitude- behavior consistency: The impact of product trial versus advertising. Journal of Marketing Research, 20(3), 257–267. https://doi.org/10.2307/3151829
Solomon, M. R. Bamossy, G. Askegaard, S.& Hogg, M. K. (2010). Consumer behaviour (4th Edition). Pearson Education Limited
Srivastava, S., & Barmola, K. (2010). The role of consumer behaviour in present marketing management scenario. Productivity, 51(3), 268-275. ISSN: 0032-9924, eISSN:0976-3902
Srivastava, S. K., & Ray, A. (2013). Benchmarking Indian general insurance firms. Benchmarking, 20(1), 4-24.https://doi.org/10.1108/146357 71311299461
Stangor, C. (2004). Social groups in action and interaction. Psychology Press.
Tao, F. (2014). Customer relationship management based on increasing customer satisfaction. International Journal of Business and Social Science, 5(5), 256-263.
Tati, R. K., & Baltazar, E. B. B.. (2018). Factors influencing the choice of
investment in life insurance policy. Theoretical Economics Letters, 8(15), 3664–3675. https://doi.org/10.4236/tel.2018.815224
Thune, K. (2018, September 25). How much life insurance costs & what
affects rates. Retrieved from:
https://fitsmallbusiness.com/life-insurance-costs/.
Tiwari, A., & Yadav, B. (2012). A study on recent trends of life insurance industry after liberalization. International Journal of Marketing and Technology, 2, 217-232.
Tsitinidis, A., & Duru, K. (2013). Managerial incentives and earnings management: An empirical examination of the income smoothing in the Nordic Banking Industry. (Unpublished master’s dissertation). Corpus ID: 167836669
Tukel, O. & Dixit, A. (2013). Application of customer lifetime value model in
make-to-order manufacturing. The Journal of Business and Industrial Marketing. 28. 10.1108/JBIM-04-2013-0099.
Valaskova, K., Kramarova, K. & Bartosova, V. (2015). Multi criteria models used in Slovak consumer market for business decision making. Procedia Economics and Finance, 26, 174-182. https://doi.org/10.1016/s2212-5671(15)00913-2
Voss, K. E., Spangenberg, E. R., & Grohmann, B. (2003). Measuring the
hedonic and utilitar-ian dimensions of consumer attitude. J. Mark. Res. 40, 310–320. doi: 10.1509/jmkr.40.3.310.19238
Washington state Office of the Insurance Commissioner (2020). Kreidler finds most business insurance policies in state exclude pandemic, virus coverage. Washington state Office of the Insurance Commissioner. https://www.insurance.wa.gov/news/kreidler-finds-most-business-insurance-policies-state-exclude-pandemic-virus-coverage
Wu, P., Huang, C., & Chou, C. (2014). Service expectation, perceived service quality, and customer satisfaction in food and beverage industry. International Journal of Organizational Innovation (Online), 7(1), 171-180.
Yang, Y., Li, O., Peng, X., & Wang, L. (2020). Consumption trends during the
covid-19 crisis: how awe, coping, and social norms drive utilitarian purchases. Front. Psychol. 11:588580. doi: 10.3389/fpsyg.2020.58 8580
Ye, Q., Law, R. & Gu, B. (2009). The impact of online user reviews on hotel room sales. International Journal of Hospitality Management, 28(1), 80-182. https://doi.org/10.1016/j.ijhm.2008.06.011.
Yeung, D. Y. L., & Fung, H. H. (2007). Age differences in coping and emotional
responses toward SARS: a longitudinal study of Hong Kong Chinese. Aging Ment. Health 11, 579–587. doi: 10.1080/13607860601086355
Yin, R.K., (2018). Case study research and applications: Design and methods (6th edition). Sage publication, Inc.
Zhang, W., Leng, X., & Liu, S. (2020). Research on mobile impulse purchase
intention in the perspective of system users during COVID-19. Pers. Ubiquitous Comput. [Epub Online ahead of print] doi: 10.1007/s00779-020- 01460-w
Zhu, N., Zhang, D., Wang, W., Li, X., Yang, B., Song, J., Zhao, X., Huang, B., Shi, W., Lu, R., Niu, P., Zhan, F., Ma, X., Wang, D., Xu, W., Wu, G., Gao, G. F., Tan, W., & China Novel Coronavirus Investigating and Research Team. (2020). A Novel Coronavirus from Patients with Pneumonia in China, 2019. The New England Journal of Medicine, 382(8), 727–733. https://doi.org/10.1056/NEJMoa2001017
Zietz, E. N. (2003). An examination of the demand for life insurance. Risk Management and Insurance Review, 6(2), 159– 191.
https://doi.org/1 0.1046/J.1098-1616.2003.030.x
Zini, M. L. L & Banfi, G. (2021). A narrative literature review of bias in collecting patient reported outcomes measures (PROMs). Int J Environ Res Public Health, 18(23), 12445.https://doi.org/10.3390/i jerph182312445.
Zinkhan, G. M., Roth, M. S., & Saxton, M. J. (1992). Knowledge development
and scientific status in consumer-behavior research: a social exchange perspective. J. Consum. Res. 19, 282–291. doi: 10.1086/209302
Zutshi, A., Parris, M.A., & Creed A. (2007). Questioning the future of paper
and online survey questionnaires for management research. Deakin University.
Downloads
Published
Versions
- 2024-10-17 (4)
- 2024-10-17 (3)
- 2024-10-02 (2)
- 2024-10-01 (1)
How to Cite
Issue
Section
License
Copyright (c) 2024 Benedicta Aidoo, Prof.Francis.O Boachie-Mensah
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.