Rosenberg self-esteem scale
Rosenberg self–esteem scale
Self-esteem is a multidimensional personality trait encompassing characteristics such as worth, goodness, health, appearance, skill, and social competence (Baumeister, Campbell, Krueger & Vohs, 2003; Liao, Hunter & Weinman, 1995). Investors with higher self-esteem may be better able to cope with the anxiety of experiencing a financial loss that would limit the investment performance of less confident investors. It is possible that self-esteem affects portfolio allocation and wealth creation if confident investors are more willing to invest in an instrument with which they have little familiarity. While higher self-esteem may lead to investment in riskier financial instruments that have higher historical yields, self-esteem may also lead to trading behaviors – such as excess trading or unwillingness to realize a loss – that have been associated with poor investment performance.
Self-esteem may be defined simply as a favorable or unfavorable attitude towards self (Rosenberg, 1965). Self-esteem can also be defined as the perception of self-worth or the extent to which a person values, prizes, or appreciates the self (Blascovich & Tomaka, 1991). The Rosenberg Self-esteem Scale (RSES), developed in 1965, is the most widely used scale for the measurement of self-esteem and has undergone extensive reliability and validity tests (Robins, Hendin, & Trzesniewski, 2001).
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