17 Vol 2 No 2

IRACST- International Journal of Research in Management & Technology (IJRMT), ISSN: 2249-9563
Vol. 2 No.2, April 2012
A Study on the Individual Investor Behavior

with Special Referance to Geojit BNP Paribas
Financial Service Ltd, Coimbatore.
Gnani Dharmaja .V,
Mechanical Engineering
Psg College of Technology, Coimbatore, India
Ganesh .J,
Electrical and Electronics Engineering,
PSG College of Technology, Coimbatore, India
Dr. Santhi .V
Department Of Humanities
Psg College of Technology
Coimbatore, India
ABSTRACT
Research in behavioral finance is relatively new. Within
behavioral finance it is assumed that information
structure and the characteristics of market participants
systematically influence individuals investment decisions
as well as market outcomes. According to behavioral
finance, investor market behavior derives from
psychological principles of decision making to explain
why people buy or sell stocks. The research we have
done was on the topic Factors Influencing the
Individual Investor Behavior. The study aims at
identifying the most and the least influencing factors of
the individual investor behavior. The project is based on
descriptive research design. The data was collected with
the help of a questionnaire. The questionnaire included
thirty items that belong to five categories: selfimage/firm-image co-incidence, accounting information,
neutral information, advocate recommendations and
personal financial needs. The sample size considered for
the study was 200 wherein all the samples were investors
of GEOJIT BNP PARIBAS FINANCIAL SERVICE LTD,
COIMBATORE. The tools used for the analysis include
Chi-Square Test. The analysis was divided into 2 phases
which are Personal Factors and Behavioral Factors. The
study revealed that accounting information is the most
influencing group of the individual investor behavior and
neutral information is the least influencing group of the
individual investor behavior. It was found that there are
also some behavioral factors like the investors financial
tolerance, emotional risk tolerance and financial literacy
which influence the investors behavior. Based on the
analysis Suggestions for improvement are provided.
INTRODUCTION
Factors influencing investor behavior:
Most financial theory is based on the idea that everyone

takes careful account of all available information before
making investment decisions. But there is much evidence
that is not the case. Behavioral finance, a study of the
markets that draws on psychology, is throwing more light
on why people buy or sell the stocks they do - and even
why they do not buy stocks at all. This research on
investor behavior helps to explain the various 'market
anomalies' that challenge standard theory. It is emerging
from the academic world and beginning to be used in
money management.
OBJECTIVES OF THE STUDY

Primary Objective
9 To study the various factors influencing the
investment behavior of individual investors.
Secondary Objective
9 To study the impact of the self-image/firm image coincidence on the investor behavior.
9 To identify the influence of the accounting
information on the investor behavior.
9 To find out the effect of the factors related to neutral
information on the investor behavior.
9 To analyze the impact of the advocate
recommendation on the investor behavior.
9 To interpret the effect of the factors related to
personal financial needs on the investor behavior.
9 To study the investment pattern of the investors based
on their risk taking abilities.
9 To study the investment time horizon of the investors
based on their personal profile.
SCOPE OF THE STUDY

Research in behavioral finance has important applications.
A better understanding of behavioral processes and
outcomes is important for financial planners because an
understanding of how investors generally respond to
243
market movements should help investment advisors devise
appropriate asset allocation strategies for their clients.
For companies, identifying the most
influencing factors on their investors behavior would
affect their future policies and strategies would affect their
future financial plans.
For government, identifying the most influencing factors
on investors behavior would affect the required
legislations and the additional procedures needed in order
to satisfy investors desires and also to give more support
to market efficiency.
The research can help guide portfolio allocation
decisions, both by helping us to understand the kinds of
errors that investors tend to make in managing their
portfolios, and also by allowing us to understand better
how to locate profit opportunities for investment
managers. Beyond this, understanding the psychological
foundation of human behavior in financial markets
facilitates the formulation of macroeconomic policy and
the devising of new financial institutions.
RESEARCH DESIGN
The research design that is adopted in this study is
descriptive design. Descriptive research is used to obtain
information concerning the current status of the
phenomena to describe, "What exists" with respect to
variables or conditions in a situation. The focus of this
study was on revealing the various factors influencing the
individual investor behavior.
Thus it involves Statement of the problem,
Identification of information needed to solve the
problem, Selection or development of instruments for
gathering the information, Identification of target
population and determination of sampling procedure,
Design of procedure for information collection,
Collection of information, Analysis of information and
Generalizations and/or predictions.
SAMPLING DESIGN
Population
The population for this study is investors of
Geojit bnp paribas financial services limited in
Coimbatore city.
Sampling Technique
The sampling technique used is non
probability convenience sampling. The sample frame for
this study is the companys database of Coimbatore city
(finite universe)
Survey Method
Research
design
includes
selecting
appropriate data collection method. It can be
obtained by primary data or secondary data. The
primary data is the Questionnaire collected through
Direct Personal Interview.
Sample Size
The sample size for this study is 200
investors of Geojit bnp paribas financial services
limited of Coimbatore city out of entire population
2048 which consists of 10% of the population.
Sample Unit
The individual investors of Geojit bnp paribas
financial services limited were the target respondent
groups from which the data were collected.
Sources of Data
Data were collected through both primary

and secondary data sources. Primary data was
collected through questionnaires.
Questionnaire Design
Proper care has been taken to ensure
that the information needed match the objectives, which
in turn match the data collected through the
questionnaire. The basic cardinal rules of Questionnaire
design like using simple and clear words, the logical and
sequential arrangement of questions has been taken care
of.
Secondary Data
Secondary
data
consist
of
information that already exists somewhere, have been
collected. Secondary data is collected from company
websites, other websites, company fact sheets, magazines
and brochures.
Statistical Tools
The statistical tools used for this
analysis are:
Mean Score Values

Mean score values has been calculated for
the different scales used to find the perception and
satisfaction level of investors.
Mean score value Analysis is calculated
by
No. of Respondents
x Score value (1)
Total No. of Respondents
Chi Square Test
Chi Square test is a non-parametric test
of statistical significance for bi-variant tabular
analysis. A non-parametric test, like chi square, is a
rough estimate of confidence.
Chi-square is used most frequently to test
the statistical significance of results reported in bivariant tables and interpreting bi-variant tables is
integral to interpreting the results of a chi-square
test.
Null Hypothesis ( H0 )
The hypothesis, or assumption, about a
population parameter we wish to test, usually an
assumption of the status quo.
Alternative Hypothesis (H1)
The conclusion we accept when the data
fail to support the null hypothesis.
Statistical Test
Chi-Square test:-
(2)
Degrees of freedom
Where,
O
E
R
C
= (R-1) (C-1)
= Observed Frequency
= Expected Frequency
= Number of rows
= Number of columns
To find E
Expected Frequency = (Row Total
Column Total) / Grand Total
(3)
244
Level of Significance
A value indicating the percentage of
sample values that is outside certain limits,
assuming the null hypothesis is correct, that is, the
probability of rejecting the null hypothesis is
correct, that is, the probability of rejecting the null
hypothesis when it is true.
TABLE 2
Educational Qualification Standard of Investors
ANALYSIS AND INTERPRETATION

The factors are analyzed under the following broad
phases:
PHASE I : Personal Factors
PHASE II: Behavioral Factors
S.NO
1
2
3
4
PHASE I
Personal Factors
This phase includes the personal details of
the investors. The factors considered are gender,
qualification, work status, income and life stage.
PHASE II
Behavioral Factors
QUALIFICATION
NO
OF
RESPONDENTS
PERCENTAGE
School level
Under Graduate
Post Graduate
Others
Total
32
84
64
20
200
42
32
10
100
16
Source: Primary Data

The table2 shows that out of the 200 respondents,
nearly 16% of the investors have school level
education whereas 42% are under graduates, 32%
are postgraduates and 10% of them have completed
other level of education like diploma and charted
accountancy.
CHART 2
QUALIFICATION STANDARD OF THE
INVESTORS
In this particular phase the responses for

the various behavioral factors of the investors that
have been considered in the questionnaire have
been analysed. The investors financial resources,
emotional risk tolerance, financial literacy level
and various other factors have been analyzed in this
phase.
PHASE I: PERSONAL FACTORS

GENDER
DISTRIBUTION
INVESTORS
OF
THE
TABLE I
S.N
O
1
2
GENDER
NO OF INVESTORS
PERCENTAGE
WORK STATUS OF THE INVESTORS

TABLE 3
S.NO
Male
180
Female
Total
WORK
STATUS
NO
OF
RESPONDENTS
PERCENTAGE
Own Business
Pvt company
employee
Govt Servant
Student
Retired
Others
Total
76
38
28
16
10
56
14
200
14
8
5
28
7
100
90
20
10
200
100

The table1 indicates that out of the total
respondents, 90% were male and 10 % were
female. Majority of the investors are male.
CHART 1
GENDER DISTRIBUTION OF THE INVESTORS
1
2
3
4
5
6

The table 3 shows that out of the 200
respondents, nearly 38% of the investors are doing
their own business whereas 14% are private
company employees, 8% are government servants,
5% are students, 28% are retired persons and 7% of
the investors where included in others category
which comprises house wives and full time
investors.
245
CHART 3
WORK STATUS OF THE INVESTORS
INVESTMENT TIME HORIZON OF THE

INVESTORS
TABLE 5
S.NO
1
2
3
4
5
INVESTMENT TIME
HORIZON
Less than 1/2 year
Between to 1 years
Between 1 to 2 years
Between 2 to 3 years
More than 3 years
Total
NO OF
RESPONDENTS
45
54
39
40
22
200
PERCENTAGE
22.5
27
19.5
20
11
100
LIFE STAGE OF THE INVESTORS

TABLE 4
S.NO
STAGES OF LIFE
1
2
Below 25yrs
Early
adulthood(2534yrs)
Middle adulthood(3549yrs)
Empty
Nesters
(50+yrs)
Total
3
4
NO
OF
RESPONDENTS
PERCENTAGE
20
10
44
22
60
30
76
200
38
100

From the table4 it is found that 10% of the
investors are single, 20% are under early
adulthood, another 20% of the respondents are
under middle adulthood and 22% are empty nesters
in 50+ years and 28% are retired persons. It shows
that the majority of the respondents are retired
persons.
CHART 4
LIFE STAGE OF THE INVESTORS

From the table5 it is found that 22.5% of the
investors are very short term investors with the
investment time horizon less than 1 year, 27%
of the investors are investing for the time
period between 1 to 2 years, 19.5% of the
respondents invest between 2 to 5 years, 20%
of them invest between 5 to 10 years and only
11% of them are investing for more than 10
years.
CHART 5
INVESTMENT TIME HORIZON OF THE
INVESTORS
INCOME OF THE INVESTORS
TABLE 6
S.NO
INCOME
NO OF
RESPONDENTS
PERCENTAGE
< Rs.10000
80
40
Rs.10000 Rs.20000
80
40
>Rs.20000
Total
40
20
200
100
246
TABLE 8
From the table6 it is understood that 40% of
investors have income < Rs 10000 per month,
40% of investors have a income between Rs.10000
Rs.20000 per month, 20% have a income of
above 20000 per month.
CHART 6
S.NO
1
2
Moderately conservative
Moderate
Moderately Aggressive
Very aggressive
Total
INCOME OF THE INVESTORS
FINANCIAL
TOLERANCE
NO OF
RESPONDENTS
PERCENTAGE
Pessimist
36
18
Neutral
120
60
Optimist
44
22
200
100
Total
NO OF
RESPONDENTS
PERCENTAGE
36
18
78
39
48
24
38
19
200
100

18%
of
investors
are
very
conservative in their investments, 39% of the
respondents are moderately conservative, 24%
of the respondents are moderate risk takers,
19% are moderately aggressive and no
respondents are very aggressive towards their
investments.
FINANCIAL TOLERANCE LEVEL OF

THE INVESTORS
TABLE 7
S.NO
1
EMOTIONAL RISK
TOLERANCE
Very conservative
CHART 8
EMOTIONAL TOLERANCE LEVEL OF THE
INVESTORS

18% of investors are pessimist in
their attitude towards their financial resource,
60% are neutral and 22% are optimist in their
attitude.
CHART 7
FINANCIAL TOLERANCE LEVEL OF
THE INVESTORS
RANKING OF THE RISKS OR EVENTS

THAT THE INVESTOR FEAR OR REGRET
THE MOST
TABLE 9
S.NO
1
2
3
4
5
RISKS OR EVENTS
A loss of principal over a period of 1 year
or less
A rate of inflation that exceeds the rate of
return over the long term
Portfolio performance that is insufficient
to meet the goals
Portfolio performance that is consistently
less than industry benchmarks
A missed investment opportunity that
could have yielded higher returns over the
long term
MSV
RANK
2.56
IV
2.64
3.64
3.36
II
2.8
III

EMOTIONAL TOLERANCE LEVEL OF
THE INVESTORS
The risks or events that the investor fear or regret

the most is for the Portfolio performance that is
insufficient to meet their goals. The other risks or
247
events includes portfolio performance that is

consistently less than industry benchmarks, a
missed investment opportunity that could have
yielded higher returns over the long term, a loss of
principal over a period of 1 year or less, a rate
of inflation that exceeds the rate of return over
the long term.
CHART 9
RANKING OF THE RISKS OR EVENTS
THAT THE INVESTOR FEAR OR REGRET
THE MOST
A missed investment opportunity that could
have yielded higher returns over the long term
2.8
Risks or Events
Portfolio performance that is consistently less

than industry benchmarks
NEUTRAL INFORMATION
Recent price movement in a
firms stock
Current economic indicators
Fluctuation/developments in the
stock index
Statements from government
officials
Information obtained from the
internet
Coverage in the press
Government holdings
OVERALL MSV = 3.474
MSV
RANK
3.98
3.7
3.68
3.36
3.34
3.14
3.12
6
7
3.36
Portfolio performance that is insufficient to

meet the goals
3.64
A rate of inflation that exceeds the rate of

return over the long term
The most influencing factors under neutral

information is the recent price movement in a
firms stock (MSV 3.98) whereas the least
influencing factors include Coverage in the press
(MSV 3.14) and Government holdings (MSV 3.12)
in the company.
2.64
A loss of principal over a period of 1 year or

less
2.56
MSV
FINANCIAL LITERACY LEVEL OF THE

INVESTORS
TABLE 10
FINANCIAL
LITERACY LEVEL
NO
OF
RESPONDENTS
PERCENTAGE
19
9.5
Low
Medium
122
61
High
59
29.5
Total
200
100
S.NO
1
CHART 11
ANALYSIS OF FACTORS UNDER NEUTRAL
INFORMATION

9.5% of investors are low in their financial
literacy score, 61% of the respondents are under
medium literacy level and 29.5% of the respondents
are having high financial literacy score.
CHART 10
FINANCIAL LITERACY LEVEL OF THE
INVESTORS
ANALYSIS OF FACTORS UNDER

ADVOCATE RECOMMENDATION
TABLE 12
Friend or coworker recommendations
Opinions of the firms majority stockholders
MSV
2.96
Broker recommendation
2.92
Family member opinions
2.88

OVERALL MSV = 2.94
ANALYSIS OF FACTORS UNDER NEUTRAL
INFORMATION
TABLE 11
RANK
The most influencing factor under

advocate recommendation is the Friend or
248
coworker recommendations (MSV 3) whereas

broker recommendation (MSV 2.92) and
family member opinions (MSV 2.88) are the
least influencing factors.
CHART 12
ANALYSIS OF FACTORS UNDER
ANALYSIS OF FACTORS WITHIN THE

GROUPS
ANALYSIS OF FACTORS UNDER SELFIMAGE/FIRM-IMAGE COINCIDENCE
TABLE 13
SELF-IMAGE/FIRMMSV RANK
IMAGE COINCIDENCE
Organized financial markets
3.98
1
Perceived ethics of firm
3.98
2
Reputation of the firm
3.84
3
Feelings for a firms
3.7
4
products and services
Gut feeling on the economy
3.68
5
Firm status in industry
3.58
6
Reputation of the firms
3.32
7
shareholders
Get rich quick
3.08
8
Increase of the firms
9
involvement
in
solving 2.92
community problems
Religious reasons
2.26
10
OVERALL MSV = 3.43
Organized financial markets (MSV 3.98)
is being considered as the most influencing factors
on the investor behavior under the factor selfimage/firm-image coincidence whereas Increase of
the firms involvement in solving community
problems (MSV 2.92)and Religious reasons (MSV
2.26) are the least influencing factors.
CHART 13
ANALYSIS OF FACTORS UNDER SELFIMAGE/FIRM-IMAGE COINCIDENCE
ANALYSIS
OF
FACTORS
ACCOUNTING INFORMATION
TABLE 14
UNDER
MSV
RANK
Condition of financial statements
4.1
Dividends paid
4.08
Past performance of the firms stock
4.06
Expected Dividends
3.98
Expected corporate earnings
3.88
Stock Marketability
3.65
Affordable share price
3.62

OVERALL MSV = 3.912
Condition of financial statements (MSV
4.1) is being considered as the most influencing
attribute under the factor accounting information
whereas Stock Marketability (MSV 3.65) and
Affordable share price (MSV 3.62) are the least
influencing factors.
OVERALL MSV = 3.912
Condition of financial statements (MSV
4.1) is being considered as the most influencing
attribute under the factor accounting information
249
whereas Stock Marketability (MSV 3.65) and

Affordable share price (MSV 3.62) are the least
influencing factors.
CHART 14
ANALYSIS
OF
FACTORS
UNDER

Calculated value
=
Table value
=
1.Chi- square calculation for education and

relation between employee and management.
13.186
16.919
Therefore by using the chi-square for the above

given table, it is found that the calculated value is
less than the tabulated value. So, Ho is accepted.
FINDINGS

Ho : there is no relationship between the job
satisfaction and age.
H1 : there is a relationship between the job
satisfaction and age.
Chi-square
Level of significant
Degree of freedom
( Oi Ei )
Ei
= 5%
= (r-1) (c-1) = 9
Majority of the investors (39%) are moderately

conservative and 18% of investors are very
conservative in their investment, and no respondents are
very aggressive towards their investments.
Majority of the investors (27%) are short term
investors with the investment time horizon between 1 to
2 years.
There is no significant relationship between
Emotional Risk Tolerance and Gender of the investor.
There is a significant relationship between
Emotional Risk Tolerance and Work Status of the
investor.
Emotional Risk Tolerance and Life stage of the investor.
Emotional Risk Tolerance and Income of the investors.
Emotional Risk Tolerance and Financial resource
tolerance of the investors.
Financial Literacy Level and Emotional risk tolerance
of the investors.
Investment Time Horizon and Gender of the investor.
Investment Time Horizon and Qualification of the
investor.
250
Investment Time Horizon and Work Status of the

investor.
Investment Time Horizon and Life stage of the investor.
Investment Time Horizon and Income of the investors.
Investment Time Horizon and Financial resource
tolerance of the investors.
Investment Time Horizon and Financial Literacy Level
of the investors.
The other findings of the study include the following:
The respondents belong to different socio-economic
background in terms of age, sex marital status,
occupation, literacy and annual income.
Majority of the investors (90%) are male.
Majority of the investors (42%) are under graduates.
Majority of the investors (38%) are doing their own
business.
The respondents are under different stages of life and
the majority are under retired (28%) life stage.
From the study it was revealed that 40% of the
investors have income of <10000 per month and
another 40% of the investors have the income of
Rs.10000 Rs.20000 per month.
From the study it was found that majority of the
investors (60%) are neutral in their financial tolerance
and 18% are pessimist in their attitude towards their
financial resource and 22% are optimist in their
attitude.
It was found that the risks or events that the investor
fear or regret the most is for the Portfolio
performance that is insufficient to meet their goals
followed by portfolio performance that is consistently
less than industry benchmarks, a missed investment
opportunity that could have yielded higher returns
over the long term.
Majority of the investors (61%) are having medium
literacy score and 9.5% are low in their financial
literacy score, and 29.5% of the respondents are
having high financial literacy score.
SUGGESTIONS
After analyzing the various factors
influencing the individual investor behaviour the
following suggestions are made for better
understanding of the investor behavior.
9 Since the brokers recommendation is one
among the least influencing factors, the
company should go for in-depth research to
find out the reasons for it.
9 They should get constant feedback from the
investors and have to provide sound advisory
facilities to make the brokers recommendation
as the most influencing factor.
9 They should give analysis about the latest
stock market trends and have to take a close
look at the various investment options, and
products available in the market to their
clients.
They can provide specific industry reports
which gives comprehensive information on
various industries.
9 They should devise appropriate asset allocation
strategies for successful portfolio management
of their clients based on their life stage,
financial and emotional risk tolerance and their
financial literacy level.
9 They have to provide customized advisory
services to help investors make the right
financial moves that are specifically suited to
their portfolio.
9 The most influencing factors were belong to
the accounting information group so the
market are required to give more attention to
these factors in order to satisfy the desires of
their investors and also to attract more
investors to deal with their stocks.
9 The listed companies should provide proper
accounting information to the public since it is
the most influencing factor and they have to
maintain good financial position.
9 The companies have to declare expected
dividends to their stakeholders since it is one
among the most influencing attribute.
9 To increase their stock marketability, they
need to review the relationship between the
price and demand on their stocks frequently.
9 If the stock price is too high, this might make it
difficult to sell, and one of the policies that can
be adopted by companies to make it more
marketable is a stock split.
9 The companies have to build brand image and
should maintain their status in the industry to
get good reputation from its stakeholders.
9 They have to follow business ethics which is
also an important influencing factor.
CONCLUSION
The study entitled Factors Influencing
the Individual Investor Behavior would help the
share brokerage firms to take care of the factors
influencing their investors and can give proper
asset allocation strategy to their investors. The
listed companies can also look at the most
influencing factors and can focus much on these
factors to attract the investors to invest in them.
The study was conducted for a
period of 50 days. The study aimed at identifying
the most and the least influencing factors of the
individual investors. Convenience sampling
method was used in the study and a sample size of
200 investors was taken for the study. The primary
data
was
collected
through
structured
questionnaire. The questionnaire included thirtyfour items that belong to five categories, namely
self-image/firm-image coincidence, accounting
information, neutral
information, advocate
recommendation and personal financial needs. The
research design that is adopted in this study is
9
251
descriptive design.
The data collected through questionnaire
has been analyzed using mean score value and chisquare test. Pie charts and bar diagrams were used
in the study for better understanding.
Through this, the researcher helped the
company to know more about the factors
influencing their investors and also helped to focus
on those factors to provide better customer Service.
Majority of the respondents are influenced by the
accounting information of the companies and
advocate recommendation is the least influencing
group. Suggestions were also made for further
understanding of the investor behavior.
BIBILIOGRAPHY
1. Nagy,R.A.and Obenberger,R.W., Factors
influencing investor behavior, Financial Analysts
Journal, Vol.50, 1994, pp.63-68.
2. Shanthikumar,D. and Malmendier, Are small
investors naive?, Stanford University Working
Paper, 2003.
3. Shleifer, A, Inefficient Markets: An
Introduction to Behavioral Finance (Oxford
University Press, 1999).
4. Taffler,R.J., What can we learn from
behavioral finance?, Credit Control, Vol.23,2002,
5. Blume, M.E., and I. Friend. The Changing
Role of the Individual Investor, John Wiley &
Sons, New York, New York, 1978
6. LeBaron, D., G. Farrelly and S. Gula,
Facilitating a Dialogue on Risk: A Questionnaire
Approach, Financial Analysts Journal, Vol. 45,
No. 3, pp. 19-24, 1989.
7. Baker, H.K., and J.A. Haslem, Toward the
Development of Client-Specified Valuation
Models, Journal of Finance, Vol. 29, No. 4, pp.
1255-1263, 1974.
8. Benartzi, Shlomo and Richard H. Thaler
(2001), Nave Diversification Strategies in
Defined Contribution Saving Plans, American
Economic Review, Vol. 91, No. 1, March.
9. Sehgal, S. (2002), Survey Study of Investors
Behaviour in The Indian Capital Market, Review
of Commerce Studies, Vol. 20-21, No. 1, JanuaryJune, p. 123.
252

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IRACST- International Journal of Research in Management & Technology (IJRMT), ISSN: 2249-9563

Vol. 2 No.2, April 2012

A Study on the Individual Investor Behavior

Most financial theory is based on the idea that everyone

OBJECTIVES OF THE STUDY

SCOPE OF THE STUDY

Data were collected through both primary

Mean Score Values

ANALYSIS AND INTERPRETATION

Source: Primary Data

In this particular phase the responses for

PHASE I: PERSONAL FACTORS

WORK STATUS OF THE INVESTORS

Source: Primary Data

Source: Primary Data

INVESTMENT TIME HORIZON OF THE

LIFE STAGE OF THE INVESTORS

Source: Primary Data

LIFE STAGE OF THE INVESTORS

Source: Primary Data

INCOME OF THE INVESTORS

INCOME OF THE INVESTORS

Source: Primary Data

FINANCIAL TOLERANCE LEVEL OF

Source: Primary Data

RANKING OF THE RISKS OR EVENTS

Source: Primary Data

The risks or events that the investor fear or regret

events includes portfolio performance that is

Portfolio performance that is consistently less

Portfolio performance that is insufficient to

A rate of inflation that exceeds the rate of

The most influencing factors under neutral

A loss of principal over a period of 1 year or

Source: Primary Data

FINANCIAL LITERACY LEVEL OF THE

Source: Primary Data

ANALYSIS OF FACTORS UNDER

Family member opinions

Source: Primary Data

The most influencing factor under

coworker recommendations (MSV 3) whereas

ANALYSIS OF FACTORS WITHIN THE

ANALYSIS OF FACTORS UNDER SELFIMAGE/FIRM-IMAGE COINCIDENCE

Condition of financial statements

Past performance of the firms stock

Expected corporate earnings

Affordable share price

Source: Primary Data

whereas Stock Marketability (MSV 3.65) and

Source: Primary Data

1.Chi- square calculation for education and

Therefore by using the chi-square for the above

Source: Primary Data

Majority of the investors (39%) are moderately

Investment Time Horizon and Work Status of the

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