A STUDY OF ETHICAL DECISION MAKING AMONG BANKING & FINANCE FINAL YEAR STUDENT ON E-BANKING TRANSACTION

MUHAMAD KHAIRUL ANWAR BIN MAT LANI

BACHELOR OF BUSINESS ADMINISTRATION (HONS) BANKING & FINANCE FACULTY OF BUSINESS AND LAW MULTIMEDIA UNIVERSITY MAY 2011

A STUDY OF ETHICAL DECISION MAKING AMONG BANKING & FINANCE FINAL YEAR STUDENT ON E-BANKING TRANSACTION

By MUHAMAD KHAIRUL ANWAR BIN MAT LANI

A research project submitted in partial fulfillment of the requirement for the degree of BACHELOR OF BUSINESS ADMINISTRATION (HONS) BANKING & FINANCE FACULTY OF BUSINESS AND LAW MAY 2011

The copyright of this thesis belongs to the author under the terms of the Copyright Act 1987 as qualified by Regulation 4(1) of the Multimedia University Intellectual Property Regulations. Due acknowledgement shall always be made of the use of any material contained in, or derived from, this thesis. Muhamad Khairul Anwar Bin Mat Lani, 2011All rights reserved

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DECLARATION I hereby declare that the work have been done by myself and no portion of the work contained in this research project report has been submitted in support of any application for any other degree or qualification of this or any other university or institute of learning. I hereby declares that pursuant to the provisions of the Copyright Act 1987 (the Act) that I shall not during my tenure at the University or thereafter engage in any unauthorised act of copying or reproducing or attempt to copy / reproduce or cause to copy / reproduce or permit the copying / reproducing or the sharing and / or downloading of any copyrighted material or an attempt to do so whether by use of the Universitys facilities or outside networks / facilities whether in hard copy or soft copy format, of any material protected under the provisions of sections 3 and 7 of the Act whether for payment or otherwise save as specifically provided for therein. This shall include but not be limited to any lecture notes, course packs, thesis, text books, exam questions, any works of authorship fixed in any tangible medium of expression whether provided by the University or otherwise. I hereby further declare that in the event of any infringement of the provisions of the Act whether knowingly or unknowingly the University shall not be liable for the same in any manner whatsoever and undertake to indemnify and keep indemnified the University against all such claims and actions.

Muhamad Khairul Anwar Bin Mat Lani 1091105296

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ACKNOWLEDGEMENT

I have great pleasure to take this opportunity to thanks ALLAH who gave me the knowledge and ability to prepare this dissertation.

I am obliged to express my gratitude to the supervisor of this study Mr. Abdullah Sallehhuddin, Deputy Dean, Senior Lecturer, Faculty of Business & Law, Multimedia University for giving me valuable academic guidance, direction, and dedicated encouragement extended through the research, in addition to that, his prompt assistance and good honor should be immensely appreciated.

I am particularly indebted to my parents, Abah and Mak, my beloved brother, Yusri, and Taufik, and to my entire families and all relatives who help me through this long process, and always offering support and love. Also my gratitude goes to all the seniors who helped me getting through this research, thanks a lot.

May Allah reward you all abundantly.

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ABSTRACT

The ethical decision making (EDM) process of individuals has proven to be very challenging due to the multitude of complex and varied factors that contribute to this behavior. Nevertheless, many theoretical frameworks have been proposed to describe such behavior. Despite the increasing number of EDM models and practices, reports of unethical incidents and illegal behavior, continue to appear. This problem is in part related to the failure of EDM models that do not adequately explain the antecedent factors of ethical behavior by individuals. As a result, there is a gap between theory and practice. Hence, the main objective of this study is to address these shortcomings by exploring and empirically examining the antecedents in the EDM process and by developing a behavioral model that encompasses a fully functional model of individual ethical behavior. Furthermore, most of the major frameworks have been formulated from a Western perspective. The current research was conducted in the Malaysian context, using a model that accounts for cultural differences. The most generally accepted concept is that culture is a key determinant of an individual's ethical ideology, which affects an individuals inclination to behave ethically. In other words, culture acts as a guideline in determining whether certain practices are appropriate and acceptable. However, individuals also have an obligation to comply the culture in their work setting. Therefore, the culture of ethical practices is expected to play an important role in the process of EDM. In addition, literature has established the moderating effect of gender, age and level of education in such behavior. Therefore, the current research also further investigated the relationship among the components of the EDM process, which has thus far not been given proper attention.

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TABLE OF CONTENT Page COPYRIGHT DECLARATION ACKNOWLEDGEMENT ABSTRACT TABLE OF CONTENT LIST OF FIGURES LIST OF TABLES CHAPTER 1 INTRODUCTION 1.1 Background of the Research 1.2 Research Problems 1.3 Research Objectives 1.4 Research Scope 1.5 Significant of Study 1.6 Expected Contribution 1.7 Organization of Study CHAPTER 2 LITERATURE REVIEW 2.1 Introduction 2.2 Ethical Decision Making Process 2.2.1 Theory of Reasoned Action 2.2.2 Theory of Planned Behavior 2.3 Variables Affecting Ethical Decision-Making 2.3.1 Intention 2.3.2 Attitude 2.3.3 Subjective Norm 2.3.4 Perceived Control Behavior 2.4 Other Similar Studies 2.5 Critical Analysis i ii iii iv v viii ix 1 1 3 4 4 4 6 7 8 8 8 8 10 11 12 13 14 14 15 17

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2.6 Summary CHAPTER 3 RESEARCH METHODOLOGY 3.0 Introduction 3.1 Theoretical Framework 3.2 Variables Definition 3.2.1 Dependent Variable 3.2.2 Independent Variables 3.3 Hypotheses Development 3.4 Research Design 3.4.1 Target Population 3.4.2 Research Instrument 3.5 Data Collection 3.5.1 Primary Data 3.5.2 Secondary Data 3.6 Data Analysis 3.6.1 Reliability Analysis 3.6.2 Validity Analysis 3.6.3 Normality Analysis 3.6.4 Descriptive Analysis 3.6.5 Correlation Coefficient Analysis 3.6.6 Regression Analysis 3.7 Summary APPENDICES REFERENCES

20 35 35 35 36 36 37 37 38 39 39 40 40 41 41 42 43 43 44 44 44 45 46 47

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LIST OF TABLES Table No. 1 2 Four Components of Rests Framework Summary of Ethical Decision Making Model Page 12 46

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LIST OF FIGURES Figure No. 1 2 3 Theory of Reasoned Action Framework Theory of Planned Behavior Framework Theoretical Framework Page 18 19 36

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Chapter 1 Introduction1.1 Background of the ResearchEvery day we make a decision. Sometimes its easy and sometimes its hard but are we certain that we make the decision ethically. The words 'ethics' and 'morals' are frequently used interchangeably. For the purposes of making decisions, however, it is helpful to think of them differently. Morals refer to behavior customary in our culture or society. Morals may change as we move from one society to the next. Ethics refer to our personal standards of right and wrong. Ethics do not change as we move from one society to the next. The history of ethics goes back to the Socrates era in 469 BC 399 BC where he encouraged both scholars and the common citizen to turn their attention from the outside world to the condition of humankind. In this view, knowledge having a bearing on human life was placed highest, all other knowledge being secondary. Self-knowledge was considered necessary for success and inherently an essential good. A self-aware person will act completely within his capabilities to his pinnacle, while an ignorant person will flounder and encounter difficulty. To Socrates, a person must become aware of every fact (and its context) relevant to his existence, if he wishes to attain selfknowledge. He posited that people will naturally do what is good, if they know what is right. Evil or bad actions are the result of ignorance. If a criminal were truly aware of the mental and spiritual consequences of his actions, he would neither commit nor even consider committing those actions. Any person who knows what is truly right will automatically do it, according to Socrates. While he correlated knowledge with virtue, he similarly equated virtue with happiness. The truly wise man will know what is right,

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do what is good, and therefore be happy. From the Socrates era, ethics has been given many sort of definition. Ethics is about how people ought to act to be moral (Buchholz and Rosenthal 2005) by setting a standard of good or bad, or right or wrong (Schermerhorn 2002), or permissible in ones conduct (Buchanan 1998), in term of rights, obligations, and benefits to society, fairness or specific virtues (Velasques et al. 1987). Despite this clarification, still no clear definite rationale can be deduced to determine whether certain action is ethical or unethical. One possible explanation of this matter is related to the philosophical thinking about the subject itself (Watley 2002). Therefore, the meaning of ethics is validated based on the philosophical view. In explaining this, two schools of thought, namely the deontological and teleological views come into consideration. Briefly, both theories are fundamentally based on the righteousness of behavior and the consequences of the behavior. Deontologists (Kant 1980) propose that a decision is moral only to the extent that it is consistent with universal moral philosophies. The notion that doing unto others as you would have them do unto you is the golden rule in the deontological view. As a result, accepted moral values such as fairness, truthfulness, and harmony are determined as benchmark in ethical analysis. For deontologist, means of an action is the benchmark to determine the morality. This principle is directly opposed to teleology, which determines morality through the ends of an action. Teleologists (Mill 1963) argue that ethical standards of a decision are ethical if the decision could produce better consequences rather than universal values. For them, an action is considered moral as long it provides the greatest good for the greatest number of people. As a result, the conflict arising between these two perspectives has led to some key debate surrounding the meaning of ethics (Watley 2002). Morality can be referred to as the basic guidelines about what is right and wrong (Velasquez 1998), by providing the standards of behavior by which individuals are judged, especially in their relationship with others (Stedham, Yamamura and Beekun 2007). Although morality is a widely used concept in explaining the concept of ethics, there is an argument about the relationship between these two concepts. According to

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previous researchers, morality and ethics are two different elements in the same area (Fang 2008; Fischer 2004). Beauchamp and Bowie (2001) for example, state that morality refers to the principle or rules of moral conduct as defined by society. On the other hand, ethics reflect the nature and justification of right and wrong. In general however, it is common for the terms of morality and ethics to be used interchangeably. According to Grace and Cohen (1998), ethics and morality is a synonymous concept. Both terms are difficult to separate as no difference in meaning between ethical and moral can be derived. Taylor (1975) also indicates the similarity of these two terms in her definition of ethics that is the nature and ground of morality where the term morality is taken to mean moral judgments, standard, and rules of conduct. In addition, many other studies also used both terms interchangeably (Nguyen and Biderman 2008; Stedham, Yamamura and Beekun 2007; Trevino, Weaver and Reynolds 2006; Shaw and Barry 2001; Jones 1991). Based on this clarification, the current research applied the uniformity of both concepts.

1.2 Research ProblemThis research is an attempt to find out the ethical decision making among Banking & Finance undergraduate towards the intention to commit ethical/unethical e-banking transaction. Beside, this research is to determine the attitude of Banking & Finance undergraduate towards e-banking and their thoughts about making an ethical decision. Moreover, this research is to find out the level of awareness among Banking & Finance undergraduate. In other to address the issue underlining this research, an attempt will be made to provide an answer to the following question: 1. How attitude would affect the banking & finance students decision making? 2. How subjective norms would affect the banking & finance students decision making? 3. How perceived control behavior would affect the banking & finance students decision making?

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1.3 Research ObjectivesThe objectives of this research are to found out the relation between banking and finance students behavior towards the intention to commit ethical/unethical e-banking transaction. The main objective of this research is to understand behavior. Based on the research problems, the following research objectives are developed: 1. To assess and analyze how attitudes will affect banking & finance students decision making. 2. To assess and analyze how subjective norms will affect banking & finance students decision making. 3. To assess and analyze how perceived control behavior will affect banking & finance students decision making.

1.4 Research ScopeThe scope of this research is focusing on Banking & Finance undergraduate in a local private university in Melaka, Malaysia. This research is focus on them is because they have better understanding about e-banking.

1.5 Significant of StudyThe significance of the current study lies in its theoretical and practical contributions. From a theoretical perspective, this research provides insights into the practice of ethical decision making by students. In addition, this research evaluates the validity of existing theory as proposed in the ethical literature. In an attempt to investigate the individuals ethical decision making process, the current research developed a proposed model that was derived from Rests (1980, 1984, 1986, 1994) Four Component Model. The focus is to examine the factors that influence the process of how individuals deal with ethical dilemmas. Some existing studies use a similar notion, but they fail to determine the real factors faced by individuals. In order to overcome this issue, the current model carefully addresses the ethical decision making constructs based on prior theories and

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research in ethics literature. As a result, the antecedent factors, namely intentions, attitudes, perceived control behavior, subjective norms and ethical ideology were proposed as the factors that affect a students ethical decision making process. In general, the influence of these factors has been barely explored. Besides the investigation of these factors, this research conducts an examination of the components of the ethical decision making process in order for an individual to perform morally. In particular, the relationship and interrelationships between moral awareness, moral judgment, moral intensity and moral behavior by students will be identified. Since most existing studies have only adopted particular components to describe student ethical decision making, this investigation of the relationship between the components will clarify the complexities of the ethical decision making process. From a practical perspective, this research provides an insight into the ethical decision making process of students in e-banking transaction context. It demonstrates a clear picture of the factors that influence students when making decisions involving ethical content. In addition, it is expected that a better understanding of both the antecedent and the processes of ethical decision making will provide guidelines to assist banking & finance students to successfully promote and encourage ethical behavior among them. Since this study is undertaken in Malaysia, a significant contribution will be made to an understanding of the ethical decision making practices based on the Malaysian context. However, even though the research was focused specifically on the Malaysian context, a general understanding of the individual ethical decision making process in the e-banking context still can be concluded. This research also will provide a more understanding about the human behavior and their effect in ethical decision making. Besides that, this research offers a more understanding about the theory of reasoned action, theory of planned behavior and issue of contingent model. Furthermore, this research will give a clearer view of the ethical decision making model.

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1.6 Expected ContributionThis study will contribute in three sections; theoretical, policy and practical. The first section is theoretical contribution. There are a few major theoretical contributions that will be established in this research. The first contribution is related to the factors affecting and students decision making process. This research is all about finding out the main factors that would affect the students ethical decision making. The findings in this research also extend the literature review related to the factors of individuals ethical decision making. Besides the major findings in term of factors affecting ethical decision making process, this research also will extend Rests (1980, 1984, 1986, 1994) theory of Four Components Model. In particular, this research will provide the confirmation of sequential process and the interrelationship of ethical decision making. Base on the discussion later, this research will contribute to the development of the complete behavior model that combines the antecedent factors, moderating factors, and the entire process of ethical decision making. The second contribution is in the policy context. Although the current research has proposed and confirmed a series of constructs that are relevant and significant in the Ethical Decision Making process, the examination of the relationship among the constructs is limited. In this research, the relationship was analyzed based on the

objectives of this research. Therefore, further work needs to take into account the possible correlation between the constructs. In the practical context, this research will provide guidelines to develop better ethical program policies for students. Nevertheless, the main contributions of this research it that it is applicable to any banking institution that offers e-banking services. More specifically, the findings in this research will demonstrate the importance of creating a ethical environment within students.

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1.7 Organization of StudyIn the current chapter, chapter one, there is a discussion about the research background that provides the importance of the research and the problem in the existing literature. The result of the discussion is to determine the focus of the research that leads to the questions and objectives of the research. In addition the theoretical and practical contribution of the research is also provided. In chapter two, a review of relevant literature focusing on the Ethical Decision Making process is undertaken and the ethical ideology, cognitive moral development, locus of control, code of ethics, level of education, and ethical decision making paradigm, which includes the descriptive model is explain. Along with the discussion, attention is also given to the existing gap in research. By synthesizing previous theories and empirical research, this chapter proposes the initial model for this research that explains the relationship of antecedent factors and Ethical Decision Making components. In order to test the model, chapter three proposes a mixed methodology that combines the quantitative and qualitative approaches to be undertaken. The rationality and justification of the method employed is proposed in this chapter. Then, a detailed description of the research process in collecting the data for this research is presented. The implication of the research findings is discussed in chapter four. More specifically, this chapter provides an explanation of the research findings based on theoretical and practical perspectives. In the final chapter, chapter five, the summary of the research overview and the significant contribution of this research are presented. For the purpose of extending understanding in this area of research, recommendations for future research are also given.

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Chapter 2 LITERATURE REVIEW

2.1 IntroductionThe literature review for this study focused on three areas: (1) ethical decision making process that would be using in this study, (2) the variables that affecting one decision making, (3) other similar studies that had been done before this study, and (4) the limitations of previous studies and how this research will overcome those limitations. This review also provides information about the theory of reasoned action, theory of planned behavior.

2.2 Ethical Decision Making Process 2.2.1 Theory of Reasoned Action (TRA)The TRA (Ajzen & Fishbein, 1980, 1975) is an expectancy value model with emphasis on attitudes, subjective norms, intentions, and behaviors directed to a specific focus. Expectancy value models provide a framework for understanding the relationship between a person's attitudes and their underlying beliefs. Outcome expectancy is the belief that a given behavior will lead or will not lead to a given outcome, whereas outcome value is the person's evaluation or subjective value placed on that outcome (Ajzen & Fishbein, 1980; Eagly & Chaiken, 1993; McGuire, 1985). An individual is more motivated to perform a behavior that will result in an outcome that is highly valued. When one does not believe that an act will lead to a specific outcome or the outcome is not valued, the individual will be less motivated to perform a behavior.

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Because of the specific nature of the model, it offers an approach for understanding and predicting exercise intentions and/or behavior. According to the TRA, behavioral intentions are the best single predictor of a person's behavior (Figure 1). Behavioral intentions are a function of attitude toward performing the behavior and the subjective norm which expresses the person's perception of whether relevant others think one should or should not perform the behavior (Ajzen & Fishbein, 1980). The relationship between behavior, behavioral intentions, attitude, and subjective norm can be represented algebraically as B = BI = (A)w1 + (SN)w2 where w1 and w2 are empirically determined weights showing differences of the effect on intention from attitude and subjective norm depending on the behavior in question. For some behaviors, the attitude component may be more important in determining behavioral intentions; for other behaviors, the normative component may be more important (Ajzen & Fishbein, 1980; Fishbein & Ajzen, 1975). In general, behavioral intentions remain stable over short time periods. Although intentions are more stable at the aggregate level, it is important that the time period between the measure of intention and behavior be short to ensure the prediction of behavior from intention (Ajzen & Fishbein, 1980). Behavioral beliefs and outcome evaluations Attitude towards behavior

Relative importance of attitude and subjective norm

Intention

Behavior

Normative beliefs and motivations to comply

Subjective norm

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Figure 1: Theory of Reasoned Action Framework

2.2.2 Theory of Planned Behavior (TPB)The theory of planned behavior is an extension of the theory of reasoned action (Ajzen & Fishbein, 1980; Fishbein & Ajzen, 1975) made necessary by the original models limitations in dealing with behaviors over which people have incomplete volitional control. Figure 2 depicts the theory in the form of a structural diagram. For ease of presentation, possible feedback effects of behavior on the antecedent variables are not shown.

Behavioral Attitude

Subjective norm

Intention

Behavior

Perceived control behavior Figure 2: Theory of Planned Behavior As in the original theory of reasoned action, a central factor in the theory of planned behavior is the individuals intention to perform a given behavior. Intentions are assumed to capture the motivational factors that influence a behavior; they are indications of how hard people are willing to try, of how much of an effort they are planning to exert, in order to perform the behavior. As a general rule, the stronger the

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intention to engage in a behavior, the more likely should be its performance. It should be clear, however, that a behavioral intention can find expression in behavior only if the behavior in question is under volitional control, i.e., if the person can decide at will to perform or not perform the behavior. Although some behaviors may in fact meet this requirement quite well, the performance of most depends at least to some degree on such non- motivational factors as availability of requisite opportunities and resources (e.g., time, money, skills, cooperation of others; see Ajzen, 1985, for a discussion). Collectively, these factors represent peoples actual control over the behavior. To the extent that a person has the required opportunities and resources, and intends to perform the behavior, he or she should succeed in doing so.

2.3 Variables Affecting Ethical Decision-MakingEmpirical inquiry of ethical decision-making dates back nearly a century ago (Sharp, 1898). Sharp, a psychologist interested in the study of moral judgments, complained that his research was hindered by a lack of agreement among his subjects concerning what was moral and what was not. He noted that even among individuals with apparently the same characteristics often came to opposite conclusions concerning another person's moral worth (Forsyth, 1980). Over the last three decades, the research literature on moral issues has grown enormously According to Kurtines (1986) three theoretical perspectives have dominated this period: "the cognitive developmental approach (e.g., Kohlberg, 1969; Kohlberg and Candee, 1984; Piaget, 1932/1965), individual differences/trait dispositional approaches (e.g., Hoffman, 1975; Hogan, 1974; Staub, 1984), and behavioral/learning approaches (e.g. Burton, 1976; Liebert, 1984 and Mischel and Mischel, 1976)" More recently, the theoretical literature has begun a transformation from conceptualizing moral decision-making from an individualistic approach to an interactionist model, incorporating both individual variables and setting or environmental variables (Damon, 1976; Kurtines, 1986; Trevino, 1986; Trevino & Youngblood, 1990). Perhaps the work of Blasi (1980) stimulated researchers the most to begin to formulate theories of moral

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decision-making beyond the realm of individual variables only Prior to Blasi's research, most of the research on moral decision-making emphasized the influence of cognitive moral development. However, Blasi's critical review of the literature found that moral cognition explained approximately nine percent of moral action. Although this relationship has been demonstrated to be significant, according to Borg and Gal (1989) correlations ranging from .20 and .35 are of little value in practical prediction studies. Consequently, the current concern or challenge in the area of understanding ethical reasoning and behavior is broadening the influence of both individualistic and environmental variables to account for the variance in ethical decision-making behavior (Blasi, 1980). For this study the variables has been identified as intention, perceived control behavior, subjective norm, attitude, ethical/unethical behavior which has been taken from the Theory of Planned Behavior (TPB) developed by Azjen (1991). The main objective of this theory is to seek an explanation why do people perform certain action. This theory is the extent study of his earlier theory, Theory of Reasoned Action (TRA). The theory suggests that a person's behavior is determined by his/her intention to perform the behavior and that this intention is, in turn, a function of his/her attitude toward the behavior and his/her subjective norm.

2.3.1 IntentionIntentions are known to be the first step in performing a particular behavior. Intentions are a function of salient beliefs and/or information about the likelihood that performing a particular behavior will lead to a specific outcome. It is believed that the stronger a persons intention to perform a particular behavior, the more successful they are expected to be. However, intentions can also change over time. The longer the time period between intention and behavior, the greater the likelihood that unforeseen events will produce changes in intentions. So, if a student had an intention to commit an unethical e-banking transaction for a long time, it is possible that he/she would not commit it. As Ajzen and Fishbein (1975, 1980) were not only interested in predicting

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behavior but understanding it, they began trying to identify the determinants of behavioral intentions. They theorized that intentions are a function of two basic determinants: a) attitude toward behavior and b) subjective norms of behavior. Those two variables had been known to affect the intentions the most. In simpler words, students intention to commit ethical/unethical e-banking transaction are depends on the students attitudes towards the behavior and their subjective norms (e.g. peers, parents). The idea that behavioral achievement depends jointly on motivation (intention) and ability (behavioral control) is by no means new. It constitutes the basis for theorizing on such diverse issues as animal learning (Hull, 1943), level of aspiration (Lewin, Dembo, Festinger, & Sears, 1944), performance on psychomotor and cognitive tasks (e.g., Pleishman, 1958; Locke, 1965; Vroom, 1964), and person perception and attribution (Heider, 1944; Anderson, 1974). It has similarly been suggested that some conception of behavioral control be included in our more general models of human behavior, conceptions in the form of facilitating Factors (Triandis, 1977), the context of opportunity (Sarver, 1983),resources (Liska, 1984), or action control (Kuhl, 1985). The assumption is usually made that motivation and ability interact in their effects on behavioral achievement. Thus, intentions would be expected to influence performance to the extent that the person has behavioral control, and performance should increase with behavioral control to the extent that the person is motivated to try.

2.3.2 AttitudeAttitude is populated to be the first antecedent of behavioral intention. It is an individuals positive or negative belief about performing a specific behavior. These beliefs are called behavioral beliefs. An individual will intend to perform a certain behavior when he or she evaluates it positively (Azjen 1980). Attitudes are determined by the individuals beliefs about the consequences of performing the behavior (behavioral beliefs), weighted by his or her evaluation of those consequences (outcome evaluations). Those attitudes are believed to have a direct effect on behavioral intention and are linked with subjective norm and perceived behavioral control. The two types of

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intentions have their own attitudes precedents. For committing ethical e-banking transaction, the attitude is towards committing ethical e-banking transaction. Similarly, the attitude towards committing unethical e-banking transaction is for the intention to do that particular act.

2.3.3 Subjective NormSubjective norms are also assumed to be a function of beliefs that specific significant others (e.g. parents, peers) of the individuals approve or disapprove of performing the behavior. Beliefs that underlie subjective norms are termed normative beliefs. An individual will intend to perform a certain behavior when he/she perceives that important others think he/she should. This is assessed by asking respondents to judge how likely it is that most people who are important to them would approve or disapprove of their performing a given behavior. Problems arise with the TRA when the theory is applied to behaviors that are not fully under volitional control. The TPB took into account that all behavior is not under volitional control and that behaviors are located at some point along a continuum that extends from total control to a complete lack of control. The individual may have total control when there are no constraints of any type to adopting a reticular behavior. At the opposite extreme, there may be a total lack of control if adoption of a given behavior requires opportunities such as resources or skills which may be lacking. Control factors include both internal and external factors. Internal factors are such things as skills, abilities, information, emotions such as stress, etc. External factors include such things as situation or environmental factors. To overcome this limitation, Ajzen (1975, 1980) modified the Theory of Reasoned Action by adding a third antecedent of intention called perceived behavioral control. With the addition of this third antecedent, he re-named this the Theory of Planned Behavior.

2.3.4 Perceived Control BehaviorThe present view of perceived behavioral control, however, is most compatible with Banduras (1977, 1982) concept of perceived self-efficacy which is concerned with judgments of how well one can execute courses of action required to deal with

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prospective situations (Bandura, 1982, p. 122). Much of our knowledge about the role of perceived behavioral control comes from the systematic research program of Bandura and his associates (e.g., Bandura, Adams, & Beyer, 1977; Bandura, Adams, Hardy, & Howells, 1980). These investigations have shown that peoples behavior is strongly influenced by their confidence in their ability to perform it (i.e., by perceived behavioral control). Self-efficacy beliefs can influence choice of activities, preparation for an activity, effort expended during performance, as well as thought patterns and emotional reactions (Bandura, 1982, 1991). The theory of planned behavior places the construct of self-efficacy belief or perceived behavioral control within a more general framework of the relations among beliefs, attitudes, intentions, and behavior. In other words, perceived behavioral control refers to the degree to which an individual feels that performance or nonperformance of the behavior in question is under his or her volitional control. People are not likely to form a strong intention to perform a behavior if they believe that they do not have any resources or opportunities to do so even if they hold positive attitudes toward the behavior and believe that important others would approve of the behavior (subjective norm). Perceived behavioral control can influence behavior directly or indirectly through behavioral intentions. A direct path from perceived behavioral control to behavior is expected to emerge when there is some agreement between perceptions of control and the persons actual control over the behavior.

2.4 Other Similar StudyThe study about ethical decision making is not new. In fact there are plenty of researches that is related to the ethics, ethical decision making model, Theory of Reasoned Action, Theory of Planned Behavior etc, before this study were conduct. For instance, Benjamin Tan has publish his research entitle Understanding Consumer Ethical Decision Making with Respect to Purchase of Pirated Software in the Journal of Consumer Marketing, Vol. 19, No. 2, 2002. In this research Tan uses the Rests (1979) four-component model which depicts the ethical decision making process of an individual.

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Other than that, Zygmond and Boorhem (1989) publish Ethical Decision Making in Family Therapy. This research is conduct based on the Kitcheners (1984) ethical justification model. They used the model to both classroom and in a clinical setting. This research is more about the ethical reasoning among the students and supervisees. They take critical-evaluative level which consists of ethical rules, ethical principles and ethical theory to be their variables for this research. After series of testing and research, they concluded that a clinical decision could be considered ethical or unethical depending on the situation. Consequently, clinical decisions require critical examination of therapeutic issues by using different levels of ethical reasoning. Kelly Ann Richmond, a PhD student from Faculty of Virginia Polytechnic Institution and State University has made a research entitle Ethical Reasoning, Machiavellian Behavior, and Gender: The Impact on Accounting Students Ethical Decision Making for her PhD theses. Her research is about how ethical reasoning, Machiavellian behavior and gender would affect an accounting students in making an ethical decision. She presented culture, ethical ideology, gender, age, and level of education as the variables in this research. She used Rest (1980) Four Components Model as the main model to construct this research. Other researches also include Russell Haines and Lori N.K Leonard research entitles Individual Characteristics and Ethical Decision-Making in an IT Context. This research focused on the characteristics of an individual such as gender, ego strength, and locus of control affects the ethical decision-making of an individual in an information technology (IT). They used Rests Four Components Model as their based to construct the research. In the end they concluded that factors influencing the decision making is complex and different factors has their own effects on different individual, based on their gender and personality. They also concluded that individual can be expected to change their decision-making process as they consider the issues over time. Moreover, Glover, Bumpus, Sharp and Munchus did a research on the Gender Differences in Ethical Decision Making. The focus of this study is the role of gender in

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ethical decision making. Studies emphasizing individual factors influencing ethical decision making have shown a number of variables to be significant determinants of ethical or unethical behavior. Some of them are: y y y y y y Locus of control Moral philosophy Stages of moral development Emotion Years of education Gender

But they measured values, ethical decision choices, self-monitoring and self-conscious as the variables for this particular study. After a series of research, they discovered three major findings. The first findings is being woman were more likely to make ethical choices than man, the second findings is years of work correlated with higher levels of ethical behavior in two of four choices and the third findings is high level of needs for achievement correlated with high levels of ethical decision making in two out of four choices.

2.5 Critical AnalysisAlthough many past researches has confirmed a series of constructs that are relevant and significant to the ethical decision making process, there are still a limitations in those researches. Like Kohlberg (1969) Cognitive Moral Development, even though he explains the there are six stages in making a decision, however he forget to take gender differences, cultural differences into consideration. Kohlberg (1969) also uses hypothetical decision making dilemmas over the real life in making assessment. Other researches such as Rests (1980, 1984, 1986, 1994) Four Components Model may have explains the process of ethical decision making by an individual but he didnt specifically address the issues of dual relationship.

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Rotters (1966) Locus of Control focus on perception of individual in making decision but the research overall expectancy scale is undimensional. Moving on to Ferrell and Greshams (1985) Contingency Framework of Ethical Decision Making describes the interaction between the ethical situation and characteristics in associated with the individual significant others and opportunity. However this model is only ideal for the ethical decision making in a high-involvement situation. Moving on to Azjen and Fishbeins (1975) Theory of Reasoned Action, that explains the relationship between individuals attitude towards their beliefs. This particular research limitation is that they didnt take variables such as demographic and personality into consideration. Moreover the distinction between goals intention and behaviors intention are very close. More limitations also include that choices of alternative may change the nature of intention formation and the differences between intention and estimate, where what an individuals intends to do is different from what an individuals would actually do. To cover the limitations, Azjen and Fishbein (1980) extended the research to Theory of Planned Behavior. In this research Azjen (1980) include one more variables, perceived control behavior. However the research also produces a number of limitations such as overlooking the emotional variables such as threat, fear, negative or positive evaluation. Hunt and Vittels (1986) General Theory of Marketing Ethics which explains the ethical decision making process for situation requiring an ethical judgment. In this research, they discovered that individuals decision making are affected by deontological and teleological evaluation. However they missed that individuals may come from different ethical judgment. This particular research can overcome all the limitations above by taking into consideration the gender and cultural differences for start, as the respondents includes both male and female and different races. This research also uses real life dilemmas instead of hypothetical one. Factors such as personality, demographic variable, and emotional variables also will be taken into consideration. To overcome the

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undimensional scale of overall expectancy, a multidimensional model has been introduced into the study.

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2.6 SummaryAuthor Year Kohlberg 1969 Title Cognitive Moral Development Objectives To discuss the process of ethical justification and moral evaluation within an individual. Method y Stage of punishment and obedience y Stage of individual instrumental purpose and exchange. y Stage of social system and conscience maintenance y Stage of prior right. y Stage of universal ethical principles. y Moral awareness y Moral judgment y Moral intention Findings Explains the six stages of three levels that an individual will encounter in making a decision. Limitations y Gender differences y Cultural differences y Focus of justice is over care y Use of hypothetical decision making over real life dilemmas in the assessments.

Rest 1980,1984,1986,1994

Four Components Model

To describe the process of ethical decision making by an individual.

An individual will engage in a process consisting of four logical sequential

Do not specifically address the issues of dual relationship

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y Moral behavior

components in dealing with moral issues.

Rotter 1966

Locus of Control

To measures the perception of an individual perception about the underlying main causes of events in his/her life.

Individual have their own perception about the main causes of events in his/her life which contributed to the individuals decision making.

commonly used to measure subjects' control beliefs has been generalized into a unidimensional scale of overall expectancy

Ferrell and Gresham 1985

Contingency Framework of Ethical Decision Making

Describe a first order interaction between the nature of ethical situation and the characteristics associated with the individual, significant others and opportunity to engage in unethical behavior

y Individual factors y Evaluation of behavior y Opportunity to commit unethical behavior y Significant others y Ethical issues or dilemmas

Lesser distance between individual

The process described only represents the ideal

and significant other, type of an ethical the more influences will have on the individuals decision. decision process, which is likely to take place only in a high-involvement situation

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Azjen and Fishbein 1975

Theory of Reasoned Action

Understands the relationship between individuals attitude and their beliefs.

y Attitude y Subjective Norm y Behavioral Intention

Suggests that an individuals behavioral intention depends on the person's attitude about the behavior and subjective norms

y Factors such as personality and demographic variables are not taken into consideration y The distinction between goal intention and behavioral intention are very close y There are clearly times when what an individual intends to do and what individual actually expect to do are different

Fishbein and Azjen 1980

Theory of Planned Behavior

The extension of their earlier work and is made necessary by original models

y Behavioral beliefs y Attitude towards behavior y Normative 22

Covers individual's non-volitional behavior which cannot be explained by the theory of

y Based on cognitive processing and level of behavior change y Overlooks emotional variables such as threat,

limitations in dealing with behaviors over which an individual have incomplete volitional control

beliefs y Subjective norm y Perceived control behavior y Control beliefs y Behavioral intention y Behaviors

reasoned action.

fear, mood, and negative or positive feeling and assessed them in limited fashion.

Hunt and Vittel 1986

General Theory of Marketing Ethics

Explains the decision making process for situation requiring an ethical judgment

y Deontological evaluation y Teleological evaluation

y Individuals ethical Individual or group might judgment is a function of both deontological and teleological evaluation y Ethical judgment affect behavior through the intervening variable of intentions arrive at different ethical judgment owing to their perception of reality, deontological, and teleological base, or combination of the two ethical bases of justification

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y Individual will evaluate the actual consequences of the selected alternative. Table 2: Summary of Ethical Decision Making Model

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Chapter 3 Research Methodology3.0 IntroductionThis chapter describes the methodology that is used by the researcher. In this chapter the researcher present the framework of their study. Dependent and independent variables will be introduce and explain in this chapter. From the dependent and independent variables that we have identified, researcher begins to develop hypotheses. After determining developing the hypotheses, researcher begins to design their research. Here, researcher determine the target population of his study, describes the sample of study, the sampling methods and the sample size. After determine the sampling methods, research instrument will be construct. For this study, researcher will use questionnaires as a survey tools as their research instrument. In this chapter, data collection methods will be explain, along with the primary and secondary data that the researcher use for this particular study. Data have been collected from various resources for this particular research. Last but not least this chapter describe about the data analysis methods that will be used for this research.

3.1 Theoretical FrameworkFrom the previous two chapters, it is clearly understood that the research objective explores the link between the attitude, perceived control behavior and subjective norm towards the intention to commit ethical/unethical decision making. Hence figure 3 provides an overview of the conceptual framework of the study. It represents diagrammatically the relationship between variables important concepts and hypotheses in this study. The variables for this research are from the Azjen and Fishbein (1975, 1980) Theory of Reasoned Action (TRA) and Theory of Planned Behavior (TPB). Theory of Reasoned Action suggested that behaviors are caused by intention, subjective norm and attitude.

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However a counter argument were made, where intention does not always leads to actual behavior because of circumstantial limitations. After the incident, Azjen (1980) introduced the Theory of Planned Behavior by adding a new component, which is perceived control behavior. By this, he extended the Theory of Reasoned Action to cover non-volitional behaviors for predicting behavioral intention and actual behavior.

Attitude

Perceived Control Behavior

Intention to commit Ethical/Unethical E-banking transaction

Subjective Norm

Figure 3: Theoretical Framework

3.2 Variables DefinitionIn this subtopic, the variables for this study, which are the dependent and independent variables, is being introduced and explained. Dependent variable is the variables that depend on other variables to stand its meaning. While independent variables are variables that stands out alone, without depending to other variables.

3.2.1 Dependent VariableThe dependent variable for this study is identified as the intention to commit ethical/unethical e-banking transaction. Intention is a belief on performing a action driven by the factors of behavior.

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3.2.2 Independent VariablesThere are three independent variables that had been identified for this study. The first variable is attitude. Attitude is the sum of beliefs about a particular behavior weighted by the evaluations of these beliefs. The second variable is perceived control behavior. Perceived control behavior is an individuals perceived whether difficult or easy on performing the particular behavior. The third and last variable is subjective norm. Subjective norm is the influences of peoples in ones social environment (parents, peers, and teachers) on his/her behavioral intentions. The beliefs of people, weighted by the importance of attributes on each of their opinion, will influence ones behavioral intentions.

3.3 Hypotheses DevelopmentThough the understanding of the theoretical framework developed, hypothesis of this research is structured according to the variables that were involved. The development of hypothesis includes the factors that are concerned with the ethical decision making of students towards the intention of committing an ethical/unethical e-banking transaction.

H1: There is a significant relationship between students attitude towards the intention of committing ethical/unethical e-banking transaction. Azjen (1991) defined attitude as an individual evaluation of self-performance of a particular behavior. The concept is to degree which performance of a particular behavior is positive and negatively valued. In the context of ethical decision making, therefore, attitude is the positive of negative evaluation of an individual towards the intention to commit ethical/unethical e-banking transaction.

H2: There is a significant relationship between students perceived control behavior towards the intention of committing ethical/unethical e-banking transaction.

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Compeau and Higgins (1995) defined perceived behavior control as the belief that one has the capability to perform a particular function. According to Azjen (1991) in theory of planned behavior, knowledge of the role of perceived control behavior came from Banduras (1977) concept of self-efficacy. In the context of ethical decision making, therefore, perceived control behavior can be defined as the judgment of ones ability to perform ethical/unethical e-banking transaction.

H3: There is a significant relationship between students subjective norm towards the intention of committing ethical/unethical e-banking transaction. Azjen (1991) defined subjective norm as individual perception of social normative pressures, or others beliefs that he or she should or should not perform such behavior. There is extensive research in the IS community that provides evidence of the significant effect of normative pressure on usage intention (Amin et al., 2006; Nysveen et al., 2005; Kleijnen et al., 2004; Venkatesh and Morris, 2000). Nysveen et al. (2005) defined normative pressure as the persons perception that most people who are important to her or him should or should not perform the behavior in question. The reason people exploit e-banking is that they are encouraged to use e-banking by the people around them. In the study of Nysveen et al. (2005), normative pressure is found to be an important construct that accounts for the success of IS. The results demonstrates that people will consider using mobile chat services because these services are important tools in displaying personal and social identity. Similarly, in the study of Kleijnen et al. (2005) on wireless finance in the Netherlands, normative pressure was significant in the development of peoples intention to use it.

3.4 Research DesignThe survey of this research is to understand the objectives of the research and answering the research questions. The design will help in giving sufficient suggestion for further research that relates to the factors that affecting banking & finance students intention to commit ethical/unethical e-banking transaction. This research require a manage data

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collection in order to identify the theory and methodology in this research. The survey aim joins together a direct respondent observation. The researcher chooses to use this design believing the desire of the researcher to get direct information data from the respondents to prepare a conclusion and recommendation for this research. This study will be used quantitative to find the significant data. This research is using quantitative method and it start with primary definition of research question in broad terms.

3.4.1 Target PopulationIn this study, the primary data will be collected using self-administration survey. A questionnaire will be distributed to the banking & finance students in one private university in Malacca, and for the purpose of their knowledge in e-banking. The gender for the population was targeted equally for both male and female. The average age of the population is between 18 years old and above. The sample size of the surveys is determined by the table from The Research Advisors (2006) to determine the sample size. With the population of 500, confidence level of 99% and margin of error of 5.0%, the results is the sample size of 285 final year B.B.A. (Hons) Banking & Finance students. Because the researcher uses random sampling methods, the questionnaire will be distributed randomly to those students. The questionnaire will be given to the respondent and left it with the respondent. After completed, the questionnaire will be gathered. This method is low cost, give respondent sovereignty to answer the survey questions. It is also understand the individual experiences and giving voice. This method will seek a lot of information and the choice of research strategy will depend at least in part on what area want to achieve.

3.4.2 Research InstrumentTo understand the factors that affect the decision making of banking & finance students intention to commit e-banking transaction, the researcher prepared a questionnaire and a set a guide question for the interview that will be asked to aim respondents. The

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respondents will rank each statement in the survey questionnaire using a Likert scale with a 6 response scale and 5 responses choice will be given for the respondents, where 1.0 being strongly disagree and 6.0 is strongly agree. During first step, researcher pays attention measure whether the secondary data will response to a suitable result to the research questions. The second step is estimating the correctness of data for analyses required to answer and meet the research question. The researcher make sure the strength and trustworthiness of the secondary data by evaluating how it was formerly gathered and who are its sources. Finally the researcher makes a decision whether to use data based on measurement of cost and benefits in comparison with another resource.

3.5 Data CollectionData collection is a term used to describe a process of preparing and collecting data - for example as part of a process improvement or similar project. The purpose of data collection is to obtain information to keep on record, to make decisions about important issues, to pass information on to others. Primarily, data is collected to provide information regarding a specific topic. In this study, the researcher will be used 2 types of sources of data which are primary data and secondary data.

3.5.1 Primary dataPrimary data are those data which are collected for the first time, taking a sample, representing a population, which is collected by researcher by its own observation to solve any problem or to take decision. It is not a published data, it is problem specific data collected by the researcher, first time. When primary data is published by researcher, it becomes the secondary data for everybody, other than the researcher. The source of primary data will be getting through the observation and questionnaires. Observation involves recording the behavioral patterns of people, objects and events in a systematic manner. Questionnaires are a popular way of collecting data that require many rewrites before an acceptable questionnaire is produced. For this questionnaire,

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closed questions methods are use. Closed questions are when a question is asked and then a number of possible answers are provided for the respondent. The respondent selects the answer which is appropriate. Closed questions are particularly useful in obtaining factual information.

3.5.2 Secondary dataSecondary data is the data that have been already collected by and readily available from other sources. Such data are cheaper and more quickly obtainable than the primary data and also may be available when primary data cannot be obtained at all. All methods of data collection can supply quantitative data (numbers, statistics or financial) or qualitative data (usually words or text). The secondary data sources can be classified to two; paper-based sources and electronics sources. Paper-based sources include books, journals, periodicals, abstracts, indexes, directories, research reports, conference papers, newspapers and magazines. For electronics sources, it includes internet, CDs, online databases and videos. For this particular research, the secondary data comes from published articles, internet and related studies to study the information about the theory of reasoned actions, theory of planned action, ethical decision making model and ethical scenarios in e-banking.

3.6 Data analysisIn this study, the data that has been collected during the questionnaire survey will be procedure and evaluated by using the Statistical Package for the Social Sciences (SPSS). Data collected in the focus group and questionnaire activities was mainly qualitative. It was appropriate, therefore, to analyze this data by theme, to become familiar with the situation and to consider trends (Sekaran, 2000). SPSS places limitation on internal file structure, data types, data processing and matching files, which together much simplifies programming. It has a 2-dimensional table structure where the rows typically represent cases (such as individuals or households) and the columns represent measurements (such as age, sex or household income). Only 2 data types are defined: numeric and text.

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3.6.1 Reliability AnalysisReliability is the consistency of measurement, or the degree to which an instrument measures the same way each time it is used under the same condition with the same subjects. In short, it is the repeatability of measurement. A measure is considered reliable if a person's score on the same test given twice is similar. It is important to remember that reliability is not measured, it is estimated. There are two ways that reliability is usually estimated; test/retest and internal consistency. Test/retest is the more conservative method to estimate reliability. Simply put, the idea behind test/retest is that you should get the same score on test 1 as you do on test 2. The three main components to this method are, (1) implement the measurement instrument at two separate times for each subject; (2) compute the correlation between the two separate measurements; and (3) assume there is no change in the underlying condition between test 1 and test 2. Internal consistency estimates reliability by grouping questions in a questionnaire that measure the same concept. One common way of computing correlation values among the questions on the instruments is by using Cronbach's Alpha. In short, Cronbach's alpha splits all the questions on the instrument every possible way and computes correlation values for them all. In the end, the computer output generates one number for Cronbach's alpha - and just like a correlation coefficient, the closer it is to one, the higher the reliability estimate of the instrument. Cronbach's alpha is a less conservative estimate of reliability than test/retest. The primary difference between test/retest and internal consistency estimates of reliability is that test/retest involves two administrations of the measurement instrument, whereas the internal consistency method involves only one administration of that instrument.

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3.6.2 Validity AnalysisValidity is the strength of our conclusions, inferences or propositions. More formally, Cook and Campbell (1979) define it as the "best available approximation to the truth or falsity of a given inference, proposition or conclusion." In short, were we right? Let's look at a simple example. Say we are studying the effect of strict attendance policies on class participation. In our case, we saw that class participation did increase after the policy was established. Each type of validity would highlight a different aspect of the relationship between our treatment (strict attendance policy) and our observed outcome (increased class participation). There are four types of validity commonly examined in social research. First is the conclusion validity asks is there a relationship between the program and the observed outcome? Or, in this study, is there a connection between the behavior and the intention to commit ethical/unethical e-banking transaction? Secondly, Internal Validity asks if there is a relationship between the program and the outcome is a causal relationship. Construct validity is the hardest to understand. It asks if there is there a relationship between how the researcher operationalizes his concepts in this study to the actual causal relationship. External validity refers to the researcher ability to generalize the results of our study to other settings.

3.6.3 Normality AnalysisThe most used distribution in statistical analysis is the normal distribution. Sometimes called the Gaussian distribution, after Carl Friedrich Gauss, the normal distribution is the basis of much parametric statistical analysis. Parametric statistical tests often assume the sample under test is from a population with normal distribution. By making this assumption about the data, parametric tests are more powerful than their equivalent non-parametric counterparts and can detect differences with smaller sample sizes, or detect smaller differences with the same sample size.

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3.6.4 Descriptive AnalysisDescriptive research is concerned with the description of data and characteristics about a population. The goal is the acquisition of factual, accurate and systematic data that can be used in averages, frequencies and similar statistical calculations. Descriptive studies seldom involve experimentation, as they are more concerned with naturally occurring phenomena than with the observation of controlled situations.

3.6.5 Correlation Coefficient AnalysisThe correlation coefficient a concept from statistics is a measure of how well trends in the predicted values follow trends in past actual values. It is a measure of how well the predicted values from a forecast model "fit" with the real-life data. The correlation coefficient is a number between 0 and 1. If there is no relationship between the predicted values and the actual values the correlation coefficient is 0 or very low (the predicted values are no better than random numbers). As the strength of the relationship between the predicted values and actual values increases so does the correlation coefficient. A perfect fit gives a coefficient of 1.0. Thus the higher the correlation coefficient, the better.

3.6.6 Regression AnalysisA statistical measure that attempts to determine the strength of the relationship between one dependent variable (usually denoted by Y) and a series of other changing variables (known as independent variables). There are two basic types of regression; linear regression and multiple regression. Linear regression uses one independent variable to explain and/or predict the outcome of Y, while multiple regressions uses two or more independent variables to predict the outcome. The general form of each type of regression is:

Linear Regression: Y = a + bX + u

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Multiple Regression: Y = a + b1X1 + b2X2 + B3X3 + ... + BtXt + u

Where: Y= the variable that we are trying to predict X= the variable that we are using to predict Y a= the intercept b= the slope u= the regression residual. In multiple regressions the separate variables are differentiated by using subscripted numbers. Regression takes a group of random variables, thought to be predicting Y, and tries to find a mathematical relationship between them. This relationship is typically in the form of a straight line (linear regression) that best approximates all the individual data points.

3.7 SummaryThis chapter describes the research methodology that researcher uses to conduct this study. The variables were introduced whereas the dependent variable being the intention to commit ethical/unethical e-banking transaction and the factors that leads to the intention. Then theoretical framework was constructed. After indentifying the variables, hypotheses were developed for the testing of the relation between the independent variables towards dependent variable. Moving on to research design, the target population, sampling methods and sample size were determined. After determining the research design, the research instrument, questionnaires is developed. Then the researcher explain how the data is being collected, the sources of primary and secondary data. Lastly this chapter describes the data analysis methods that will be use to analyze the results from the surveys that researcher conducts.

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LIST OF APPENDICES APPENDIX 1: TABLE TO DETERMINE SAMPLE SIZE

Population Size 5.0% 10 20 30 50 75 100 150 200 250 300 400 500 600 10 19 28 44 63 80 108 132 152 169 196 217 234

Confidence = 95% Margin of Error 3.5% 10 20 29 47 69 89 126 160 190 217 265 306 340 2.5% 10 20 29 48 72 94 137 177 215 251 318 377 432 1.0% 10 20 30 50 74 99 148 196 244 291 384 475 565 5.0% 10 19 29 47 67 87 122 154 182 207 250 285 315 341 363 399 427 460 498 524

Confidence = 99% Margin of Error 3.5% 10 20 29 48 71 93 135 174 211 246 309 365 416 462 503 575 636 712 808 879 2.5% 10 20 30 49 73 96 142 186 229 270 348 421 490 554 615 727 827 959 1141 1288 1.0% 10 20 30 50 75 99 149 198 246 295 391 485 579 672 763 943 1119 1376 1785 2173

700 248 370 481 653 800 260 396 526 739 1000 278 440 606 906 1200 291 474 674 1067 1500 306 515 759 1297 2000 322 563 869 1655 2500 333 597 952 1984 Copyright: The Research Advisors (2006). All rights reserved.

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