Araştırma Makalesi
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AN ANALYSIS OF INDIVIDUAL INVESTORS’ BEHAVIOR: A CASE OF THE DHAKA STOCK EXCHANGE

Yıl 2023, Sayı: 41, 303 - 316, 31.10.2023
https://doi.org/10.18092/ulikidince.1311694

Öz

The objective of this research is to ascertain the factors associated with financial indicators, independent sources of information, financial necessities, advocate recommendations, and personal reputation/firm reputation compliance that can influence the behavior of the Dhaka Stock Exchange (DSE) individual investors. The research was carried out by questionnaire method. The survey was conducted with 300 investors trading on DSE. The survey includes only gender as a demographic factor of the participants, 5 main variables, and 27 sub-factors related to them. The obtained data were analyzed with SPSS 26 program. In the research, descriptive analysis was used to achieve the research objective. The findings of the research present that financial indicators, independent sources of information, and personal reputation/firm reputation compliance have a significant impact while financial necessities have a moderate impact, and advocate recommendations have very little impact on DSE individual investors’ behavior. The research provides guidance to individual investors, firms, policymakers, and investment advisors.

Kaynakça

  • Abul, S. J. (2019). Factors influencing individual investor behavior: Evidence from the Kuwait stock exchange. Asian Social Science, 15(3), 27-39.
  • Al-Tamimi, H. A. H. (2006). Factors influencing individual investor behavior: an empirical study of the UAE financial markets. The Business Review, 5(2).
  • Armor, D. J. (1973). Theta reliability and factor scaling: Sociological methodology, 5, 17-50.
  • Bashir, T., Javed, A., Butt, A. A., Azam, N., Tanveer, A. and Ansar, I. (2013). An Assessment Study on the Factors Influencing the Individual Investor Decision Making Behavior. IOSR Journal of Business and Management, 9(5), 37-44.
  • Bhatt, P., and Sumangula, J. K. (2012). Impact of Earning Per Share on Market Value of An Equity Share: An Empirical Study on Indian Capital Market. Journal of Finance, Accounting and Management, 3(2), 1-14.
  • Bonett, D. G., and Wright, T. A. (2015). Cronbach's alpha reliability: Interval estimation, hypothesis testing, and sample size planning. Journal of organizational behavior, 36(1), 3-15.
  • Collier, J. E. (2020). Applied structural equation modeling using AMOS: Basic to advanced techniques. Routledge.
  • Cronbach, L. J. (1951). Coefficient alpha and the internal structure of tests. Journal of psychometrika, 16(3), 297-334.
  • Dhaka Stock exchange Ltd., (2022). Available online at https://www.dsebd.org/
  • Dimitrios. I. M. (2007). Investors' behavior in the Athens Stock Exchange (ASE). Journal of Accountancy, Vol. 120. pp.67-72.
  • Francis, J. and Soffer, L. (1997). The relative informativeness of analysts' stock recommendations and earnings forecast revisions. Journal of Accounting Research, 35(2), 193-211.
  • Hair, J. F., Babin, B., Money, A. H. and Samouel, P. (2003). Essentials of business methods research. Hoboken, NJ: Wiley.
  • Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E. and Tatham, R. L. (1998). Multivariate data analysis: Multivariate Data Analysis (5th ed) Upper Saddle River.
  • Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E. and Tatham, R. L. (2009). Análise multivariada de dados. Bookman Editora.
  • Henricks, M. (2021). How to Invest in the Dhaka Stock Exchange. Available online at https://finance.yahoo.com/news/invest-dhaka-stock-exchange-172200268.html
  • Hossain, M. F. and Nasrin, S. (2012). Factors affecting selection of equity shares: The case of retail investors in Bangladesh. European Journal of Business and Management, 4(20), 110-124.
  • Hossain, T. and Siddiqua, P. (2022). Exploring the influence of behavioral aspects on stock investment decision-making: a study on Bangladeshi individual investors. PSU Research Review.
  • Iqbal, A. and Usmani, S. (2009). Factors influencing individual investor behavior (The Case of the Karachi Stock Exchange). South Asian Journal of Management Sciences, 3(1), 15-26.
  • Islamoğlu, M., Apan, M. and Ayvalı, A. (2015). Determination of factors affecting individual investor behaviors: A study on bankers. International Journal of Economics and Financial Issues, 5(2), 531-543.
  • Kanojia, S., Singh, D. and Goswami, A. (2018). An empirical analysis of the factors influencing individual investors in the Indian Stock market. Journal of Business and Management, 20(3), 30-37.
  • Kayser, M. S. and Golder, U. (2019). Influence of behavioral factors, market factors and stock fundamentals on individual's investment decision: A study on Dhaka stock exchange. Jagannath University Journal of Business Studies, 7(1), 79-96.
  • Khan, F., Afrin, F., & Rahman, M. A. (2015). Factors influencing investors’ decisions in stock market investment in Bangladesh: a study on Khulna City. Journal of Finance and Accounting, 3(6), 198-204.
  • Khan, M. H. R. and Islam, M. S. (2020). Investors’ Structure and Investment Decision Making Factors: Evidence from Capital Market in Bangladesh. Accounting and Finance Research, Vol. 9, No. 1.
  • Khawaja, M. J., & Alharbi, Z. N. (2021). Factors influencing investor behavior: an empirical study of Saudi Stock Market. International Journal of Social Economics, 48(4), 587-601.
  • Logitama, A., Setiawan, L. and Hayat, A. (2021). Control Behaviors Affecting Investors Investment Decision Making (Studies on Students at Higher Education South Kalimantan). International Journal of Economics, Business and Accounting Research (Ijebar), 5(1), 275-288.
  • Makrani, K., and Abdi, M. (2014). The effects of book value, net earnings and cash flow on stock price. Management Science Letters, (4.9): 2129-2132.
  • Malhotra, N. K. (2008). Marketing research: An applied orientation, 5/e. Pearson Education India.
  • Mohamad, A., Tahir, N. S. and Ahmad, Y. (2017). Factors influencing individual investor’s decision. Voice of Academia (VOA), 12(2), 11-23.
  • Mutswenje, V. S. (2009). A survey of the factors influencing investment decisions: the case of individual investors at the NSE. (Doctoral dissertation, University of Nairobi).
  • Nagy, R. A. and Obenberger, R. W. (1994). Factors Influencing Individual Investor Behavior. Financial Analysts Journal, 50(4), 63-68.
  • Neville, M. N. and Sidney, R. K. (2004). Simple Random Sampling Techniques.
  • Nunnally, J. C. (1978). An overview of psychological measurement: Clinical diagnosis of mental disorders, 97-146.
  • Panneerselvam, R. (2006). Research Methodology (5th ed.). New Delhi: Prentice Hall of India.
  • Perry Hinton, D., Hinton, P. R., McMurray, I., and Brownlow, C. (2004). SPSS explained. Routledge.
  • Phan, K. C. and Zhou, J. (2014). Factors influencing individual investor behavior: An empirical study of the Vietnamese stock market. American Journal of Business and Management, 3(2), 77-94.
  • Sarbabidya, S., and Saha, T. (2018). Factors affecting investment decisions: A study on Bangladesh stock market. Journal of Accounting, 8(2), 1-19.
  • Sekaran, U. (2003). Research methods for business. Hoboken.
  • Seymour, P. D. (1976). The forbidden minors of binary clutters. Journal of the London Mathematical Society, 2(3), 356-360.
  • Somathilake, H. M. D. N. (2020). Factors influencing individual investment decisions in Colombo Stock Exchange. International Journal of Scientific and Research Publications (IJSRP), 10(05), 579-585.
  • Sohail, A., Husssain, A., & Qurashi, Q. A. (2020). An exploratory study to check the impact of COVID-19 on investment decision of individual investors in emerging stock market. Electronic Research Journal of Social Sciences and Humanities, 2, 1-13.
  • Sultana, M. S., Kalam, A. and Begum, H. (2017). Factors Influencing the Trading Behavior of Investors in Capital Market: An Empirical Study on Dhaka Stock Exchange, Bangladesh. IOSR Journal of Business and Management (IOSR-JBM), volume 19, Issue 1, PP 01-09
  • Sultana, S. T. 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.
  • Van Marwijk, H. W., Wallace, P., de Bock, G. H., Hermans, J. O., Kaptein, A. A., and Mulder, J. D. (1995). Evaluation of the feasibility, reliability and diagnostic value of shortened versions of the geriatric depression scale. Br J Gen Pract, 45(393), 195-199.
  • Wilaiporn, P., Nongnit, C., and Surachai, C. (2021). Factors Influencing Retail Investors’ Trading Behaviour in the Thai Stock Market, Australasian Accounting, Business and Finance Journal, 15(2, 26-37. doi:10.14453/aabfj.v15i2.3
  • Zaman, A., and Rahman, M. (2019). Investment Trend Analysis of Dhaka Stock Exchange: A Comparative Study. World Academy of Science, Engineering and Technology. International Journal of Economics and Management Engineering, 13(5).
  • Zikmund, W., and Babin, B. (2007). Exploring marketing research. OH: Thomson South-Western.

BİREYSEL YATIRIMCI DAVRANIŞLARININ ANALİZİ: DAKKA MENKUL KIYMETLER BORSASI ÖRNEĞİ

Yıl 2023, Sayı: 41, 303 - 316, 31.10.2023
https://doi.org/10.18092/ulikidince.1311694

Öz

Araştırmanın amacı, Dakka Menkul Kıymetler Borsası (DSE) bireysel yatırımcılarının davranışını etkileyebilecek finansal göstergeler, bağımsız kaynaklardan edilen bilgiler, finansal ihtiyaçlar, yandaş tavsiyeleri ve kişisel itibar/firma itibarı uyumluluğu ile ilgili faktörleri tespit etmektir. Araştırma anket yöntem ile yapılmıştır. Anket, DSE’de işlem yapmakta olan 300 yatırımcıyla gerçekleştirilmiştir. Anket demografik faktör olarak sadece katılımcıların cinsiyet ile 5 ana değişken ve bunlara bağlı 27 alt faktörü içermektedir. Elde edilen veriler SPSS 26 program ile analiz edilmiştir. Araştırmada, araştırma amacına ulaşmak için tanımlayıcı analiz kullanılmıştır. Araştırmanın bulguları, finansal göstergelerin, bağımsız kaynaklardan edilen bilgilerin ve kişisel itibar/firma itibarı uyumluluğunun önemli bir etkiye sahip olduğunu, finansal ihtiyaçların orta düzeyde bir etkiye sahip olduğunu ve yandaş tavsiyelerinin DSE bireysel yatırımcıların davranışları üzerinde çok az bir etkiye sahip olduğunu göstermektedir. Araştırma, aynı zamanda firmalara, politika yapıcılarına ve yatırım danışmanlarına da yol gösterici niteliktedir.

Kaynakça

  • Abul, S. J. (2019). Factors influencing individual investor behavior: Evidence from the Kuwait stock exchange. Asian Social Science, 15(3), 27-39.
  • Al-Tamimi, H. A. H. (2006). Factors influencing individual investor behavior: an empirical study of the UAE financial markets. The Business Review, 5(2).
  • Armor, D. J. (1973). Theta reliability and factor scaling: Sociological methodology, 5, 17-50.
  • Bashir, T., Javed, A., Butt, A. A., Azam, N., Tanveer, A. and Ansar, I. (2013). An Assessment Study on the Factors Influencing the Individual Investor Decision Making Behavior. IOSR Journal of Business and Management, 9(5), 37-44.
  • Bhatt, P., and Sumangula, J. K. (2012). Impact of Earning Per Share on Market Value of An Equity Share: An Empirical Study on Indian Capital Market. Journal of Finance, Accounting and Management, 3(2), 1-14.
  • Bonett, D. G., and Wright, T. A. (2015). Cronbach's alpha reliability: Interval estimation, hypothesis testing, and sample size planning. Journal of organizational behavior, 36(1), 3-15.
  • Collier, J. E. (2020). Applied structural equation modeling using AMOS: Basic to advanced techniques. Routledge.
  • Cronbach, L. J. (1951). Coefficient alpha and the internal structure of tests. Journal of psychometrika, 16(3), 297-334.
  • Dhaka Stock exchange Ltd., (2022). Available online at https://www.dsebd.org/
  • Dimitrios. I. M. (2007). Investors' behavior in the Athens Stock Exchange (ASE). Journal of Accountancy, Vol. 120. pp.67-72.
  • Francis, J. and Soffer, L. (1997). The relative informativeness of analysts' stock recommendations and earnings forecast revisions. Journal of Accounting Research, 35(2), 193-211.
  • Hair, J. F., Babin, B., Money, A. H. and Samouel, P. (2003). Essentials of business methods research. Hoboken, NJ: Wiley.
  • Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E. and Tatham, R. L. (1998). Multivariate data analysis: Multivariate Data Analysis (5th ed) Upper Saddle River.
  • Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E. and Tatham, R. L. (2009). Análise multivariada de dados. Bookman Editora.
  • Henricks, M. (2021). How to Invest in the Dhaka Stock Exchange. Available online at https://finance.yahoo.com/news/invest-dhaka-stock-exchange-172200268.html
  • Hossain, M. F. and Nasrin, S. (2012). Factors affecting selection of equity shares: The case of retail investors in Bangladesh. European Journal of Business and Management, 4(20), 110-124.
  • Hossain, T. and Siddiqua, P. (2022). Exploring the influence of behavioral aspects on stock investment decision-making: a study on Bangladeshi individual investors. PSU Research Review.
  • Iqbal, A. and Usmani, S. (2009). Factors influencing individual investor behavior (The Case of the Karachi Stock Exchange). South Asian Journal of Management Sciences, 3(1), 15-26.
  • Islamoğlu, M., Apan, M. and Ayvalı, A. (2015). Determination of factors affecting individual investor behaviors: A study on bankers. International Journal of Economics and Financial Issues, 5(2), 531-543.
  • Kanojia, S., Singh, D. and Goswami, A. (2018). An empirical analysis of the factors influencing individual investors in the Indian Stock market. Journal of Business and Management, 20(3), 30-37.
  • Kayser, M. S. and Golder, U. (2019). Influence of behavioral factors, market factors and stock fundamentals on individual's investment decision: A study on Dhaka stock exchange. Jagannath University Journal of Business Studies, 7(1), 79-96.
  • Khan, F., Afrin, F., & Rahman, M. A. (2015). Factors influencing investors’ decisions in stock market investment in Bangladesh: a study on Khulna City. Journal of Finance and Accounting, 3(6), 198-204.
  • Khan, M. H. R. and Islam, M. S. (2020). Investors’ Structure and Investment Decision Making Factors: Evidence from Capital Market in Bangladesh. Accounting and Finance Research, Vol. 9, No. 1.
  • Khawaja, M. J., & Alharbi, Z. N. (2021). Factors influencing investor behavior: an empirical study of Saudi Stock Market. International Journal of Social Economics, 48(4), 587-601.
  • Logitama, A., Setiawan, L. and Hayat, A. (2021). Control Behaviors Affecting Investors Investment Decision Making (Studies on Students at Higher Education South Kalimantan). International Journal of Economics, Business and Accounting Research (Ijebar), 5(1), 275-288.
  • Makrani, K., and Abdi, M. (2014). The effects of book value, net earnings and cash flow on stock price. Management Science Letters, (4.9): 2129-2132.
  • Malhotra, N. K. (2008). Marketing research: An applied orientation, 5/e. Pearson Education India.
  • Mohamad, A., Tahir, N. S. and Ahmad, Y. (2017). Factors influencing individual investor’s decision. Voice of Academia (VOA), 12(2), 11-23.
  • Mutswenje, V. S. (2009). A survey of the factors influencing investment decisions: the case of individual investors at the NSE. (Doctoral dissertation, University of Nairobi).
  • Nagy, R. A. and Obenberger, R. W. (1994). Factors Influencing Individual Investor Behavior. Financial Analysts Journal, 50(4), 63-68.
  • Neville, M. N. and Sidney, R. K. (2004). Simple Random Sampling Techniques.
  • Nunnally, J. C. (1978). An overview of psychological measurement: Clinical diagnosis of mental disorders, 97-146.
  • Panneerselvam, R. (2006). Research Methodology (5th ed.). New Delhi: Prentice Hall of India.
  • Perry Hinton, D., Hinton, P. R., McMurray, I., and Brownlow, C. (2004). SPSS explained. Routledge.
  • Phan, K. C. and Zhou, J. (2014). Factors influencing individual investor behavior: An empirical study of the Vietnamese stock market. American Journal of Business and Management, 3(2), 77-94.
  • Sarbabidya, S., and Saha, T. (2018). Factors affecting investment decisions: A study on Bangladesh stock market. Journal of Accounting, 8(2), 1-19.
  • Sekaran, U. (2003). Research methods for business. Hoboken.
  • Seymour, P. D. (1976). The forbidden minors of binary clutters. Journal of the London Mathematical Society, 2(3), 356-360.
  • Somathilake, H. M. D. N. (2020). Factors influencing individual investment decisions in Colombo Stock Exchange. International Journal of Scientific and Research Publications (IJSRP), 10(05), 579-585.
  • Sohail, A., Husssain, A., & Qurashi, Q. A. (2020). An exploratory study to check the impact of COVID-19 on investment decision of individual investors in emerging stock market. Electronic Research Journal of Social Sciences and Humanities, 2, 1-13.
  • Sultana, M. S., Kalam, A. and Begum, H. (2017). Factors Influencing the Trading Behavior of Investors in Capital Market: An Empirical Study on Dhaka Stock Exchange, Bangladesh. IOSR Journal of Business and Management (IOSR-JBM), volume 19, Issue 1, PP 01-09
  • Sultana, S. T. 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.
  • Van Marwijk, H. W., Wallace, P., de Bock, G. H., Hermans, J. O., Kaptein, A. A., and Mulder, J. D. (1995). Evaluation of the feasibility, reliability and diagnostic value of shortened versions of the geriatric depression scale. Br J Gen Pract, 45(393), 195-199.
  • Wilaiporn, P., Nongnit, C., and Surachai, C. (2021). Factors Influencing Retail Investors’ Trading Behaviour in the Thai Stock Market, Australasian Accounting, Business and Finance Journal, 15(2, 26-37. doi:10.14453/aabfj.v15i2.3
  • Zaman, A., and Rahman, M. (2019). Investment Trend Analysis of Dhaka Stock Exchange: A Comparative Study. World Academy of Science, Engineering and Technology. International Journal of Economics and Management Engineering, 13(5).
  • Zikmund, W., and Babin, B. (2007). Exploring marketing research. OH: Thomson South-Western.
Toplam 46 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Davranışsal Finans
Bölüm MAKALELER
Yazarlar

Md Abu Hasnat 0000-0002-4721-5303

Hüseyin Dağlı 0000-0002-2416-9340

Ahmet Kurtaran 0000-0003-1780-2491

Erken Görünüm Tarihi 31 Ekim 2023
Yayımlanma Tarihi 31 Ekim 2023
Yayımlandığı Sayı Yıl 2023 Sayı: 41

Kaynak Göster

APA Hasnat, M. A., Dağlı, H., & Kurtaran, A. (2023). AN ANALYSIS OF INDIVIDUAL INVESTORS’ BEHAVIOR: A CASE OF THE DHAKA STOCK EXCHANGE. Uluslararası İktisadi Ve İdari İncelemeler Dergisi(41), 303-316. https://doi.org/10.18092/ulikidince.1311694


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