Shilpa Final Project

8/8/2019 Shilpa Final Project

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ACKNOWLEDGEMENT

At the very outset, I express my sincere gratitude to Mr.

Ramjet Singh, Faculty, Centre for Management Studies,

Dibrugarh University, who in his capacity as the academic

guide has inspired and guided me throughout the project. It

would have been hard to complete the project without his

support and encouragement.

Words run short to express my heartiest thanks and

appreciation to Ms. Payal Jain, Lecturer, Department of

English, Dibrugarh University for her constant help and

guidance, especially with the literature.

I am thankful to all the female respondents of financial

institutions of Dibrugarh Town for their timely cooperation

and help in collecting the data. I am also thankful to the

branch/region managers of financial institutions of DibrugarhTown for their co-operation and assistance.

Last but not the least, I would like to acknowledge my

thanks to all my teachers, my family and friends for lending

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me their continuous support and encouragement; and to all

those who have directly or indirectly influenced this project.

CONTENTS

Page No.

CHAPTER 1: INTRODUCTION 6-12

1.1 Share capital and Equity Shares

1.2 Investment

1.3 Equity Investment

1.4 Equity Investment Behaviour

1.5 The Indian Family System

CHAPTER 2: RESEARCH DESIGN 13-19

2.1 Relevance of Study

2.2 Review of Literature

2.3 Scope of the study

2.4 Objectives of the study

2.5 Methodology

2.6 Tools and Techniques

CHAPTER 3: ANALYSIS AND INTERPRETATIONS 20-41

CHAPTER 4: CONCLUSIONS AND RECOMMENDATONS 42-45

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4.1 Findings

4.2 Suggestions and Recommendations

4.3 Conclusion

4.4 Limitations of the study

BIBLIOGRAPHY 46

ANNEXURE 47-50

CHAPTER 1

INTRODUCTION

In this study an attempt is made to study the investment behaviour and family

restrictions of the female employees of financial institutions towards equity share

investments in Dibrugarh Town.

1.1 Share Capital and Equity SharesShare capital refers to the total capital raised by a company by the issue of shares.

A share in a company is one of the units into which the total capital of the company is

divided. A share is, therefore, a fractional part of the capital and provides the basis for

ownership in the company. The persons who hold the shares in their name are called the

shareholders.

A share is the interest of the shareholders in the company measured by a sum of

money for the purpose of liability and of interest (dividend).

- Justice

Farewell

According to Section 86 of the Indian Companies Act, 1956, a company can issue

only two types of shares, namely, (a) preference shares, and (b) equity shares.

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(a) Preference shares: - The law defines preference share capital, in case of a company

limited by shares as that part of the share capital of the company, which satisfies the

following two conditions: -

(i) As regards dividends, it must carry a preferential right to a fixed amount or an

amount calculated at a fixed rate.

(ii) as regards capital, in the event of winding up, there must be a preferential

right to be repaid the amount of capital paid up on such shares [section 85(i)]

These are two important rights of preferential share capital. In addition to the

two rights cited above, preferential share capital, may have many more, depending upon

the terms of issue, which are either defined in the Articles of Association in the

prospectus of the company

(b) Equity shares: - Equity shares (also known as common stock) with reference to any

company limited by shares are those which are not preference shares. They are entitled to

surplus profits that may be available after all preferential rights as to dividends have been

met [Section 85 (2)]. In other words, holders of equity shares can get dividend only after

the payment of dividend is made to preference shareholders. If no profits are left after the

payment of dividend on the preference share capital, no dividend will be paid to equity

shareholders. Similar is the treatment with regard to the return of capital on the winding

up of the company.

1.2 Investment

Investment refers to commitment of resources in the hope that some benefit will

accrue in future. A person who saves by sacrificing his present consumption, tries to find

a temporary repository for his savings. He maintains this commitment till the funds are

required for future expenditure. This commitment gives raise to investment. If he

advances his savings to a friend and expects to get it back together with some return, in

the form of interest, after some time, this is investment. If an investor purchases the

shares of X Ltd. today and hopes to sell it at a higher price in future, it is an investment.

Purchase of a property for letting it out for a rental income is an investment. In all these

cases, a common point emerge, i.e., Investment is the employment of funds for getting

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revenue return (interest, etc.) or capital return (price appreciation) in future. The sacrifice

that has to be borne is certain but the return in the future may be uncertain. Thus, an

essential feature of investment is waiting for a reward. This reward may ultimately turn

out to be positive or negative or may be other than expected. The variation in the

expected return is known as risk. Thus, risk and return are the two important dimensions

of investment process/activities.

Some of the basic characteristics of investments are:

1. Expected return: - The return is the motivating force and the principal reward in the

investment process. All investments are made with the primary objective of deriving a

return, revenue or capital. The return may be defined in terms of (i) realized return, i.e.

the return which was earned, and (ii) expected return, i.e. the return which the investor

anticipate to earn over some future period. The expected return is a predicted return and

may or may not occur. The realized return allows an investor to estimate the future

expected returns. For an investor, the return from an investment is the expected cash

inflows in terms of dividends, interest, bonus, capital gains, etc., available to the holder of

an investment. The expected return of an investment depends upon the nature of security,

redemption or investment period, capital market conditions, economic scenario of the

country etc.The return may be measured as the total gain or loss to the holder over a

given period of time and may be defined as a percentage return on the initial amount

invested.

2. Risk: - Risk and investment always go together. Every investment has some risk but

the degree of risk may be different. Risk in investment means that the future returns from

that investment are unpredictable. The concept of risk may be defined as the possibility

that the actual return may not be same as expected. In other words, risk refers to the

chance that the actual outcome (return) from an investment will differ from the expected

outcome. The risk may be considered as a chance of variation. Investment having greater

chances of variations are considered more risky than those with lesser chances of

variations. There may be risk of capital loss, risk of delay in recovery of the capital

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amount, variability or non-payment of revenue return, etc. The risk of an investment

depends on the maturity period, creditworthiness of the borrower, nature of investment.

However, risk should be differentiated with uncertainty. Risk is defined as a

situation of happening or non-happening of an event can be quantified and measured;

while uncertainty is defined as a situation where the possibility cannot be measured.

Thus, risk is a situation where the probabilities can be assigned to an event on the basis of

the facts and figures available regarding a situation. Uncertainty, on the other hand, is a

situation where either the facts and figures are not available, or the probalities cannot be

assigned.

The total risk of an investment may comprise of:

1. Capital risk: - The risk of incurring a capital loss due to downward changes in the

market price of a security is defined as the capital risk of that security. Investment in the

equity shares has this type of risk

2. Income risk: - There is a risk of variation in return available from the security.

Dividends paid by a company on equity shares may vary from one year to another.

However, this risk is almost nil in case of bonds and debentures and preference shares.

3. Default risk: - There may be a default in repayment of principal amount by the

company and the chances of this default is called the default risk. This risk may also

include the risk of loosing the principal amount of shares and debentures and preference

shares.

1.3 Equity Investment

Equity investment generally refers to the buying and holding of shares orstockby

individuals and funds in anticipation of income from dividends and capital gain as the

value of the stock rises. It also sometimes refers to the acquisition of equity (ownership)

participation in a private (unlisted) company or a startup (a company being created or

newly created).

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http://en.wikipedia.org/wiki/Equityhttp://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Dividendhttp://en.wikipedia.org/wiki/Capital_gainhttp://en.wikipedia.org/wiki/Equityhttp://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Dividendhttp://en.wikipedia.org/wiki/Capital_gain


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1.4 Equity investment Behaviour

Equity investment Behaviour here refers to the pattern of investment in equity

shares.

1.5 The Indian Family System

India a nation of diversity with

24 languages

Six major religions

Economic condition

Caste

Cultural differences

The family affects, and is affected by the nature of the economic structure, culture,

religious institution, social status, etc. The Indian family is mainly a jointly one. The joint

family is one formed by brothers, their spouses, and children. With such a large

household, with so many adults, there is a need for clear norms defining authority. There

are such norms. Authority is distributed on the basis of age and sex, with sex being given

priority. The eldest male is the unquestioned authority. The Indian family system is

patriarchal and all male family members share in the ownership of property .If females

are unmarried they are controlled by their fathers and if married they are controlled by

their in-laws and husbands. Thus, the decision making power lies in the hands of male

only.

The origin of the Indian idea of appropriate female behaviour can be traced to

the rules laid down by Manu in 200 BC: by a young girl, by a young woman, or even by

an aged one, nothing must be done independently, even in her own house. In childhood

a female must be subject to her father, in youth to her husband, when her lord is dead to

her sons; a woman must never be independent. Womens lives are shaped by customs

that are centuries old. Thus, we dont question the rationale of a tradition.

India has almost an equal number of men and women and almost half of the

women belong to the uneducated category. But now thanks to westernization and wide

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approval of education their number is dwindling by the thousands. They have come out

of their houses armed with pens instead of spatulas so that they can get a decent position

in the Indian society. Women have now made an entry into the workplace. Most of the

rural women do the jobs of both a householder and a wage-earning laborer to make both

ends meet.

The women in joint family do all the house chores without any hassles as they

share their work of cooking, cleaning the dishes, washing, etc. This is in sharp contrast to

the nuclear woman, who has to do all the jobs, single-handedly, yet also attend to outside

work to make both ends meet. Thus, there has been some change in the absolute power of

the eldest male. Education and income do bring esteem and a degree of power within the

family today which sometimes makes the power of the eldest male less than absolute.

The Urban Middle Class woman has become more or less comfortable with a satisfactory

pay packet and work-reducing kitchen gadgets for her. Yet she remains under

pressure. She is expected to fall in line with the patrilineal pattern of society and the

nuclear family structures

One of the significant features of the 20th century is the rising of women's

empowerment movements. Different movements have resulted in various women's issues

being mainstreamed in the Indian society. There are several instances of women's bold

and strong roles in spite of their traditional roles in a patriarchal family set up.

Percentage of woman have risen to the top rung of the ladder in their respective fields

land who are at par with their male counterparts like Indira Gandhi in Politics, Medha

Patker in social movements, P.T.Usha and Malleswari in Sports, to name a few. India has

more women in important positions than any other country in the world and who are at

par with their male counterparts.

Mostly the Patriarchal system is followed throughout India, but in some states like

Arunachal Pradesh in North -East India, the matriarchal system is followed where the

house is ruled by the women members of the family. Kerala also follows this system to

some extent, in that its female members control the decision making process in a family.

Though Assamese women are given an honoured position, no other community in Assam

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follows the matrilineal inheritance system. The common paternal system governs general

Assamese society.

Gender inequality is a form of inequality which is distinct from other forms of

economic and social inequalities. It has adverse impact on development goals and, as

such reduces economic growth hindering the overall wellbeing of the society. Women of

twenty first century are still not free from their respective problems; we still see how

women are being victims of exploitation, violence and all forms of discrimination.

However, the position and status of women in Assam and other North Eastern states are

usually said to be better than that of their counterparts in the rest of India. According to

some researchers many women in more advanced parts of India may well envy the

women of certain ethnic groups in the North East, their high status and their free and

happy life. Most importantly, in some traditions women are not equal to men, but have a

higher status than in other states. A study by North East Network remarked that women

in Assam are a class apart in India and there is greater gender equality in Assam. The

society does not suffer from practices like dowry, child-marriage and bride-burning.

Despite the high social status, the majority of women in general continue to live in

a state of deprivation and ignorance in Assam. The so-called women-friendly society

has also failed to respond to the needs of women. This study also shows a form of

discrimination against women. As money is considered to be power, women are not

given the freedom to take monetary decisions with the view that they will go out of

control.

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CHAPTER 2

RESEARCH DESIGN

2.1 Relevance of the Study

Review of literature of previous studies suggests that existing datasets are

inadequate for the purpose of investigating gender differences in investing. Future

academic and professional research will require more detailed information on household

financial decision making, particularly with respect to decision making process. In the

absence of this information, outcomes such as gender differences in wealth will not serve

as an accurate indicator of Equity Investment. Greater efforts need to be made,

particularly in the design of surveys; to acquire informations that allows researchers to

distinguish between the influence of discrimination and individual choice, as well as the

determinants of choice. Moreover as per latest Statistic, equity investment in India is

supposed to raise many- fold. So, the purpose of my study is to find the role of women in

such investment and the level of family restriction faced by women in taking such

investment decision.

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2.2 Review of Literature

A review of a number of existing empirical studies of investment points at several

problems, regarding what gender differences are found in such studies, and how these

differences are accounted for.

Firstly, quantitative approaches, which have so far dominated risk research, and

qualitative approaches give different, sometimes even contradictory images of women's

and men's perceptions of risk. Secondly, the gender differences that appear are often left

unexplained, and even when explanations are suggested, these are seldom related to

gender research and gender theory in any systematic way. This paper argues that a

coherent, theoretically informed gender perspective on risk is needed to improve the

understanding of women's and men's risk perceptions. An analysis of social theories of

gender points out some relations and distinctions which should be considered in such a

perspective. It is argued that gender structures, reflected in gendered ideology and

gendered practice, give rise to systematic gender differences in the perception of risk.

(Gustafson P., 1998)1.

Elke U. Weber , Ann-Rene Blais ,Nancy E. Betz in the Journal of Behavioural

Decision Making (Elke U. Weber at el.)2 says that Peoples' degree of risk taking was

highly domain-specific, i.e. not consistently risk-averse or consistently risk-seeking

across all content domains. Women appeared to be more risk-averse in all domains

except social risk. A regression of risk taking (likelihood of engaging in the risky

activity) on expected benefits and perceived risks suggests that gender and content

domain differences in apparent risk taking are associated with differences in the

perception of the activities' benefits and risk, rather than with differences in attitude

towards perceived risk.

In gender effects on employees participation and investment behaviour with

401(k) retirement plans David B. Balkin is of the view that Women are more risk averse

1 Gustafson P, Gender Differences in Risk Perception: Theoretical and Methodological Perspectives; Risk Analysis;

Volume 18, Number 6 / December, 1998; pages 805-8112

Weber E. U., Blais A.R;A domain-specific risk-attitude scale: measuring risk perceptions and risk behaviors; NancyE. Betz; Journal of Behavioral Decision Making; Volume 15, Issue 4, Pages 263 290

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than men in making asset allocations with their retirement plans, which is consistent with

economic theory predictions. Males were observed to make larger savings contributions

to their retirement plans than females, counter to the predictions of life-cycle theory. No

gender differences were observed in levels of employee participation to the defined

contribution retirement plans (Balkin D)3 .

In another study related to the gender perception and response to investment risk

it is found that women investors weight risk attributes, such as possibility of loss and

ambiguity, more heavily than their male colleagues. In addition, women tend to

emphasize risk reduction more than men in portfolio construction. While gender

differences appear to influence perceptions of risk and recommendations to clients, these

differences tend to be the most significant for assets and portfolios at risk extremes

(Robert A., 2001)4 .

Similarly in more recent study on gender differences in risk perception it refers to

past research regarding gender differences in investment strategies which has pointed to

two important differences: female investors appear both to be more risk averse and to

have less confidence in their investment decisions than male investors in equivalent

circumstances. Proposes that gender differences in information processing styles may

account for the lower risk-taking tendencies among female investors as well as the

tendency toward lower confidence levels (Graham J. F., 2002)5

2.3 Scope of the Study

Universe of the study: The study is confined to the Female Employees of the

Financial Institutions of New Market, Thana Charali, Khaliamari, Chowkidingee and

University area of Dibrugarh Town.

3

Balkin D; Gender Effects on Employee Participation and Investment Behavior with 401(k) retirement Plans; College

of Business and Administration University of Colorado; Boulder, CO 80309,[email protected]

http://www.tiaa-crefinstitute.org/research/grants/docs/comp2_Balkin.pdf4

Robert A. ; The influence of Gender on the Perception and Response to Investment Risk: The Case of Professional

Investors; The Journal of Psychology and Financial Markets; 2001, Vol. 2, No. 1, Pages 29-365

Graham J, Stendardi E, Myers J, Graham M; Gender differences in investment strategies: an information processing

perspective; International Journal of Bank Marketing; Volume 20 Number 1 2002 pp. 17-26 Emeraldfulltext.com

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2.4 Objectives of the Study

The objectives of the study are as follows:

To study the Investment Behaviour of Female Employees of Financial Institutions

of Dibrugarh Town.

To ascertain the level of Family Restrictions regarding investments in Equity

Shares of the Female Employees of Financial Institutions of Dibrugarh Town.

HYPOTHESIS

In order to test the above objectives, the following working hypotheses are framed .

There is distinctive share investment behaviour between Male and Female

Investors.

Family Restrictions play a major role in Equity Investment Behaviour of the

Female Employees of Financial Institutions of Dibrugarh Town.

2.5 Methodology

2.5.1 Choice of Research Design:

Descriptive Research This type of research includes surveys and fact finding

enquiries of different kinds. The major purpose of Descriptive research is description of

the state of affairs as it exists at present. The main characteristic of this method is that the

researcher has no control over the variable; he can only report what has happened or what

is happening.

2.5.2 Data Source

The blend of primary and secondary data was used for the study.

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The requisite data and information was gathered with the help of questionnaire.

The questionnaire consisted of 21 questions 2 questions related to the

investment pattern and 19 questions related to the family restriction.

2.5.3 Population

The study was confined to the Female Employees of the Financial Institutions of

New Market (H.S.Road), Thana Charali, Khaliamari, Chowkidingee and University area

of Dibrugarh Town. Thus, a population of 80 female employees was taken. (Refer table

no- 2.1)

2.5.4 Sampling and non- sampling errors

The errors arising due to drawing inferences about the population on the basis of

few observations (sampling) is termed assampling error. However, the error mainly

arising at the stages of ascertainment and processing of data are termed as non

sampling errors. Thus, there was a sampling error of 10 and non- sampling error of 20.

2.5.5 Sample

A sample of 50 female employees was taken from the Financial Institutions ofDibrugarh Town. (Refer table no 2.1)

TABLE 2.1

Serial

Number

Name of

Financial

Institutions

Number of

Female

Employees

(Population)

Accepted the

Questionnaire

Did not

accept the

Questionnaire

( Sampling

error)

Accepted

but did not

respond

( Non-

Sampling

error)

Responded

( Sample)

1 Allahabad Bank Nil - - - -

2 Apex Bank Nil - - - -

3 Aviva Insurance 2 2 - - 2

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4 Axis Bank 4 4 - - 4

5 Bajaj Alliance 1 1 - - 1

6 Bank of Baroda Nil - - - -

7 Bank of Rajasthan 2 2 - - 2

8 Central Bank(H.S. Road)

1 1 - - 1

9 Central Bank( Thana Charali )

1 1 - 1 -

10 HDFC StandardLife

5 4 1 1 3

11 ICICI Bank 1 1 - - 1

12

ICICI Lombard Nil - - - -

13 ICICI Prudential 1 1 - - 1

14Indian Overseas

Bank 1 1 - 1 -

15 Life InsuranceCorporation of

India

12 10 2 6 4

16 National InsuranceCompany

4 4 - 1 3

17 New AssuranceCompany Ltd.

(Santipara)

3 3 - - 3

18 New AssuranceCompany Ltd.

(Main Branch)

Nil - - - -

19 Oriental Insurance 2 2 - 1 1

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20 Punjab NationalBank

6 6 - 1 5

21 Punjab & Sind

Bank

Nil - - - -

22 Reliance LifeInsurance

Nil - - - -

23 SBI Bank( Main Branch)

12 10 2 6 4

24 SBI Bank( Chowdingee)

5 5 - 1 4

25 SBI Bank( University

Branch)

5 0 5 - -

26 Syndicate Bank Nil - - - -

27 UCO Bank 3 3 - - 3

28 UBI (NearNational

Insurance)

3 3 - - 3

29 UBI ( NearHanuman Mandir)

1 1 - - 1

30 UBI( Chowkidingee)

3 3 - 1 2

31 Vijaya Bank 2 2 - - 2

TOTAL 80 70 10 20 50

2.5.6 Sampling Design

Given the objective the sampling design adopted is Multi Level / Stage Sampling.

The first stage in multi stage sampling is to select a large primary sampling unit such as a

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Town. If instead of taking a census of all banks within the selected town, we select

certain areas and interview all the banks in the chosen areas, it would represent a two-

stage sampling design with the ultimate sampling being cluster of areas.

2.5.7 Tools and Techniques of Analysis

In the present study analysis was carried out using the statistical software SPSS

and tools like tabulation i.e. (arranging the data in a concise and logical order).

Percentages were also used for the purpose.

CHAPTER 3

ANALYSIS AND INTERPRETATIONS

The analysis and interpretation has been done on the basis of findings from the questionnaires

filled by the respondents.

Table 3.1

Investment in shares in thepast

Source: Compiled from the Questionnaire

Table 3.2

Investment in shares at present

Frequency Percentage

No 31 62

Yes 19 38

Total 50 100


No 36 72

Yes 14 28

Total 50 10017


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Table 3.5

Investment in other than shares at present


Table 3.6

Investment in other than shares in thefuture


Interpretation: Table 3.4, 3.5 and 3.6 reveals that the maximum i.e. 88% of the respondents

are willing to invest in other than shares in the future, whereas 86% of the

respondents has invested in other than shares at present and the minimum i.e. 82%

of he respondents has invested in other than shares in the past.

Therefore it depicts that at both at present as well as in the future the investment

in other than shares is much higher than the investment in the shares.[see table no. - 3.2,

3.3, 3.5 and 3.6]

Table 3.7

Proportion of investment in shares in the past


No 7 14

Yes 43 86

Total 50 100


No 6 12

Yes 44 88

Total 50 100

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Table 3.8

Proportion of investment in shares at present


Table 3.9

Proportion of

investment in

shares in the

future


No investment 31 62

Less than 25% 10 20

25% - 50% 2 4

50% - 75% 6 12

More than 75% 1 2

Total 50 100


No investment 36 72

Less than 25% 6 12

25% - 50% 0 0

50% - 75% 6 12

More than 75% 2 4

Total 50 100


No investment 20 40

Less than 25% 21 42

25% - 50% 5 10

50% - 75% 4 8

More than 75% 0 0

Total 50 100

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Table 3.10

Proportion of investment in other than shares in the past


Table 3.11Proportion of investment in other than shares at present


No investment 9 18

Less than 25% 17 34

25% - 50% 16 32

50% - 75% 3 6

More than 75% 5 10

Total 50 100

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Table 3.12

Proportion of investment in other than shares in the future


Table 3.13


No investment 8 16

Less than 25% 10 20

25% - 50% 14 28

50% - 75% 14 28

More than 75% 4 8

Total 50 100


No investment 6 12

Less than 25% 8 16

25% - 50% 14 28

50% - 75% 11 22

More than 75% 11 22

Total 50 100

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Cross Tabulation of investment in shares in present and investment in shares the

future given the investment in shares in the past


The calculated value of Cramer's V is 0.457 and the approximated significance value is 0.046.

The value of Cramer's V ranges from 0 to 1. Since the ranking was done on 5 point scale, the

range of class interval can be obtained as 1/5 = 0.2

The following interpretation of value has been developed:

Value 0 0.2 0.2 0.4 0.4 0.6 0.6- 0.8 0.8 1.0

Interpretation

Very low

degree of

association

Low degree

of

association

Moderate

degree of

association

High degree

of

association

Very high

degree of

association

Interpretation: Given the test and methodology, there is moderate degree of association

between the investment in shares in the present and investment in shares in the future,

provided that there was investment in shares in the past since the calculated value of Cramer's

V is 0.457.The relationship established for the sample is also valid for the population at 5%

level of significance as the approximated significance value (i.e. 0.046) is less than 0.05

Investment in shares

In the past

Investment in

shares in

the future

No Yes

Total

No Investment in shares no

in present

Total

16 15

16 15

31

31

Yes Investment in shares noin present yes

Total

3 22 12

5 14

514

19

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However, no statistics can be computed between the investment in shares in the

present and investment in shares in the future, provided that there was no investment in shares

in the past because investment in shares in present is a constant.

Table 3.14

Cross Tabulation of investment in other than shares in present and investment in

other than shares in the future given the investment in other than shares in the past

Investment in

other than

shares in the past

Investment in

other than shares

in the future

No Yes

Total

No Investment in no Count

other than % of Totalshares

at present yes Count

% of Total

Total Count

% of Total

3 4

33.3 % 44.4 %

0 2

0 % 22.2 %

3 6

33.3 % 66.67 %

7

77.8 %

2

22.2 %

9

100 %

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Yes Investment in yes Count

other than

shares % of Total

at present

Total Count

% of Total

3 38

7.3 % 92.7%

3 38

7.3 % 92.7 %

41

100 %

41

100 %


The calculated value of Cramer's V is 0.378 and the approximated significance value is0.257

Interpretation: Given the test and methodology, there is low degree of association between

investment in other than shares at present and investment in other than shares in the future,

provided that there was no investment in other than shares in the past since the calculatedvalue of Cramer's V is 0.378. The relationship established for the sample is not valid for the

population at 5% level of significance as the approximated significance value (i.e. 0.257) is

greater than 0.05

However, no statistics can be computed between the investment in other than shares in

the present and investment in other than shares in the future, provided that there was

investment in other than shares in the past because investment in shares in present is a

constant.

Table 3.15

Level of family Restrictions and investment in shares in past

Level of

Family

Restriction

Investment in the

shares in the pastTotal

No Yes

Very low level of

restriction

Count4 11 15

% of Total8.0% 22.0% 30.0%

Low level of

restriction

Count15 6 21

% of Total30.0% 12.0% 42.0%

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Moderate level

of restriction

Count9 1 10

% of Total18.0% 2.0% 20.0%

High Level of

restriction

Count2 0 2

% of Total4.0% .0% 4.0%

Very High level

of restriction

Count1 1 2

% of Total2.0% 2.0% 4.0%

Total Count31 19 50

% of Total62.0% 38.0% 100.0%


The calculated value of Cramer's V is 0.518 and the approximated significance value is

0.009


between the level of family restriction and investment in shares in the present since the

calculated value of Cramer's V is 0.518. The relationship established for the sample is also

valid for the population at 5% level of significance as the approximated significance value

(i.e. 0.009) is less than 0.05

Table 3.16

Level of family Restrictions and Investment in shares at present

Level of Family

Restriction

Investment in the

shares at presentTotal

No Yes

Very low level of

restriction

Count5 10 15

% of Total10.0% 20.0% 30.0%

Low level of

restriction

Count18 3 21

36.0% 6.0% 42.0%

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% of Total

Moderate level

of restriction

Count9 1 10

% of Total18.0% 2.0% 20.0%

High Level of

restriction

Count 2 0 2

% of Total4.0% .0% 4.0%

Very High level

of restriction

Count2 0 2

% of Total4.0% .0% 4.0%

Total Count36 14 50

% of Total72.0% 28.0% 100.0%



0.003


between the level of family restriction and investment in shares in the future since the

calculated value of Cramer's V is 0.570. The relationship established for the sample is also

valid for the population at 5% level of significance as the approximated significance value

(i.e. 0.003) is less than 0.05

Table 3.17

Level of family restrictions and investment in shares in future

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Level of Family

Restriction

Investment in

the shares in the

futureTotal

No Yes

Very low level

of restriction

Count3 12 15

% of Total6.0% 24.0% 30.0%

Low level of

restriction

Count12 9 21

% of Total24.0% 18.0% 42.0%

Moderate level

of restriction

Count4 6 10

% of Total8.0% 12.0% 20.0%

High Level of

restriction

Count1 1 2

% of Total2.0% 2.0% 4.0%

Very High level

of restriction

Count1 1 2

% of Total2.0% 2.0% 4.0%

Total Count21 29 50

% of Total 42.0% 58.0% 100.0%

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0.279


the level of family restriction and investment in shares in the future since the calculated value

of Cramer's V is 0.319. The relationship established for the sample is not valid for the

population at 5% level of significance as the approximated significance value (i.e. 0.279) is

greater than 0.05

Table 3.18

Impact of various variables on the level of Family Restrictions regarding

Equity Investment

Variables Mean

Fear of the other relatives1.7000

Hand over the entire income to the family head and left with no money to invest

1.7600

Investment in shares by female investors is not considered as a good sign in

family

1.8600

Male members do not allow to invest1.9200

Family members think that the girl's do not require education related to the

1.9200

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investment in share

Family members have objection to deal with the broker without their permission1.9400

Only male members are taking share investment decisions, not interested inmaking share market

2.0400

Family members have objection to deal with the broker in their absence2.1400

Family members and relatives told that investment in equity shares is risky2.1800

Family investment advisor does not suggest investing in equity shares2.1800

Nobody in the family has invested in shares2.2800

Not investing because she is the sole earner 2.3000

Matters relating to share market are not discussed in the family2.3000

News paper subscribed by the family does not contain share market information2.3000

Institution imparting investment related information exclusively for the girlsnot available

2.3600

The programmes on T.V. related to share market are not watched by family2.6400

Not investing due to low family income2.7000

The females are more concerned about the future savings2.7200

Not convenient to go to the broker's place every time

3.2600


Table 3.18 reveals that the variable which has the highest influence on the family

restriction regarding equity investment is that it not convenient for the females to go to

the brokers place every time and the variable which has the second highest influence is

that the females are more concerned about the future savings.

On the other hand the variable which has the least influence is the fear of the other

relatives and the variable which has the second least influence is that the females hand

over the entire income to the family head and are left with no money to invest.

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Scale Development for Family Restriction

The scale contains 19 variables/ questions. Each question had 5 options strongly

agree, agree, moderate, disagree and strongly disagree. The score of 5 was given tostrongly agree, 4 to agree, 3 to moderate, 2 to disagree and 1 to strongly disagree. So the

maximum score possible was 19x5 = 95 and the minimum score possible was 19x1=19.

Therefore the difference between the maximum and the minimum possible score is

95-19= 76. Since the ranking is done on the 5 point scale, the range of class interval can

be obtained as 76/5 = 15.2. Therefore, the following interpretation scale has been

developed as per the Diagram 3.1

Diagram 3.1

Table 3.19

Overall Level Family Restriction regarding Equity Investment

Average Score Impact

Overall family restriction

regarding equity investment 42.56

Low level of family restriction


Score 19 34.2 34.2 49.4 49.4 64.6 64.6 79.8 79.8 95

Interpretation

Very low

level offamily

restriction

Low level of

familyrestriction

Moderate

level offamily

restriction

High level of

familyrestriction

Very high

level offamily

restriction

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Table 3.20

Reliability Statistics

Cronbach's

Alpha

Cronbach'sAlpha Based

on

Standardized

Items

No. of

Items

0.911 0.910 19

The value of Cronbachs Alpha ranges from 0 to 1. Rule of Thumb is that value above 0.70

means that the data is reliable whereas value below 0.70 means that the data is not reliable. Table

3.30 reveals that the data is reliable since the value of Cronbachs Alpha is 0.911

Table 3.21

Age and Investment in shares in the past

Age

Investment in the

shares in the pastTotal

No Yes

18 - 25

Count4 1 5

% of Total8.0% 2.0% 10.0%

25 - 35

Count9 1 10

% of Total18.0% 2.0% 20.0%

35 - 45

Count16 11 27

% of Total32.0% 22.0% 54.0%

45 - 60

Count2 6 8

% of Total4.0% 12.0% 16.0%

Count

31 19 50

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Total

% of Total62.0% 38.0% 100.0%



0.033


between age and investment in shares in the past since the calculated value of Cramer's V is

0.418. The relationship established for the sample is also valid for the population at 5% level

of significance as the approximated significance value (i.e. 0.033) is less than 0.05

Table 3.22

Age and Investment in shares at present

Age Investment in theshares at presentTotal

No Yes

18 - 25

Count4 1 5

% of Total8.0% 2.0% 10.0%

25 - 35

Count9 1 10

% of Total18.0% 2.0% 20.0%

35 - 45

Count 21 6 27

% of Total42.0% 12.0% 54.0%

45 - 60

Count2 6 8

% of Total4.0% 12.0% 16.0%

36 14 50

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Total

Count

% of Total72.0% 28.0% 100.0%


The calculated value of Cramer's V is 0.469and the approximated significance value is

0.012


between age and investment in shares in the present since the calculated value of Cramer's V

is 0.469. The relationship established for the sample is also valid for the population at 5%

level of significance as the approximated significance value (i.e. 0.012) is less than 0.05

Table 3.23

Age and Investment in shares in the future

Age

Investment in the

shares in thefuture

Total

No Yes

18 - 25 Count2 3 5

% of Total4.0% 6.0% 10.0%

25 - 35 Count6 4 10

% of Total12.0% 8.0% 20.0%

35 - 45

Count 10 17 27

% of Total 20.0% 34.0% 54.0%

45 - 60

Count3 5 8

% of Total6.0% 10.0% 16.0%

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Total

Count21 29 50

% of Total42.0% 58.0% 100.0%



0.642

Interpretation: Given the test and methodology, there is very low degree of association

between age and investment in shares in the future since the calculated value of Cramer's V is

0.183. The relationship established for the sample is not valid for the population at 5% level of

significance as the approximated significance value (i.e. 0.643) is greater than 0.05

Table 3.24

Qualification and Investment in shares in the past

Qualification

Investment in

the shares in the

past Total

No Yes

Under

Graduate

Count1 0 1

% of Total2.0% .0% 2.0%

Graduate

Count24 18 42

% of Total48.0% 36.0% 84.0%

PostGraduate

Count6 1 7

% of Total12.0% 2.0% 14.0%

Total Count31 19 50

% of Total62.0% 38.0% 100.0%


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The calculated value of Cramer's V is 0.233 and the approximated significance value is0.259


qualification and investment in shares in the past since the calculated value of Cramer's V is



Table 3.25

Qualification and Investment in shares at present

Qualification

Investment in the

shares in the

present Total

No Yes

Under

Graduate

Count1 0 1

% of Total2.0% .0% 2.0%

Graduate

Count29 13 42

% of Total58.0% 26.0% 84.0%

PostGraduate

Count

6 1 7

% of Total12.0% 2.0% 14.0%

Total Count36 14 50

% of Total72.0% 28.0% 100.0%


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0.542


qualification and investment in shares in the present since the calculated value of Cramer's V

is 0.156. The relationship established for the sample is not valid for the population at 5% level

of significance as the approximated significance value (i.e. 0.542) is greater than 0.05

Table 3.26

Qualification and Investment in shares in the future

Qualification

Investment in the

shares in the

future

TotalNo Yes

Under

Graduate

Count1 0 1

% of Total2.0% .0% 2.0%

Graduate Count16 26 42

% of Total32.0% 52.0% 84.0%

Post

Graduate

Count4 3 7

% of Total8.0% 6.0% 14.0%

Total Count21 29 50

% of Total42.0% 58.0% 100.0%


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0.316


qualification and investment in shares in the future since the calculated value of Cramer's V is



Table 3.27

Age and Level of Family Restriction

Age

Level of Family Restriction

TotalVery lowlevel of

restriction

Low levelof

restriction

Moderatelevel of

restriction

High levelof

restriction

Very highlevel of

restriction

18 - 25 Count3 1 1 0 0 5

% of Total6.0% 2.0% 2.0% .0% .0% 10.0%

25 - 35 Count0 6 3 1 0 10

% of Total.0% 12.0% 6.0% 2.0% .0% 20.0%

35 - 45 Count 7 12 5 1 2 27

% of Total14.0% 24.0% 10.0% 2.0% 4.0% 54.0%

45 - 60 Count5 2 1 0 0 8

% of Total10.0% 4.0% 2.0% .0% .0% 16.0%

15 21 10 2 2 50

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Total

Count

% of Total30.0% 42.0% 20.0% 4.0% 4.0% 100.0%



0.349


age and level of family restriction since the calculated value of Cramer's V is 0.215. The

relationship established for the sample is not valid for the population at 5% level of


Table 3.28

Qualification and Level of Family Restriction

Qualification

Level of Family Restriction

TotalVery low

level of

restriction

low level of

restriction

Moderate

level of

restriction

High Level

of restriction

Very High

level of

restriction

Under

Graduate

Count0 1 0 0 0 1

% of Total.0% 2.0% .0% .0% .0% 2.0%

Graduate

Count13 16 9 2 2 42

% of Total26.0% 32.0% 18.0% 4.0% 4.0% 84.0%

PostGraduate

Count

2 4 1 0 0 7

% of Total4.0% 8.0% 2.0% .0% .0% 14.0%

Total

Count15 21 10 2 2 50

% of Total30.0% 42.0% 20.0% 4.0% 4.0% 100.0%


39


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0.948


qualification and level of family restriction since the calculated value of Cramer's V is 0.235.

The relationship established for the sample is not valid for the population at 5% level of


CHAPTER 4

CONCLUSION AND RECOMMENDATIONS

4.1 Findings

Today number of working women has increased. So now they have dual

responsibility. They have to go to the office as well as fulfill the household

responsibility. So they dont have adequate time to access to the various

informations relating to share market and so they are more inclined towardssaving in other than shares.

Females have the tendency of keeping track of various expenses. So with the

increasing requirements of life, they are now more concerned about future savings

and thereby securing their future.

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Females are becoming more independent. They now dont want to depend on

others for their security and requirement. So inorder to keep themselves on the

safer side the females generally intend to go for savings in other than shares from

which they can reap the benefits later during the time of necessity.

Investment in share market has to be done through broker. Hence it is not

convenient for the females to go to the brokers place every time.

There is moderate degree of association between the level of family restriction

and investment in shares in the past and at present. However there is low degree

of association between the level of family restriction and investment in shares in

the future.

Fear of other relatives has the least impact on family restriction

There is moderate degree of association between age and investment in shares in

the past and at present. However there is low degree of association between age

and investment in shares in the future.

There is low degree of association between qualification and investment in shares

in the past, present and future.

There is low degree of association between age and level of family restriction.

There is low degree of association between qualification and level of familyrestriction.

Even if the females are working and learning a livelihood for themselves and their

family, the investment decisions are mainly taken by males.

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4.2 Recommendations

As it is not convenient for women to go to the brokers place, they should be

made aware of the fact that investment in shares can also be done through

internet.

Most of the female employees have little or no idea about share investment which

is the main reason for them not going for investment in shares. So, it is required to

make the investor aware of various aspects of investment in shares.

The female employees are very eager to know about share investment. So effort

must be made for providing investment education in shares with the help of

Financial Institutions, Educational Institutes (such as colleges, B Schools) and

SEBI for attracting females to invest in shares.

It is seen that even if the females are interested in buying shares, they do not

know where to get and apply for the same. So females should be made aware of

such information. Moreover the formalities should be made easier and convenient

because of their busy schedule.

4.3 Conclusion

In a human society, each individual can utilize his or her own thoughts and ideas

and that is considered to be the basic human right of an individual. But it is a matter of

irony that in reality each one of us hardly gets any opportunity to display our own

individual ideas. Especially the women the most vulnerable sections of society are often

being sidelined from taking any important decision.

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One thing we must keep in mind that gender equality is not only a goal but also a

precondition for meeting the challenge of reducing poverty, promoting sustainable

development and building good governance.

4.3 Limitations of the study

The study was conducted in Dibrugarh town and as such the conclusions of the

study may vary from town to town. So the findings may not be generalized in a

broader perspective.

Due to time constraint, it was not possible to carry out an intense and in depth

study. Hence, multi stage sampling was followed. As such the opinion of all

the female employees of financial institutions of Dibrugarh town was not

obtained.

Permission of branch manager of the financial institutions had to be taken. It

was at times difficult to convince them.

Each and every respondent had to be approached personally and had to be

explained the purpose of my study. As such it was time consuming.

The respondents hesitated to answer all the questions of the questionnaire

provided to them.

As my study was based on the female employees of the financial institutions,

most of the times they were busy. Hence it was difficult to get the

questionnaires filled up.

The timing of my classes and their work hours clashed. And that made my

research work difficult.

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Another limitation of the study was lack of experience in such type of study.

Perhaps, the study might have been more effective had I got sufficient

experience in this type of study

BIBLIOGRAPHY

1. Kothari C.R,Research Methodology,New Age International (P) limited, New Delhi.

2. Rustagi R.P,Financial Analysis and Financial Management, Sultan Chand & Sons,New Delhi.

3. Juneja C.Chawla, R.C. Chawla, K.K. Saksena,Book Keep & Accountancy, KalyaniPublishers, New Delhi.

4. Dr.Gupta.S.P, Statistical Methods, Sultan Chand & Sons, New Delhi.

Websites

http://www.faculty.fairfield.edu/faculty/hodgson/Courses/so142/India/india.htm

http://www.indianmirror.com/culture/cul8.htm

44
http://www.faculty.fairfield.edu/faculty/hodgson/Courses/so142/India/india.htmhttp://www.indianmirror.com/culture/cul8.htmhttp://www.faculty.fairfield.edu/faculty/hodgson/Courses/so142/India/india.htmhttp://www.indianmirror.com/culture/cul8.htm


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http://pibguwahati.nic.in/feature1.asp http://www.nenanews.com/ANE%20Jan.%2016-31,06/mj4.htm

http://www.assamtribune.com/scripts/details.asp?id=mar0808/edit3

ANNEXURE

QUESTIONNAIRE

Dear Respondents,

The following questionnaire is a part of academic curriculum, which attempts to gather information

about Equity Investment Behaviour and Family Restrictions in Equity Investment of Female

Employees of Financial Institutions of Dibrugarh town. It is exclusively meant for academic

purpose and has no commercial use. The information provided by you will be kept confidential .You

are, therefore, requested to fill this questionnaire in a spirit to help me.

Please tick the appropriate box.

1.)

Did you

invested in past

Are You Still

holding those

investments

Are you willing

to invest in future

Yes No Yes No Yes No

1.Shares

2. Others (Fixed deposits,

Post office, Mutual funds,

Insurance, etc.)

45
http://pibguwahati.nic.in/feature1.asphttp://www.nenanews.com/ANE%20Jan.%2016-31,06/mj4.htmhttp://www.assamtribune.com/scripts/details.asp?id=mar0808/edit3http://pibguwahati.nic.in/feature1.asphttp://www.nenanews.com/ANE%20Jan.%2016-31,06/mj4.htmhttp://www.assamtribune.com/scripts/details.asp?id=mar0808/edit3


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2.) Out of total investments, % of investments in equity shares

KEY TO ANSWERS:

SA = Strongly Agree, A = Agree, M = Moderate,

D = Disagree, SD = Strongly Disagree.

3.)I am the sole earner in the family. So I do not invest in equity shares.

4.) My family income is low, that is why I am not investing in shares.

5.) Nobody in the family has ever invested in shares.

Past Present Future

Lessthan

25%

25-50

%

50 -75%

75-100

%

Lessthan

25%

25-50

%

50 -75%

75-100

%

Lessthan

25%

25-50

%

50 -75%

75-100

%

1.Shares

2. Others (Fixed

deposits, Post

office, Mutual

funds, Insurance,

etc.)

46

SA A M D SD

SA A M D SD

SA A M D SD


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6.) The male members do not allow me to invest in shares.

7.) My family members have objection to deal with the broker without their permission.

8.) My family members have objection to deal with the broker in their absence.

9.) Investment in shares by female investors is not considered as a good sign in my family.

10.) Matters relating to share market are not discussed in my family.

11.) The newspaper which is subscribed by my family does not contain information related to share

market.

12.) The programmes on T.V. related to share market are not watched by my family.

13) I hand over my entire income to my family head, so I dont have any money to invest in share

market.

14) My family investment advisor does not suggest investing in equity shares.

15.) The male members are taking share investment decisions, so I am not interested in making share

investment decisions.

47

SA A M D SD

SA A M D SD

SA A M D SD

SA A M D SD

SA A M D SD

SA A M D SD

SA A M D SD

SA A M D SD

SA A M D SD

S A M D SD


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16.) My family members and relatives told me that investment in equity shares is risky. So I am not

investing.

17.) The family members think that the girls do not require education related to the investment in share

market.

18) Though the parents are willing to allow investing but because of the fear of the other relatives that if

the girls are allowed to invest in shares, it may be difficult to find bridegroom for them; they are

not allowing to invest in shares.

19) My parents do allow to learn about investment because the institution imparting investment

related information exclusively for the girls is not available in the region.

20.) The females are more concerned about the future savings that is why they do not invest in shares.

21.) It in not convenient for me to go to the brokers place every time.

Your personal information:

(a) Name (optional):

(b) Age:

(i) 18 - 25 years (ii) 25 - 35 years (iii) 35 - 45 years

(iv) 45 - 60 years (v) above 60 years

48

SA A M D SD

SA A M D SD

SA A M D SD

SA A M D SD

SA A M D SD

SA A M D SD


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(c.) Educational Qualifications:

(i) Under Graduate (ii) Graduate

(iii) Post Graduate (IV) Others

Your valuable suggestion /comment.

1

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