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CHAPTER - IV

FINDINGS, SUGGESTIONS AND CONCLUSION

4.1. FINDINGS
DEMOGRAPHIC FACTORS

 It is found out from the study that among the total number of

respondents, around 38% of the respondents belonging to the

age category of 31 -45 years.

 Basically, India is male dominant country. Now a day’s female

entered into all fields like men. But from the study it is found

that majorities (63 %) of the respondents were male and the

study also proved that India is a male dominant country.

 It is identified that among t he total number of respondents ,

70% of the respondents were married. Marital status was an

important factor in the decision making field.

 Educational qualification is the major factor in the field of

investment decision. The share market can not an easy on e to

any one entered and to be operated. It is true from the study

that 41% of the respondents were graduates. Because operation

of share market needs some basic knowledge about shares.

 Among the total number of investors 25 % of the respondents

were corporate employees and followed by business owners.

Very low income group cannot deal with share markets.

179
 It is observed from the study that the 45 % of the respondents

eared Rs. 1,20,001 – 5,00,000 as their annual income and just

6% of the respondents earned mo re than 12,00,000 rupees for

their annul income.

 Regarding the annual investment 44 % of the respondents were

invest below Rs.1,00,000. The share market is not good now.

Before ten years or before the world wide crisis Indian derivate

markets were good and more people invest in them. But now

the investors were not ready to invest freely.

 It is regarding the number of years the respondents were

involved in the investment activities. From the study it is clear

that 50% of the respondents were at least 5 year s of experience

and 7% of the respondents were more than 21 years in the

field.

 About the residence of the respondents it is observed from the

study that majority (82 %) of the respondents were from urban

areas.

 Around 33% of the respondents were moderately conservative

investors willing to take risk and around 41% of the

respondents were aggressive investors. Out of the 41%

aggressive investors around 20% is only ready to take more

risk.

180
 With regard to the type of the investment, around 37% of the

respondents invest in equities along with 28% and 17% invest

in Future & Option market and Commodity market

respectively.

Decision Factors

 Regarding the factor short term capital gains 45 % of the

respondents felt that it was important and 23 % of the

respondents felt it was very important.

 36% of the respondents felt that the factor long term capital

appreciation was very important and the 26 % of the

respondents felt that that it was important.

 Dividend income is important for 39 % of the respondents and

29% felt that it was somewhat important.

 About the factor Diversification 31 % of the respondents felt it

was very important and 22% of the respondents felt it was

some what important.

 35% of the respondents felt minimizing of risk was ver y

important and another 35 % of the respondents felt it was

important.

 Regarding the factor Family/relative opinion 29% felt that it

was very important and 25 % of the respondents felt that it was

some what important.

181
 Friends/Co-workers opinion was important for 29 % of the

respondents and it was somewhat important for 38 % of the

respondents.

 Regarding the factor Brokers/Financial advisors

recommendation 35% of the respondents felt that it was some

what important and 31 % of the respondents felt that it was

important.

 40% of the respondents were felt it was important regarding

the newspaper/magazines and 30 % of the respondents felt it

was some what important.

 Regarding the factor financial statement / annual reports 41 %

of the respondents felt that it was important and 30 % of the

respondents felt that it was some what important.

 About the factor computer/internet, 44 % of the respondents felt

that it was very important and 34 % of the respondents felt that

it was important.

 41% of the respondents felt that gross domestic product was

very important and 36% of the respondents felt that it was

important.

 Regarding the factor inter est rates 34% of the respondents felt

that it was important and 32 % of the respondents felt that it

was important.

182
 About inflation rates 36 % of the respondents felt that i t was

very important and another 36 % of the respondents felt that it

was important

 Regarding the factor Strong confidence of economy 38 % of the

respondents felt that it was very important and 33 % of the

respondents felt that it was important.

 About the factor Government stability 44 % of the respondents

felt that it was very important and 35 % of the respondents felt

it was important.

 Regarding the factor Stock market performance 60 % of the

respondents felt that it was very important and 19 % of the

respondents felt that it was important.

 About the factor past performance of industry 40% of the

respondents felt that it was very important and 26 % of the

respondents felt that it was important.

 42% of the respondents felt that the factor growth rate of

industry was very important and 30 % of the respondents felt

that it was important.

 Regarding the factor Firm’s status in Industry Life Cycle 53 %

of the respondents felt that it was very important and 31 % of

the respondents felt that it was important.

183
 About the factor size of the firm 43% of the respondents felt

that it was very important and 34 % of the respondents felt that

it was important.

 Regarding the factor Firm’s Product/Services Quality 39 % of

the respondents felt that it was important and 31 % of the

respondents felt that it was very important.

 26% of the respondents felt that reputation of firm was very

important factor and the 33% of the respondents felt that it was

important.

 Regarding the quality of management 38 % of the respondents

felt that it was importan t and 30% of the respondents felt that

it was very important

 About the factors perceived ethics of the firm 33 % of the

respondents felt that it was important and 28 % of the

respondents felt that it was very important.

 Regarding the firm’s local operations 37% of the respondents

felt that it was very important and 28% of the respondents felt

that it was important.

 About the factor the firm’s international operations 43 % of the

respondents felt that it was very important and 30 % of the

respondents felt that i t was important.

184
 48% of the respondents felt that stock price per share was very

important and 29 % of the respondents felt that it was

important.

 Regarding the factor earning per share 34 % of the respondents

felt that it was important and 39 % of the respondents felt that

it was important.

 31% of the respondents felt that price to earnings ratio was

very important and 47 % of the respondents felt that it was

important.

 Regarding dividend payout ratio 31% of the respondents felt

that it was very important and 53% of the respondents felt that

it was important.

 33% of the respondents felt that book value per share was very

important and 46% of the respondents felt that it was very

important.

 Regarding current ratio 41% of the respondents felt that it was

very important and 34% of the respondents felt that it was

important.

 33% of the respondents felt that debt equity ratio was ver y

important and 46 % of the respondents felt that it was

important.

185
 Regarding the factor return on equity 51 % of the respondents

felt that it was very important and 32 % of the respondents felt

that it was important.

 In the case of overall influencing investment factor s the mean

values of 44% of the respondents were low and the remaining

56% of the respondents was high. This reveals that there is

56% of the respondents show high opinion on the overall

influencing factors.

HYPOTHETICAL FINDINGS

 There is a significant difference between period of investment

of the respondents and their overall influencing factors of

investment decision. Hence, the calculated value is less than

table value. So the research hypothesis is accepted. So period

of investment influences on overall influencing factors of

investment decisions.

 There is a significant association between type of investors of

the respondents and their overall influencing factors of

investment decision. Hence, the calculated value is less than

table value. So the research hypothesis is accepted. So there is

186
some association between type of investors and the overall

influencing factors of investment decisions.

 There is a significant association between age of the

respondents and their overall influencing factors of investment

decision. Hence, the calculated value is less than table value.

So the research hypothesis is accepted. So age make influence

in the overall influencing investment factors.

 There is no significant difference between gender of the

respondents and their overall influencing factors of investment

decision. Hence, the calculated value is greater than table

value. So the research hypothesis is rejected. The gender of the

respondents does not influence the overall influencing factors

of investment decision.

 There is a significant difference between marital status of the

respondents and their overall influencing factors of investment

decision. Hence, the calculated value is less than table value.

The research hypothesis is accepted. So, the marital status of

the respondents influences the overall influencing factors of

investment decision.

187
 There is a significant difference between educational

qualification of the respondents and their overall influencing

factors of investment decision. Hence, the calculated value is

less than table value. So the research hypothesis is accepted. It

is clear that the educational qualification influences the factors

like objective, sources of information, industry,

economy/market, company quantitative and qualitative.

 T here is a significant association between occupation of the

respondents and their overall influencing factors of investment

decision. Hence, the calculated value is less than table value.

So the research hypothesis is accepted. The occupation makes

impacts on all the factors.

 There is a significant difference between annual income of the

respondents and their overall influencing factors of investment

decision. Hence, the calculated value is less than table value.

So the research hypothesis is accepted. The annual income of

the respondents has an influence on the overall influencing

factors of investment decision .

 There is a significant difference between stock investment of

the respondents and their overall influencing factors of

188
investment decision. Hence, the calculated value is less than

table value. So the research hypothesis is accepted. The stock

investment amount influences on the overall influencing

factors of investment decision .

 There is a significant difference between residence of the

respondents and their overall influencing factors of investment

decision. Hence, the calculated value is less than table value.

So the research hypothesis is accepted. The residence of the

respondents has an impact on the overall influencing factors of

investment decision .

 There is no significant difference between type of investment

of the respondents and their overall influencing factor s of

investment decision. Hence, the calculated value is greater

than table value. So the research hypothesis is rejected. The

type of investment of the respondents does not influence the

overall influencing factors of investment decision.

189
4.2. SUGGESTIONS

 General awareness is to be created among all the age group

people as investment is the major area of saving money in the

midst of risk. India in this regard, is identified to be a safe

destination and all age group people require knowledge

towards investment.

 Women are on par with men and hence awareness towards

female segment may attract more investment as women b y

themselves have the habit of saving more effectively and

efficiently.

 For making investment, marital status is not a hurdle. It is

found that more number of married people make their

investment; unmarried people also need encouragement and

support.

 There are more number of educated people participate in the

investment aspects and less educated people have no

knowledge and awareness t owards it. Hence, it is important to

create awareness among the illiterates or less educated people

to make investment for their future.

 Employees are the major investors in investment avenues, the

other segment lack of knowledge and skills to make

investment. Hence, students, housewives, ret ired persons and

190
others who have less knowledge in investment must be

properly guided to make investment.

 New schemes are to be launched to attract high income group

to participate in the investment avenues as they ar e not much

interested to make investments.

 Investors must come forward to make their investment without

much worry about the risk. In Indian situation, the growth in

the investment is vertical and hence it is observed that there is

less risk.

 More awareness and encouragement is required to make

investment and hence proper information sharing by

companies, periodic market assessment, and company quality is

to be informed to investors every now and then.

 Investment in mutual fund is still less and hence info rmation is

to be provided to investors about the benefits of mutual funds

investments.

 Media and companies must take necessary step towards

providing information about investment in rural areas as there

is no much investors in rural areas.

 Investors must be given orientation about dividend income and

diversified investments in the shares.

 Investors must be taught to read and understand through


magazines and news papers on the trends of investment.

191
4.3. CONCLUSION

The study reveals that the objective factor s rank first in

influencing the investor in their investment decision. The second and

third rank is occupied by the company qualitative and company

quantitative factors respectively. Largely there is a significant

difference between the demographic factors and their overall factors

influencing investment decision. Even though the proportion of the

male respondents is more, the gender of the respondents has no

significant difference in the overall influencing factors.

Investor behavior analysis deals with a nalyzing the behavior of

an investor based on his demographic and psychographic factor like

age, gender and income groups. This states what would be a

preferred portfolio of an investor at an age. This will be helpful to

the stock brokers and portfolio man agers to offer better portfolios to

their investors.

In the modern world, the risk management practices are

gaining much impact and hence understanding the investment

behavior becomes more crucial. Timely insights into portfolio flows

and positioning ca n help to alert individual investors to avoid risks

that are readily discernible through historical volatilities and

covariance.

192
4.4. DIRECTIONS FOR FURTHER RESEARCH

The researcher has identified the following research areas

which can be studies further in order to explore the behavior of the

investors.

 Investor’s behavior in Futures and options market

 Critical analysis of the Investors Psychology in the Indian

Bullion market

 Impact factors on the decision process of the investors in stock

market

 Investors Preference and Perception in Commodities market in

India

 Investors Perception in Mutual Fund Market in India

 Factors influencing the investor’s avenues

 Study on Financial Behavior of investors regarding Mutual

Funds

**********

193
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 Masahiro Watanabe, Price volatility and investor behaviour in

an overlapping generations model with information

Asymmetry, Unpublished Ph.D thesis, Jones Graduate School

of Management, Rice University.

Master Thesis

 Malena Johnsson and etal., Behavioral Finance and the change

of investor behavior during and after the speculative bubble at

the end of 1990s, Master Thesis in Finance, School of

Economics and Management, Lund University, January 2002.

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