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Open Access
Article
Publication date: 11 July 2023

Muskan Sachdeva and Ritu Lehal

Stock markets are considered as the largest and most important units for the development and growth of the economy. The present study attempts to provide a comprehensive view of…

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Abstract

Purpose

Stock markets are considered as the largest and most important units for the development and growth of the economy. The present study attempts to provide a comprehensive view of factors influencing investment decision making process of stock market investors. A multi group analysis of gender is also carried out on the proposed model.

Design/methodology/approach

The data of 402 valid responses are collected through structured questionnaires from individual investors of North India. SPSS 23 is used to do the descriptive analysis and AMOS 22 is used to establish the validity of the constructs and for hypotheses testing. For performing multi group analysis, several invariance tests have also been conducted to check the robustness of the model.

Findings

The results reveal that all the factors such as firm image, accounting information, neutral information, advocate recommendation and personal financial needs significantly influence investment decision making concluding image of the firm being the most influential factor and advocate recommendation being the least influential factor for investment decisions. No significant differences between males and females were found.

Research limitations/implications

The current study suffers from the limitation of restricted geographical area of North India. Moreover, there is also a scope to incorporate more demographic factors for predicting investment decisions.

Originality/value

This study incorporates a range of factors which covers all the aspects of investment decision making. This study also highlights the notion of signaling theory, thus contributing to the limited literature in Indian context.

Details

PSU Research Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2399-1747

Keywords

Article
Publication date: 10 February 2022

Muskan Sachdeva, Ritu Lehal, Swati Gupta and Sanjay Gupta

The behavioural decision-making process of individuals highlights the importance of investors’ sentiment and their correlation with the real economy. This paper aims to contribute…

1189

Abstract

Purpose

The behavioural decision-making process of individuals highlights the importance of investors’ sentiment and their correlation with the real economy. This paper aims to contribute to the literature of behavioural finance by examining the influence of contextual factors on investment decision-making.

Design/methodology/approach

Using a questionnaire, a total of 445 valid responses were collected from March to May 2021 through online sources. The current study uses a technique of Fuzzy-analytical hierarchical process (AHP) to assign relative weights to various contextual factors influencing investment decision-making. Harman’s single factor test was used to check common method bias.

Findings

Results of the study reveal that accounting information, self-image/firm-image coincidence, and neutral information as the top-ranked factors in influencing investment decisions, whereas advocate recommendation and personal financial needs emerged as less important factors in influencing investment decisions.

Research limitations/implications

The current study collects data from Indian stock market investors, which may limit the generalization of the study to India only. Moreover, this study is cross-sectional in nature, and there are numerous factors that are not part of the study but might significantly influence the investors’ decision-making process.

Practical implications

The research has implications for both academicians working in the area of behavioural finance and practitioners’ who are active in stock markets, more specifically dealing with retail investors and in the domain of personal finance. Also, the current study will accommodate different groups, i.e. policy makers, financial advisors, investors, investment professionals, etc. in carrying out their professional work.

Originality/value

The current study will provide a comprehensive overview of individual investor behaviour. To the best of the authors’ knowledge, the present study is one of its kind to use the Fuzzy-AHP technique for evaluating the relative ranks of contextual factors influencing investment decision-making.

Details

Journal of Asia Business Studies, vol. 17 no. 1
Type: Research Article
ISSN: 1558-7894

Keywords

Article
Publication date: 10 August 2021

Aashish Garg, Muskan Sachdeva, Simarjeet Singh and Pooja Goel

This paper aims to cognizance consumers' intention to participate in collaborative consumption (CC). Also, the gender difference regarding the above is examined.

Abstract

Purpose

This paper aims to cognizance consumers' intention to participate in collaborative consumption (CC). Also, the gender difference regarding the above is examined.

Design/methodology/approach

To quantify the consumers’ intention to participate in CC cross-sectional survey method has been used. In total, 333 potential consumers selected through convenience sampling participated in the survey. The study used the capabilities of the structured equation modelling technique to validate the proposed research model.

Findings

Except for hedonic motives, all other drivers such as reputation, economic benefits, sustainable motives and trust have a significant influence on the intention to participate in CC. The effect of gender was found on the relationship between Trust and Intentions only.

Practical implications

This study can be used as a guiding path in the domain of CC for practitioners, marketers, startups and policymakers as the opinion of potential users has been reported. The results of the study highlight that the consumers’ interest in CC participation and social reputation are the most influential drivers of intention to participate in CC. Marketers should design their strategies in such a way that the individual should feel like a social hero rather than just a responsible consumer while participating in CC.

Originality/value

The present study contributes to the literature by examining the intention to participate in CC through the lens of self-determination theory (SDT), specifically in the Indian context. The authors have also extended the SDT by adding a trust factor that is best to their knowledge not integrated till now. The present study integrated cognitive, economic, psychological and relational aspects to understand CC behavior.

Details

Social Responsibility Journal, vol. 18 no. 4
Type: Research Article
ISSN: 1747-1117

Keywords

Article
Publication date: 21 March 2023

Muskan Sachdeva and Ritu Lehal

Behavioral finance proposes that psychology of the individual plays a vital role in investment decisions. Therefore, this study aims to examine the influence of one of the…

1212

Abstract

Purpose

Behavioral finance proposes that psychology of the individual plays a vital role in investment decisions. Therefore, this study aims to examine the influence of one of the important disciplines of psychology, i.e. personality on investment decision-making by incorporating financial satisfaction as an intervening variable and gender as a moderator.

Design/methodology/approach

The data of 406 valid responses were collected through structured questionnaires from individual investors of Indian stock market and analyzed using structural equation modeling. Several invariance tests were also conducted to perform the multigroup analysis of gender on the mediated model.

Findings

The results revealed that extraversion, agreeableness, conscientiousness and neuroticism significantly influence investment decision-making through financial satisfaction. While financial satisfaction significantly mediates the indirect relationships between personality traits and investment decision-making for both males and females, no significant differences among males and females were found in the mediated model.

Research limitations/implications

The current study covers a limited geographical area of North India. In addition to this, it is cross-sectional in nature and incorporates only limited factors for predicting investment decisions.

Practical implications

The study possesses numerous significant implications for financial practitioners, advisors, investors, academicians and researchers in the field of behavioral finance.

Originality/value

This study suggests a moderated mediation approach, which incorporates financial satisfaction as a mediator and gender as a moderator. To the best of the authors’ knowledge, so far, no study has been conducted in this context, and it will enhance the understanding of investment decisions of individual investors.

Details

International Journal of Bank Marketing, vol. 41 no. 4
Type: Research Article
ISSN: 0265-2323

Keywords

Article
Publication date: 6 September 2021

Muskan Sachdeva, Ritu Lehal, Sanjay Gupta and Aashish Garg

In recent years, significant research has focused on the question of whether severe market periods are accompanied by herding behavior. As herding behavior is a considerable cause…

Abstract

Purpose

In recent years, significant research has focused on the question of whether severe market periods are accompanied by herding behavior. As herding behavior is a considerable cause of the speculative bubble and leads to stock market deviations from their basic values it is necessary to examine the motivators which led to herding behavior among investors. The paper aims to discuss this issue.

Design/methodology/approach

In this study, the authors performed a two-phase analysis to address the research questions of the study. In the first phase, for text analysis NVivo software was used to identify the factors driving herding behavior among Indian stock investors. The analysis of a text was performed using word frequency analysis. While in the second phase, the Fuzzy-AHP analysis techniques were employed to examine the relative importance of all the factors determined and assign priorities to the factors extracted.

Findings

Results of the study depicted Investor Cognitive Psychology (ICP), Market Information (MI), Stock Characteristics (SC) as the top-ranked factors driving herding behavior, while Socio-Economic Factors (SEF) emerged as the least important factor driving herding behavior.

Research limitations/implications

The current study was undertaken among stock investors from North India only. Moreover, numerous factors are not part of the study but might significantly influence the investors' herding behaviors.

Practical implications

Comprehending the influences of the different factors discussed in the study would enable stock investors to be more aware of their investment choices and not resort to herd behavior. This research enables decision-makers to understand the reasons for herd activity and helps them act accordingly to improve the stock market's performance.

Originality/value

The current study will provide an inclusive overview of herding behavior motivators among Indian stock investors. This study's results can be extremely useful for both academics and policymakers to gain some insight into the functioning of the Indian stock market.

Details

Review of Behavioral Finance, vol. 15 no. 1
Type: Research Article
ISSN: 1940-5979

Keywords

Article
Publication date: 24 May 2023

Shalini Srivastava, Muskan Khan, Arpana Kumari and Ajay Kumar Jain

Based on the stimulus-organism-response (SOR) model and Transactional Model of Stress and Coping, the current study aims to investigate the direct effects of workplace bullying…

Abstract

Purpose

Based on the stimulus-organism-response (SOR) model and Transactional Model of Stress and Coping, the current study aims to investigate the direct effects of workplace bullying (WPB) on internal whistleblowing (IW) and workplace withdrawal (WW), as well as the indirect effects, including the mediating role of moral injury (MI) and moderating role of inclusive leadership (IL) in the hospitality sector.

Design/methodology/approach

Three-waves approach was used to collect data from 266 hotel employees in India. AMOS 21 and Macro-PROCESS were used to analyse the hypothesised relationships.

Findings

WPB has a direct effect on IW and workplace withdrawal. MI mediated the relationship between WPB and IW and WPB and WW. Further, IL moderated the relationship between WPB and MI.

Practical implications

The results of the current study have significant policy-related, academic and practical implications. Executives must be aware of WPB incidents and take prompt action to completely stop them.

Originality/value

The study contributes to the literature by analysing the role of MI as a mediator for the relationship between WPB and WPB's coping strategies like IW and workplace withdrawal. This study also answers repeated calls for more research on MI and MI's consequences.

Details

Journal of Organizational Effectiveness: People and Performance, vol. 11 no. 1
Type: Research Article
ISSN: 2051-6614

Keywords

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