I conducted a Survey to find reasons why firms invest in a specific asset. I asked them in a Likert-question if different aspects are a reason to invest in [asset]. The Response for each aspect can be:
- strongly agree (sa)
- agree (a)
- disagree (d)
- strongly disagree (sd)
Now my question is: Is it appropriate to use a Chi-Square test for each aspect to investigate if this aspect is in favor or against the firm investing? I.e. testing if the distribution of Responses (sa + a) and (sd + d) is significant different than the total number of non-neutral answers / 2.
(If this matters: For some aspects I have an expected tendency from Theory, for other aspects I do not know what to expect)
My data looks somewhat like in the image.
For Aspect 1 I would calculate the positive answers: 6+7=13 and the negative answers 3+1=4 and then do a Chi-Square test against the expected equal distribution of all non-neutral answers: (6+7+3+1)/2=8.5