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INTRODUCTION:
Equity market is the market in which shares are
issued and traded, either through exchanges or
over the counter markets. The market can be split
into two main sectors, the primary market andsecondary market. The primary market is where
new issues are first offered. Any subsequent
trading takes place in the secondary market. In
India out of a population of over 1 billion only 18
million people have invested in equity market and
out of this 80% investors come from 10 major cities
in India (Money Today, April 2011). A lot of factors
like age, occupation, psychological factors like
motivation, perception, learning, beliefs andattitudes play their roles in the minds of the
investors. This study is an attempt to find what
plays an important role in the minds of the investors
before deciding on an investment.
REVIEW OF LITERATURE
Varadharajan.P and Vikkraman.P (2011) in their
study has stated that an investor decides on an
investment after getting opinion from family,
friends and colleagues, Broker’s recommendation
and also other professional advice. The investor
also takes into consideration the market situations
like financial results of the companies, bonus issue,
Price Earnings Ratio and the reputation of the
company.
Devi. S and Renuga Bharathi. N (2008) found that
the following factors namely advertisement, risk
factor, investor grievances, investment pattern,
change in life style, stock broker service, investment
knowledge, investment information, personal
savings, size of investment, economic condition
and decreasing level of sensex influences theperception of investors on investment.
Murty.T.N and Sastry.P.V.S.H (2013) has stated in
their research that investors invest in the stock
market with the sole aim of return optimization.
Variations in the returns from the expectations of
the investors lead for the risk and the subjective
analysis of various attributes helps for the
MADRAS UNIVERSITY JOURNAL OF BUSINESS AND FINANCERefereed, Peer-reviewed and Bi-annual Journal from the Department of Commerce
ISSN: 2320 - 5857
INVESTOR’S PERCEPTION IN EQUITY MARKET INVESTMENTS IN
INDIA WITH SPECIAL REFERENCE TO CHENNAI
Dr. B. VIJAYAKUMAR *
Abstract
This study is an attempt to find what plays an important role in the minds of the investors before deciding on
investment. After collecting questionnaires from 200 respondents in the Chennai city it was found that the nine
factors namely security, risk tolerance, lucrative returns, investment duration, periodic returns, share
performance, long-term investment , futuristic returns and investment dynamics influence the investors’ perception at various level and ultimately leads them to satisfaction.
KEY WORDS: Investor, Perception, Risk, Returns, Satisfaction
Vol. 3 No. 2 July 2015 Pp. 66-78
* Assistant Professor of Commerce, D.G. Vaishnav College, Arumbakkam, Chennai-106
Global Impact factor: 0.243 http://journal.unom.ac.in
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minimization or the avoidance of the risk.
Peter J Buckley, L Jeremy Clegg, Adam R Cross, Xin
Liu, Hinrich Voss and Ping Zheng (2007)
investigated the determinants of Chinese OutwardDirect Investment (ODI) and the extent to which
three special explanations namely capital market
imperfections, special ownership advantages and
institutional factors need to be nested within the
general theory of the multinational firm. They
found that Chinese ODI to be associated with high
levels of political risk, cultural proximity to host
countries throughout and with host market size
and geographic proximity and host natural
resources endowment.
Messod D Beneish and Teri Lombardi Yohn (2008)
has analyzed whether the adoption of IFRS has an
effect on the tendency of investors to under-invest
in foreign equities. They predicted that the effect of
any reduction in information processing costs from
the adoption of IFRS is likely to be small relative to
the effects of other determinants of home bias such
as the strength of investor protection mechanismsin foreign countries, behavioural biases toward
familiar equities and informational advantages
related to geographical proximity. They conclude
that the quality of information that investors have
or perceive they have decreases with distance and
IFRS adoption is unlikely to affect home bias.
Gagan Kukreja(2012) has found in his research that
age, educational qualification, tax advantages,
liquidity and investment attributes are mediatingfactor for investors’ perception. Investment
influences and investment benefits are having high
relevance.
Gunjan Tripathi(2014) has found in his research
that education, profession and gender do not affect
the derivative investing behaviour. However
income is found to have a significant role on
derivatives. He also added that investors are using
these securities for different purposes namely risk
management, profit enhancement, speculation and
arbitrage.
Ravichandran.K(2008) in his research has statedthat younger generation investors are willing to
invest in capital market instruments and that too
very highly in derivatives segment. Even though
the knowledge to the investors in the derivative
segment is not adequate, they tend to take decisions
with the help of brokers or through their friends and
were trying to invest in the market. He concludes
that most of the investors are of age 31-40 and are
mostly entrepreneurs and working executives. He
also says that friends and relatives followed by
brokers are the most influential persons to pull the
investors into the capital market.
Gauri Prabhu and Vechalekar.N.M (2014) in their
research has found out that various factors affecting
perception of investors regarding investment in
mutual funds are Importance of Liquidity,
Importance of Higher Return, Importance of Low
risk and Company reputation. They say that
mutual fund investment is less risky than directly
investing in stocks and is therefore a safer option for
risk averse investors. Monthly Income Plan funds
offer monthly returns and invest mainly in debt-
oriented instruments with little exposure to equity.
Kathi Brown. S (2004) conducted a survey among 50
to 70 year old investors in order to examine
perceptions of selected securities industry
practices, the stock market and financial servicesprofessionals. The survey illustrated that most
investors feel that the cost-related issues of price per
share and fees are more important in stock
transactions than are other issues such as speed of
transaction. Findings also reveal widespread
concerns among investors related to dishonesty in
the securities industry, lack of ethics, lack of
accountability and lack of consumer protection
suggested that much remains to be done to restore
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investor confidence.
Ruta Khaparde and Anjali Bhute (2014) in their
research suggested that the perception of investors
differs around on the basis of different factors likeage, income, experience of investing, investment
objectives and individual social needs. They also
suggest that stocks are the most wonderful category
of financial instruments and one of the greatest
tools ever invented for building financial wealth.
Kousalya.P.R and Gurusamy.P (2012) in their
research has concluded that investors make self-
decision regarding their investment. Investments
are made for a period of less than three years andthere is a significant relationship between age and
awareness.
Geetha.S.N and Vimala.K (2014) has stated that at
national level, household investment provides the
main source of investment financing both for
Government and the corporate sector. They
conclude that demographic variable influence the
investment decision and how information
technology has also deeply influenced the
operation of financial markets.
Neel Kamal Purohit (2013) in his research has found
out that income has significant impact on frequency
of trading in stock market, selection of mode of
trading and selection of market segments. Age and
income has significant impact on taking exposure.
S u khw i nde r K a u r , Ba tra .G .S a nd Bi m a l
Anjum(2014) has suggested that investors should
consider long historical data, size and age of the
fund, fund charges and some measure to analyse
the funds for investments in mutual funds. It
revealed that investor consider mutual funds as
flexible investment option as mutual fund
companies efficiently manage assets and they think
investment in stock market is risky and complete.
Rajeev Jain (2012) in his research explored some of
the unanswered important questions about stock
markets that can be examined and investigated by
an emerging field behavioural finance. It also
explained the factors responsible for the unusual
investments in the stock market which could not be
fully explained by the theories of traditionalfinance. The study examined that three important
atti tudes displayed by investors namely
expectations those investors have about the future
performance of the market in India, confidence that
investors have regarding their investments and
herd instincts so that investors had to herd together.
Faisal Alanezi, Mishari Alfraih and Hesham
Almujamed (2014) in their research found that the
most important sources of information to the
Kuwaiti multi-investors concerned general
corporate information was information about major
types of product and for financial information was
operating profit. In addition the most important
item in non-financial information was new
contracts won by the company. Furthermore the
most important item in corporate governance
information was corporate strategies, in corporate
social information was improvement in customerservices and in type of valuation methods was
fundamental analysis. However with the exception
of some corporate information items no significant
differences were found between participant’s
perceptions.
Manasa Vipparthi and Ashwin Margam (2012)
revealed that the investors’ perception is dependent
on the demographic profile and assesses that the
investors age, marital status and occupation has
direct impact on the investor’s choice of investment.
The study further revealed that female segment are
not fully tapped and even there is low target on
higher income people. It reveals that Liquidity,
Flexibility, Tax savings, Service Quality and
Transparency are the factors which have a higher
impact on perception of investors.
Anshuja Tiwari and Babita Yadav (2013) in their
research has stated that private insurance players
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with their aggressive marketing strategy, advanced
technology, foreign expertise and better customer
services makes this industry attractive for every
social segment. In private life insurance service
providers even aware and educated people hesitateto invest because of having less faith due to
evidence of many insurance frauds and misleading
information given at the time of policy selling.
Shailendra Kumar Chaturvedi, Aravind Kumar
Singh and Karanveer Singh (2014) in their research
found out that mutual fund is a tax saving
instrument and to a certain extent a return oriented
investment. It was also found that the investors
were more prone to public companies rather than
private companies.
Arvid O.I. Hoffmann, Thomas Post and Joost M.E.
Pennings (2012) in their research found out that
investor perception during 2008-09 financial crisis
fluctuate significantly with risk tolerance and risk
perceptions being less volatile than return
expectations. During the worst months of the crisis
investors’ return expectations and risk tolerancedecrease while risk perception increase. Towards
the end of the crisis, investor perceptions recover.
They also documented substantial swings in
trading and risk-taking behaviour that are driven
by changes in investors’ perceptions. Overall
individual investors continued to trade actively
and did not de-risk their investment portfolios
during the crisis.
RESEARCH GAP
While reviewing the vast literature on the subject,
the researcher found that the factors affecting the
investors’ perception are opinion from family,
friends and relatives, brokers’ recommendations,
advertisement, change in life style, investment
p a t te rn , a ge , ge nde r , i ncom e , com p a ny
background, financial performance, liquidity,
awareness, lack of ethics, lack of accountability,
flexibility, tax savings, service quality, marital
status and so on. The researcher felt that in the
present economic scenario which encourages
investors and investment there may be some more
factors influencing investors and this study is anattempt to find one.
NEED FOR THE STUDY The equity market in India is fast growing and
every day new investors are entering into the
market. This study will be of use to them as there
are several myths the investors have about the
market and this study will make investors to
systematically invest in equity market.
OBJECTIVES OF THE STUDY
After reviewing national and international
literature the researcher intended to take the
following unaddressed questions as objectives.
1. To identify the investors’ preference in equity
investment.
2. To measure the level of satisfaction with
respect to the demographic background of
investors.
3. To find the relationship between investors’
preference and satisfaction.
STATEMENT OF THE PROBLEM
The investors many times invest on the basis of
stock brokers opinion, friends and relatives opinionand also on the basis of their own experience. This
study will be useful in finding out the various other
factors which influence the investors’ perceptions.
RESEARCH METHODOLOGY
The methodology adopted in this study relates to
data collection and questionnaires. The sampling
plan used for the final study is discussed in detail
along with data collection procedures and data
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analysis procedures used in pretest, pilot and the
final study.
Pilot Study and Pre-testing
A preliminary investigation was undertaken by
contacting 50 investors in Chennai. The
proportionate random sampling method was
applied to collect the preliminary samples. The
Cronbach Alpha method and test were applied to
check the reliability of the data.
Sampling design
Convenience sampling procedure was used for
selecting the samples from the large population of
investors in the city of Chennai. After testing its
reliability, the questionnaire was administered to
250 employees. Of this 223 questionnaires were
received It was found that only the 200
respondents have filled the questionnaire
completely and 200 is the sample size of this study.
Area of the study
Chennai city has been chosen because it is one of the
major industrial hub in India and Madras stock
exchange is doing brisk business.
Scale development
The questionnaire used comprises both optional
type and statements in Likert’s five point scale
which ranges as follows: 5- Strongly agree, 4 –
Agree, 3- Neutral, 2- Disagree and 1- Strongly
disagree.
Secondary data
The secondary data are collected from journals,
magazines, publications, reports, books, dailies and
websites.
Data Analysis
After collection of responses from the equity
investors the data is systemically tabulated and
analysed using both univariate and multivariate
statistical techniques using Factor Analysis, Linear
Multiple Regression Analysis, One way Analysis of
Variance and Statistical Equation Modeling.
LIMITATIONS OF THE STUDY
1. Due to paucity of time and cost constraints,
the study is confined to Chennai city only
2. The study has been conducted based on the
responses of the selected respondents of
Chennai city. Hence the inferences, findings
of the analysis need not hold good for another
city or the country at large.
3. The study is limited to 200 respondents in
Chennai city.
4. The period of study is confined between
October 2014 to January 2015.
ANALYSIS AND DISCUSSION
FACTORS OF INVESTORS PERCEPTION
After reviewing national and international
literature the researcher identified 32 variables
pertaining to investors’ perception towards equity
market investments. The 32 variables are reduced
into predominant factors by applying Factor
Analysis by Principle Component method. The
results are clearly presented below.
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Kaiser-Meyer-Olkin Measure of Sampling
Adequacy.
.767
Bartlett's Test of
SphericityApprox. Chi-Square 3163.301
df 496
Sig. .000
KMO AND BARTLETT'S TEST
TABLE 1
From the above table it is found that KMO measure
of sampling adequacy is 0.767, Bartlett’s test ofsphericity with approximate chi-square value
3163.301 are statistically significant at 5% level.
This shows that all the 32 variables are normally
distributed and suitable for data reduction. Thenumber of factors derived are presented in the
following total variance table.
TOTAL VARIANCE EXPLAINED
TABLE 2
Componen
t
Initial Eigenvalues Extraction Sums of Squared Loadings
Total
% of
Variance
Cumulative
%
Total
% of
Variance
Cumulative
%
1
4.351
13.597
13.597
4.351
13.597
13.597
2
2.326
7.270
20.867
2.326
7.270
20.867
3
2.077
6.490
27.356
2.077
6.490
27.356
4
1.450
4.531
31.887
1.450
4.531
31.887
5
1.353
4.229
36.116
1.353
4.229
36.116
6
1.293
4.039
40.156
1.293
4.039
40.156
7
1.259
3.934
44.090
1.259
3.934
44.090
8
1.147
3.585
47.676
1.147
3.585
47.676
9
1.128
3.526
51.202
1.128
3.526
51.202
10 1.050 3.280 54.481
1.050
3.280
54.481
11 .998 3.120 57.601
12 .930 2.907 60.509
13 .911 2.846 63.355
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14
.880
2.751
66.105
15
.837
2.616
68.721
16
.783
2.448
71.170
17 .767 2.397 73.566
18
.756
2.363
75.929
19
.718
2.243
78.173
20 .676 2.111 80.284
21 .671 2.098 82.382
22 .609 1.904 84.286
23 .606 1.895 86.181
24 .592 1.851 88.033
25 .563 1.758 89.791
26
.532
1.661
91.452
27
.498
1.557
93.009
28
.486
1.519
94.528
29
.474
1.482
96.010
30
.461
1.441
97.451
31
.422
1.318
98.769
32
.394
1.231
100.000
Extraction Method: Principal Component Analysis.
From the above table it is found that the 32 variables
are reduced into 10 predominant factors with
cumulative variance 54.581. The ten factors are
loaded with perceptional variables of investors.
These factors are listed below.
1. Security
2. Risk tolerance
3. Lucrative returns
4. Investment duration
5. Periodic returns
6. Share performance
7. Long-term investment
8. Futuristic
9. Investment dynamics
10. Satisfaction
After deriving these factors the researcher
intended to relate these 10 factors with the age of the
investors, income and percentage of investment.
Therefore a survey analysis of variance is applied
by considering 10 factors of investment perception
as dependent variables and investors personal and
investment details as the independent variable.
The results are clearly revealed in the following
ANOVA table.
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ANOVA
TABLE 3
FactorsSum of
Squaresdf
Mean
SquareF Sig.
Security
Between
Groups
2.077
5
.415
.899
.482
Within Groups
277.442
600
.462
Total
279.519
605
Risk tolerance
BetweenGroups
4.794
5
.959
1.346
.243
Within Groups
427.401
600
.712
Total
432.195
605
Lucrative returns
Between
Groups
11.838
5
2.368
2.657
.022
Within Groups
534.722
600
.891
Total
546.559
605
Investment duration
Between
Groups 15.213
5
3.043
5.373
.000
Within Groups 339.753 600 .566
Total 354.967 605
Periodic returns
Between
Groups7.678 5 1.536 1.744 .123
Within Groups 528.374 600 .881
Total
536.052
605
Share performance
BetweenGroups
3.972
5
.794
1.463
.200
Within Groups
325.754
600
.543
Total
329.726
605
Long-term
investment
Between
Groups
8.130
5
1.626
1.819
.107
Within Groups
536.385
600
.894
Total 544.515 605
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Futuristic
Between
Groups
14.727
5
2.945
4.237
.001
Within Groups 417.133 600 .695
Total 431.860 605
The research revealed age and income do not have
their influence on investors’ perception whereas
percentages of investment are very vital in deciding
their perception. The researcher considered four
segments in the investment options namely Less
than 10%, 11 to 20%, 21 to 30% and Above 30%. The
table revealed that lucrative returns (f=2.657,
p=0.22), Investment duration (f=5.373, p=0.20),
Futuristic (f=4.237, p=0.001) and Investment
dynamics (f=6.865, p=0.20) are statistically
significant at 5% level. The mean comparison
indicates the investors with above 30% of
investment strongly agree for above factors.
MODEL SUMMARY
TABLE 4
Model R R Square Adjusted R
Square Std. Error of the Estimate
1 .492(a) .242 .230 .69434
After completing the analytical relationshipbetween investors’ perception and their investment
percentage it is very important to find the
relationship between investors’ perception and
their level of satisfaction. Therefore the researcher
applied linear multiple regression analysis by
considering 10 perception factors as independent
variables and satisfaction as their dependent
variables. The results of regression analysis are
presented above revealed that the investors
perception (r2=0.242) create 24.2% variance over
the investment satisfaction of investors in equity
markets. The following ANOVA table indicates the
regression fit relating perception and satisfaction.
ANOVA (b)
TABLE 5
Model Sum of Squares df Mean
Square F Sig.
1 Regression 91.754 10 9.175 19.032 .000(a)
Residual 286.853 595 .482
Total 378.607 605
Satisfaction
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From the above table it is found that f=19.032,
p=0.000 are statistically significant at 5% level. It
implies perception and satisfaction are well
regressed. The perception of investors in equity
market influences their satisfaction level. The
individual influences of perceptual variables are
shown below.
COEFFICIENTS (A)
TABLE 6
Model
Unstandardized
Coefficients Standardized
Coefficients t
Sig.
B
Std. Error
Beta
B
Std. Error
1 Security 1.444
.237
6.082
.000
2 Risk tolerance .154 .046 .132 3.366 .001
3 Lucrative returns -.025 .037 -.027 -.681 .496
4 Investment duration -.001 .032 -.001 -.023 .982
5 Periodic returns .308 .041 .298 7.427 .000
6 Share performance .060 .032 .071 1.850 .065
7
Long-term
investment .055
.042
.051
1.301
.194
8 Futuristic -.070 .032 -.083 -2.158 .031
9
Investment
dynamics
.171
.036
.182
4.792
.000
10
Satisfaction
-.043
.032
-.053
-1.336
.182
.041
.034
.046
1.187
.236
Dependent variable satisfaction
From the above table it is found that security
(Beta=0.132, t=3.366, p=0.001), Investment duration
(Beta=0.298, t=7.427, p=0.000), Long-term
investment (Beta=-0.083, t=-2.158, p=0.031) and
Futuristic (Beta=0.182, t=4.792, p=0.000) are
statistically significant at 5% level. It implies that
the safety in the equity investment is very
important for the investors to acquire the highest
satisfaction. The investment duration is very vital
for the investors to compare their returns and
calculating the inverse proportionality between
time and the return satisfaction. The futuristic
goals of equity investors are very important for
estimating their level of satisfaction.
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STRUCTURAL EQUATION MODEL
The structural equation model as applied to
establish the relationship between investors’preference and satisfaction in equity market
investments. The structural equation model using
Liorel’s software clearly revealed the existence of
significant co-variances among the investors’
preference. The diagram indicates the high
variable leadings with significant co-variances.
The influence of investors’ preference on the
satisfaction factor indicates the security preference
of equity investors play a very major role in
obtaining the satisfaction followed by futuristicreturns and long term investments. The
modification indices C-minimum 30.609, Chi-
square value 1377.418 is statistically significant at
5% level. Besides that the root mean square error of
approximation is 0.244 which is less than the
benchmark 0.8. The P close value 0.255 is also
within the benchmark. Therefore this proves the
model fit relating preference of equity investors and
their satisfaction.
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