MADRAS UNIVERSITY JOURNAL OF BUSINESS AND FINANCE

Refereed, Peer-reviewed and Bi-annual Journal from the Department of Commerce

Global Impact factor: 0.243
Vol. 3 No. 2
July 2015
Pp. 66-78

ISSN: 2320 - 5857

http://journal.unom.ac.in

INVESTORS 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

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 and
secondary 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 and
attitudes 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, Brokers 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 the
perception 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

* Assistant Professor of Commerce, D.G. Vaishnav College, Arumbakkam, Chennai-106

66

INVESTORS PERCEPTION IN EQUITY MARKET INVESTMENTS IN

INDIA WITH SPECIAL REFERENCE TO CHENNAI

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 Outward
Direct 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 mechanisms
in 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 mediating
factor 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 stated
that 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 debtoriented 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 services
professionals. 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
67

Dr. B. Vijayakumar
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 like
age, 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 selfdecision regarding their investment. Investments
are made for a period of less than three years and
there 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.
Sukhwinder Kaur, Batra.G.S and Bimal
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
68

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 traditional
finance. The study examined that three important
attitudes 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 customer
services and in type of valuation methods was
fundamental analysis. However with the exception
of some corporate information items no significant
differences were found between participants
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 investors 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

INVESTORS PERCEPTION IN EQUITY MARKET INVESTMENTS IN

INDIA WITH SPECIAL REFERENCE TO CHENNAI

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 hesitate
to 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 tolerance
decrease 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
pattern, age, gender, income, company
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 an
attempt 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 opinion
and 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
69

Dr. B. Vijayakumar

analysis procedures used in pretest, pilot and the

final study.

magazines, publications, reports, books, dailies and

websites.

Pilot Study and Pre-testing

Data Analysis

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.

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.

Sampling design

LIMITATIONS OF THE STUDY

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.

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.

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 Likerts 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,

70

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.

INVESTORS PERCEPTION IN EQUITY MARKET INVESTMENTS IN

INDIA WITH SPECIAL REFERENCE TO CHENNAI

KMO AND BARTLETT'S TEST

TABLE 1

Kaiser-Meyer-Olkin Measure of Sampling

Adequacy.
Bartlett's Test of
Sphericity

Approx. Chi-Square

.767
3163.301

df

496

Sig.

.000

From the above table it is found that KMO measure

of sampling adequacy is 0.767, Bartletts test of
sphericity 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. The
number of factors derived are presented in the
following total variance table.

TOTAL VARIANCE EXPLAINED

TABLE 2

Initial Eigenvalues
Componen
t

Total

% of
Variance

Extraction Sums of Squared Loadings

Cumulative
%

Total

% of
Variance

Cumulative
%

4.351

13.597

13.597

4.351

13.597

13.597

2.326

7.270

20.867

2.326

7.270

20.867

2.077

6.490

27.356

2.077

6.490

27.356

1.450

4.531

31.887

1.450

4.531

31.887

1.353

4.229

36.116

1.353

4.229

36.116

1.293

4.039

40.156

1.293

4.039

40.156

1.259

3.934

44.090

1.259

3.934

44.090

1.147

3.585

47.676

1.147

3.585

47.676

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
71

Dr. B. Vijayakumar

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

72

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.

INVESTORS PERCEPTION IN EQUITY MARKET INVESTMENTS IN

INDIA WITH SPECIAL REFERENCE TO CHENNAI

ANOVA
TABLE 3

Sum of
Squares

Factors
Between
Groups
Security

2.077

.415

Within Groups

277.442

600

.462

Total

279.519

605

4.794

.959

Within Groups

427.401

600

.712

Total

432.195

605

11.838

2.368

Within Groups

534.722

600

.891

Total

546.559

605

15.213

3.043

Within Groups

339.753

600

.566

Total

354.967

605

7.678

1.536

Within Groups

528.374

600

.881

Total

536.052

605

3.972

.794

Within Groups

325.754

600

.543

Total

329.726

605

8.130

1.626

Within Groups

536.385

600

.894

Total

544.515

605

Between
Groups
Risk tolerance

Between
Groups
Lucrative returns

Between
Groups
Investment duration

Between
Groups
Periodic returns

Between
Groups
Share performance

Long-term
investment

Mean
Square

df

Between
Groups

Sig.
.899

.482

1.346

.243

2.657

.022

5.373

.000

1.744

.123

1.463

.200

1.819

.107

73

Dr. B. Vijayakumar

Between
Groups
Futuristic

14.727

2.945

Within Groups

417.133

600

.695

Total

431.860

605

4.237

.001

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.

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,

MODEL SUMMARY
TABLE 4

Model

R Square

Adjusted R
Square

Std. Error of the Estimate

.492(a)

.242

.230

.69434

After completing the analytical relationship

between 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
1

Satisfaction
74

Sum of Squares
Regression

df

Mean
Square

91.754

10

9.175

Residual

286.853

595

.482

Total

378.607

605

F
19.032

Sig.
.000(a)

INVESTORS PERCEPTION IN EQUITY MARKET INVESTMENTS IN

INDIA WITH SPECIAL REFERENCE TO CHENNAI

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

Unstandardized
Coefficients

Model

B
1

Security

Risk tolerance

Std. Error

1.444

.237

.154

.046

Lucrative returns

-.025

Investment duration

Standardized
Coefficients

Sig.

Beta

Std. Error

6.082

.000

.132

3.366

.001

.037

-.027

-.681

.496

-.001

.032

-.001

-.023

.982

Periodic returns

.308

.041

.298

7.427

.000

Share performance

.060

.032

.071

1.850

.065

Long-term
investment

.055

.042

.051

1.301

.194

Futuristic

-.070

.032

-.083

-2.158

.031

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.

75

Dr. B. Vijayakumar
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
Liorels 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

76

of equity investors play a very major role in

obtaining the satisfaction followed by futuristic
returns and long term investments. The
modification indices C-minimum 30.609, Chisquare 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.

INVESTORS PERCEPTION IN EQUITY MARKET INVESTMENTS IN

INDIA WITH SPECIAL REFERENCE TO CHENNAI

FINDINGS
1.

The 32 variables are normally distributed.

2.

Age and income do not influence the

perception of investors.

3.

Percentage of investment is very important in

deciding the perception of investors.

4.

The satisfaction level of investors is very

much influenced by their perception.

5.

Safety is considered a very important variable

among investors to achieve the highest level
of satisfaction.

6.

2.

Arvid O.I. Hoffman, Thomas Post and Joost

M.E. Pennings, Individual Investor
Perceptions and Behaviour during the
financial crisis, www.marketingfinance.nl/Bestenden/Publicaties/Arvid.
2008-09

3.

Devi. S and Renuga Bharathi. N, Investors

perception towards capital market
operations- An empirical study, Asia Pacific
Business Review, July-September 2008, ISSN:
0973-2470

4.

Faisal Alanezi, Mishari Alfraih and Hasham

Almujamed, Kuwait Stock Market
Participants perceptions of information
useful to the investment decisions,
International Journal of Business and
Management, Vol. 9, No. 6, 2014, ISSN 18333850

5.

Gagan Kukreja, Investors perception for

stock market: Evidences from National
Capital Region of India, Interdisciplinary
Journal of Contemporary Research in
Business, December 2012, Vol. 4 No. 8

6.

Gauri Prabhu and Vechalekar.N.M,

Perception of Indian investor towards
investment in mutual funds with special
reference to MIP funds, IOSR Journal of
Economics and Finance, pp. 66-74, 2014 ,
ISSN: 2321-5925

7.

Geetha.S.N and Vimala.K, Perception of

Household Individual Investors towards
selected financial investment avenues (with
reference to investors in Chennai city),
Shaping the Future of Business and Society
Symbiosis Institute of Management Studies,
Edited by B.R. Landhe, Raji V Divekar and
Arti Chandani, June 2014.

8.

Gunjan Tripathi, An Empirical Investigation

of Investors Perception towards Derivative
77

Futuristic goals of investors also decide their

satisfaction level.

CONCLUSION
It can be concluded 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. It is
concluded 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.
REFERENCES
1.

Anshuja Tiwari and Babita Yadav, A

comparative analysis of Investors Risk
perceptions towards public and private life
insurers in Jabalpur District of Madhya
Pradesh, Gian Jyoti E-Journal, Vol.3, Issue 3,
July-September 2013, ISSN 2250-348X

Dr. B. Vijayakumar
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ISSN 0975-6477
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Joseph Massey, Inclusion will drive markets,

Money Today, April 2011.

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Kathi Brown.S, Investor Perceptions and

Preferences toward selected Stock market
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Kousalya.P.R and Gurusamy.P, Women

Investors perception towards investments,
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