Investor Satisfaction Research Articles

A Study on Investors’ Satisfaction and Repeated Investment Behaviour a Structural Equation Modeling Approach

Purpose: Investors always try to make lucid decision while investigating and inferring information collected from several sources for investment avenues to arrive at an ideal investment decision. But at the same time they are prejudiced by various internal and external factors that stimulate them in their investment decision. This paper attempts to explore the impact of investment decisions on investor’s satisfaction in the city of Chennai. Methodology: The survey was conducted on the internal and external factors which impact the behaviour of investors with respect to investment in mutual fund industry from 350 investors of mutual funds across the city. The data was analyzed through Exploratory Factor Analysis (EFA), Confirmatory Factor Analysis (CFA). Structural equation modeling has been used to identify the various factors affecting investor’s decision making in mutual funds and its effect on investor’s satisfaction. Results: The outcome of the analysis revealed that there was an impact of investment decision on investors’ satisfaction. It was concluded that right investment decisions will lead to better investor’s satisfaction. The study further analyses the relationship between investors’ satisfaction and repeated investment behaviour. Conclusions: The findings indicated that financial attitude drives, information drives and investment outcomes are the main reason which, results in investors satisfaction and in turn results in repeated investment decisions.

A Study on Satisfaction Level of Mutual Fund Investors

Mutual funds are seemingly the easiest and the least stressful way to invest in the stock market. Quiet a large amount of money has been invested in mutual funds during the past few years. Any investor would like to invest in a reputed Mutual Fund organization. Mutual funds are financial intermediaries concerned with mobilizing savings of those who have surplus and the canalization of these savings in those avenues where there is a demand for funds. These intermediaries employ their resources in such a manner as to provide combined benefits of low risk, steady return, high liquidity and capital appreciation through diversification and expert management. Reforms in the Indian economic system and the opening up of the economy have been the reasons for the tremendous growth in the Indian capital market. This study analyzes the impact of different demographic variables on the satisfaction of investors towards mutual funds.

All’s well that ends well? On the importance of how returns are achieved

We demonstrate that investor satisfaction and investment behavior are influenced substantially by the price path by which the final investor return is achieved. In a series of experiments, we analyze various different price paths. Investors are most satisfied if their assets first fall in value and then recover, and they are least satisfied with the opposite pattern, independent of whether the final return is positive or negative. Price paths systematically influence risk preferences, return beliefs, and ultimately trading decisions. Our results enable a much more holistic perspective on a wide range of topics in finance, such as the disposition effect, risk-taking behavior after previous gains and losses, and behavioral asset pricing.

Pengaruh Persepsi Kegunaan dan Persepsi Kemudahan Penggunaan terhadap Sikap Penggunaan Teknologi pada Pengguna Instagram di Indonesia (Studi pada Followers Akun Kementerian Pariwisata @Indtravel)

Students become the target of Indonesia Stock Exchange (BEI) and the Financial Services Authority (OJK) because of the age of 17-20 years is still low in investing in stock markets, where one of the programs that is done is by having a gallery of Investment Securities (GIBEI). The purpose of the research was to analyze and review the effect of product information, risk investment and investor satisfaction to interest in investing among the students of the GIBEI members at the Telkom University. This type of research is descriptive and verificative, with 31 students of the GIBEI members at the Telkom University serve as total sampling. Results of the study showed that only informed of products and satisfaction of investor partially significant effect to interest in investing, while simultaneously effect the whole variable (product information, investment risk and the satisfaction investors) to interest in invest is equal to 70.6%.

(A Study on the Effectiveness of Duty of Explanation of Sellers in the Process of Purchasing the Funds)

Korean Abstract: 본 연구의 목적은 펀드투자권유과정에서 금융투자업자의 판매직원들이 ‘자본시장법' 및 표준투자권유준칙에 따른 설명의무를 잘 이행하고 있는지를 분석해 보고, 이를 통해 펀드투자자들이 펀드투자를 가입할 때 판매직원들의 설명 내용을 잘 이해하고 가입하고 있는지와 판매직원들의 설명의무 수행에 대한 만족도를 조사함으로써 ’자본시장법'상 투자자보호제도의 실효성을 살펴보는 것이다. 본 연구는 펀드투자자에 대한 설문조사와 금융투자업자의 판매직원들의 심층 면접을 통하여 분석하였다. 연구결과는 첫째, 판매 직원의 펀드 설명의무 수행에 대한 만족도는 중간을 조금 상회하는 보통 수준이었으며 항목별로 만족도의 차이는 크지 않았다. 금융투자업자의 판매직원에 대한 인터뷰 결과 대체로 잘 설명하고 있다고 자체평가하면서도 다만, 퇴직 직원은 금융투자업자들이 설명의무를 충실히 이행하고 있는지의 여부에 대해서도 다소 부정적인 평가를 했다. 둘째, 펀드투자자들이 설명의무 내용의 개수 8개 각각에 대하여 제공받았다고 응답한 비중은 최대 60.4%이고 투자위험에 대하여 설명을 들었다는 펀드투자자는 53%에 불과한 반면, 금융투자업자들에 대한 심층 인터뷰 결과 실제 펀드투자를 투자권유 할 때 투자자가 반드시 알아야 할 내용은 대체로 설명을 잘하고 있다고 응답하였다. 셋째, 펀드투자 설명의무 수행 만족도에 대한 다중회귀분석 결과(stepwise 방식) 설명의무 내용개수, 주관적 펀드투자 이해도, 펀드보유여부, 금융회사유형, 학력, 객관적 펀드투자지식, 가입 시기, 연령, 직업 투자성향이 금융투자업자의 펀드설명의무 수행만족도에 통계적으로 유의한 영향을 미치는 요인으로 나타났다. 이와 같은 결과는 제공받은 설명의 양, 금융(펀드)이해력이 펀드투자 설명의무 수행 만족도에 대한 설명력이 가장 높은 변수임을 시사한다. 금융투자업자의 판매직원들의 설명의무 이행이 과거에 비해 많이 개선되었다는 평가가 대체로 많았지만 펀드투자 추천에서 회사의 캠페인 등 영업실적에 영향을 받거나 펀드투자권유과정이 너무 형식적인 면에 치우쳐져 있으며, 금융투자업자의 설명의무 수행에 대한 투자자서명이 면책 수단으로 활용됨을 지적하였다. English Abstract: The purpose of this study is to investigate how the sellers of mutual funds and beneficiary certificates (below ‘fund’) comply with the duty of explanation of fund investment for investors under the capital market law. For the purpose of the current study, two research methods were used and the results compared. Statistical analysis was conducted on investors' satisfaction about sellers' compliances with the law and in-depth interviews were held for 10 sellers of mutual funds and beneficiary certificates. The main study results are fund investors thought they were satisfied with sellers' conducts of the duty of explanation of 'fund' investment in the normal level and the level of 'fund' information received by the sellers for conducting the duty of explanation of fund investment were under 60% among the survey respondents. On the other hand, the sellers generally thought that they were conducting the duty of explanation well. However, special attention should be paid to the fact that retired workers evidenced a slight negative evaluation. Multiple regression results revealed that the significant independent variables that influenced the satisfaction of investors were the number of informations of funds products received by the sellers, the subject perception of understanding of fund knowledge, education, level of financial knowledge, age, job, and attitude of investment risk taking.

Early Views Volume 11 Issue 1 Volume 10 Issue 2 Issue 1 Volume 9 Issue 2 Issue 1 Volume 8 Issue 2 Issue 1 View More The Role of Structured and Efficient Market Factors in Determining the Individual Investor's Satisfaction: Evidence from Pakistan

Early Views Volume 11 Issue 1 Volume 10 Issue 2 Issue 1 Volume 9 Issue 2 Issue 1 Volume 8 Issue 2 Issue 1 View More The Role of Structured and Efficient Market Factors in Determining the Individual Investor's Satisfaction: Evidence from Pakistan

A Empiral Study on Success Factors for Action Investment Motivation

This dissertation is a study of factors affecting the satisfaction of investors for real estate auction market activation. Correctly understand the nature of the auction industry and has been investigated by considering the factors on individual behavior and the nature of the environment surrounding the auction market investors. In particular, the study of how the auction Investment Consulting affect the investments of satisfaction there is a difference with previous studies. The results of the auction and to increase your satisfaction is important to investors, legal, institutional procedures and principles related to the auction, the information is accurate and reliable for the auction showed that a very important thing. Also it showed consulting the auction affecting investor satisfaction study was that the training of future auctions consulting industry to help with the activation of the auction.

Measuring the Investors Satisfaction Amount of Service Quality in Pars Special Economic Energy Zone with Using the Kano Model

The aim of present research is investigate the effect of presented service quality on level of investor's satisfaction in Pars Special Economic Energy Zone with using the Kano model. According to the purpose of study, the present research is applied research. Also according to way of data collection (research project), the present study are descriptive research. Data were collected by Kano model questionnaire. Statistical population in present research are investors who have invested in the Pars Special Economic Energy Zone. The size of our Statistical population are 290. Statistical sample has been 165 people of Pars Special Economic Energy Zone investors and sampling method is simple random. In this research, with using the SPSS software, two types of descriptive and inferential statistics were used to analyze the data. Research findings are as follows: the effect of presented service quality on level of investor's satisfaction is positive and significant; the effect of performance quality of presented service on level of investor's satisfaction is positive and significant; the effect of basic factor quality of presented service on level of investor's satisfaction is positive and significant and the effect of motivational factor quality of presented service on level of investor's satisfaction is positive and significant. Also, According to the presented results, it is obvious that basic factor is in the first factor of importance; the performance factor is in the second factor of importance and the motivational factor is in the third factor of importance. DOI: 10.5901/mjss.2016.v7n3s3p168

A Study on Factors for Investor Dissatisfaction towards Mutual Funds in Bhopal City

Mutual fund as an investment option still needs to be accepted by the investors as an instrument in their basket of investment. Presence of the mutual fund industry has been more than 5 decades old and yet efforts are made, to strive hard, for its existence and survival in the market. Despite that more than 1300 schemes are marketed to meet the investor objectives by 44 AMC’s in India, yet the industry is unable to gain the trust and satisfaction of investors. This paper attempts to evaluate the factors that contribute to investor dissatisfaction in Bhopal city and also the impact of dissatisfaction on the tenure of investment in mutual funds.

Prospect Theory, Market Forces & Investor Satisfaction

Modern finance theories are built on the foundation of Neo classical economics, which says that humans are always rational, in decision making. Expected Utility Theory (EUT) of neoclassical economics states that, humans take decisions primarily based on the ‘utility’ to be derived from a decision. After all theory is a way to explain an epmrical observation. Prospect theory an alternative to expected utility theory proves that humans are not always rational in taking decisions. Loss aversion, Regret aversion, Mental accounting, are the factors considered in prospect theory for influencing the decision maker's behavior. Behavioral finance which deals with psychological aspects of investors in taking financial decisions, details about the various biases and heuristics which cause behavioral differences or irrationality in taking financial decisions. In this study, we have collected data from 100 respondents (investors) to know the impact and influence of various prospect and market variables on investor satisfaction. Tools like ANOVA and Regression have been used to analyze the collected data. Result shows that not all the prospect factors and Market forces have influence on the satisfaction of the investors.

All's Well that Ends Well? On the Importance of How Returns are Achieved

We demonstrate that investor satisfaction and investment behavior is influenced substantially by the price path by which the final investor return is achieved. In a series of experiments, we analyze various different price paths. Investors are most satisfied if their assets first fall in value and then recover, and they are least satisfied with the opposite pattern, independent of whether the final return is positive or negative. Price paths systematically influence risk preferences, return beliefs, and ultimately trading decisions. Our results enable a much more holistic perspective on a wide range of topics in finance, such as the disposition effect, risk-taking behavior after previous gains and losses, and behavioral asset pricing.

The Effect of Word-of-Mouth Communication on Stock Holdings and Trades: Empirical Evidence From an Emerging Market

The purpose of this study is to investigate the relationship between investors’ satisfaction and intention and word-of-mouth communication. This study contributes to the ongoing debate on the relationship between investor behavior and word-of-mouth communication. Many studies are related to investors’ participation and individual investors’ asset allocation decisions that are instigated by their social community via word-of-mouth communication whereas this study directly investigates the relationship between investment satisfaction and intention and word-of-mouth communication. We emphasize how many factors are considered when making satisfactory investment decisions. Our results confirm the strong relationship between the satisfaction and intention of investors and word-of-mouth communication. This finding may be useful to regulators, investors and managers who seek to establish effective rules for stock holdings and trade.

Customer awareness about SEBI Investor Protection Act, 1992: A case study among Vizianagaram Srikakulam and Visakhapatnam Districts

Indian economy is recognised as the most reliable one for investments in different avenues due to its strong judiciary system. Investor protection is important for any investment. Otherwise no market can sustain and grow. Securities and Exchange Board of India is a market regulator of India as we know and one of its objectives is to educate and protect the investors. Also SEBI is recognised as the most respected regulator among the regulators in India. Since 1992, SEBI as an autonomous body making rules and regulations and revising them as per the changing market dynamics and protecting investors restlessly till now. Despite of all its efforts, there are some gaps between investor protection and investor satisfaction. Through our study among three districts (Vizianagaram, Srikakulam and Visakhapatnam) we have tried to unhide the facts about investor satisfaction against protection.

Robust-based interactive portfolio selection problems with an uncertainty set of returns

This paper considers a robust portfolio selection problem with an uncertainty set of future returns and satisfaction levels in terms of the total return and robustness parameter. Since the proposed model is formulated as an ill-defined problem due to uncertainty and is bi-objective, that is, to maximize both the abovementioned satisfaction levels, it is difficult to solve the model directly without introducing some criterion of optimality for the bi-objective functions. Therefore, by introducing fuzzy goals and an interactive fuzzy satisficing method, the proposed model is transformed into a deterministic equivalent problem. Furthermore, to obtain the exact optimal portfolio analytically, a solution method is developed by introducing the auxiliary problem and performing equivalent transformations. In order to compare the proposed model with previous useful models, numerical examples are provided, and the results show that it is important to maximize the robustness parameter and total return using the interactive process for adjusting investor's satisfaction levels.

A roadmap for community and investor satisfaction from unconventional gas development

If a fraction of the national potential to produce unconventional gas is realised, then Australia will benefit: security of domestic and export gas supplies for decades to come; supply-side competition for decades to come; improved balance of trade and transport fuel security as Australia's supplants imports with gas-based transport fuel; billions of dollars invested in environmentally sustainable projects; thousands of jobs; considerable royalties and tax for revenues public good; and, world-class intellectual property that can be converted into export services and equipment. Given these drivers, the SA State Government convened a Roundtable for Unconventional Gas Projects in October 2010. Participating in this roundtable are a total of 260 organisations plus individuals, including: peak representative bodies focused on economic, social, and natural environment outcomes; and, companies, universities, and key agencies from all state, NT, and commonwealth governments. This roundtable informed a Roadmap for Unconventional Gas Projects in South Australia that was published in December 2012. The objectives of this roadmap are to credibly inform industry strategies, government policies, and public perceptions. In particular, this roadmap explains how people and enterprises potentially affected by unconventional gas operations are given information and time to draw considered views so their rights to object in part or full to activity—and location-specific land access—are supported. This will facilitate the efficient, profitable, and welcomed deployment of capital, technologies, and infrastructure for the commercialisation of unconventional gas. This extended abstract details the findings of this roadmap.

An Empirical Study on the Investors' Perception towards Investment Alternatives

The present article attempts to examine the relationship between investor's preference on various attributes and perceived satisfaction on different financial instruments. This relationship is shown in perceptual mapping. The study has hypothesized a positive relationship exists between perceived preference and perceived satisfaction of financial instruments among individual investors. In addition, to prove whether there is statistically significant difference on perceived satisfaction across demographic variables. Sample of 67 were collected which included students, employees, retired people, housewives etc. in Bangalore. ANOVA and correlation tests have been used to prove the hypothesis. Based on mean score of preference and satisfaction of investors ranking has been done. Results showed the attributes which are most preferred across various instruments among the investors.

Cooperation Satisfaction and Performance: Empirical Evidence from Chinese Banks and Their Foreign Strategic Investors

AbstractIn this paper, we investigate whether the mutual satisfaction of Chinese banks and foreign strategic investors (FSI) in terms of their cooperation with each other affects the performance of Chinese banks. Since 2004, China's banking authority has conducted an annual survey on Chinese banks and their FSI, assessing levels of mutual satisfaction in terms of their cooperation. We use these survey results to examine the effects of satisfaction levels on the profitability of Chinese banks. Our results reveal that satisfaction affects profitability; that is, satisfied foreign investors and Chinese banks yield better performance. Satisfaction determinants for each party are also examined. Although the profitability of Chinese banks does not show a significant effect on the satisfaction of either party, bank loan to deposit ratios, regions of FSI home countries, and the type of Chinese banks are important factors that might affect satisfaction.

The Role of Corporate Reputation in Determining Investor Satisfaction and Loyalty

Prior research suggests that corporate reputation is a determinant of initial investment decisions, possibly leading to detrimental stock choices. Its effect on established investor relationships, namely investor satisfaction and loyalty, are novel research areas. The present paper discusses findings of a study among German investors of a publicly traded company that put into perspective the aforementioned detrimental choice-effect, the impact of reputation on individual investor behavior and reveals a diversity of loyalty effects of corporate reputation.

Bringing about changes in workplace behavior.

Bringing about changes in workplace behavior.

Top 10 Wish List for Audit Research

INTRODUCTION Not since Franklin Roosevelt was in the White House has this country experienced the present level of tumult in the financial and regulatory underpinnings of the capital markets. With the real-time speed, and the massive, complex data-gathering and management capabilities afforded by new technologies, the global markets are fast becoming the market. The resulting level of change has spawned both enormous opportunity and equally enormous risk exposure. As is always the case in a creative society, it is to scholars that we turn when we want to explore what we could and should be doing to facilitate change and enhance the service we provide as part of our larger calling. In the case of the auditing profession, that service is protection of investors and support of a concurrent level of confidence to stabilize the capital markets. Indeed, now, more than ever, professional auditors need scholars and researchers to continue a partnership that furthers the understanding of the audit and thereby identifies new ways to make the process and related assurance services ever more effective and efficient. In the summer of 2005, Grant Thornton LLP launched an academic outreach program to formalize the dialogue that we have always had with the country’s top auditing academics and institutions. Our outreach is designed to engage the practitioners in our firm with research that improves our ability to do our job—to the satisfaction of clients, investors, and regulators. Our outreach also is designed to honor our profession by moving it forward through discovery, analysis, and public commentary. We offer the following “wish list” of the top 10 areas where Grant Thornton would welcome audit research. I will share my thoughts by raising key questions.