Access the full text.
Sign up today, get DeepDyve free for 14 days.
Sreeram Sivaramakrishnan, Mala Srivastava, Anupam Rastogi (2017)
Attitudinal factors, financial literacy, and stock market participationInternational Journal of Bank Marketing, 35
Organizational Behavior and Human Decision Processes, 50
J. Forbes, S. Kara (2010)
Confidence mediates how investment knowledge influences investing self-efficacyJournal of Economic Psychology, 31
Dennis Gioia, Kevin Corley, A. Hamilton (2013)
Seeking Qualitative Rigor in Inductive ResearchOrganizational Research Methods, 16
Y. Ganzach, Shmuel Ellis, A. Pazy, Tali Ricci-Siag (2008)
On the perception and operationalization of risk perceptionJudgment and Decision Making
(2015)
Consulting as collaborative co-inquiry
Nataliya Barasinska, Oleg Badunenko, Dorothea Schaefer (2009)
Risk Attitudes and Investment Decisions across European Countries - Are Women More Conservative Investors than Men?DIW Berlin German Institute for Economic Research Discussion Paper Series
(1997)
Focus groups: what are they and how can they be used in nursing and health care research?
SSRN Electronic Journal
Philip Blonski, S. Blonski (2016)
Are individual investors dumb noise tradersQualitative Research in Financial Markets, 8
Inderjit Kaur, K. Kaushik (2016)
Determinants of investment behaviour of investors towards mutual fundsJournal of Indian Business Research, 8
T. Jick (1979)
Mixing Qualitative and Quantitative Methods: Triangulation in Action.Administrative Science Quarterly, 24
H. Awan, Khuram Bukhari (2011)
Customer's criteria for selecting an Islamic bank: evidence from PakistanJournal of Islamic Marketing, 2
R. Richards, V. Prybutok, Leon Kappelman (1996)
Influence of Computer User Training on Decision‐Making Risk PreferencesManagement Research News, 19
The Journal of Finance, 63
J. Corter, Yuh-Jia Chen (2006)
Do Investment Risk Tolerance Attitudes Predict Portfolio Risk?Journal of Business and Psychology, 20
Amir Rubin (2007)
Ownership Level, Ownership Concentration and LiquidityCapital Markets: Market Microstructure eJournal
C. Mayfield, Grady Perdue, Kevin Wooten (2008)
Investment management and personality typeFinancial Services Review, 17
Shalini Sahi, A. Arora, N. Dhameja (2013)
An Exploratory Inquiry into the Psychological Biases in Financial Investment BehaviorJournal of Behavioral Finance, 14
R. Rajan, Luigi Zingales (1996)
Financial Dependence and GrowthSPGMI: Compustat Fundamentals (Topic)
P. Gerrans, R. Heaney (2019)
The Impact of Undergraduate Personal Finance Education on Individual Financial Literacy, Attitudes and IntentionsInternational Accounting eJournal
H. Jaiyeoba, A. Adewale, Razali Haron, Che Ismail (2018)
Investment decision behaviour of the Malaysian retail investors and fund managersQualitative Research in Financial Markets, 10
Ke Wei, Hassanudin Thaker (2017)
A qualitative inquiry into Islamic home financing: evidence from MalaysiaQualitative Research in Financial Markets, 9
Robert Durand, R. Newby, Jayendra Sanghani (2008)
An Intimate Portrait of the Individual InvestorJournal of Behavioral Finance, 9
K. Luintel, Mosahid Khan (1999)
A quantitative reassessment of the finance-growth nexus: evidence from a multivariate VARJournal of Development Economics, 60
Kristine Kuhn, D. Budescu (1996)
The Relative Importance of Probabilities, Outcomes, and Vagueness in Hazard Risk DecisionsOrganizational Behavior and Human Decision Processes, 68
Journal of Financial Economics, 120
Ron Kaniel, Gideon Saar, S. Titman (2006)
Individual Investor Trading and Stock ReturnsBehavioral & Experimental Finance eJournal
Mark Grinblatt, M. Keloharju (2000)
The investment behavior and performance of various investor types: a study of Finland's unique data setJournal of Financial Economics, 55
Puneet Bhushan (2014)
INSIGHTS INTO AWARENESS LEVEL AND INVESTMENT BEHAVIOUR OF SALARIED INDIVIDUALS TOWARDS FINANCIAL
S. Sitkin, L. Weingart (1995)
Determinants of Risky Decision-Making Behavior: A Test of the Mediating Role of Risk Perceptions and PropensityAcademy of Management Journal, 38
Maryam Kriese, J. Abor, E. Agbloyor (2019)
Financial access and economic development: the moderating role of financial consumer protectionInternational Journal of Managerial Finance
R. East (1993)
Investment decisions and the theory of planned behaviourJournal of Economic Psychology, 14
(2015)
Financial literacy around the world
G. Croy, P. Gerrans, C. Speelman (2010)
The role and relevance of domain knowledge, perceptions of planning importance, and risk tolerance in predicting savings intentionsJournal of Economic Psychology, 31
Robert Olsen (2008)
Cognitive Dissonance: The Problem Facing Behavioral FinanceJournal of Behavioral Finance, 9
(1995)
Comparison of focus group and individual interview methodology in examining patient satisfaction with nursing care
Azwadi Ali (2011)
Predicting Individual Investors- Intention to Invest: An Experimental Analysis of Attitude as a MediatorWorld Academy of Science, Engineering and Technology, International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering, 5
(2013)
Islamic banking awareness attitudes and bank selection criteria
A. Arvola, M. Vassallo, Moira Dean, Piritta Lampila, A. Saba, L. Lähteenmäki, R. Shepherd (2008)
Predicting intentions to purchase organic food: The role of affective and moral attitudes in the Theory of Planned BehaviourAppetite, 50
Tanuj Nandan, K. Saurabh (2016)
Big-five personality traits, financial risk attitude and investment intentions: study on Generation YInternational Journal of Business Forecasting and Marketing Intelligence, 2
Charles Jebarajakirthy, A. Lobo (2014)
War affected youth as consumers of microcredit: An application and extension of the Theory of Planned BehaviourJournal of Retailing and Consumer Services, 21
C. Armitage, M. Conner (2001)
Efficacy of the Theory of Planned Behaviour: a meta-analytic review.The British journal of social psychology, 40 Pt 4
S. Kalafatis, M. Pollard, R. East, M. Tsogas (1999)
Green marketing and Ajzen’s theory of planned behaviour: a cross‐market examinationJournal of Consumer Marketing, 16
Michael Pompian (2012)
Using Behavioral Investor Types to Build Better Relationships with Your Clients
Indian Journal of Research, 7
Mustabsar Awais, M. Laber, Nilofer Rasheed, Aisha Khursheed (2016)
Impact of Financial Literacy and Investment Experience on Risk Tolerance and Investment Decisions: Empirical Evidence from PakistanInternational Journal of Economics and Financial Issues, 6
H. Falk, S. Matulich (1976)
The Effect of Personal Characteristics on Attitudes Toward RiskJournal of Risk and Insurance, 43
Andong Zhu, M. Ash, R. Pollin (2004)
Stock Market Liquidity and Economic Growth: a Critical Appraisal of the Levine/Zervos ModelInternational Review of Applied Economics, 18
Rupali Nigam, Sumit Srivastava, D. Banwet (2018)
Behavioral mediators of financial decision making – a state-of-art literature reviewReview of Behavioral Finance, 10
J. Barge, Pamela Shockley-Zalabak (2008)
Engaged Scholarship and the Creation of Useful Organizational KnowledgeJournal of Applied Communication Research, 36
Alex Wang (2009)
Interplay of Investors' Financial Knowledge and Risk TakingJournal of Behavioral Finance, 10
(2004)
Perception of Islamic banking: does it differ among users and non-users
John Grable, Ruth Lytton (1999)
Financial risk tolerance revisited: the development of a risk assessment instrument*Financial Services Review, 8
Sumit Srivastava, Rupali Misra (2017)
Exploring antecedents of entrepreneurial intentions of young women in India, 9
A. Chatterjee, W. Perrizo (2016)
Investor classification and sentiment analysis2016 IEEE/ACM International Conference on Advances in Social Networks Analysis and Mining (ASONAM)
F. Liñán, Yi-Wen Chen (2009)
Development and Cross–Cultural Application of a Specific Instrument to Measure Entrepreneurial IntentionsEntrepreneurship Theory and Practice, 33
J. Ritchie, L. Spencer (2002)
Qualitative data analysis for applied policy research
Anil Pathak, Charatdao Intratat (2016)
Use of Semi-Structured Interviews to Investigate Teacher Perceptions of Student Collaboration, 8
C. Keller, M. Siegrist (2006)
Money Attitude Typology and Stock InvestmentJournal of Behavioral Finance, 7
E. Loix, R. Pepermans, Cindy Mentens, M. Goedee, M. Jegers (2005)
Orientation Toward Finances: Development of a Measurement ScaleJournal of Behavioral Finance, 6
Journal of Eastern, 36
Ake Boubakari, Dehuan Jin (2010)
The Role of Stock Market Development in Economic Growth: Evidence from Some Euronext CountriesInternational Journal of Financial Research, 1
Kyriakos Chatzitheodorou, A. Skouloudis, K. Evangelinos, I. Nikolaou (2019)
Exploring socially responsible investment perspectives: A literature mapping and an investor classificationSustainable Production and Consumption
Michal Carrington, Benjamin Neville, G. Whitwell (2010)
Why Ethical Consumers Don’t Walk Their Talk: Towards a Framework for Understanding the Gap Between the Ethical Purchase Intentions and Actual Buying Behaviour of Ethically Minded ConsumersJournal of Business Ethics, 97
(2011)
How households save and invest: evidence from NCAER household survey
Asli Aydin, Elif Selcuk (2019)
An investigation of financial literacy, money ethics and time preferences among college studentsInternational Journal of Bank Marketing
J. Barrot, Ron Kaniel, D. Sraer (2014)
Are Retail Traders Compensated for Providing Liquidity?Kauffman: Entrepreneurship Scholars Initiatives (Topic)
Panicos Demetriades, Khaled Hussein (1996)
Does financial development cause economic growth? Time-series evidence from 16 countriesJournal of Development Economics, 51
Juhani Linnainmaa (2003)
Who Makes the Limit Order Book? Implications for Contrarian Strategies, Attention-Grabbing Hypothesis, and the Disposition EffectSocial Science Research Network
Science, 185
Fatima Akhtar, N. Das (2019)
Predictors of investment intention in Indian stock marketsInternational Journal of Bank Marketing
Rosío Alvarez, J. Urla (2002)
Tell me a good story: using narrative analysis to examine information requirements interviews during an ERP implementationData Base, 33
C. Richardson, F. Rabiee (2001)
A Question of Access: An exploration of the factors that influence the health of young males aged 15 to 19 living in Corby and their use of health care servicesHealth Education Journal, 60
J. Greene, J. Compton, E. Whitmore, Harry Sappington (1987)
Strategies for Qualitative Data AnalysisAmerican Journal of Evaluation, 8
Alsadek Gait, A. Worthington (2008)
An Empirical Survey of Individual Consumer, Business Firm and Financial Institution Attitudes towards Islamic Methods of FinanceInternational Journal of Social Economics, 35
Rupali Misra, Rupali Misra, Sumit Srivastava, D. Banwet (2019)
Do religious and conscious investors make better economic decisions? Evidence from IndiaJournal of Behavioral and Experimental Finance
A. Pellinen, Kari Törmäkangas, O. Uusitalo, Juha Munnukka (2015)
Beliefs affecting additional investment intentions of mutual fund clientsJournal of Financial Services Marketing, 20
International Journal of Human and Social Sciences, 6
George Cunningham, H. Kwon (2003)
The Theory of Planned Behaviour and Intentions to Attend a Sport EventSport Management Review, 6
I. Ajzen (1985)
From Intentions to Actions: A Theory of Planned Behavior
Phan Cuong, Z. Jian (2014)
Factors Influencing Individual Investors’ Behavior: An Empirical Study of the Vietnamese Stock MarketAmerican Journal of Business and Management, 3
M. Sadiq, Raja Khan (2019)
Impact of Personality Traits on Investment Intention: The Mediating Role of Risk Behaviour and the Moderating Role of Financial LiteracyJournal of Finance & Economics Research
Andrew Ven, Paul Johnson, Michael Beer, Art Brief, Tom Cummings, Ronald Giere, Edward Lawler, Wilfred Mijnhardt, Ian Mitroff, I. Nonaka, Andrew Pettigrew, Georges Romme, Vernon Ruttan, Sarah Rynes, Richard Swanson, D. Tranfield, J. Aken, M. Zald, Edward Zlotkowski
Knowledge for Theory and Practice
Even after appreciating multi-faceted merits of retail participation in stock markets and extensive efforts by policymakers and financial service industry to increase it, the present low retail participation in Indian stock markets is cause of grave concern. The purpose of this paper is to identify plausible drivers and deterrents of prospective and current household individuals through a multi-stage qualitative enquiry.Design/methodology/approachTwo qualitative studies are conducted. In Study 1, scholarship of stakeholders is engaged through participative diamond model to propose behavioural classification of retail investors based on two-parameter framework. In Study 2, behavioural substructures of retail investors that drive or deter investment intentions and actions are identified through in-depth interviews.FindingsFinancial self-efficacy, past experience (own or peer group), financial eco-system, operational literacy, higher charges by financial experts and low liquidity in the hands of the investors are some key factors that influence investment intension and action of individual investors. Though digital platforms have helped to overcome hurdles faced by an investor but its availability, awareness and ease of use still remain a concern.Practical implicationsThe inductive findings of this study uncover some important take-aways for the financial service industry – improve operational literacy, digital awareness, ease of use and incorporate risk assessments in client portfolios – and for the policymakers – improve investment eco-system through digital availability, financial literacy workshops focussed on operations.Originality/valueTo the best of the authors’ knowledge, this study is one of the initial attempts to adopt a multi-stage qualitative enquiry to propose behavioural classification of retail investors and uncover reasons that drive or deter individual investors’ intentions and actions in the context of Indian stock market. Moreover, this study provides necessary impetus to analyse and improve operational literacy (instead of financial literacy) and financial eco-system for higher retail participation.
Qualitative Research in Financial Markets – Emerald Publishing
Published: Nov 2, 2021
Keywords: Liquidity; Past experience; Financial eco-system; Financial self-efficacy; Investment intentions; Operational literacy
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.