Journal of Xi'an University of Architecture & Technology ISSN No : 1006-7930

Financial satisfaction of street vendors in Azad Kashmir: Moderating role of

Customer relationship management

Waqas Ali1 Shujahat Ali2

PhD Scholar, Post Graduate Center Assistant Professor
[email protected] [email protected]

Muhammad Masood Khan3 Wajahat Ali Ghulam 4

PhD Scholar, Post Graduate Center PhD Student
[email protected] [email protected]

Limkokwing University of Creative Technology, Cyberjaya, Malaysia1,3

Mirpur University of Science and Technology, Mirpur AJ&K2
University of Science and Technology of China4

Abstract

The core objective of study is to examine effect of financial stressor and financial socialization on

financial satisfaction. The financial level of behavior plays mediating and customer relationship

management plays moderating role. The target area of the research study was the State of Azad

Jammu & Kashmir. Nature of research study was explanatory. Street vendors of the state of Azad

Jammu and Kashmir were the target population. Sample size was 332 street vendors. Convenience

method of sampling was used for the data collection from the respondents with an adapted

Questionnaire. Demographic statistics of respondents were analyzed and elaborated. Most of the

respondents have matriculation SSC (Secondary School Certificate), the larger age group of

respondents was 18 – 26 years. Most of respondents were unmarried who took part in survey. In

the starting phase of data analyses SPSS (Statistical Package for Social Sciences) considered for

initial scrutiny of the data. After the thorough investigation of the data collected, the data was

substituted to SmartPLS 3.2.8. This software is more recommended for data analysis because there

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is no need to require the assumptions of normality. Mean, Standard Deviation (S.D), Variance,

Correlation, Discriminant Validity, and HTMT ratio were interpreted and elaborated. Analysis

demonstrated that all variables were internally consistent. Analysis also testified that there is no

convergent validity and reliability issue was found. All the values were as per the threshold as well

as satisfactory level. The research study also assessed the predictive relevance by considering the

Blindfolding procedure, which put emphasizes to predict the overall capability of framework.

Study revealed that financial behavior positively influence the financial satisfaction.

Introduction

The composition of street vendors is different across the world (Bhowmik, 2005). To drive the urban

economy, street vendors hold an essential place (Cross, 1998). It came out as a source of livelihood

in urban spaces. People living in countries with huge population are relying on street vending. It

has been known for ease of establishment, and fewer regulations as compare to traditional

businesses (Sekhani et al., 2019). The core level of concept of negotiation, the ultimate level of

power and close linkage of the social network system as well as phenomenon of perception is

utilized to closely analyze the various aspects and strategies of the vendors who are mainly in

streets have utilized in getting the main access to the public spaces which are mainly in urban areas

in various parts of the globe. The street vendors have elaborated the well organized and combined

firmed political force which through the engagement of different strategies and well set

approaches, persist the or to avoid the force and overall power of the authorities of the city and

being start to utilize the spaces of public. These core and main strategies clearly elaborated as the

reflecting the power of political phenomenon of the street vendors in most of the developing

countries of the globe. Because of the street vendors and the core regulators might have and utilize

the dimensions of power variously (Forkuor et al., 2017).

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Governments in developing and developed parts of the world are working on regulating this

profession. They want to make it a formal set regulation for street vendors to business and earn

their bread and butter (Huang et al., 2019). Restructuring of economic policies are providing

support to the street vendors to do business (Turner & Schoenberger, 2012). Emerging economic

powers like China are encouraging street vendor culture termed as “Night Markets.” The concept

behind is to better utilize time and space and products that are not easily sold in traditional shelves

of shops. Even developed economies like the USA are working to bring regulation for street

vendors. The focus put on the importance of regulating this profession is backed by the amount of

contribution it makes to the economy (Bhowmik, 2003).

There are studies focusing on regulating the street vending business, hygiene aspect of street

vendors, food safety and economic contribution (Hummel, 2017; Trafialek et al., 2017), however,

there is a dearth in contemporary literature on financial satisfaction of street vendors. Aye and

Varma (2016), reported that the level of stress a street vendor faces has a direct influence on his/her

psychological wellbeing. Therefore, it is essential to build recent literature on the stress and

satisfaction level of vendors working in streets.

This research study contribute towards recent literature on financial satisfaction of the street

vendors by elaborating impact of Financial Stress, Financial Socialization, and Financial Behavior

on Financial Satisfaction of street vendors through mediating role of Customer Relationship

Management. This study took place on street vendors of the Mirpur, Azad Kashmir, the disputed

territory between India and Pakistan.

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Literature and Hypothesis

Financial Stress

Hereby Kim et al. (2003), inferred about the financial stress that, a psychological condition and

incapability of an individual to fulfill his/her financial needs and responsibilities. This financial

situation has direct negative influence on different aspects of an individual’s life including mental

health (Drentea & Lavrakas, 2000), well-being (Northern et al., 2010) and personality in particular

(Choi, 2005). However, a positive financial standing is linked to lower financial stress. Besides, a

positive financial behavior paves the way to lower the financial stress, like conscious spending,

reduction in daily-based-expenses and increase financial satisfaction (Britt et al., 2015).

In other words, financial stress, financial behavior, and satisfaction of financial phenomenon are

linked in a way that financial stress may lead to positive or negative financial behavior (Britt et al.,

2015), while financial behavior forms financial satisfaction (Aboagye & Jung, 2018; Coskuner, 2016).

Britt et al. (2015), elaborated determinants of financial stress between college students as well as

found that lack of financial recourses, higher financial knowledge, and negative perceptions lead

to higher financial stress.

The firm connection among phenomenon of financial stress, financial behavior, and dimension of

financial satisfaction is evident from previous studies on different settings of the population. The

major work is done on financial stress and satisfaction of the students (Baker & Montalto, 2019;

Britt et al., 2017; Britt et al., 2015; Gregory et al., 2018; Mukherjee et al., 2017; Ray, 2017; Robb,

2017), with the findings that financial stress leads to an abrupt financial behavior that ends up

leaving students financially unsatisfied. In another study of Canadian households, Brzozowski and

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Visano (2017), asserted an overwhelming effect of financial stress on financial wellbeing and life

satisfaction. Hence, financial stress has both have direct and indirect effect of financial satisfaction.

Based on above stated arguments, we hypothesize that;

H1: Financial stress directly influences financial behavior

Financial Socialization

A concept under which an individual possesses a set of specific skills, values, behavior and

knowledge of the marketplace to gain financial viability and wellbeing is considered financial

socialization (Danes, 1994; Ward, 1974). Therefore, the concept is not merely mastering the

economic and financial dealings, rather it is developing interpersonal skills to control financial

capability and well-being (Danes, 1994). Although, financial socialization takes places at every

stage of an individual’s life, however, the best development phase for financial socialization is

elementary and middle school age (Drever et al., 2015).

Parents, educators, peers media, and self-learning are the primary role player in financial

socialization, while, parents are considered to be the most critical (Gudmunson et al., 2016).

Mohamed (2017), also argued favorably that the parents are considered as best source of acquiring

financial knowledge that further contributes towards financial socialization. The study also

suggested that there is strong positive relationship among dimension of financial knowledge,

financial behavior, and financial wellbeing.

Examining influence of financial socialization on young adults, Glenn (2018), claimed that financial

socialization has direct impact on financial behavior. While Fan and Chatterjee (2019), suggested

based on their findings that students who had the financial knowledge and financial socialization,

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faced less stress on their student loans and found to be satisfied. In another set of respondents in

India, Saurabh and Nandan (2018), also found a positive relationship between these variables.

Based on these arguments it can be hypothesized that;

H2: financial socialization has a positive impact of financial behavior

Financial Behavior

Different methods that an individual integrate to manage his/her finances is considered to be as

financial behavior (Britt et al., 2015). In other words, administration of financial recourses to cope

up with financial needs, either personal or for a household, comes under financial dimension

behavior (Loix et al., 2005). A positive financial behavior consists of short term as well as long

term financial planning. A. Ali et al. (2015), suggested several salient features of a positive financial

behavior mentioning budget preparation for expenses, long-term savings, and arrangements made

for an uncertain and challenging times.

There are several predictors of financial behavior identified by many researchers in the recent past.

For example, the study of Kaiser and Menkhoff (2016), suggests that financial socialization, family

financial socialization, in particular, can form a positive financial behavior. While having good

self-control in terms of saving and conscious spending also establishes better financial behavior

(Strömbäck et al., 2017). Financial literacy came as strongest among other predictors of sound

financial behavior (Kaiser & Menkhoff, 2017; Stolper & Walter, 2017).

It is based on evidence from past researches that dimension of financial behavior is used as a strong

predictor of financial satisfaction (Aboagye & Jung, 2018; A. Ali et al., 2015; Brzozowski &

Visano, 2017; Fan & Chatterjee, 2019; Saurabh & Nandan, 2018). Financial behavior comes in

among financial satisfaction and financial stress. If financial behavior is positive, it will lead to

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financial satisfaction, and if it is not favorable, it will result in financial stress (Dowling et al.,

2009). Fan and Chatterjee (2019), also argued in this regard that financial knowledge and financial

socialization provides a solid base to manage finances appropriately; consequently, positive

financial behavior formed that leads to financial satisfaction.

Therefore, we hypothesize that;

H3: financial behavior positively influences financial satisfaction

Customer relationship management of vendors

One of the critical role players in street vending business is social networking of the vendors with

the customers(Raj, 2017) . Because of network proximity, the interaction between the vendors and

sellers becomes very frequent. Along with economic transactions, an exchange of information on

general or social issues becomes a general practice. These frequent interactions and general

discussions go so deep that buying and selling becomes a secondary objective of both the parties

resulting in a stronger social and customer relationship.

Stronger customer relationships is an indication of customer loyalty (Dick & Basu, 1994). Since the

relationship of street vendors with their customers is secure, and customers are loyal to their

specific street vendors, this gives a sense of financial relief to the street vendors. If the customer

is loyal to the vendors, the vendors are satisfied that they have a strong customer base and secure

source of income. This paper aims to integrate this as a moderator to have test the relationship

between financial satisfaction and dimension of financial behavior, financial stress, and financial

socialization. Model of this paper will depict linkage of financial level of stress and financial

socialization with financial behavior as a mediating variable and financial satisfaction as a

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dependent variable with a moderating role of the Customer relationship management of street

vendors will come among the phenomenon of financial behavior and financial satisfaction.

In this perspective it is hypothesize that

H4: customer relationship management has a moderating impact on the relationship of financial

behavior and financial satisfaction

Research methodology

Research Design

This research study has taken place on the population of state of Azad Jammu and Kashmir to

provide crystal insight into the financial satisfaction of vendors. This is an explanatory study to

determine the moderating role of customer relationship management of street vendors between the

financial socialization and financial stress on the financial satisfaction. Financial behavior plays

mediating role in this relationship. Quantitative study is employed in this research that helps to

quantify the results and helps for the generalization of the findings.

Population sample size and method

Street vendors of Azad Kashmir are target population of the study. Data is collected through survey

method from 322 street vendors. Probability sampling method could not be useful if the sampling

frame is unavailable (Memon et al., 2017). Thus, Convenience sampling is employed for the data

collection from the respondents. The study took five months accumulatively for the process of data

collection from the street vendors.

Instrument tools and scale

To measuring financial stress of the respondents four indicators are adapted from the studies of

(Lim et al., 2014). For the measurement of financial socialization seven items are adapted from

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Hira et al. (2013). Financial behavior measured with six statements which adapted from Grable and

Joo (2001). Financial satisfaction measured with seven indicators adapted from Lown and Ju (1992).

While the measurement of the customer relationship management is with the five items used by

Demo and Rozzett (2013). SmartPLS is used for the data analysis as recommended by the studies of

Memon et al. (2017).

Table 1: Summary of Indicators

Code Item Score Source

FS Financial Stress 1-5
FS1 I perceive stressed for my personal possession of 1-5 (Lim et al., 2014)
finances resources in general perspective.
FS2 I am contented with procedure I pay my utility bills. 1-5 (Serido et al., 2010)
FS3 I face obstruction in paying for any stuff. 1-5
FS4 I am regularly annoyed about money. 1-5
FSo Financial Socialization 1-5 (Hira et al., 2013)
FSo2 When you were maturing up, how frequently did 1-5
your parents communicate with you about how to
manage money?
FSo3 When you were maturing up, how frequently did 1-5
your parents communicate with you about the
significance of safeguarding money for the foresight?
FS04 My parents provided my advice me when I was 1-5
young on how to make investment of financial
resources.
FS05 How frequently do you have information about 1-5
making investment from friends or colleagues?
FS06 How frequently do you have related information 1-5
about making investment from the Internet; TV
programs; radio programs; newspapers, magazines,
newsletters or books?
FS07 How frequently do you have information about 1-5
making investing from your related workplace?
FB Financial Behavior 1-5 (Grable & Joo, 2001)
FB2 I arrange money aside for pool of savings. 1-5
FB3 I arrange money aside for the retirement. 1-5
FB4 I had comprehensive plan to reach financial goals. 1-5
FB5 I usually had weekly or monthly budget that I 1-5
followed.
FB6 I spent more money than I earned. 1-5
CRM Customer Relationship Management 1-5
NP1 I treat customers with respect. 1-5 (Demo & Rozzett, 2013)
NP2 The Products I sell are of high Quality. 1-5
NP3 I tried to get to know the preferences and suggestion 1-5
of my customers.

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NP4 Customers are willing to buy all other products that I 1-5
sell.
NP5 The product I sell are a good value of money. 1-5
FSat Financial Satisfaction 1-5
FSat2 Amount and pool of saving 1-5
FSat3 Financial Management Skills 1-5
FSat4 Current Financial Situation 1-5
FSat5 Ability to meet wants and needs 1-5
FSat6 Saving for emergency needs 1-5
FSat7 Affordability to spend 1-5
Data Analysis
Demographics characteristics
Demographics N %
Education Level
SSC 237 73.6 %
HSSC 83 25.8 %
Graduation 2 0.6 %
Age
18 to 26 years 86 26.7 %
27 to 35 years 175 54.3 %
36 to 44 years 61 18.9 %
Marital Status
Married 103 32.0 %
Single 219 68.0 %

Statistical table indicates that approximately 73.6% (n=237) of the respondents had SSC

(secondary school certificate) education, 25.8% (n=83) had HSSC (higher secondary school

certificate) and only 0.6% (n=2) had graduation as their qualification. Furthermore, analysis found

that 26.7 % (n=86) were from the age group of 18-26 years, approximately 54.3% (n=175) fall

under the age group of 27-35 years and the 18.9% (n=61) were 36-44 years old. About the 32.0%

(n=103) respondents were married and approximately 68.0% (n=219) were females who

participated in the survey.

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Figure 1: Measurement Model

In starting stage of the analysis of data, study also used statistical package for social science (SPSS)

foe data cleaning and screening. In the data cleaning and screening process researchers identify

the error value, missing values (through multiple imputations) and the common method biased

(CMB). It is necessary to check the CMB because the data was collected from the single origin

recommended by the (Podsakoff et al., 2003). This study further utilized SmartPLS recommended

by the (Ringle et al., 2015) because it does not required the normality assumptions and the excellent

working on small size as well.

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Table 2: Sample size, Mean, Standard Deviation, Variance, Correlation, Discriminant

validity, HTMT

S/ Va CR
Variables N M SD FB FSat FSo FSt Mod
N r M
1 Financial 32 3.3 0.7
0.50 0.74
Behavior 2 2 1
2 0.61
Financial 32 3.0 0.7
0.59 (0.71 0.79
Satisfaction 2 3 6
)
3 Financial 0.20 0.11
32 3.7 0.7
Socializatio 0.62 (0.22 (0.11 0.75
2 1 8
n ) )
4 0.54 0.51 0.16
Financial 32 3.0 0.8
0.67 (0.66 (0.61 (0.17 0.78
Stress 2 6 2
) ) )
5 -0.17 -0.17 0.01 -0.01
Moderating 32
- - - (0.19 (0.18 (0.05 (0.03 1.00
Effect 1 2
) ) ) )
6 Customer
0.62 0.65 0.15 0.65 -0.05
Relationship 32 2.8 0.8
0.74 (0.72 (0.73 (0.17 (0.80 (0.09 0.79
Managemen 2 4 6
) ) ) ) )
t

SmartPLS 3.2.8 utilized for data analysis since it is highly recommended by prior researcher

(Ringle et al., 2015). Statistics revealed that mean, standard deviation, variance, correlation,

discriminant validity, and HTMT ratio. Discriminant level of validity (square root of AVE) shows

whether the construct of the framework is correlated with each other or not. All values of diagonal

should be higher than correlation values (Henseler et al., 2015; Muhammad, 2019). Values in small

bracket present Heterotrait-Monotrait (HTMT) ratio. The threshold of HTMT is <0.85 suggested

by (Kline, 2015). Statistics declares that there is no discriminant and HTMT validity issue in the

framework.

Analysis demonstrate that internal consistency, Composite reliability and AVE of financial

behaviors indicators is (α=0.797, CR=0.860 and AVE=0.552), financial satisfaction (α=0.885,

CR=0.913 and AVE=0.636), financial socialization (α=0.852, CR=0.886 and AVE=0.565),

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financial stress (α=0.789, CR=0.862 and AVE=0.611) and customer relationship management

(α=0.853, CR=0.895 and AVE=0.630). The acceptable value of internal consistency is > 0.70

recommended by Cortina (1993). Composite reliability threshold is also > 0.70 as endorsed by

Ramayah et al. (2016), and Average variance extracted cut off point should be > 0.50 (Fornell &

Larcker, 1981). Analysis testified that there is no convergent validity and reliability issue found.

SRMR value is 0.071 which is <0.08 (Hu & Bentler, 1998).d_ULS Values are quite similar to SRMR

value. Hence, it is not necessary to discuss. Value of the normed fit index is 0.789, which should

be > 0.90 (Bentler & Bonett, 1980). Statics validates that the all the threshold are as on per

satisfactory level.

t- P-
Hypothesis Coefficient SE Decision
statistics value
FB -> FS 0.315 0.058 5.443 0.000 Supported
FSo. ->FB 0.113 0.039 2.876 0.004 Supported
FS ->FB 0.527 0.045 11.779 0.000 Supported
Moderating Effect 1 ->FSat. -0.082 0.038 2.130 0.034 Supported
CRM ->FSat. 0.452 0.053 8.492 0.000 Supported

Statistics revealed that financial behavior positively influence financial satisfaction (β=0.315,

t=5.443, p=0.000***), whereas financial socialization and financial stress also has impact on

financial behavior (β=0.113, t=2.876, p=0.004***) and (β=0.527, t=11.779, p=0.000***)

respectively. Customer relationship management positively influence financial satisfaction

(β=0.452, t=8.492, p=0.000***). Furthermore, study found significant moderating (FB*CRM)

effect of Customer relationship management on financial satisfaction (β=-0.082, t=2.130,

p=0.034**). Financial socialization and financial stress have positive effect on dimension of

financial satisfaction through the linkage of mediating role of phenomenon of financial behavior

(t=2.525, p=0.012***) and (t=4.927, p=0.000***) respectively. Specific indirect effect of the

financial socialization and financial stress on the financial satisfaction with mediating role of

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financial behavior is also significant with the values (t=2.518, p=0.012**) and (t=5.204,

p=0.000***) respectively. Study found that all developed hypothesis is supported.

Coefficient determination (R2) value of financial satisfaction and financial behavior was

(R2=0.504) and (R2=0.310) respectively. Financial behavior has small effect size on financial

satisfaction (f2=0.120), while Financial stress has the high effect, financial socialization has no

effect size, and customer relationship management has medium effect size on financial satisfaction

(f2=0.391), (f2=0.018) and (f2=0.252) respectively. Results also indicate that the effect size for all

possible variables is acceptable except financial socialization. According to the Cohen (1988), 0.02

indicate small, 0.15 shows medium and the 0.35 illustrate the large effect size. Current study also

assessed the variance inflation factor, all the VIF values are <5 which is in line to the studies of

Hair Jr et al. (2016).

Conclusively, study assessed predictive level of relevance by using the blindfolding procedure.

Henseler et al. (2009), put emphasis to use the predictive relevance which can predict the capability

of the framework. Akter et al. (2011), stated that the Q2 is commonly predicted by using the

elimination of the distance of the 5-10 in the partial least square. The threshold of the Q2 is > 0

which means the framework has predictive level of relevance of endogenous construct. Statistics

found that value of predictive relevance of financial satisfaction and financial behavior was

(Q2=0.260) and (Q2=0.160), respectively. Statistics indicated that the value of financial behavior

and financial satisfaction has > 0, which indicates that framework has ample predictive level of

relevance. Value of the 0.02 indicated small, 0.15 express medium and the 0.35 illustrate the large

predictive relevance of the model.

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Discussion and conclusion

Financial behavior playing mediating role among financial stress and financial dimension of

socialization and financial satisfaction. Customer relationship plays moderating role among

financial behavior and financial dimension of satisfaction. These relationships determine that

whole chunks of impact of financial stressor and financial socialization taken by the financial

behavior. Thus, financial behavior is the major component in the financial stress and financial

satisfaction as prior studies suggested (W. Ali et al., 2019).

Current study found that the financial stress significantly influence the financial behavior as

suggested by Services (1991). Results also illustrated that financial socialization has a positive

influence on the financial behavior. These results are backed by study of W. Ali et al. (2019).

Financial behavior has favorable and the significant effect on the financial satisfaction of street

vendors while these results are same as the previous study of Joo and Grable (2004). Customer

relationship management plays moderating role among financial behavior and financial

satisfaction of vendors found by this research.

Practical implication and recommendation

The implications of study are favorable for the financial planners, who can enhance the financial

satisfaction of people which leads to increased the life satisfaction (Saurabh & Nandan, 2018). Public

policy makers can also use these findings for the development of sympathetic policies. Finding of

study will try to contribute towards building a recent literature on street vendor’s financial

satisfaction with drawing guidelines for the financial advisors. Street vendors may also benefit

from the study and in a way to enhance their customer relationship management. However, in

order for the street vendors to flourish their businesses, government policies and regulation play a

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critical role. Especially in developing countries like Pakistan, it is mandatory for the government

to regulate the street vending business so that the street vendors may have a stable business and

greater financial abilities and satisfaction.

Present study prone with some limitations same as prior studies by Saurabh and Nandan (2018). This

study is conducted only in the main city of Azad Kashmir with the medium sample size. Current

study used convenience sampling (non-probability) method which has impact on the generalization

of the results. Probability sampling method can provide more authentic results. Several

demographics as well as socio related economic factors also influence on the financial level of

satisfaction. Current study does not consider any demographic and socio-economic factors, which

may have significant impact on the financial level of satisfaction of people.

Study used the financial behavior as mediating variable while future studies can also use the

financial risk attitude as mediating variable. This was conducted to determine the financial

satisfaction of street vendors only, whereas, future studies can also examine the financial

satisfaction in different contexts. This study conducted in Azad Kashmir, migration of the peoples

is the major issue of the Azad Kashmir (Ghulam et al., 2019), future study could be conducted to

determine the financial satisfaction of migrated peoples. Further studies can also examine the

effect of socio level of economic and several demographic variables, which may help to test further

relationship. Plethora of research studies employed gender and the age as moderating variable

which also recommended as an area for future studies that can use the cultural aspects as

moderating variables.

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Conclusion

The conclusion drawn from the research study that most of the street vendors’ respondents has

SSC (Secondary School Certificate). It can be concluded that there are some root causes, which

compel them to form such profession of street vendors. Statistics revealed that financial level of

behavior positively influence the financial satisfaction. There is impact of dimension of financial

socialization and financial stress on the financial behavior. Customer Relationship Management

(CRM) positively influence financial satisfaction. Furthermore, research study also elaborated

moderating effect of CRM, on financial satisfaction. In addition, financial socialization and

financial stress have positive effect on phenomena of financial satisfaction, through mediating role

of financial behavior. Specific indirect effect of the financial socialization and financial stress on

the financial satisfaction with the mediation role of financial behavior. Study also revealed that the

entire hypothesis are being supported. Hypothesis was that financial stress directly influences

financial behavior is accepted as per the threshold value and results of the study. Financial

socialization with a positive impact of financial behavior is also accepted. Financial behavior

positively influences financial satisfaction is also in range of acceptance. Customer Relationship

Management has moderating impact on relationship of financial behavior and financial dimension

of satisfaction is in the range of acceptance.

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