See discussions, stats, and author profiles for this publication at: https://www.researchgate.

net/publication/281835513

SAVING AND INVESTMENT BEHAVIOUR – REVIEW AND AN AGENDA FOR

FUTURE RESEARCH

Article · September 2015

CITATIONS READS

2 14,666

2 authors:

Anju K J Anuradha P S
Christ University, Bangalore Christ University, Bangalore
10 PUBLICATIONS   3 CITATIONS    7 PUBLICATIONS   3 CITATIONS   

SEE PROFILE SEE PROFILE

Some of the authors of this publication are also working on these related projects:

Enterprise Risk Management in India View project

predictive accounting View project

All content following this page was uploaded by Anju K J on 17 September 2015.

The user has requested enhancement of the downloaded file.

 Vol. 4 September 2015 Contemporary Commerce Review

SAVING AND INVESTMENT

BEHAVIOUR – REVIEW AND AN
AGENDA FOR FUTURE RESEARCH

Dr. ANURADHA P S
Associate Professor, Department of Commerce
Christ University, India
Email: anuradha.ps@christuniversity.in
Ms. K J ANJU
Research Scholar,Department of Commerce
Christ University,India
Email: anju.kj@res.christuniversity.in

ABSTRACT
Today the financial services sector has become highly diversified offering the investor with a
wide range of investment avenues. With proper investment strategies and financial planning
investor can increase personal wealth which will contribute to higher economic growth.
Economic growth is among the most vital factors affecting the quality of life that people lead in
a country. Three variables that measure the growth of an economy are Income, Saving and
Investment. In this paper miscellaneous literature existingglobally has been reconnoitered to
recognise the investor’s behaviour. Using interpretative approach viz., objectives, sample,
research methodology and results of the study have been taken for further enquiry. This study
constructs a robust conceptual framework for the researchers by meticulously analysing the
experimental studies on investor behaviour in different countries. The paper exhibits that there
are numerous variables that direct an investor’s decision to invest. Further, we propose an
empirical study to determine the relationship between the income, saving and investment
behaviour among the IT professionals of Bangalore. The results from the proposed study could
be of great relevance to the investors for their wealth management and to the policy makers,
the investment agencies, the researchers as well as managers of the firms to prepare themselves
to respond to the varying behaviour of the investor.
Keywords: Financial Planning, Investment behaviour, Investment Strategies, Personal
Wealth,Wealth Management.

43
Contemporary Commerce Review Vol. 4 September 2015

I. Introduction per cent between 2004–05 and 2012–13.

Karnataka is the seventh largest GDP producing
By the year 2030 more than two-thirds of all
states in India. Bangalore is considered to be
global investment and half of the global
the Silicon Valley of India because it is the
accumulated capital stock will be in the
leading IT exporter.IT firms in Bangalore
developing countries which would be in sharp
employ about 35% of India’s pool of 1 million
contrast with recent history. In 2000, the
IT professionals and account for the highest IT-
developing countries’ share in global
related exports in the country.
investments was only 20% whereas now, almost
70% of the world’s capital stock resides in the IT sector plays an important role in its
developed world.. contribution towards India’s GDP and IT
professionals are in high demand. The saving
The economy of India is the tenth-largest
habits and investment pattern of IT
in the world by nominal GDP and the third-
professionals are determined by their
largest by purchasing power parity (PPP). The
expectations from the various preferred
country is one of the G-20 major economies, a
avenues. The appropriate investment decisions
member of BRICS and a developing economy
requires a comprehensive understanding of
that is among the top 20 global traders according
various subjects like finance, tax, economics,
to the WTO. India’s services sector has the
accountancy, business laws etc. However IT
largest share in the GDP, accounting for 57%
professionals owing to the lack of information
in 2012, up from 15% in 1950. The services
might not be able to comprehend such subjects.
sector provides employment to 27% of the work
force. Information technology sector in India Today the financial services sector has
has increased its contribution to India’s GDP become highly diversified offering the investor
from 1.2% in 1998 to 8.1% in 2014.The major with a wide range of investment avenues. With
cities that account for about nearly 90% of the proper investment strategies and financial
sector’s exports are Bangalore, Chennai, planning investor can increase personal wealth
Hyderabad, Trivandrum, Delhi, Mumbai and which will contribute to higher economic
Kolkata. growth. Economic growth is among the most
vital factors affecting the quality of life that
Karnataka Economy is one of the high
people lead in a country. Three variables that
economic growth states in India. The state
measure the growth of an economy are Income,
contributed 5.9 % to the gross state domestic
Savings and Investment. Money saved is of no
product (GSDP) of India in 2013–14. Karnataka
use if it is not invested in some productive assets
is the IT hub of India and home to the fourth
or capital goods. After investment in productive
largest technology cluster in the world. Average
areas, it enhances the national product or per
GSDP growth rate between 2004–05 and 2012–
capita income and raises the standards of living
13 was about 15.4 per cent. The per capita
of the investor. Savings and investments by
GSDP increased to US$ 1,594, growing at a
individuals are important both for personal
compound annual growth rate (CAGR) of 14.1
financial well-being and for economic growth.

44
 Vol. 4 September 2015
The present study aims to review various
published empirical research studies available
worldwide on saving and investment behaviour
and to propose an empirical study to determine
the relationship between the income, saving and
investment behaviour among the IT
professionals of Bangalore.
II. Conceptual Framework
Investing in numerous kinds of assets is a
challenging activity that attracts people from
all walks of life. It is the employment of funds
with the aim of earning income or capital
appreciation (Pandian 2001). The motivation of
an investor to invest is complex and depends
upon a number of factors. Researchers across
different countries have analysed the behaviour
of investors and have attempted to enhance our
understanding of why people manage
investments in different ways. It is believed that
decisions of an investor were based on modern
portfolio theory and the efficient market
hypothesis. However, researchers have proved
that most of the investors do not pick their stocks
and portfolio based on the three criteria of
modern portfolio theory – expected return,
standard deviation and correlation. Analysis of
their portfolio revealed that they fold few stocks
and fail to diversify (Kiran and Rao, 2004). In
fact the investor’s portfolio practices,
preferences, risk perceptions, intentions, pattern
of investment, their awareness level, factors
affecting their investment behaviour and the
problems faced by them need to be examined
in order to understand their saving and
investment behaviour.
45
Contemporary Commerce Review
III. Research Methodology
In this study, a thorough review of the
existing empirical literature from the year 1974
to 2014 has been conducted. Articles published
in various online databases and search engines
such as SSRN, NBER, Science Direct,
INDIASTAT, ProQuest, JSTOR, OECD library
and Google scholar along with relevant books
on the topic were reviewed. The studies have
been reviewed in terms of vital measures viz,
objectives, research methodology, sample and
the factors that influence an investor’s
behaviour. Studies were conducted to identify
the research gap and to propose an empirical
study to determine the relationship between the
income, saving and investment behaviour
among the IT professionals of Bangalore.
IV. Objectives
1. To explore the diverse literature available
worldwide for understanding the variables
that governs an investor’s decision to save
and invest.
2. To provide an uptodate and comprehensive
review of empirical studies on savings and
investment behaviour.
V. Review of Literature
There exist numerous empirical studies on
the investor’s behaviour worldwide. Academic
researchers have accepted various factors that
influence the investor’s decisions to save and
invest as shown in Table 2. Apart from this,
empirical studies conducted earlier on investor
behaviour has been reviewed and presented in
Table 1.
Contemporary Commerce Review
Table 1 - Existing Empirical Literature Focusing on Saving and Investment Behaviour
Author and
No Research Objective
Year
To examine the awareness
level and investment
Bhushan
1 behaviour of salaried
(2014)
individuals towards
financial products.
Nation-wide
Hood, To examine the factors that
Nofsinger influences the investment
2 brokerage list
and Varma decisions of socially
of firms from
(2014) responsible investors.
1991 to 1996.
To establish the factors
Jagongo and
influencing investment
3 Mutswenje
decisions at the
(2014)
Nairobi Stock Exchange
To identify the popular
perception of individual
investors towards selected
Geetha and
investment avenues and
4 Vimala
thepredominant factors
(2014)
which influence individual
to go for savings in that
instrument
To study investment
behaviour and individual
Raheja and investment practices as per
5 Lamba different stages in their life
(2014) cycle and to understand
what an investor look for
in investment avenues.
Vol. 4 September 2015
Research
Sample Results of the study
Methodology
Respondents are quite aware and
park their money in traditional
Descriptive and safe financial products
516
Statistics whereas awareness level of new
age financial products among the
population is low.
Descriptive
Statistics,
Logistic Social characteristics and
stock
Regression, personal values had an impact on
Correlationand the stocks owned by individual
Clustered investors.
Standard Error
Approach.
Descriptive The most important factors that
analysis, influence individual
42 )ULHGPDQ¶VWHVW investmentdecisions were:
and UHSXWDWLRQRIWKHILUPILUP¶V
Factor analysis status in industry, expected
corporate earnings, profit and
conditionof statement, past
performance firms stock, price
per share, feeling on the
economy and expected divided
byinvestors.
There is a remarkable change in
the investment avenues due to
establishment ofdifferent
financial institution, creditable
source attractive return, good
One sample capital appreciation, and tax
500 t-test, Chi- concession. From the investors
Square point of view changes in
demographic factor such as age,
income, education, and
occupationhave an influence in
the investment avenue
preference.
There are various investment
options available in the market
and people prefer to invest in
different investment options with
Literature
some objective behind
review
investment. It also concludes
that life cycle stages and
investment objectives are
dependent on each other.
46
 Vol. 4 September 2015
To review the important
developments in the field
of behavioral financial and
to present how behavior
6 Raza (2014)
finance is the emerging
field in the area of
investment decision
making.
To use the theory of
planned behavior (TPB) as
a conceptional lens for
Phan and exploring factors
7 472
Zhou (2014) LQIOXHQFLQJLQGLYLGXDOV¶
investment behavioral
intention in the
Vietnamese stock market.
To find outwhether
Charles and
LQGLYLGXDO¶V emotions
8 Kasilingam
determine their investment
(2014)
personalityor not
To understand and present
Chhabra and
a glimpse of research work
9 Mundra
done on the investment
(2014)
behaviour
Contemporary Commerce Review
The perceptions of the investors
do have a strong and significant
impact on the financial decision
Case Study, making of the investors thus
50 Descriptive implying that behavioral finance
Analysis in fact duly challenges the
conventional financial modeling
and thus is an important
emerging field of financial
decision making that definitely
needs to be explored and studied
further
$QLQGLYLGXDO¶VLQYHVWPHQW
intention is significantly affected
by his attitude towards
investment, subjective norm and
perceived behavioral control.the
study has also provided strong
evidences for the existence of
psychological factors which
SEM
supports the hypothesis that four
psychological factors
(overconfidence, excessive
optimism, psychology of risk
and herd behavior) do have
significant impact on the
LQGLYLGXDOV¶DWWLWXGHWRZDUGV
investment
,QYHVWRU¶VHPRWLRQEDVHG
742 retail
SEM intuitiveness affects their
investors
investmentpersonality.
Investment options opted by
people are Currency, Bank
Deposits, Non-Banking
Literature Deposits, Life Insurance Fund,
review Provident Fund& Pension Fund,
Claims on Government, Shares
& Debentures, Units of UTI,
National Saving Certificates.
47
Contemporary Commerce Review
To study the interaction
between five personality
Amiri,
traits and demographic
Razavizade
10 factors with behavioural
and Gholam
biases in investment
(2013)
decisions in Tehran Stock
Exchange in 2011.
Palaniveluan To analyze the investment
d choice of salaried class in
11
Chandrakum NamakkalTaluk,
ar (2013) TamilNadu, India.
To determine the basic
Jurevicience features and slopes of
12 and Ivanova behaviouralfinance in
(2013) concordance with financial
decisions of a household.
To assess the investment
strategies and motivational
Deene and factors involvedin
13
Pathi (2013) corporate investment by
small investors of
Karnataka state.
Vol. 4 September 2015
The results show that the
investment biases in individual
investigators has relationship
215 SEM with personal characteristics
meaningfully and with some of
the demographic variables
weakly.
Certain factors like
educationlevel, awareness about
the current financial system, age
of investors makesignificant
impact while deciding the
100 Chi Square
investment avenues. Awareness
program has to beconducted by
Stock Broking firms, because
most of the respondents unaware
about new services.
Thesurvey of literate household
revealed features of irrational
behaviour. Some characteristics
VXFKDVWKHZLQQHU¶VFXUVHHIIHFW
Regression or loss aversion) are similar to
171 Correlation thoseestablished by scientists of
Analysis behavioural economics and
some characteristics (absence of
the market impact)
arerecognised as unique and
based on Lithuanian mentality
As far as the investment
strategies by small investors are
concerned, risk and returns
toppedthe list, followed by
425 Chi Square Intrinsic Value /Current Market
Price, Timings of investment,
Cost Priceof Shares, and
Services of Financial Advisors.
For corporate investment by
48
 Vol. 4 September 2015 Contemporary Commerce Review

small investors following factors

played important role-Quality of
Management, Track record of
the company, Persuasion of
intermediaries, Interim
Resultsand Press coverage.
Four major factors have greater
Elankumara To explore the factors
influence on the behavior of
n and influencing the behavior of Descriptive and
14 525 investors, viz., low risk,
Ananth investors towards Factor Analysis
informational asymmetry, high
(2013) commodity market in India
return and objective knowledge
Most of the employees areaware
Bhardwaj, To throw light on the
of investments in securities but
Sharma and investmentbehavior of the Descriptive
15 50 they are not investing in itas they
Sharma employees of Bahra analysis
consider it as an unsafe
(2013) University, Solan District
investment.
Toestablish the behavioral Herding effect, risk aversion,
Descriptive,
factors influencing prospecting and
Wamae Correlation and
16 LQGLYLGXDOLQYHVWRUV¶ 47 anchoring influences the
(2013) Regression
decisions at the Nairobi investment decision making in
Analysis
StockExchange. stock market
Females are more risk averse
than males. Young and educated
people are attracted more
To analyse the relationship
towards new risky investment
of demographic variables
Bashir, opportunities and are reluctant
with the investment
Ahmed, because of limited resources and
preferences consisting of
Jahangir, Descriptive lack of investment opportunities
stock investment and
17 Zaigam, 120 Analysis, and absence of investment
gambling decisions of
Saeed Correlation trends.The emergence of
salaried individuals of
andShafi frequent religious issues, non-
finance teachers
(2013) conducive economic
and bankers of Gujarat and
environment and culture has
Sialkot
negative relationship with
gambling while making
investment decisions.

49
Contemporary Commerce Review
To identify the factors
which determine
individual investor
Jayaraj
18 investment behaviour.
(2013)
To know whether any
psychological biases exist
among Indian investors
To analyse the gender
Bhushanand
differences in investment
19 Medury
behaviour among
(2013)
employees
To find out the impact of
demographic factors on
Sireesha and
investment avenues
20 Laxmi
selected by investors in the
(2013)
twin cities of Hyderabad
and Secunderabad, India
To determine the
relationship between the
Virani
21 savings and investments
(2013)
pattern among the school
teachers.
To study the impact of
Dhar and
22 ,QGLYLGXDO¶V3V\FKRORJ\LQ
Dey (2012)
their Investment Pattern
Vol. 4 September 2015
The results reveal that the
psychological axes
conservatism, diligent and
Principle discreet, remorse abhorrence fall
300 component in line with the earlier research
analysis but prudence and under
confidence are the contrary
behaviour axes reported by the
multivariate analysis.
There is significant gender
differences that occur
in investment preferences for
118 Chi Square
health insurance, fixed deposits
and market investments among
employees.
It is found that gender, age and
friends are mostly influencing
the investment decisions
of the respondents. It is
Descriptive
165 concluded that the respondents
analysis
of the study are conservative in
nature and show less concern for
money multiplication and
liquidity.
The major impact on savings is
due to the level of income of the
school teachers. The main
Descriptive avenues of investment are Bank
100
Analysis deposits and the main purpose of
investment is for children
education, marriage, and security
after retirement
Individuals who are optimistic
Regression, are more interested in long
82 Chi-square, terminvesting than individuals
ANOVA who are generally pessimistic.
Male investors are mostly longer
50
 Vol. 4 September 2015 Contemporary Commerce Review

terminvestors when compared to

female investors. Individuals
who trust other people and
individualswho do not trust other
people do not differ in their
investment horizons.
To find out the
significance of
demographic factors of
the demographic factors have a
Geetha and population such as gender,
ANOVA and significant influence over some
23 Ramesh age, education, occupation, 475
Chi Square of the investment decision
(2012) income, savings and
elements
family size over several
elements of investment
decisions
People give more preference to
Brahmabhatt To determine the Descriptive
savings and safety but at the
Kumari and investment behaviour of analysis,
24 100 same time they want higher
Malekar investors and investment Regression and
interest at low risk in shorter
(2012) preferences for the same Cluster analysis
span.
Most popular investment
avenues are bank deposits and
real estate, small saving schemes
Chaturvedi To study the investment and life insurance. Safety,
Descriptive
25 and Khare culture among the Indian 526 income, liquidity and
analysis
(2012) Investors marketability capital
appreciation, tax benefit and
diversification benefits are the
major objectives.
To gain a greater
understanding of the
Individual factors such as
individual motivations,
obligation to family, upbringing
KeaandKim institutional mechanisms, Descriptive
26 189 and employment experiences
(2012) and structural Analysis
affect SDUWLFLSDQWV¶DWWLWXGHV
determinants, that guide
toward savings.
savings decisions among
low-income households.

51
Contemporary Commerce Review Vol. 4 September 2015

Investors make investment

decisions based on heuristics.
Investment behaviour is highly
influenced by representativeness
and they do lot of mental
accounting in the sense of
To identify and confirm
grouping their gains and losses
Chandra and psychological heuristics Principle
while making decisions.
27 Kumar and biases prevailing 350 Component
Investors prefer those pieces of
(2012) among the Indian Analysis
information which are easily
individual investors.
adjustable into their investment
decision-making. Existence of
information asymmetry pattern
among individual investors
which affects their investment
behaviour to greater extent.
Individual characteristics of
To diagnose the attitude teachers such as age, gender,
and behaviour of the marital status, lifestyle and
Descriptive
teachers towards savings family characteristics such as
Achar Analysis, Chi
28 and investment and to 535 monthly family income, stage of
(2012) square and
understand the resultant family life cycle and upbringing
Regression
economic behaviour and status emerged as determinants
its implications of their savings and investment
behaviour.
Individual Eccentric, Wealth
Maximization, Risk
Minimization, Brand Perception,
Social Responsibility,
To analyze and identify the
FinancialExpectation,
Sultana factors influencing the
Accounting information,
29 andPardhasa Indian individual equity 891 Factor Analysis
Government and Media,
radhi (2012) investors while choosing a
Economic Expectation and
stock forinvestment.
Advocate recommendation are
factors influencing the behavior
of Indian individual equity
investors.

52
Vol. 4 September 2015 Contemporary Commerce Review

The respondents integrate the

objectives of saving, the factors
To understand the influencing the saving and the
behaviour of individual sources of information for
Suman and 50 investors
investor in stock market, Descriptive GHFLVLRQPDNLQJ7RGD\¶V
30 Warne from Ambala
specifically their attitude Analysis investors are fully aware about
(2012) District
and perception with the stock market.
respect to the stock market. The market movements affect
the investment pattern of
investors in the stock market.
Murithi, The individual investors still
To stud the investors Descriptive
Narayanan prefer to invest in financial
31 behaviour towards various 100 analysis and
andArivazha products which give risk free
investment avenues Correlation
gan (2012) returns
In spite of low income the
teachers have been saving for
To determine the
future needs. The main avenues
relationship between the
Jain and Jain Descriptive of investment are Bank deposits
32 savings and investments 100
(2012) Analysis and the main purpose of
literacyamong the school
investment is for children
teachers.
education, marriage,
and security after retirement.
There is association of
demographic profiles
andpersonality type of the
investors with investment
Jain and To examine theassociation choice.Investorswith higher
33 Ranawat of demographic factors on 100 Chi Square test income group prefer to invest in
(2012) investment choices. real estate and femalesprefer to
invest in old/commodities.
Females were conservative while
investing
and males were aggressive.

53
Contemporary Commerce Review
To know the preference of
investment instruments, to
know the various
Samudra and
objectives of investment
34 Burghate
and to know whether there
(2012)
has been increase in the
savings and the reasons for
the same.
To analyse the investment
pattern, saving objective
and preferences of
LQGLYLGXDOLQYHVWRU¶VIRU
Chakraborty various investment options
35
(2012) available in India. To
explore whether
dichotomy of the popular
believes that men are more
pro-risk than women.
To study whether the
behavioural factors have
Subash
36 an influence on the
(2012)
decision making process of
portfolio investors
To study preference level
of individual towards
various investment
avenues, to find out the
Bhatt and
37 frequency and the factors
Bhatt (2012)
that influences on
investments and to
measure risk ability of
different class of people.
Vol. 4 September 2015
Bank deposits, insurance and
small saving schemes such as
300 Descriptive
Public provident fund, Post
households Analysis
office saving deposits are
preferred investment options.
Saving objective is influenced
by demographic factors such as
age, occupation and the income
level of investors. Female
Chi-square,
investors tend to save more in a
200 ANOVA, factor
disciplined way than the male
analysis.
investors. Women are risk averse
indeed but save more than the
male counterparts as the income
level rises.
Chi-square tests indicated that
both young and experienced
investors suffered losses, and
Discriminant thus were equally impacted by
119
analysis the crisis. Results from weighted
scoring showed that investors
were suffering from almost all
the biases studied.
Majority of investors prefer bank
deposit because of less risk.
Investors who have less
Descriptive
education and income compare
200 analysis, Two
to other, they also prefer bank
way ANOVA
deposit, post office deposit and
insurance because of easy to
understand and less risk.
54
Vol. 4 September 2015 Contemporary Commerce Review

To what extent literature Emotionsplay a vital role in

restricted the role of investment decisions and
Bhat and Literature
38 investor emotions in building long-term
Dar (2012) review
investment decision wealthrequires counter-
making emotional investment decisions
Except the gender, there exists a
Kumar To analyse the influence of
469 investors Descriptive relationship between the socio-
Vijayabanua the financial literacy level
39 from analysis, Chi economic factors and the level of
nd Amudha on individual investment
Tiruchirapalli Square, financial literacy possessed by
(2012) decisions.
the respondents.
Most of the respondents are
To compare the young and
looking to meet out their
experienced women
futureexpenses as their major
Ramanujama investors related to their
motive towards the investment
nd investment Chi Square,
40 66 with low riskoptions. And the
Ramkumar avenues with their ANOVA
women investors are preferred
(2012) empirical analysis towards
tohave a long term appreciation
the success in investing in
rather than having short or
stock market
medium term appreciations.
All age groups marked highest
To examine the investment preference towards bank
behaviour of the middle Descriptive deposits and insurance
41 Das (2012) 150
class households of Barak Analysis investment so as to get the
Valley in Assam benefit of safety and security of
their life and investment
Working women invest their
money in insurance plans. The
To study the
less financially literate are less
investment behavior Descriptive
42 Bahl (2012) 100 likely to engage in
among the working analysis
recommended
women in Punjab
financial practices, such as
planning for retirement.
Accounting information is the
Dharmaja, To identify the most and
most influencing factor of the
Ganesh and the least influencing Descriptive and
43 200 individual investor behavior and
Santhi factors of the individual Chi Square
neutral information is the least
(2012) investor behavior
influencing factor of the

55
Contemporary Commerce Review
To explore the
psychological concept of
individual attachment
Harikanth style, especially individual
44 and Pragathi investors to different
(2012) available investment
avenues and their
investment preference
process.
7RDQDO\VHWKHLQYHVWRU¶V
Kothari behaviour towards
45
(2012) investmentavenues in
Indore city.
To analyze the influence of
seven personality
traitsemotional stability,
Chitra and
extraversion, risk,
46 Sreedevi
return, agreeability,
(2011)
conscientiousness and
reasoningon the choice of
the investment pattern.
Delafrooz To examine determinants
47 andPaim that influence financial
(2011) wellness
Vol. 4 September 2015
individual investor behavior. It
was found that there are
also some behavioral factors like
WKHLQYHVWRU¶VILQDQFLDO
tolerance, emotional risk
tolerance and financial literacy
ZKLFKLQIOXHQFHWKHLQYHVWRU¶V
behavior.
There is a significant role of
Descriptive income and occupation in
270
Analysis investment avenue selection by
the male and female investors
The investorsbelonging to
different age groups have
Mean and
different behaviour while doing
100 Standard
investment and their selection
Deviation
ofany investment avenue highly
depends upon their age.
Personality traits of the investors
have an impact on the
individuals whiletaking
Descriptive decisions and also have a strong
analysis, Chi influence on determining the
94 Square method of investment. The study
andDiscriminant also found that the influence of
analysis personality traits on the
investment decision is more
compared to that ofdemographic
variables.
There is relationship of savings
Descriptive
2000 behaviour and financial
Analysis
problems to financial literacy,
56
 Vol. 4 September 2015
To identify the most
Dawar and affecting and the least 275 investors
48 Wadhwa affecting factors
(2011) influencing investor
behaviour in Punjab
To explore the effects of
psychological factors, such
Seong, Kai
as, social influence,
49 and Joo
attitude towards savings,
(2011)
and self-control on savers
in Malaysia.
To identify and confirm
the presence of
psychological biases. To
Chandra and
examine the extent to
50 Kumar
which psychological biases
(2011)
are responsible for
individual investment
behaviour.
To understand the
behaviour of household
investors in dealing with
NCAER
51 various financial
(2011)
instruments which were cities and 40
traded in markets regulated
by SEBI
Contemporary Commerce Review
financial stress and financial
management practice.
Neutral Information, Accounting
Information, Self -Image/Firm-
Image Classical wealth
Correlation
maximization criteria, Social
Analysis and
living in Relevance, Advocate
Independent
Jalandhar recommendation and Personal
Sample T Test
financial needs were found to
influence individual investor
behaviour in Punjab.
Those who are able to exercise
Ordinal self-control and receive parental
400
Regression influence during childhood are
tending to save more.
The results reveal some
psychological axes, such as
Principle conservatism, under confidence,
500 Component prudence, precautious attitude
Analysis and informational asymmetry
which have as influence on
investor decision making.
The survey revealed relatively
low rates of participation by the
households in the securities
38000
market. The degree of risk
households
Descriptive aversion was found to be
across 44
Analysis extremely high in Indian
households and so commercial
villages
banks and insurance schemes
were their primary choice for
saving and investment.
57
Contemporary Commerce Review Vol. 4 September 2015

Age composition and assets do

To estimate the
not have a major effect on
determinants of financial
saving while levels of income,
Issahaku saving and investment in 60 household Multiple Linear
52 occupation and expenditure has.
(2011) one of the most deprived units Regression
There is the propensity to save
district capitals in Ghana,
and invest in Nadowli in spite of
the Nadowli
low income.
The people were not properly
To know that how people
Geetha and Descriptive aware to the investment options,
plan to their investment to
53 Ramesh 210 Analysis and they have lack of knowledge
meet their objectives and
(2011) Chi Square about risky and less risky
goals
securities.
The result shows that there are
five behavioural factors affecting
To explore the behavioural
the investment decisions of
factors influencing
Luongand Factor analysis, individual investors such as
54 LQGLYLGXDOLQYHVWRUV¶ 300
Ha (2011) SEM Herding, Market, Prospect,
decisions at the Ho Chi
Overconfidence-JDPEOH¶V
Minh Stock Exchange
fallacy and Anchoring-ability
bias.
Higher level of awareness for
To study the differences in males than females for different
Arti, Julee, the Investment Decision investment avenues. Female
55 andSunita Making (IDM) process 200 Chi-square investors tend to display less
(2011) between female and male confidence in their investment
investors decisions and hence have lower
satisfaction levels.
To determine the effect & It was found that heuristic
extent of behavioural factors such as anchoring,
Mwangi,
56 factors influencing the 155 Factor Analysis representativeness& availability
(2011)
property investment bias has more influence on
decisions in Kenya property investment decisions.
To explore the socio Savings of low and middle
Rehman,
economic and Multiple income group is positively
Bashir and
57 demographic factors 292 Regression related to total dependency rate
Faridi
influencing household Analysis and total income.Higher income
(2011)
savings of various income households are likely to save

58
Vol. 4 September 2015
groups
To determine individual
Alleyeneand factors that are likely to
58 Broome influence the investment
(2010) decisions of potential
investors
Difference in perception of
Investor in the decision of
Kabra, investing on the basis of
59 Mishra and Age. Difference in
Dash (2010) perception of Investor in
the decision of investing
on the basis of Gender.
To find out the effect of
Parashar personality traits on
60
(2010) investment choice made by
individual investors.
To identify the
Zoglami and
psychological biases that
61 Matoussi
influences the investor
(2009)
behaviour
To examine the effects of
hindsight bias,
Seppala overconfidence and self-
62
(2009) attribution behavioral
biases on investment
advisors..
Contemporary Commerce Review
more due to age, spouse
participation, total income and
size of land holdings
Attitudes and referent groups
(peers, family and significant
Hierarchical
others) and beliefs about
104 Regression
potential obstacles and
Analysis
opportunities significantly
predict intentions to invest.
Security, Opinion, Awareness,
Factor and
Hedging, Duration and Benefits
150 Regression
affect individual investment
analysis
decisions.
Cluster analysis, The demographic variables such
Correspondence as age, gender, income,
Analysis, education, occupation as well as
100
Kruskal Wallis the various personality types
test and Factor affect the investment choice
analysis made by the individual investors.
The investor behaviour in
Tunisia was driven by various
Univariate and psychological factors such as
92 brokers Multivariate precaution,under confidence,
analysis conservatism, under optimism
and informational inferiority
complex.
People in general are exposed to
the studied behavioral biasesbut
Z -test ,T test,
200 the degree and impact are
Regression
affected by experience and other
characteristics.
59
Contemporary Commerce Review Vol. 4 September 2015

Householdincome, nature of
businessmen occupation, gender,
To investigate the factors
andeducation level of household
that influence savings
head positively influencedthe
Kibet et al among households of
63 359 Regression saving behaviour of the rural
(2009) teachers, entrepreneurs
households in Nakurudistrict,
andfarmers in rural parts of
while credit access, age, and
Nakuru District.
dependency rationegatively
influence household saving.
Analytical
The investors needed to choose
Hierarchy
Kumar , the financial products among the
To study the financial process and
Banu and alternatives available and
64 product preference of the 120 Multi-criteria
Nayagam according to their own priority
respondents. Decision
(2008) rating of an attribute in the
Making
product.
Techniques.
To bring out the investors The household investors
preferences among the preferred investing in shares as
Gupta and various types of financial 1463 Descriptive compared to mutual funds due to
65
Jain (2008) assets and also their households Analysis relatively lower returns because
problems concerning the of entry loads and management
stock market. fees charged by the funds.
Descriptive
Investors with more financial
Analysis,
To determine the risk 1484 commitment, those approaching
Al Ajmi Univariate
66 tolerance of individual individual towards retirement or retired
(2008) analysis and
investors in bahrain investors showed a decline towards risk
analysis of
tolerance
covariance
Too much volatility and price
To understand the 5908
SCMRD Descriptive manipulation were found to be
67 problems and need of the household
(2005) Analysis the major cause of worries of the
investor investors
retail investors.

60
 Vol. 4 September 2015 Contemporary Commerce Review

6.3 million
active local
Less wealthy investors favoured
To examine the stock investors from
stocks with high betas, low
preferences of Chinese Shanghai Cross sectional
Ng and Wu market prices, high turnover,
68 individual investors and stock regression
(2005) small market capitalisation and
revealed by their executed exchange for analysis
stocks that have performed
trades, the period of
poorly in the past year.
April 2001 to
April 2002
To identify and Hierarchical Four segments of investors
Wood and characterise individual cluster analysis namely risk tolerant traders,
69 Zaichkowsk investors into segments 90 ZLWKZDUG¶V confident traders , loss averse
y (2004) based on their investing linkage and traders and conservative long
attitudes and behaviour. ANOVA term traders were identified.
Four major investor segments
were identified based on
To identify the investor
Multinominal demographic and psychographic
group segments on the
Kiran and 96 Logistic characteristics. The risk bearing
70 basis of demographic and
Rao (2004) respondents Regression and capacity of an individual was
psychographic
Factor Analysis strongly dependent on the
characteristics of investors
demographic and psychographic
characteristics
To identify the association
A strong association between the
between the demographic 405 Chi Square and
Rajarajan demographic profile and the risk
71 profile and the risk bearing individuals Correspondence
(2003) bearing capacity of individual
capacity of individual from Chennai Analysis
investors.
investors in Chennai
The expected rate of return on
investments, risk bearing
capacity of investors and
To study the determinants 405 Multiple investors loss avoidance
Rajarajan
72 of portfolio choice of individuals Regression behaviour had a positive
(2002)
individual investors from Chennai Analysis relationship while the locus of
control had a n inverse
relationship between the
portfolio choice.

61
Contemporary Commerce Review Vol. 4 September 2015

BehavioralFinance has two

building blocks: limits to
arbitrage, which argues that
To discuss limits to
arbitrageurs maynot be able to
Barberis and arbitrage and psychology
profit from market dislocations
73 Thaler and present a number of Application
caused by less or not rational
(2002) behavioural finance
traders, andpsychology, which
applications
catalogues all the possible kinds
of deviations that we may see in
thefinancial markets
The saving rate rises with both
To examine the the level and the rate of growth
Athukorala Case Study ,
determinants of the private of disposable income and the
74 andSen India Time Series
saving rate in India during magnitude of the impact of the
(2001) Analysis
the period 1954 to 1998 former is smaller than that of the
latter.
Men trade more than women and
To test the prediction that
thereby reducetheir returns more
Barber and overconfident investors
35,000 so than do women.Furthermore,
75 Odean trade excessively by Regression
households these differencesare most
(2001) partitioning investors on
pronounced between single men
gender
and singlewomen.
To study the primary Safety and liquidity were the
NCAER considerations of the Descriptive primary considerations of the
76 288081
(2000) investors while choosing a Analysis investors while choosing an
financial instruments asset.
To summarize the Each of thecomponents of
current state of our mental accounting violates the
Thaler Literature
77 knowledge about how economic principle of
(1999) Review
people engage in mental fungibility. As a result, mental
accountingactivities. accounting influences choice,
Women were more likely to hold
To explore gender risky assetsif expecting an
839
Embrey and differences in the Descriptive inheritance, employed and
78 single-person
Fox (1997) investment decision- Analysis holding higher net worth; while
households.
making process. men invested in risky assetsif
they were risk seekers, divorced,

62
 Vol. 4 September 2015 Contemporary Commerce Review

older, and college educated.

The investors preferred
A list of securities with long term capital
Lewellen, accounts appreciations instead of short
To study the asset portfolio
Lease , brokerage firm Descriptive term gains. Age income level
79 of US investors and their
Schlabaum over a period Analysis and gender were the most
decision making behaviour
(1997) from Jan 1964 dominant factors effecting
to Dec 1970 LQGLYLGXDOLQYHVWRU¶VLQYHVWPHQW
decisions.
To survey the existing
Provided explanations for gender
literature regarding gender
BajtelsmitBe differences that have been
differences in investment Literature
80 rnasek offered in a variety of fields,
and considers the Review
(1996) including economics,sociology,
policy implications of
education and gender studies.
these differences.
They developed a questionnaire
that included 34 factors such as
expected corporate earnings,
Nagy To study the factors diversification needs, feelings
81 andObenber influencing the individual 300 Factor Analysis IRUILUP¶VSURGXFWVDQGVHUYLFHV
ger (1994) investor behaviour past performance of stocks, past
performance of their own
portfolio, stock broker
recommendations to name a few.
40998 unit
holders and
The study revealed a massive
165819
shift towards units/mutual fund
To analyse the changing shareholders
Gupta Descriptive products, a moderate continuing
82 patterns of ownership of from over 19
(1993) Analysis shift towards shares and
Indian Households states/union
debentures and a shift away from
territories and
traditional financial assets.
76 cities in
India
The Indian investors preferred to
To know the profile of Descriptive
83 Lal (1992) 1200 invest in larger portfolios with
Indian investors Analysis
more than five companies.

63
Contemporary Commerce Review Vol. 4 September 2015

To examine saving
The countries with the highest
behaviour in nine Asian
Collins, S. Time Series saving rates in the 1980s were
84 developing countries plus 10 countries
M. (1991) Analysis also the ones with the fastest real
Turkey since the early
growth rates during 1960-84.
1960s.
The study segmented the
Warren, To segment the investors
Multiple investors on the basis of their
Stevens, on the basis of
85 152 Discriminant investment behaviour i.e. active
McConkey demographic and life style
Analysis & passive investors as well as
(1990) characteristics
light & heavy investors.
Regression
Analysis,
Multiple
Discriminant
Cohn, To investigate the effect of
analysis, Chi The proportion of individual
Lewellen, change in wealth on the
Square portfolio allocated to risky assets
86 Lease and proportion of individual 972
Contingency decreased with the increase in
Schlarbaum portfolios allocated to
Analysis and wealth.
(1974) risky assets
Automatic
Interaction
Detection
Analysis
Source : Compiled from various academic studies

VI. Analysis investors are irrational in investment decision

making. There are various factors identified
From the review of the empirical literature
which influence their decisions to save and
given in Table . 1, researchers have proved that
invest. They are presented in Table.2.

64
 Vol. 4 September 2015 Contemporary Commerce Review

Table 2 - Variables that Govern an Investor’s Decision to Save and Invest

Age, Gender , Income, Education , Occupation , Experience, Marital Status, Family
Demographic factors
status, Family earning status, Number of dependents, Upbringing status
Price changes, Market information, Over reaction to price changes, Customer
Market factors
preferences
Risk Bearing capacity Considerations of safety, liquidity, capital appreciation, return and risk coverage
Lifestyle characteristics Personal ability, investment experience, confidence level, dependency level of
investor.
Cognitive factors ± Representative heuristics, Availability heuristics, Over
confidence effect, Anchoring, Hindsight bias, Gambler¶VIDOODF\,QYHVWRU
optimism.

Behavioural factors Emotional Factors ±Mental accounting, Endowment effect, Loss aversion, Regret
aversion

Herding factors ±Following the habits of other investors (social proof ) in buying ,
selling , choice and trading of investments.

Personal financial needs ± Portfolio diversification need , Easy availability of fund

whenever needs , need to minimize the risk and maximize the return
Advocate recommendation ± advice or recommendation from family member,
friend , stock holder , broker
Neutral information ± Information from internet, coverage in press, recent price
Other factors movement statement by government officials, economic indicators.
Accounting information ± Expected corporate earnings, Financial position,
dividend paid, expected dividend and past performance.
Self-image / firm image coincidence ± Reputation of the firm, Information
regarding product or service of the firm, Efforts made by the firm for the
development of the community.
Source : Compiled from various studies presented in Table 1

Warren(1990), Amiri, Nooredin and Gholam factors such as age, gender, income, education
(2013), Kabra, Mishra and Dash(2011), and experience influence the individual investor
Chakraborty (2012), Issahaku (2011), Parashar behaviour. Bhushan (2014), Samudra and
(2010)have explored various demographic Burghate (2012) revealed that traditional and

65
Contemporary Commerce Review
safe instruments are most popular among
investors. Raheja and Lamba (2014) showed
that investment objectives and lifecycle
characteristics affect the selection of investment
avenues.Mwangi, (2011) found that heuristic
factors such as anchoring, representativeness&
availability bias has more influence on property
investment decisions. Le PhuocLuong Doan Thi
Thu Ha (2011) had concluded that there are five
behavioural factors affecting the investment
decisions of individual investors such as
Herding, Market, Prospect, Overconfidence-
gamble’s fallacy, and Anchoring-ability
bias.Abhijeet Chandra and Ravinder Kumar
(2011) from their research identified that there
some psychological axes, such as conservatism,
under confidence, prudence, precautious
attitude and informational asymmetry which
have an influence on investor decision making.
Gupta and Jain (2008) denoted that the
household investors preferred investing in
shares as compared to mutual funds due to
relatively lower returns because of entry loads
and management fees charged by the funds.
Alleyene& Broome (2010) suggested that
attitudes and referent groups (peers, family and
significant others) and beliefs about potential
obstacles and opportunities significantly predict
intentions to invest.Researchers identified that
the investor’s portfolio, preferences, risk
perceptions, objective, pattern of investment,
their awareness level, factors affecting their
investment behaviour and the constraints faced
by them are needed to be examined in order to
understand their saving and investment
behaviour. This study identified variables such
as demographic factors, market factors, risk
bearing capacity, lifestyle characteristics,
66
Vol. 4 September 2015
behavioural factors and other factors proposed
by Nagy and Obenberger (1994)&Dawar and
Wadhwa (2011) which are personal and
financial needs, accounting information, neutral
information, firm image and advocate
recommendations that govern investor’s
decision to save and invest
VII.Research Gap
IT professionals are considered to be highly
remunerated and it is becoming talk of the world
particularly among youngsters to opt for IT
profession because it gives them mental
satisfaction and able to improve their quality
of life. While investment behaviour has been
studied intensively in a generic sense, minimum
research exists with respect to Bangalore based
IT Professionals mind-set towards investment
as a subject. Also, since Income and Savings
are precursors to Investment, it is imperative to
study income, savings and investment behaviour
simultaneously. From this analysis, it follows
that the “Domain of Income , Savings and
Investment behaviour of Bangalore based IT
professionals” belongs to the under researched
area, and as such, it calls for a comprehensive,
authoritative and well integrated empirical
examination of the behaviour of IT
professionals towards their savings and
investment activities.
VIII. Scope for Future Research
The 2012 edition of Visa Global Financial
Literacy Barometer survey has ranked India at
23rd in a list of 28 countries on the financial
literacy front, just ahead of Morocco, South
Africa and Vietnam. The survey which had 923
respondents between the age of 18 and 64 also
found that Indians are under-invested when it
 Vol. 4 September 2015
comes to saving for emergencies. Globally, 25
percent of respondents who report they don’t
have enough funds to cover a personal economic
emergency fall into high income categories.
Respondents in more than 28 markets surveyed
believe that overall, teenagers and young adults
do not understand money management basics,
such as budgeting, saving, debt and spending
responsibly.
The saving rate of any country is an
important indicator of economic development
since the domestic saving rate is directly related
with the investment rate and the lending
capacity of the banking system. People are
earning more, but they do not know where, when
and how to invest it. The competency of an IT
professional is a major determinant of the
growth of our economy. The attitude of IT
professional towards income, saving and
investment would reflect their economic
behaviour, which would influence quality of life
and in turn influence their profession and
progress of our country.
IX. Conclusion
Today the financial services sector has
become highly diversified offering the investor
with a wide range of investment avenues. With
proper investment strategies and financial
planning, investor can increase personal wealth
which will contribute to higher economic
growth. The individual’s decision to invest is
greatly influenced by the various benefits each
individual wants from owning a particular
investment. This paper has examined the
published work relating individual investor
behaviour. Understanding the saving and
investment behaviour could be of great
67
Contemporary Commerce Review
relevance to the investors for their wealth
management and to the policy makers, the
investment agencies, the researchers as well as
managers of the firms to prepare themselves to
respond to the varying behaviour of the investor.
References
Achar, Ananthapadhmanabha. (2012).Saving
and Investment Behaviour of Teachers - An
Empirical Study. IJPSS, 2(8), 263-286.
Al-Ajnmi, Jasim,Y.(2008).Risk Tolerance of
individual investors in an emerging
market.International Research Journal of
Finance and Economics, 17,1-26.
Alleyene& Broome (2010).An exploratory
study of factors influencing investment
decisions of potential investors.Central
Bank of Barbados.Working Paper.
Amiri,Shahla.,Razavizade,Nooredin.,
HoseinVahidi,Gholam. (2013). The Effect
of the Interaction between Demographic
Factors and Personality Traits and
Financial Behaviour Factors in Terms of
Investment Decision Making. Journal of
Applied Science and Agriculture, 8(5), 721-
728.
Arti,Gaur.,Julee and Sunita,Sukijha. (2011).
Difference in Gender Attitude in
Investment Decision Making in
India.Research Journal of Finance and
Accounting, 2(12), 1-6.
Athukorala, PremaChandra and Sen, Kunal
(2001).The Determinants of Private Saving
in India.Economic Development and
Cultural Change.
Bahl, Sarita. (2012). Investment Behaviour of
Contemporary Commerce Review
Working Women of Punjab. Arth
Prabhand: A Journal of Economics and
Management, 1(6), 21-35.
Barber,Brad M. AND Odean,Terrance.
(2001).Boys Will Be Boys: Gender,
Overconfidence, and Common Stock
Investment. The Quarterly Journal of
Economics, 261-292.
Barberis, Nicholas and Thaler, Richard.
(2002).A Survey of Behavioral Finance.
Handbook of the Economics of Finance.
Bajtelsmit, Vickie L. and Bernasek, Alexandra.
(1996).Why Do Women Invest Differently
Than Men?.Financial Counseling and
Planning Education, 7, 1-10.
Bashir, T., Ahmed, H. R., Jahangir, S., Zaigam,
S., Saeed, H., &Shafi, S. (2013). Invest
ment preferences and risk level: Behaviour
of salaried individuals. IOSR Journal of
Business and Management, 10(1), 68-78.
Bhardwaj, Bhawana , Sharma, Nisha and
Sharma, Dipanker. (2013). Income, Saving
and Investment Pattern of Employees of
Bahra University, Solan. IJMS, 3(1),137-
141.
Bhat, MohdAbass and Dar, Fayaz Ahmed.
(2012).A Conceptual Framework on
Emotions and Investment Decisions.
Abhinav Journal,1(12),88-97.
Bhatt, Kaushal. A. and Bhatt, Kinjal. (2012).
Effects of Investor Occupation and
Education on
Choice of Investment: An Empirical Study in
India. International Journal of
68
Vol. 4 September 2015
Management, 29(2), 439-453.
Bhushan, Puneet and Medury, Yajulu.
(2013).Gender Differences in Investment
Behaviour
among Employees. Asian Journal of Research
in Business Economics and Management,
3(12), 147-157.
Bhushan, Puneet. (2014). Insights into
awareness level and Investment Behaviour
of salaried
individuals towards Financial Products.
International Journal of Engineering,
Business and Enterprise Applications, 8(1),
53-57.
Brahmabhatt, Kumari,Raghu and Malekar,
Shamira. (2012).A study of Investor
Behavior on
investment avenues in Mumbai Fenil. TRANS
Asian Journal of Marketing &
Management Research ,1(1), 49-71.
Chakraborty, Suman (2012). A Study of Saving
and Investment Behaviour of Individual
Households – An Empirical Evidence from
Orissa. TIJ’s Research Journal of
Economics
& Business Studies ,2(1), 24-34.
Chandra, Abhijeet and Kumar, Ravinder.
(2012).Factors Influencing Indian
Individual Investor
Behaviour: Survey Evidence. Decision, 39(3),
141-167.
Chandra, Abhijeet and Kumar, Ravinder
(2011). Determinants of Individual Investor
Behaviour:
 Vol. 4 September 2015
An Orthogonal Linear Transformation
Approach.MPRA Paper No. 29722.
Charles, A. and Kasilingam,R. (2014). Do
Investors’ Emotions Determine their
Investment
Personality ?.Parikalpana - KIIT Journal of
Management, 10 (2),45-60.
Chaturvedi, Meenakshi and Khare, Shruti.
(2013). Study of Saving Pattern and
Investment
Preferences of Individual Household in
India.International Journal of Research in
Commerce & Management, 3(5),115-120.
Chhabra, Gaurav and Mundra, Ankesh (201f4).
Understanding the Investment Behavior –
A Applied Sciences, 5(7),10092-10100.
Review of Literature.Shiv Shakti International
Journal in Multidisciplinary and Academic
Research, 3(2), 1-8.
Chitra, K. and Sreedevi, RamyaV. (2011). Does
Personality Traits Influence the Choice of
Investment?.The IUP Journal of
BehavioralFinance ,8(2), 47-57.
Cohn, Richard A., Lewellen, Wilbur G., Lease,
Ronald C. and Schlabaum, Gary G. (1974).
Individual investor risk aversion and investment
portfolio.The Journal of Finance ,
30(2),125-130.
Collins, S. M. (1991). Saving behavior in ten
developing countries.National Saving and
Economic Performance.Chicago: University of
Chicago Press.
Das, Sanjay Kanti. (2012).Middle Class
69
Contemporary Commerce Review
Household’s Investment Behaviour: An
Empirical
Analysis. Radix International Journal of Banking,
Finance and Accounting, 1(9),1-38.
Dawar and Wadhwa (2011) . Factors
Influencing Investor Behaviour: An
Emperical Study In
Punjab.International Journal of Research In
Commerce, Economics & Management,
1(3),125-130.
Delafrooz, Narges and Paim, LailyHj (2011).
Determinants of Saving Behavior and
Financial
Problem among Employees in
Malaysia.Australian Journal of Basic and
Deene, Shivakumar and Pathi,Satyanarayan.
(2013).Investment strategies and
motivational
factors among small investors: a study with
special reference to Karnataka state.
International Journal of Management,
4(4), 34-38.
Dhar, Pranam and Dey, Bishwarup. (2013).
Impact of Individual’s Psychology in Their
Investment Pattern : An Empirical Inquest in
Indian Context. Business Spectrum,1 (3).
Elankumaran, N. and Ananth, A.A. (2013).
Impacting factors on Individual Investors’
Behaviour
towards Commodity Market in India.The
International Journal’s Research Journal
of Science and Management, 2(12),147-
153.
Contemporary Commerce Review
Embrey, Lori L. and Fox, Jonathan J. (1997).
Gender Differences in the Investment
Decision-
Making Process.Financial Counseling and
Planning Education, 8(2), 33-40.
Geetha, N. and Ramesh, M. (2012). A Study on
Relevance Of Demographic Factors in
Investment Decisions.Perspectives of
Innovations, Economics & Business,
10(1),14-27.
Geetha,N. and Ramesh,M. (2011).A Study on
People’s Preferences in Investment
Behavior.
IJEMR,1(6).
Geetha, S.N and Vimala, K. (2014). Perception
of Household Individual Investors towards
Selected Financial Investment Avenues (With
Reference to Investors in Chennai
city).Procedia Economics and Finance,
11,360 – 374.
Gupta, L.C and Jain,N. (2008). Indian
households investment preferences – The
third all India
Investors’ survey.New Delhi: Conducted by
society of capital market Research and
Development
Gupta, L.C. (1993). Indian shareholders –A
survey. New Delhi : Conducted by Society
for Capital Market Research and
Development.
Harikanth, D. and Pragathi, B. (2012). Role of
Behavioural Finance in Investment
Decision
70
Vol. 4 September 2015
Making - A Study on Select Districts of Andhra
Pradesh, India.International Journal in
Multidisciplinary and Academic Research, 1(4),
1-15.
Hood,Matthew. , Nofsinger,John R. and Varma,
Abhishek (2014). Conservation,
Discrimination, and Salvation: Investors’ Social
Concerns in the Stock Market. Journal of
Financial Services Research, 45 (1).
Issahaku, Haruna (2011). Determinants of
Saving and Investment in Deprived District
Capitals
in Ghana - A Case Study of Nadowli in the
Upper West Region of Ghana. Wilolud
Journals, Continental J. Social Sciences,4(1),1-
12.
Jayaraj, S. (2013). The Factor Model for
Determining the Individual Investment
behaviour in
India, IOSR Journal of Economics and Finance,
1(4), 21-32.
Jagongo, Ambrose and Mutswenje, Vincent,S.
(2014). A Survey of the Factors Influencing
Investment Decisions: The Case of Individual
Investors at the NSE. International Journal
of Humanities and Social Science,4(4),92-
102.
Jain, Dhiraj and Jain, Parul (2012).Savings and
Investment Pattern of School Teachers - A
Study
With Reference To Udaipur District,
Rajasthan.International Journal of
Research in Commerce, Economics &
Management, 2(6),119-127.
 Vol. 4 September 2015 Contemporary Commerce Review

Jahanzeb, Agha ,Muneer, Saqib and Rehman, Amudha,R. (2012). A case study on
Saif. (2012). Implication of Behavioral investors’ financial literacy in Indian
Finance in Investment Decision-making scenario. Journal of Applied Economic
Process. Information Management and Sciences, 7(3(21)), 262-269.
Business Review, 4(10), 532- 536.
Lal, J.(1992). Understanding Indian Investors.
Jain, Dhiraj and KhushbooRanawat. (2012). The New Delhi : Global Business Press Le
Effect of Demographics on Investment PhuocLuong Doan Thi Thu Ha (2011).
Choice: Behavioural factors influencing individual
investor decision making& Performance.
An Empirical Study of Investors In Rajasthan.
A Survey at the Ho Chi Minh Stock
Journal of Management and Science, 2(2),
Exchange, Umea School of Business,
42-61.
China.
Jureviciene, Daiva and Ivanova, Olga. (2013).
Lewellen,Lease and Schlabaum(1997).Patterns
Behavioural Finance: Theory and Survey.
of investments strategy and behaviour
Science – Future of Lithuania,5(1), 53–58.
among individual investors. The Journal of
Kabra, Mishra and Dash (2010). Factors Business, 50(3), 296-333
Influencing Investment Decision of
Mathi, Malar K. and Kunkumapriya, A. (2014).
Generations in India: An Econometric
Review of Literature on Investment
Study. Asian Journal of Management
Behavior of Rural Investors.International
Research.1(1),308-328.
Journal of Science and Research ,3(14),
Kiran,D. &Rao,U.S. (2004) . Identifying 351-353.
investor group segments based on
Murithi, Suriya.S. ,Narayanan, B. and
demographic and psychographic
Arivazhagan , M. (2012).Investors
characteristics. Working paper series
Behaviour in Various Investment Avenues
Kothari, Heena. (2012). Investors Behaviour – A Study.International Journal of
towards Investment Avenues: A Study with Marketing and Technology, 2(7), 164-189.
reference to Indore City.AltiusShodh
Mwangi(2011).Behavioural factors Influencing
Journal of Management & Commerce.
investment decisions in Kenyan Property
Kumar,K.Senthil. ,Banu,C.Vijayaand Nayagam, market. StrathmoreUniversity, Kenya.
LakshmanaGomathi V. (2008). Financial
Nagy and Obenberger.(1994).Factors influe-
product preferences of Tiruchipalli investors ncing Individual investor Behaviour.
using analytical hierarchy process and Financial Analysts Journal, 50(4),63-68.
fuzzy multi criteria decision making.
NCAER(2000).Survey of Indian Investor
Investment Management and Financial
Households. Conducted by National
Innovations, 1, 66-73.
Council of Applied Economics Research
Kumar,K.Senthil, Banu,C.Vijaya and

71
Contemporary Commerce Review
NCAER (2011).How households save and
invest: Evidence from NCAER Household
Survey.
Retrieved on December 8,2014 from
www.sebi.gov.in Ng, L. & Wu, F. (2006).
Revealed stock preference of individual
investors: Evidence from Chinese stock
markets.Pacific Basin Finance Journal, 14,
175-192.
Palanivelu, V.R. and Chandrakumar, K.
(2013).A Study on Preferred Investment
Avenues among Salaried Peoples with
Reference to NamakkalTaluk, Tamil Nadu,
India. The 2013 IBEA, International
Conference on Business, Economics, and
Accounting.
Pandey, Priyanka (2014). A Study of Saving and
Investment Pattern of Investors (Special
reference of Haridwar District). Indian
Streams Research Journal , 4(4), 1-4.
Parashar,Neha.(2010). An Empirical Study on
Personality Variation and Investment
Choice of Retail Investors.Journal of
Management and Information Technology,
2(1), 33-42.
Phan, KhoaCuong and Zhou, Jian (2014).
Factors Influencing Individual Investor
Behavior: An Empirical Study of the
Vietnamese Stock Market. American
Journal of Business and Management, 3(2),
77-94.
Raheja, Saloni And Lamba,Bhuvan. (2014).
Behaviour of Investors towards
Investment.Indian Journal of Applied
Research, 3(10), 1-2.
Rajarajan, V. (2003).Investors’ Demographics
72
Vol. 4 September 2015
and risk bearing capacity.Finance India
17(2), 565-576.
Rajarajan, V. (2003).Determinants of Portfolio
choice of individual investors. The Indian
Economic Journal, 50(1).
Ramanujam, V. And Ramkumar,G. (2012).An
Empirical Analysis on Preferred
Investment Avenues among Young and
Experienced Women Investors with
reference to Coimbatore.
International Journal of Business and General
Management, 1(2), 3-11.
Ranganathan,K. (2006). A study of the fund
selection behaviour of individual investors
towards mutual funds – with reference to
Mumbai city. The ICFAI journal of
behavioural finance, 3,63-88.
Raza, Anjum (2014). Review of behavioral
finance as an emerging field of investment
decision making. IOSR Journal of Business
and Management, 16(6),156-172
Samudra, Aparna andBurghate, M.A. (2012).
A Study on Investment Behavior of Middle
Class households in Nagpur. International
Journal of Social Sciences and
Interdisciplinary Research, 1(5).
SCMRD (2005).Indian Household Investors
Survey : The changing market environment
Seppala, Antti. (2009). Behavioral Biases of
Investment Advisors - The Effect of
Overconfidence and Hindsight
Bias.Department of Accounting and
Finance.Helsinki School of Economics.
Seong,L.C , Kai,S.B, andJoo,G.G. (2011). The
analysis of Psychological factors affecting
 Vol. 4 September 2015
savers in Malaysia. Middle Eastern
Finance and Economics, 12, 77-85.
Sireesha, P. Bhanu and Laxmi,Shree (2013).
Impact of Demographics on Select
Investment
Avenues: A Case Study of Twin Cities of
Hyderabad and Secunderabad, India.
International Journal of Marketing,
Financial Services & Management
Research, 2(6),47-55.
Subash,Rahul (2012). Role of Behavioural
Finance in Portfolio Investment Decisions:
Evidence
from India. Institute of Economic Studies,
Charles University, Prague.
Sultana, Syed Tabassum and Pardhasaradhi,
S.(2012).An Empirical Analysis of Factors
influencing Indian Individual Equity Investors’
Decision Making and Behavior. European
Journal of Business and Management,
4(18), 50-61.
Suman and Warne, D.P. (2012).Investment
Behaviour of Individual Investor in Stock
Market.
International Journal of Research in Finance
& Marketing, 2(2), 243-250.
Thaler, Richard.H. (1999). Mental Accounting
Matters.Journal of Behaviour Decision
Making, 12, 183-206.
73
View publication stats
Contemporary Commerce Review
Turner, Kea and Manturuk, Kim (2012).
Individual, Institutional, and Structural
Determinants of Household Savings
Decisions.Utrecht University, Working
Paper.
Virani,Varsha. (2013). Saving and Investment
Pattern of School Teachers – A Study with
Reference to Rajkot City, Gujarat.Abhinav
Journal,2(4),13-27.
Wamae, J. N. (2013). Behavioural factors
influencing investment decision in stock
market: A survey of investment banks in
Kenya. International Journal of Social
Sciences and Entrepreneurship, 1 (6), 68-
83.
Warren, William E., Stevens, Robert R.
andMcConkey,William C.(1990). Using
demographic and Lifestyleanalysis to
segment Individual Investors. Financial
AnalystJournal, 46(2),74-77.
Wood, R. and Zaichkowsky, Lynne Z. (2004).
Attitudes and trading behaviour of stock
market investors: A segmentation
approach. Journal of Behavioural finance.
5(3), 170-179.
Zoglami,F. and Matoussi,H. (2009).A Survey
of Tunisians Investors Behaviour.
International Research Journal of Finance
and Economics, 31,66-82.