•  
  •  
 

Abstract

Peer-to-peer (P2P) lending offers investors the discretion to allocate funds based on their risk toler- ance. However, funds cannot be withdrawn until loans mature or are repaid by borrowers, rendering it a relatively high-risk investment. Research suggests that women in older age groups tend to exhibit greater risk aversion, though financial literacy may mitigate gender disparities. This study employs logistic regression to analyze the impact of gender, age, and education on P2P loan viability assess- ment. Our findings indicate that, generally, older lenders are less likely to finance high-risk loans. However, older women with at least a bachelor’s degree display behaviors that contradict this theory.

References

Ahmed, H., & Salleh, A. M. H. A. P. M. (2016, June 20). Inclusive Islamic Finan- cial Planning: A Conceptual Framework. International Journal of Islamic and Middle Eastern Finance and Manage- ment, 9(2), 170–189. https://doi. org/10.1108/imefm-01-2015-0006

Aliani, K., Al-Kayed, L. T., & Boujlil, R. (2022). COVID-19 Effect on Islamic vs. Conventional Banks’ Stock Prices: Case of GCC Countries. The Journal of Eco- nomic Asymmetries, 26, e00263. https://doi. org/10.1016/j.jeca.2022.e00263

Ali, M., Raza, S. A., Khamis, B., Puah, C. H., & Amin, H. (2021, March 4). How Perceived Risk, Benefit, and Trust Determine User Fin- tech Adoption: A New Dimension for Islam- ic Finance. Foresight, 23(4), 403–420. doi. org/10.1108/fs-09-2020-0095

Almaleberg, J., & Dreber, A. (2015, Decem- ber 1). Gender, Stock Market Participation, and Financial Literacy. E c o - nomics Letters,137, 140–142. doi. org/10.1016/j.econlet.2015.10.009

Almulla, D., & Aljughaiman, A. A. (2021, Jan- uary 1). Does Financial Technology Matter? Evidence from an Alternative Banking Sys- tem. Cogent Economics & Finance, 9(1), 1934978. https://doi.org/10.1080/23322039 .2021.1934978

Altaf, H., & Jan, A. (2023, July). Genera- tional Theory of Behavioral Biases in Investment Behavior. Borsa I s t a n - bul Review, 23(4), 834–844. doi. org/10.1016/j.bir.2023.02.002

Barber, B., and T. Odean (2001, February 1), “Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment”, Quarterly Journal of Economics, 141(1), 261−292. https://doi.org/10.1162/003355301556400

Barberis, N., & Thaler, R. H. (2002, Janu- ary 1). A Survey of Behavioral Finance, Handbook of the Economics of Finance, 1, 1053-1128. https://doi.org/10.1016/S1574- 0102(03)01027-6

Bilgin, M. H., Danisman, G. O., Demir, E., & Tarazi, A. (2021, October 1). Economic Uncertainty and Bank Stability: Conven- tional vs. Islamic Banking. Journal of Fi- nancial Stability, 56, 100911. https://doi. org/10.1016/j.jfs.2021.100911

Brighetti, G., & Lucarelli, C. (2015, January 1). Gender Differences in Attitudes towards Risk and Ambiguity: When Psycho-physio- logical Measurements Contradict Sex-Based Stereotypes. International Journal of Entre- preneurship and Small Business, 24(1), 62- 82. doi.org/10.1504/ijesb.2015.066153

Buser, T., & Yuan, H. (2019, July 1). Do Fe- males Give Up Competing More Easily? Evidence from the Lab and the Dutch Math Olympiad. American Economic Journal: Applied Economics, 11(3), 225–252. doi. org/10.1257/app.20170160

Canton, E. J., de Groot, H. L., & Nahuis, R. (2002, November 1). Vested Interests, Popu- lation Ageing and Technology Adoption. European Journal of Political Economy,18(4), 631– 652. doi.org/10.1016/s0176- 2680(02)00112-x

Chuang, W. I., & Susmel, R. (2011, July 1). Who Is the More Overconfident Trader? In- dividual vs. Institutional Investors. Journal of Banking & Finance, 35(7), 1626–1644. doi.org/10.1016/j.jbankfin.2010.11.013

Comeig, I., Holt, C., & Jaramillo-Gutiérrez, A. (2022, August 1). Upside Versus Downside Risk: Gender, Stakes, and Skewness. Journal of Economic Behavior & Organization, 200, 21–30. doi.org/10.1016/j.jebo.2022.04.017

Deng, J. (2022, March 1). The Crowding-out Effect of Formal Finance on The P2P Lend- ing Market: An Explanation for the Fail- ure of China’s P2P Lending Industry. Fi- nance Research Letters, 45, 102167. doi. org/10.1016/j.frl.2021.102167

Gao, M., Leung, H., Liu, L., & Qiu, B. (2023, November 1). Consumer Behaviour and Credit Supply: Evidence from an Austra- lian FinTech Lender. Finance Research Letters, 57, 104205. doi.org/10.1016/j. frl.2023.104205

Gill, D., & Prowse, V. (2014, July 1). Gender Differences and Dynamics in Competition: The Role of Luck. Quantitative Economics, 5(2), 351–376. doi.org/10.3982/qe309

Gonzalez-Igual, M., Corzo Santamaria, T., & Rua Vieites, A. (2021, March 1). Impact of Education, Age and Gender on Investor’s Sentimalet: A Survey of Practitioners. He- liyon, 7(3), e06495. doi.org/10.1016/j.heli- yon.2021.e06495

Hibbert, A. M., Lawrence, E. R., & Prakash, A. J. (2013). Does Knowledge of Finance Mitigate the Gender Difference in Finan- cial Risk-Aversion? Global Finance Jour- nal, 24(2), 140–152. doi.org/10.1016/j. gfj.2013.07.002

Huang, J., & Kisgen, D. J. (2013, June 1). Gen- der and Corporate Finance: Are Male Ex- ecutives Overconfident Relative to Female Executives? Journal of Financial Econom- ics, 108(3), 822–839. doi.org/10.1016/j. jfineco.2012.12.005

Marinelli, N., Mazzoli, C., & Palmucci, F. (2017). How Does Gender Affect Invest- ment Behavior? Economics L e t - ters, 151, 58–61. doi.org/10.1016/j.econ- let.2016.12.006

Marzuki, M., Nurdin, N. (2020). The Influence of Halal Product Expectation, Social Envi- ronment, and Fiqih Knowledge on Intention to Use Shariah Financial Technology Prod- ucts. International Journal of Innovation, Creativity and Change 13 (1), 171-193.

Mishra, K., & Metilda, M. J. (2015, December 1). A Study on the Impact of Investment Ex- perience, Gender, and Level of Education on Overconfidence and Self-Attribution Bias. IIMB Management Review, 27(4), 228–239. doi.org/10.1016/j.iimb.2015.09.001

Pratiwi, & Puspawati. (2022, May 31). Factors Influencing Millennial Generation Invest- ment Decisions: Focus on Investment Be- haviour. Procedia of Social Sciences and Hu- manities, 3 (2022). https://doi.org/10.21070/ pssh.v3i.198

Santoso, W., Trinugroho, I., & Risfandy, T. (2019, April 22). What Determines Loan Rate and Default Status in Financial Tech- nology Online Direct Lending? Evidence from Indonesia. Emerging Markets Finance and Trade, 56(2), 351–369. doi.org/10.1080/ 1540496x.2019.1605595

Setiawan, N., Suharjito, & Diana. (2019, Janu- ary 1). A Comparison of Prediction Methods for Credit Default on Peer to Peer Lending Using Machine Learning. Procedia Comput- er Science, 157, 38–45. doi.org/10.1016/j. procs.2019.08.139

Tekçe, B., Yılmaz, N., & Bildik, R. (2016, May 1). What Factors Affect Behavioral Biases? Evidence from Turkish Individual Stock Investors. Research in International Business and Finance, 37, 515–526. doi. org/10.1016/j.ribaf.2015.11.017

Tekçe, B., & Yılmaz, N. (2015, March 1). Are Individual Stock Investors Overconfident? Evidence from an Emerging Market. Journal of Behavioral and Experimental Finance, 5, 35–45. doi.org/10.1016/j.jbef.2015.02.003

ul Abdin, S. Z., Qureshi, F., Iqbal, J., & Sul- tana, S. (2022, July 1). Overconfidence Bias and Investment Performance: A Mediating Effect of Risk Propensity. Borsa Istanbul Review, 22(4), 780–793. doi.org/10.1016/j. bir.2022.03.001

Wang, C., Wang, J., Wu, C., & Zhang, Y. (2023, June 1). Voluntary Disclosure in P2P Lend- ing: Information or Hyperbole? Pacific- Basin Finance Journal, 79, 102024. doi. org/10.1016/j.pacfin.2023.102024

Wang, J., & Li, R. (2023, January 1). Asym- metric Information in Peer-to-Peer Lend- ing: Empirical Evidence from China. Fi- nance Research Letters, 51, 103452. doi. org/10.1016/j.frl.2022.103452

Wilson, N. (2021, June 1). Why is Ageing As- sociated with Lower Adoption of New Tech- nologies? Evidence from Voluntary Medical Male Circumcision and A Structural Model. The Journal of the Economics of Ageing, 19, 100308. doi.org/10.1016/j.jeoa.2021.100308

Wu, Y., & Zhang, T. (2021, May 1). Can Credit Ratings Predict Defaults in Peer-to-Peer On- line Lending? Evidence from a Chinese Plat- form. Finance Research Letters, 40, 101724. doi.org/10.1016/j.frl.2020.101724

Yu, T., & Shen, W. (2019, February 1). Funds Sharing Regulation in the Context of the Sharing Economy: Understanding the Logic of China’s P2P Lending Regulation. Com- puter Law & Security Review, 35(1), 42–58. doi.org/10.1016/j.clsr.2018.10.001

Zhang, Y., Lu, X., & Xiao, J. J. (2023, April 1). Does Financial Education Help to Improve the Return on Stock Investment? Evidence from China. Pacific-Basin Finance Jour- nal, 78, 101940. doi.org/10.1016/j.pac- fin.2023.101940

Zhu, Z., Qi, Z., & Jin, Y. (2023, August 1). Fa- miliarity Bias and Economic Decisions: Evi- dence from a Survey Experiment. Eco- nomics Letters, 229, 111197. doi.org/10.1016/j.econlet.2023.1111

Zulkhibri, M. (2016, May 13). Financial Inclusion, Financial Inclusion Policy, and Islamic Finance. Macroeconom- ics and Finance in Emerging Market Economies, 9(3), 303–320. https://doi. org/10.1080/17520843.2016.11737

Download

Share

COinS
 
 

To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.