View of A COMPARATIVE ANALYSIS OF PERCEPTION OF MALE AND FEMALE INVESTORS TOWARDS INVESTMENT IN STOCK MARKET

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Vol.04,Special Issue 05, (ICIR-2019) September 2019, Available Online: www.ajeee.co.in/index.php/AJEEE

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A COMPARATIVE ANALYSIS OF PERCEPTION OF MALE AND FEMALE INVESTORS TOWARDS INVESTMENT IN STOCK MARKET

Dr. Shalu Kotwani

Assistant Professor, Shri Vaishnav Institute of Management, Indore Dr. Sandeep Kumar Malu

Associate Professor, Shri Vaishnav Institute of Management, Indore

Abstract - Investment in financial securities is very crucial and risky decision to take. The time is gone when only males were investing in financial market. Now it is dominated by the females’

decision to invest also. Almost every decision related with investment is taken by the mutual consent of both man and woman. But as the behavioral science says, the investment behavior is affected by the gender factor and it is the most influencing factor that affects all investment decisions of life. This paper tries to find out the difference in the perception of males and females of India towards the investment in the stock market. To achieve the stated purpose first factor analysis is implemented so that major factors can be extracted and finally Z-test is applied on the responses of 160 investors of stock market.

Keywords: Gender Differences, Stock market, Investment, Investors and Perception 1 INTRODUCTION

Stock market is the most fluctuating part of financial market. It is characterized by both risk and return factors. Apart from these two dependent factors, the most affecting factor of stock market is Gender which is an independent variable. Change in investment behavior is influenced by the type of the gender to which the particular investor belongs. There is a difference in the mindset of the males and females. John Grey in his prominent book “Men are from Mars, Women are from Venus” explained how and why men and women have different attitudes towards everything. Money is also a very important topic of discussion between men and women. It is always assumed that women are more intuitive and future-oriented than men that’s why there investment decision is also very diverse than men. The males are also considered as risk taker investor while females are known as the risk adverse investors. Like risk and return factors there are several factors that affect the investment decisions of investors.

Lot of previous research studies are also agreed with the gender differences towards investment.

Some of the researchers in their research proved that males are more self-confident investors than females. Although some researchers proved that females are more cautious investors. This paper attempts to find out the perceptual differences of the males and females.

2 LITERATURE REVIEW

Qiao (2012) considered income factor as prominent factor. According to him, females are less paid than males for the same work and that’s why they invest less as comparison to males.

Laakso (2010) considered domestic factors as the foundation factors for less participation of women in stock market. The domestic factors are demographic variables, risk aversion, sociability, personal values, cognitive skills, health, life satisfaction, and religion.

While Materson (2008) presented unique factors behind low participation by females in financial market, they are differences in motivation, self-belief, awareness of financial concepts, and the use of financial advisers’ recommendations.

Volpe and Chen (2002) said that females are not financial aware about investment avenues therefore they don’t invest much.

Burton (1995) explained various factors that are responsible for the gender differences in the investment behavior. The factors are the roles and responsibilities associated with males and females in their family and professional life, relationship status, women’s employment status, the policies adopted by financial institutions and gender biasness.

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Luotonen (2009) stated that females experience exclusion from informal networks and as a result, lack prompt access to valuable information. He also believed that lower lifetime earnings, lower wealth, and high rate of poverty are the causes for women not investing in the stock market. Lack of interest due to conservative attitude of females also affects their participation in investment decision.

Iyer (2012) in his study presented the Indian mindset. He stated that in India it is believed that women can’t invest in stock market as they don’t have ability to take the decisions.

NCAER (2011), the trend in women’s participation in Indian stock market holds up the aforesaid believes. As per a survey conducted by the SEBI in alliance with the National Council of Applied Economic Research (NCAER) in 2011, the investment made by women in the stock market is far less as compared to men. The conclusion of the research showed that women invested in only 6.41 percent of mutual funds, 7.45 percent of bonds, 5.58 percent of debentures, 3.57 percent of IPOs, 5.23 percent of secondary market investments and 10.40 percent of derivatives.

Zuckerman and Kuhlman (2000) in their research proved that men engage in more overall risky behavior than women and within financial matters.

Powell and Ansic (1997) stated that females are less confident about their decisions as their decisions are controlled by various factors like age, experience, education, knowledge and asset holdings. Steinerock (1991) showed that women had a lower risk preference and a higher degree of anxiety in financial decisions than men and also a stronger desire to use financial advisors.

Kabra et al. (2010) stated that age and gender both ascertain the risk taking capacity of the investor. Bajtelsmit and Bernasek (1996) showed that men and women have different behavior towards investment. They proved that women are more cautious in their investment decisions and also more risk averse than men.

Graham et al. (2002) confirmed that female investors have less confidence in their investment decisions compared to men. They also differ in their information processing capability, this leads to the difference in risk-taking and confidence levels.

Worthington (2006) found that the female investors are found to be less than men in terms of financial literacy. Hallahan et al. (2004) proved that women having lower risk tolerance than men. Olsen and Cox (2001) proved that the female professional investors give more preference to reduction of risk than men during portfolio assignment.

`Women have a general tendency to avoid the risky assets as they are more conservative investors than men (Sung & Hanna 1996; Hinz, McCarthy & Turner 1997; Grable & Lytton 1998).

Surekha (2017) stated that wealth of males and females is also very different because of various reasons like social, emotional, etc. Singh et al. (2016) explored the responses of individual investors located in the National Capital Region of India. They found that women investors give more preference to self-attribution bias as comparison to the men investors whereas the men investors are more prone to overconfidence bias and regret avoidance bias when compared to the women investors.

Jaiswal and Kamil (2012) in their study proved that male investors are growth oriented while female investors are either both income and growth oriented or only income oriented.

Mittal and Vyas (2011) proved that men are more risk taker and over confident about their investment decisions than women. Therefore women prefer less-risky and less-return securities and vice-versa. The same view was also carried forward by Mahapatra and Mehta (2015).

2.1 Rationale of the study

Stock market is the most unpredictable market and in today’s participative world where males and females both are contributing classes, we can’t ignore the role of females. Their behavioral changes towards investment depend on various factors. Due to this reason, it is very important to know the factors and the difference in the perception of males and females towards these factors.

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3 2.2 Objectives of the study

1. To find out the factors affecting the investors' perception while investing in the stock market.

2. To study the perception difference between the male and female investors on the factors affecting stock market.

3 RESEARCH METHODOLOGY

The present study is an exploratory study based on both the primary and secondary data. The secondary data like newspapers, reports and market data are used. The primary data is collected through questionnaire filled from the stock market investors of Pune, Ahmedabad, Indore and Banglore. The questionnaire is filled on the basis of 5 point Likert scale.

3.1 Research Design

The stock market investors are classified into 2*2 factorial research design STOCK MARKET INVESTORS

SALARIED (80) BUSINESSMAN (80)

MALE E (40) F (40)

FEMALE G (40) H (40)

Factor Analysis test through SPSS 20 was applied on the responses of the respondents to find out the factors affecting the stock market and z-test was applied to measure the perception difference between male and female investors on the factors affecting the stock market. The result of the factor analysis has given 13 factors on all the variables of the Perception of Investors. {Appendix 1}. The factors are Investors Types, Market Variations, Secondary Information Source, Primary Information Source, Price and Term of the Investment, Future prospects of the Investment, Investment Motive, Sector's Volatility, Sector's Return, Fundamental and Technical Analysis, Sector's Dispersion, Liquidity and documentation Criteria and Speculation Motive.

3.2 Results of z-test

Problem: Do Male and Female Investors differ significantly in their perception of the factors affecting the investment in the Stock Market.

All Male Stock Market Investors: EF All Female Stock Market Investors: GH

H01: The Male and Female investors do not differ significantly in their perception of factor Investors’ Types affecting the investment in Stock market.

EF (Mean=13.06) GH (Mean=12.01)

The null hypothesis is accepted [z = 1.66; p = 0.09]

H02: The Male and Female investors do not differ significantly in their perception of factor Market Variations affecting the investment in Stock market.

EF (Mean=5.7) GH (Mean=5.75)

The null hypothesis is accepted [z = -0.14; p = 0.88]

H03: The Male and Female investors do not differ significantly in their perception of factor Secondary Information Sources affecting the investment in Stock market.

EF (Mean=12.26) GH (Mean=12.63)

H04: The Male and Female investors do not differ significantly in their perception of factor

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Primary Information Sources affecting the investment in Stock market.

EF (Mean=19) GH (Mean=18.81)

H05: The Male and Female investors do not differ significantly in their perception of factor Price and Term of the Investment affecting the investment in Stock market.

EF (Mean=8.18) GH (Mean=9.41)

The null hypothesis is rejected [z = -3.2, p = 0]

The Male and the Female investors of Stock Market differ significantly in their perception of the factor Price and Term of the Investment affecting the investment in the Stock market. The Female investors perceive the factor Price and Term of the Investment as more significant criteria for investment in the Stock Market than the Male investors of Stock Market.

H06: The Male and Female investors do not differ significantly in their perception of factor Future Prospects of Investment affecting the investment in Stock market.

EF (Mean=9.28) GH (Mean=8.43)

The null hypothesis is rejected [z = 2.15, p = 0.03]

The Male and the Female investors of Stock Market differ significantly in their perception of the factor Future Prospects of Investment affecting the investment in the Stock market. The Male investors perceive the factor Future Prospects of Investment as more significant criteria for investment in the Stock Market than the Female investors of Stock Market.

H07: The Male and Female investors do not differ significantly in their perception of factor Investment Motive affecting the investment in Stock market.

EF (Mean=5.82) GH (Mean=6.33)

H08: The Male and Female investors do not differ significantly in their perception of factor Sector’s Volatility affecting the investment in Stock market.

EF (Mean=9.17) GH (Mean=8.57)

H09: The Male and Female investors do not differ significantly in their perception of factor Sector’s Return on Investment affecting the investment in Stock market.

EF (Mean=5.7) GH (Mean=5.58)

H010: The Male and Female investors do not differ significantly in their perception of factor Fundamental and Technical Analysis affecting the investment in Stock market.

EF (Mean=9.62) GH (Mean=7.87)

The null hypothesis is rejected [z = 3.85; p = 0.00]

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The Male and the Female investors of Stock Market differ significantly in their perception of the factor Fundamental and Technical Analysis affecting the investment in the Stock market. The Male investors perceive the factor Fundamental and Technical Analysis as more significant criteria for investment in the Stock Market than the Female investors of Stock Market.

H011: The Male and Female investors do not differ significantly in their perception of factor Sector’s Dispersion affecting the investment in Stock market.

EF (Mean=5.75) GH (Mean=5.35)

H012: The Male and Female investors do not differ significantly in their perception of factor Liquidity and Documentation affecting the investment in Stock market.

EF (Mean=9.4) GH (Mean=8.55)

H013: The Male and Female investors do not differ significantly in their perception of factor Speculation Motive affecting the investment in Stock market.

EF (Mean=5.4) GH (Mean=5.17)

Table: 1 Showing Means and p-values of the Male and Female investors’ perception on thirteen different factors affecting the investment in Stock Market

Factors p value Mean of Male

Investors Mean of Female Investors

Investors Types 0.09 13.06 12.01

Market Variation’s 0.88 5.7 5.75

Secondary

Information Sources 0.50 12.26 12.63

Primary Information Sources 0.80 19 18.81 Price & Term of the

Investment 0.00 8.18 9.41

Future Prospects of

the Investment 0.03 9.28 8.43

Investment Motive 0.14 5.82 6.33

Sector’s Volatility 0.14 9.17 8.57

Sector’s Return on

Investment 0.70 5.7 5.58

Fundamental and

Technical Analysis 0.00 9.62 7.87

Sector’s Dispersion 0.83 5.75 5.68

Liquidity &

Documentation 0.05 9.4 8.55

Speculation Motive 0.47 5.4 5.17

4 FINDINGS

1. The male and female investors of the Stock market differ significantly in their perception on the factors affecting the investment in the Stock market.

2. The male investors perceive factors like Future prospects of the Investment and Fundamental and Technical Analysis as more significant criteria for investment in the Stock Market than Female investors of Stock Market.

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3. The female investors perceive the factor Price and Term of the Investment as more significant criteria for investment in the Stock Market than Male investors of Stock Market.

4. There is no significant difference between the perception of the Male and the Female investors on the factors like Investors Types, Primary Information Sources, Market Variations, Secondary Information Sources, Investment Motive, Sector’s Volatility, Sector’s Return on Investment, Sector’s Dispersion, Liquidity and Documentation and Speculation Motive.

5 SUGGESTIONS

1. The present research has been done only on two independent demographic variables namely males and females.

2. The research can be compared to other framework of perceptual differences of the investors of the developed–developing countries, profit and non-pro t organizations.

3. The study can also be done on the other classes of investors based on various sectors such as industrial sector, education sector and so on.

REFERENCES

1. Bernaseki, A., and Bajtelsmit, V. L. (1996). Why do women invest differently than men? Journal of the Association for Financial Counseling and Planning Education, 7, 1–10.

2. Burton, D. (1995). Women and financial services: Some directions for future research. International Journal of Bank Marketing, 13(8), 21–28.

3. Grable, J. E., and Lytton, R. H. (1998) “Investor risk tolerance: Testing the efficacy of demographics as differentiating and classifying factors,” Financial Counseling and Planning, 9(1), pp. 61-73.

4. Graham, J. F., Stendardi Jr, E. J., Myers, J. K., and Graham, M. J. (2002) “Gender differences in investment strategies: An information processing perspective,” International Journal of Bank Marketing, 20(1), pp. 17-26.

5. Hinz, R. P., McCarthy, D. D., and Turner, J. A. (1997) “Are women conservative investors? Gender differences in participant- directed pension investments,” Positioning pensions for the twenty-first century, pp.91-103.

6. Iyer, A. S. (2012). A study of savings and investment patterns of women in Bangalore. Retrieved from http://repository.christuniversity.in/3240

7. Jaiswal, B., and Kamil, N., 2012, “Gender, behavioral finance and the investment decision,”IBA Business Review, 7(2), pp. 8- 22.

8. Kabra, G., Mishra, P.K., and Dash, M. K. (2010) “Factors influencing investment decision of generations International Journal of Applied Engineering Research ISSN 0973-4562 Volume 13, Number 11 (2018) pp. 9651-9662

9. Laakso, E. (2010). Stock market participation and household characteristics in Europe (Doctoral Dissertation).Helsinki:

Department of Accounting and Finance, Aalto University School of Economics.

10. Luotonen, N. (2009). Personal values and stock market participation: Evidence from Finnish University students (Doctoral Dissertation). Helsinki: Helsinki School of Economics.

11. Mahapatra, M. S., and Mehta, S., 2015, “Behavioral finance: A study on gender based dilemma in making investment decisions,” Sumedha Journal of Management, 4(1), pp. 4-6.

12. Materson, R. (2008). Are men better investors than women? Gender differences in mutual fund and pension in investments.

Journal of Financial Services Marketing, 13(1), 72–81.

13. Mittal, M., and Vyas, R.K., 2011, “A study of psychological reasons for gender differences in preferences for risk and investment decision making,” IUP Journal of Behavioral Finance, 8(3), pp. 45-60.

14. National Council of Applied Economic Research (NCAER). (2011). How households save and invest: Evidence from NCAER household survey. Retrieved from www.nseindia.com

15. Olsen, R. A., and Cox, C. M., 2001, “The influence of gender on the perception and response to investment risk: The case of professional investors,” The Journal of Psychology and Financial Markets, 2(1), pp. 29-36.

16. Powell, M. and Ansic, D. (1997) Gender differences in risk behaviour in financial decision making: An experimental analysis, Journal of Economic Psychology, 18, pp.605-628.

17. Qiao, X. (2012). Gender differences in saving and investing behaviours (Doctoral Dissertation). ARCADA.Retrieved from file:///G:/Xuewei_Qiao.pdf

18. Singh, H. P., Goyal, N., and Kumar, S. (2016) “Behavioural Biases in Investment Decisions: An Exploration of the Role of Gender,” Indian Journal of Finance, 10(6), pp. 51-62.

19. Sung, J., and Hanna, S. (1996) “Factors related to risk tolerance,” Financial Counseling and Planning, 7, pp. 11-20.

20. Surekha Rana, Vibha, 2017, “Marital status and Investment preferences,” Online International Interdisciplinary Research Journal, 7, pp. 91-98.

21. Volpe, R. P., & Chen, H. (2002). Gender differences in personal financial literacy among college students. Financial Services Review, 11, 289–307.

22. Zuckerman, M. and Kuhlman, D. M. (December 2000) Personality and Risk Taking: Common Biosocial Factors, Journal of Personality, pp.999-1029.

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7 Appendix Rotated Factor Matrix

1 2 3 4 5 6 7 8 9 10 11 12 13

VARIATIONS .604 .137 -.066 -.002 -.088 -.346 -.216 .042 -.068 .068 .226 -.176 -.121 COMPANIES

\COMMODI TY

PERFORMA NCE

.597 .176 .066 -.099 -.161 -.155 -.104 .074 .071 -.180 -.150 -.130 .024

MOVEMENT

S IN MKT .592 .035 -.019 -.060 -.038 -.354 -.260 .050 -.101 .210 .256 -.221 -.232 INVST.BY

FOREIGN INVESTORS AFFECTS NATIONAL INCOME

.558 .152 -.114 -.070 -.052 -.225 -.363 -.103 -.284 -.052 -.088 .095 -.003

ARBITRAGE

UR .540 -.292 -.166 -.449 .223 .078 -.078 .023 .001 -.043 -.064 .060 -.141 GLOBAL

ECONOMIC

SCENARIO .534 -.277 -.155 -.148 -.190 .081 .292 .068 .002 -.033 .169 -.098 .138 SPECULATO

R .530 -.235 -.310 -.455 .190 .085 -.011 .087 -.031 -.121 -.132 .190 -.042 FLEXIBILITY .525 -.301 -.111 -.037 .019 -.005 .234 .209 .120 -.034 .020 -.277 .096 INVST.BY

FOREIGN INVESTORS AFFECTS TRADING

.512 .163 .040 -.069 .045 -.282 .046 -.014 .074 -.048 -.358 .053 .071

BASE METAL SECTOR MOST VOLATILE

.483 -.230 .069 .186 -.037 .339 -.248 .136 .063 .192 -.190 -.015 -.120

INVST.BY FOREIGN INVESTORS AFFECTS MKT PRICE

.482 .187 -.148 .218 -.249 -.346 .112 .073 .032 .055 -.254 -.051 -.099

BUSINESS NEWS

PAPER .476 .217 -.332 .417 -.006 .137 .138 .095 .020 -.033 .019 .213 .041 MARKET

PERFORMA

NCE .467 .087 .234 .272 -.178 -.097 .208 .123 .167 -.223 -.139 -.125 .310 SECTOR'S

PERFORMA

NCE .463 .238 .095 .179 -.047 .156 .009 -.118 .250 -.365 -.190 -.016 -.037 PRESENT

ECONOMY

SCENARIO .457 -.064 .170 .070 -.105 .013 .220 .323 -.168 .231 .081 .166 -.155 LIQUIDITY .449 .112 .006 -.137 -.207 .161 -.150 -.312 .216 .161 .113 .073 .201 SELF

RESEARCH .423 -.022 -.042 .185 -.063 .109 -.062 .312 -.367 -.105 .035 .137 .132

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BASE METAL SECTOR MORE RETURN

.421 .028 .234 .174 .401 -.080 -.131 -.147 -.201 -.142 -.123 -.113 -.173

OTHER INVETSMEN

TOPTIONS .400 .008 .259 .151 -.088 .168 -.044 .126 .107 .036 .297 .359 -.268 EXPECT

<30%

RETURN .388 .006 .021 .177 .222 -.075 .382 -.294 .154 .244 .068 -.290 -.163 PRECIOUS

METAL SECTOR MOST VOLATILE

.386 -.206 .232 .202 .038 .251 -.068 .137 -.342 .273 -.100 -.054 .213

MINIMIZE

RISK .377 .342 .212 -.305 -.145 .286 -.034 -.257 -.119 -.208 .229 -.182 .030 MAXIMIZE

RETURN .371 .290 .280 -.290 -.101 .225 .147 -.220 -.180 -.137 .300 -.023 .115 SAFE &

SECURED .349 -.022 .263 -.210 -.224 -.248 -.087 .091 .113 -.200 -.018 .274 -.059 PERIODICAL

LY .081 .572 .359 -.119 .172 .114 .189 .305 -.015 -.075 -.121 -.017 -.097 FUNDAMEN

TAL/TECHNI CAL

ANALYSIS

.454 -.516 -.007 -.072 -.032 -.113 .303 -.134 .006 -.056 .029 -.084 -.171

MARKET

PRICE .104 .461 .407 -.221 .221 .191 .098 .180 .149 .252 -.110 -.019 -.198 CREDIT

RATING .403 .422 -.321 -.016 .248 -.020 -.046 .129 -.073 .087 .102 .098 .205 INVEST

>30% OF

SAVINGS .377 -.411 .095 .111 -.164 .100 .134 -.015 -.137 -.344 .069 .096 -.047 TV CHANNELS .425 .326 -.568 .037 .006 .121 -.003 -.137 -.008 .005 .094 .033 .003 REFER

FRIENDS .335 .285 -.442 .358 .228 .185 .139 -.131 -.014 .027 .070 .041 -.046 HEDGER .385 -.094 -.187 -.473 .261 .149 .173 -.046 .041 .117 -.279 .082 .059 SPECULATI

ON .193 -.112 .172 .187 .482 -.202 .168 .070 .086 -.176 .292 .059 .133 AGRICULTU

RE SECTOR MOST VOLATILE

.333 -.269 .002 .127 .000 .379 -.320 .245 .241 .006 .047 -.239 -.051

PREVIOUS INVESTMEN

T .375 -.134 .086 .237 -.142 .161 -.240 -.403 .299 .085 -.153 .155 -.036 PRECIOUSM

ETAL SECTOR MORE RETURN

.328 -.164 .248 .221 .316 .040 -.032 -.329 -.187 -.109 -.058 .020 -.196

LONG TERM .305 -.023 .046 -.073 .197 .002 -.302 .224 .356 .036 .135 -.246 .255 FELICITATIO

N FEE .400 .046 .108 -.102 -.321 -.092 .271 -.095 .135 .423 .025 .192 -.004 LESS RISKY .180 -.169 .218 .033 .374 -.295 -.104 -.047 .293 .052 .200 .380 .246

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AGRICULTU RE SECTOR MORE RETURN

.309 -.124 .315 .030 .050 -.050 -.013 -.239 -.330 .291 -.164 -.036 .411

Extraction Method: Principal Component Analysis.

a. 13 components extracted.

Blank questionnaire

The research is been carried out to understand Investors perception towards stock market.

The information will be fully used for my research only and not disclosed. I will be very thankful if you could spend your precious time for the survey.

s Name: _______________________________

Gender (Please tick): Male Female

Age (Please tick): <30 <30

Occupation (Please tick): Salaried Person Businessman Where do you invest? Stock Commodity Both Read the following statements and respond by ticking the appropriate block for each statement.

Strongly Disagree

1 Disagree

2 Neutral

3 Agree

4 Strongly Agree

5 Strongl

y Disagre e 1

Disagre e 2

Neutral

3 Agree

4 Strongl y Agree 5 I invest periodically

I invest on the basis of good market price

I Invest in other investment options like mutual funds/insurance/bank deposits/real estate

I invest for speculation I trade on long term positions

The investment in the market provides more liquidity

I invest more than 30% of my savings

Variations in the market affects my amount of Investment

The market provides flexibility to invest

The felicitation fee charged by the broker companies is very high

I trade as a hedger I trade as a speculator I trade as a arbitrageur

Global Economic scenario influence my investment decision

I expect less than 30% return on my investment I had good returns on previous investment

I invest in the market to diversify my portfolio to maximize return

I invest in the market to diversify my portfolio to

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10 minimize risk

It is a less risky investment

Movements in stock/commodity market reflects the position of the country

Movements in market affects the components of the economy (gross domestic product, national income)

Present economy scenario indicates increase in trading in near future

Strongl y Disagre e 1

Disagre e 2

Neutral

3 Agree

4 Strongl y Agree 5 Investments are safe & secured against economic

hazard (inflation, recession)

Agriculture sector is the most volatile sector Base- metal sector is the most volatile sector Precious –metal sector is the most volatile sector Agriculture sector gives more return

Base-metal sector gives more return Precious metal sector gives more return

Investment by foreign investors affects trading in the market

Investment by foreign investors affects the market price of the stock/commodity

Investment by foreign investors affects the national income

I do fundamental/technical analysis before investment

I refer to past performance of companies/commodity before investing

I refer stock/commodity market performance of before investing

I refer to the sector’s performance before investing I refer business news paper before investing I refer friends before investing

I refer TV channels before investing

I refer credit rating of companies before investing I do self-research before investing