Cash or Card: Consumer Perceptions of Payment Modes - Scholarly ...

All dimensions (Table 6.16) show AVE greater than .50, suggesting these dimensions explain
the variance extracted, e.g. items capturing positive emotions explains 80% of variance and
lowest is “Spending Control” dimension consistent with Pre-test Two.
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Exhibit 6.11: Factor Dimensions
No Item Name Composite
Reliability
1 Affluent 0.864 0.879
2 Relaxed 0.814 0.838
3 Secure 0.782 0.813
4 Confident 0.768 0.803
Positive Emotions Cash
1 Confident 0.722 0.771
2 Secure 0.759 0.797
3 Relaxed 0.793 0.822
4 Assured 0.788 0.819
Money spent
1 $20 note spent 0.714 0.765
2 Cash in wallet spent 0.611 0.693
3 $100 note spent 0.636 0.709
Gratification
1 Social Status 0.518 0.630
2 Sensation 0.553 0.653
3 Pleasurable 0.572 0.666
4 Sophisticated 0.558 0.657
Gift Mode
1 $100 direct debited to account 0.620 0.700
2 $100 Gift card 0.627 0.705
3 $100 note 0.586 0.677
Money Management
1 Overestimate Money 0.544 0.647
2 Upset checking bank statement 0.542 0.646
3 Cash restrict 0.565 0.662
4 Cash Reduce 0.562 0.660
5 Overspend 0.517 0.629
Average Variance
Extracted
As for study two, Fornell and Larcker’s (1981) discriminant validity test was performed. The
AVEs were greater than the correlations, indicating acceptable discriminant validity for each
construct. The scale also demonstrate predictive validity as the standardized paths are greater
than 0.2 and most of the loadings greater than 0.60 (Fornell and Larckers, 1981).
The EFA resulted in a twenty eight items, a seven factor solution; however the CFA process
indicates that the six factor solution is a better fit. Three factors identified have been
labelled: Emotions (two emotion factors, social and personal gratification, money