VOLUME NO. 3 (2012), ISSUE N O.

3 (M ARCH)

ISSN 0976-2183

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VOLUME NO. 3 (2012), ISSUE N O. 3 (M ARCH)

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CONTENTS
Sr. No.

TITLE & NAME OF THE AUTHOR (S)

INNOVATION AS A SECRET FOR ORGANIZATIONAL SUCCESS: A LITERATURE REVIEW BASED ON INNOVATION IN ORGANIZATIONAL ENVIRONMENT IMALI N. FERNANDO & T. C. WIJESINGHE THE IMPACT OF SMALL BUSINESS MANAGEMENT ON PRODUCT QUALITY, PRODUCT FEATURES AND PRODUCT POSITIONING IN IBADAN METROPOLITAN, OYO STATE, NIGERIA DR. HALIRU BALA OWNERSHIP MI! AND FIRM"S RIS# TA#ING BEHAVIOR: EVIDENCE FROM PA#ISTANI CAPITAL MAR#ET SHAHAB-UD-DIN, DR. UMARA NOREEN & GIRMA TILAHUN THE IMPACT OF STUDENTS" DIVERSITY ON GROUP WOR# IN BAHIR DAR UNIVERSITY AND GONDER UNIVERSITY GIRMA TILAHUN A STUDY ON MOTIVES AND AWARENESS LEVELS OF STOC# MAR#ET INVESTORS & A CASE STUDY WITH REFERENCE TO ANANTAPUR DISTRICT IN A'P' DR. P.BASAIAH & K. TEJA PRIYANKA YADAV SERVICE QUALITY AND PATIENT"S SATISFACTION TOWARDS PRIVATE HEALTH CARE INDUSTRIES IN INDIA DR. A. P SINGH & SATENDRA THAKUR IPO"S PERFORMANCE AND ITS RELATIONSHIP WITH QIB SUBSCRIPTIONS AND GRADE DR. R DURAIPANDIAN & SURESH A.S ECONOMICS OF FISHERMEN IN A#OLA DISTRICT DR. ANILKUMAR RATHOD CUSTOMER RELATIONSHIP MANAGEMENT IN INSURANCE SECTOR , A STUDY OF PERCEPTIONS OF CUSTOMERS AND EMPLOYEES IN VISA#HAPATNAM CITY DR. MVS.SRINIVASA RAO AN INNOVATIVE CRITICAL APPROACH TOWARDS ETHICAL BRANDING AND CORPORATE REPUTATION IN BUSINESS WORLD DR. SURENDRA KUMAR & ARUSHI BHASIN IMPACT OF AGGRESSIVE WOR#ING CAPITAL MANAGEMENT POLICY ON FIRMS" PROFITABILITY A. PALANI & DR. A. PEER MOHIDEEN ORGANISATIONAL SUPPORT FOR CAREER DEVELOPMENT OF EMPLOYEES & A STUDY ON BB# LEATHERS PRIVATE LTD' A. SEEMA & DR. S. SUJATHA PERCEPTION AND CONSUMER BEHAVIOUR TOWARDS PRIVATE LABELS AT RETAIL OUTLET IN CHENNAI CITY & AN EMPIRICAL VIEW V.VARATHARAJ, S. VASANTHA & DR. R.SANTHI THE EFFECTIVENESS OF HUMAN RESOURCE MANAGEMENT PRACTICIES ON HOTEL PERFORMANCE DR. HAITHAM M. A. NAKHLEH., NISHA V. PATEL & DR. UMESH R. DANGARWALA ROLE OF RIS# AND RETURN IN INVESTMENT DECISIONS AMONG AUTOMOBILE AND BAN# STOC#S AND PORTFOLIO SELECTION S.PRAVEENA & DR. K. MAHENDRAN STA#EHOLDERS" ROLE IN SUSTAINABLE TOURISM DEVELOPMENT: A CASE STUDY OF NORTH EAST AND LADA#H VIVEK SHARMA & JEET DOGRA STRESS MANAGEMENT FACTORS AND ITS INTERRELATIONSHIP WITH JOB SATISFACTION ANIL KUMAR & NEELAM RATHEE LEADERSHIP DEVELOPMENT FOR E!CELLENCE: A REVIEW SHRADDHA KULKARNI IMPACT OF TRAINING AND DEVELOPMENT IN PRODUCTIVITY MANAGEMENT& A STUDY VENUKUMAR G DEMAND ESTIMATION UNDER PUSH MAR#ETING STRATEGY: TOOL TO MITIGATE BULLWHIP EFFECT SACHIN GUPTA THE IMPACT OF WOR#ING CAPITAL MANAGEMENT ON PROFITABILITY AND LIQUIDITY REKHA RAHEJA, RAJESH BHARDWAJ & PRIYANKA MANAGING EMPLOYEE RETENTION AND TURNOVER IN THE RETAIL SECTOR RASHMI KODIKAL, DR. P PAKKEERAPPA & NIDA AHMED A STUDY ON AWARENESS OF ADVERTISING & WITH SPECIAL REFERENCE TO STUDENTS OF ARTS AND SCIENCE COLLEGES AFFILIATED TO MANONMANIAM SUNDARANAR UNIVERSITY, TIRUNELVELI S. JEYARADHA, DR. K. KAMALAKANNAN & V. SANGEETHA PERFORMANCE MANAGEMENT AS EFFECTIVE TOOL FOR SUSTAINABLE COMPETITIVENESS IN THE AIRPORT AUTHORITY OF INDIA DR. KAMESHWAR PANDIT & PREETI RAINA SALES: A LUCRATIVE BAS#ET FOR CONSUMERS AND SHOP#EEPERS PREETI SODHI & PRATIBHA THAPA CONSUMER PERCEPTION OF BRANDED PETROL IN NAVI MUMBAI DR. ELIZABETH MATHEWS & SANGEETA TANAJI KAMBLE STRESS MANAGEMENT, A COMPARATIVE STUDY OF SELECTED PUBLIC & PRIVATE SECTOR ORGANIZATION IN CHHATTISGARH RUCHI SINHA QUALITY OF WOR# LIFE AMONG LIBRARY PROFESSIONALS IN HARYANA STATE SOMVIR & SUDHA KAUSHIK STUDY ON THE ENVIRONMENTAL CONCERNS ON CONSUMERS PURCHASING PATTERNS IN #OL#ATA CITY HINDOL ROY INVESTORS ATTITUDE TOWARDS INVESTMENT OPTION IN NELLORE REGION V. G. MURUGAN

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CHIEF PATRON
PROF' #' #' AGGARWAL
)hancellor" 2in#aya3s 4niversity" Delhi !ounder 5ice-)hancellor" uru obind Sin#h Indraprastha 4niversity" Delhi 67% Pro 5ice-)hancellor" uru Ja0bheshwar 4niversity" +isar

PATRON
SH' RAM BHAJAN AGGARWAL
67% State Minister for +o0e 8 9ouris0" overn0ent of +aryana 5ice-President" Dadri 6ducation Society" )har:hi Dadri President" )hinar Synte7 2td% ;9e7tile Mills<" Bhiwani

COCO-ORDINATOR
DR' SAMBHAV GARG
!aculty" M% M% Institute of Mana#e0ent" Maharishi Mar:andeshwar 4niversity" Mullana" A0bala" +aryana

ADVISORS
DR' PRIYA RANJAN TRIVEDI
)hancellor" 9he lobal Open 4niversity" $a#aland

PROF' M' S' SENAM RAJU

Director A% )% D%" School of Mana#e0ent Studies" I% %$%O%4%" $ew Delhi

PROF' M' N' SHARMA

)hair0an" M%B%A%" +aryana )olle#e of 9echnolo#y 8 Mana#e0ent" =aithal

PROF' S' L' MAHANDRU

Principal ;Retd%<" Mahara1a A#rasen )olle#e" Ja#adhri

EDITOR
PROF' R' #' SHARMA
Professor" Bharti 5idyapeeth 4niversity Institute of Mana#e0ent 8 Research" $ew Delhi

COCO-EDITOR
DR' BHAVET
!aculty" M% M% Institute of Mana#e0ent" Maharishi Mar:andeshwar 4niversity" Mullana" A0bala" +aryana

EDITORIAL ADVISORY BOARD

DR' RAJESH MODI
!aculty" /anbu Industrial )olle#e" =in#do0 of Saudi Arabia

PROF' SANJIV MITTAL

4niversity School of Mana#e0ent Studies" uru obind Sin#h I% P% 4niversity" Delhi

PROF' ROSHAN LAL

+ead 8 )onvener Ph% D% Pro#ra00e" M% M% Institute of Mana#e0ent" M% M% 4niversity" Mullana

PROF' ANIL #' SAINI

)hairperson ;)R)<" uru obind Sin#h I% P% 4niversity" Delhi

DR' SAMBHAVNA
!aculty" I%I%9%M%" Delhi

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DR' MOHENDER #UMAR GUPTA

Associate Professor" P% J% 2% $% overn0ent )olle#e" !aridabad

DR' SHIVA#UMAR DEENE

Asst% Professor" Dept% of )o00erce" School of Business Studies" )entral 4niversity of =arnata:a" ulbar#a

MOHITA
!aculty" /a0una Institute of 6n#ineerin# 8 9echnolo#y" 5illa#e adholi" P% O% adhola" /a0unana#ar

ASSOCIATE EDITORS
PROF' NAWAB ALI #HAN
Depart0ent of )o00erce" Ali#arh Musli0 4niversity" Ali#arh" 4%P%

PROF' ABHAY BANSAL

+ead" Depart0ent of Infor0ation 9echnolo#y" A0ity School of 6n#ineerin# 8 9echnolo#y" A0ity 4niversity" $oida

PROF' V' SELVAM

SS2" 5I9 4niversity" 5ellore

DR' N' SUNDARAM

Associate Professor" 5I9 4niversity" 5ellore

DR' PARDEEP AHLAWAT

Reader" Institute of Mana#e0ent Studies 8 Research" Maharshi Dayanand 4niversity" Rohta:

S' TABASSUM SULTANA

Associate Professor" Depart0ent of Business Mana#e0ent" Matrusri Institute of P% % Studies" +yderabad

TECHNICAL ADVISOR
AMITA
!aculty" overn0ent M% S%" Mohali

MOHITA
!aculty" /a0una Institute of 6n#ineerin# 8 9echnolo#y" 5illa#e adholi" P% O% adhola" /a0unana#ar

FINANCIAL ADVISORS
DIC#IN GOYAL
Advocate 8 9a7 Adviser" Panch:ula

NEENA
Invest0ent )onsultant" )ha0ba#hat" Solan" +i0achal Pradesh

LEGAL ADVISORS ADVISORS

JITENDER S' CHAHAL
Advocate" Pun1ab 8 +aryana +i#h )ourt" )handi#arh 4%9%

CHANDER BHUSHAN SHARMA

Advocate 8 )onsultant" District )ourts" /a0unana#ar at Ja#adhri

SUPERINTENDENT
SURENDER #UMAR POONIA

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CALL FOR MANUSCRIPTS

>e invite unpublished novel" ori#inal" e0pirical and hi#h ?uality research wor: pertainin# to recent develop0ents 8 practices in the area of )o0puter" Business" !inance" Mar:etin#" +u0an Resource Mana#e0ent" eneral Mana#e0ent" Ban:in#" Insurance" )orporate overnance and e0er#in# paradi#0s in allied sub1ects li:e Accountin# 6ducation@ Accountin# Infor0ation Syste0s@ Accountin# 9heory 8 Practice@ Auditin#@ Behavioral Accountin#@ Behavioral 6cono0ics@ )orporate !inance@ )ost Accountin#@ 6cono0etrics@ 6cono0ic Develop0ent@ 6cono0ic +istory@ !inancial Institutions 8 Mar:ets@ !inancial Services@ !iscal Policy@ overn0ent 8 $on Profit Accountin#@ Industrial Or#ani*ation@ International 6cono0ics 8 9rade@ International !inance@ Macro 6cono0ics@ Micro 6cono0ics@ Monetary Policy@ Portfolio 8 Security Analysis@ Public Policy 6cono0ics@ Real 6state@ Re#ional 6cono0ics@ 9a7 Accountin#@ Advertisin# 8 Pro0otion Mana#e0ent@ Business 6ducation@ Mana#e0ent Infor0ation Syste0s ;MIS<@ Business 2aw" Public Responsibility 8 6thics@ )o00unication@ Direct Mar:etin#@ 6-)o00erce@ lobal Business@ +ealth )are Ad0inistration@ 2abor Relations 8 +u0an Resource Mana#e0ent@ Mar:etin# Research@ Mar:etin# 9heory 8 Applications@ $onProfit Or#ani*ations@ Office Ad0inistrationAMana#e0ent@ Operations ResearchAStatistics@ Or#ani*ational Behavior 8 9heory@ Or#ani*ational Develop0ent@ ProductionAOperations@ Public Ad0inistration@ Purchasin#AMaterials Mana#e0ent@ Retailin#@ SalesASellin#@ Services@ S0all Business 6ntrepreneurship@ Strate#ic Mana#e0ent Policy@ 9echnolo#yAInnovation@ 9ouris0" +ospitality 8 2eisure@ 9ransportationAPhysical Distribution@ Al#orith0s@ Artificial Intelli#ence@ )o0pilers 8 9ranslation@ )o0puter Aided Desi#n ;)AD<@ )o0puter Aided Manufacturin#@ )o0puter raphics@ )o0puter Or#ani*ation 8 Architecture@ Database Structures 8 Syste0s@ Di#ital 2o#ic@ Discrete Structures@ Internet@ Mana#e0ent Infor0ation Syste0s@ Modelin# 8 Si0ulation@ Multi0edia@ $eural Syste0sA$eural $etwor:s@ $u0erical AnalysisAScientific )o0putin#@ Ob1ect Oriented Pro#ra00in#@ Operatin# Syste0s@ Pro#ra00in# 2an#ua#es@ Robotics@ Sy0bolic 8 !or0al 2o#ic and >eb Desi#n% 9he above 0entioned trac:s are only indicative" and not e7haustive% Anybody can sub0it the soft copy of hisAher 0anuscript -./0123 in M%S% >ord for0at after preparin# the sa0e as per our sub0ission #uidelines duly available on our website under the headin# #uidelines for sub0ission" at the e0ail addressesB 1.45167829:2-1;'852 or 1.45916782'57:'1.%

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INVESTORS ATTITUDE TOWARDS INVESTMENT OPTION IN NELLORE REGION

V. G. MURUGAN RESEARCH SCHOLAR BHARATHIAR UNIVERSITY COIMBATORE
ABSTRACT
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#EYWORDS
!inance" Invest0ent" $ellore Re#ion%

INTRODUCTION
nvest0ent culture a0on# the people of a country is an essential prere?uisite for capital for0ation and the faster #rowth of an econo0y% Invest0ent culture refers to the attitudes" perceptions" and willin#ness of the individuals and institutions in placin# their savin#s in various financial assets" 0ore popularly :nown as securities% A study on the investors3 perceptions and preferences" thus" assu0es a #reater si#nificance in the for0ulation of policies for the develop0ent and re#ulation of security 0ar:ets in #eneral and protection and pro0otion of s0all and house-hold investors in particular% 9he Indian securities 0ar:et has 0ade substantial pro#ress durin# the post-independence period% 9he structure as well as the functionin# of Indian securities 0ar:et has been transfor0ed beyond reco#nition since &JJ's% 9he profile of the investin# public" invest0ent vehicles available" the invest0ent environ0ent and the nature of proble0s encountered by the s0all and household investors are substantially different today fro0 what they were a decade a#o%

THE STUDY: NEED, OBJECTIVE, METHODOLOGY AND SAMPLE

Most of the studies covered the aspects at 0acro level" li:e the ownership patterns in the capital 0ar:et" occupation-wise brea: up of paid up value of share holdin#s of individuals" ownership pattern of sharesA debentures" #eo#raphical distribution of share ownership in India% 9here are only a few studies coverin# the issue of investor perceptions and behaviour at 0icroA re#ional level% 6specially in the conte7t of decline in the participation of s0all and household investors in the pri0ary 0ar:et operations" withdrawal of investors fro0 the capital 0ar:et" diversion of household savin#s into safer invest0ent avenues li:e ban: deposits" real estate" and unproductive assets li:e #old and silver" it beco0es all the 0ore i0portant to study and analy*e the investor awareness" perceptions and preferences of various invest0ent avenues available to the0 in the securities 0ar:ets% 9his 0ay help the policy 0a:ers in evolvin# the suitable strate#ies to #et s0all and household investors once a#ain in lar#e nu0bers into the capital 0ar:et operations% +ence" the present investi#ation is an atte0pt in that direction% 9he issues investi#ated in the present study include awareness of invest0ent avenues" invest0ent pattern" the 0ost preferred ob1ectives of investors" and invest0ent evaluation%

STATEMENT OF THE PROBLEM

As stated in the precedin# para#raph" the s0all and household investors constitute a vital se#0ent of the Indian securities 0ar:et and #reater understandin# of the perceptions" preferences" and behaviour of these investors is very vital in the policy for0ulation on develop0ent and re#ulation of the securities 0ar:et to ensure the pro0otion and protection of interests of s0all and household investors% 9he present research wor:" thus atte0pts to study the socio-econo0ic profile of the investors in one of the bac:ward re#ions of Andhra Pradesh@ their perceptions@ and behaviour in respect of various invest0ent avenues% 9he study also ai0s to study the needs" concerns" and proble0s of the s0all investors in the #iven socioecono0ic bac:drop% 9he present research wor: also provides a foundation of facts relatin# investorsL behaviour towards various types of securities and assess0ent of invest0ent ris:s% Most of the investors #enerally have li0ited infor0ation about the develop0ents in the securities 0ar:et% Infor0ation about the financial perfor0ance of the co0panies and data of share 0ar:et available to investor is also li0ited% 9he infor0ation available fro0 newspapers" television" internet and 0edia so0e ti0es 0ay not be sufficient for invest0ent decision 0a:in#% All these proble0s 0ade the0 rely on share bro:ers" fund 0ana#ers and e7perts to invest in securities% Investors desirin# to invest in stoc:s re?uire a lot of preparation and ho0ewor:% It is very i0portant for the0 to :now their ris: appetite and invest0ent ob1ectives for better decision- 0a:in#% +ence" the present study is an atte0pt to :now the invest0ent pattern of investors% 9he study is 0ade to e7a0ine investor3s awareness of invest0ent avenues" invest0ent ob1ectives of investors and the evaluation of invest0ent by the investors%

OBJECTIVES OF THE STUDY

9he basic ob1ective of the present research wor: is to study the invest0ent culture a0on# the people and to evolve suitable pro#ra00es of investors3 awareness and education% 9he specific ob1ectives of the research wor: are as followsB &% 9o study the socio-econo0ic profile of investors vis-M-vis the profile of $ellore district Re#ion" Andhra Pradesh with a view to assess their i0pact on the invest0ent habits of the people@ E% 9o analysis the awareness" preferences" and e7periences of s0all and household investors in respect of various invest0ent avenues@ -% 9o study the investor3s ob1ectives" perceptions and the resultant behavior of investors%

RESEARCH METHODOLOGY
9his research study is an analytical :ind of research study% It is related to the analysis of the attitude of investors towards Invest0ent Option% In order to conduct this study" E'' investors in $ellore district re#ion have been surveyed and ?uestionnaire is used for data collection% SOURCES OF DATA All the data re?uired for the purpose has been obtained 0ainly fro0 pri0ary sources" but at ti0es" secondary sources of data have also been referred%

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DATA COLLECTION METHODS 9he data collection 0ethod used to obtain the desired infor0ation fro0 pri0ary sources has been throu#h direct interview" and ?uestionnaire has been used as an instru0ent% SAMPLING PLAN 9ar#et Population B Investors in $ellore district re#ion Sa0plin# 4nit B An individual investor in $ellore district re#ion Sa0plin# Si*e B E'' Area of Survey B 5arious localities in $ellore district re#ion%

PROFILE OF THE SAMPLE INVESTORS

An atte0pt is 0ade to study the socio-econo0ic profile of the sa0ple-investors with a view to analy*e the influence and i0pact of various socio-econo0ic factors such as a#e" #ender" education" fa0ily si*e" earnin# capacity" occupation" and inco0e on invest0ent habits and behavior of the investors% AGE,WISE DISTRIBUTION 9he a#e #roup of the investors plays an i0portant role in the selection of invest0ents% 9he invest0ent ob1ectives 0ay tend to vary variations in the a#e of investors% !or instance" investors in the a#e #roup of .' years or 0ore are #enerally do not li:e to ta:e hi#her ris:s while 0a:in# invest0ents and instead they 0ay prefer to invest in ris:-less and safe invest0ents li:e ban: deposits" fi7ed inco0e securities" overn0ent bonds etc% 9hus" a#e is an i0portant factor" which affects the invest0ent preferences and choice of the investors% 9he data relatin# to a#e-wise distribution of the sa0plerespondents is furnished in 9able I% !or the purpose of the analysis" the sa0ple respondents are classified into five different a#e #roups to understand the differences in invest0ent and ris: preferences of the investors and to trace out the influence of a#e as an influencin# factor% TABLE I: AGE,WISE DISTRIBUTION A:3 G75DC 1. Y3-7@ ND2H37 54 R3@C5.G3.0@ P3783.0 Below -' E( &E%' -&-(' -&F%. (&-.' .. EI%. .&-F' .F EH%' F' and above -E &F%' 9otal E'' &'' SourceB !ield Survey It 0ay be noted fro0 the infor0ation contained in above 9able that 0a1ority of the sa0ple respondents chosen for the study are in the a#e-#roups of (& to .' years ;EI%. percent of the E'' total respondents< and .& to F' years ;EH percent of the E'' respondents<% 9he re0ainin# respondents are al0ost e?ually distributed into the other a#e #roups% 9he percenta#e of respondents in these a#e #roups varied between &E and &F%. percent of the total E'' respondents% EDUCATION,WISE DISTRIBUTION 9he education level of the investors is another i0portant factor that deter0ines the awareness and preferences of the investors% An investor with little education or no education is usually unaware of the invest0ents available to hi0 in the security 0ar:ets% Moreover" these investors 0ay not properly understand the infor0ation available on various invest0ent alternatives% As a result" they are forced to confine or li0it their invest0ents to the assets traditionally :nown to the0% 67a0ples of such invest0ents include a#riculture lands" residential plots" #old" private chit funds" ban: deposits etc% It is also true that the level of awareness will differ based on the level of education of investors" which will influence the invest0ent decisions of investors" because educated investors consider 0any factors while 0a:in# invest0ents in corporate securities% In India" people #et into e?uity only after S6$S6N has touched ('''-.''' points% 9hey wonLt buy at EH'' points% All this is a function of awareness% 9o study the i0pact of educational levels of investors on investor awareness and preferences" the sa0ple respondents have been #rouped into four cate#ories based on their ?ualifications" na0ely" Post #raduate" raduate" Inter0ediate" and $o for0al education% 9his is presented in the 9able% TABLE II: EDUCATIONAL STATUS OF RESPONDENTS EGD8-015.-; QD-;1418-015. ND2H37 54 R3@C5.G3.0@ P3783.0 Post raduate (' E'%' raduate H' ('%' Inter0ediate F' -'%' $o !or0al 6ducation E' &'%' 9otal E'' &'' SourceB !ield Survey 9he data presented in the above 9able shows that 0a1ority of the respondents are #raduates ;H'<" and the respondents with inter0ediate ;F'<" and Postraduates ;('< follow the0% A very ne#li#ible nu0ber of respondents are with no for0al education ;E'<% In ter0s of percenta#e" #raduates constitute al0ost (' percent of sa0ple" and respondents with inter0ediate or below level of education with -' percent" post-#raduates with E' percent follow the0% 9he respondents havin# no for0al education constitute a low of &' percent of the total sa0ple% At this 1uncture" it is to be noted that the distribution of sa0ple respondents based on their educational levels is very 0uch suitable to a study of this sort" where educational level of the respondents assu0es #reater si#nificance% EARNING CAPACITY DISTRIBUTION 9he earnin# capacity of the households is another factor to be considered while analy*in# the influence of various econo0ic factors on investor preferences and behaviour% 9he nu0ber of earnin# adults in that household can #au#e the earnin# capacity of a household% $or0ally" it is found that 0ost of the households 0ay have one or two earnin# adults% It is rare to find the households havin# 0ore than two earnin# adults% 9he data pertainin# to the classification of sa0pleinvestors based on nu0ber of earnin# adults in a household is shown in 9able% TABLE III: NUMBER OF EARNING ADULTS ND2H37 54 E-7.1.: AGD;0@ ND2H37 54 R3@C5.G3.0@ P3783.0 One HE (&%' 9wo JH (J%' 9hree &( I%' More than three F -%' 9otal E'' &'' SourceB !ield Survey !ro0 the above 9able" it can be noted that 0ost of the households are havin# two earnin# adults" constitutin# (J percent of the total sa0ple and (& percent of the sa0ple respondents havin# one earnin# adult in the household% 9he rest of the respondents have 0ore than E earnin# adults in the household%

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OCCUPATION,WISE DISTRIBUTION 9he occupation of an investor is also another deter0inant of his invest0ent preferences and behaviour as it directly affects his inco0e" savin#s" and choice of invest0ents% !or the purpose of analy*in# the i0pact of occupation on investor preferences and behaviour" the sa0ple investors have been classified into three cate#ories based on their occupation" na0ely" self-e0ployed persons consistin# of professionals li:e doctors" lawyers and business 0en" full-ti0e salaried persons" and retired persons% Occupation wise classification of sa0ple investors is shown in 9able% TABLE IV: OCCUPATIONAL DISTRIBUTION OF RESPONDENTS O88DC-015. ND2H37 54 R3@C5.G3.0@ P3783.0 Self 60ployed Persons &'E .& !ull-ti0e salaried persons HF (Retired persons &E 'F 9otal E'' &'' SourceB !ield Survey It is clear fro0 the above 9able that self-e0ployed persons constituted the lar#er percenta#e of the total respondents" i%e%" around .& percent% 9he fullti0e salaried persons constitute (- percent of the total and the rest of the0 are retired persons% INCOME &WISE DISTRIBUTION Inco0e of an investor plays an i0portant role in his preferences and choice of invest0ents% Investors with lar#er inco0es can only thin: of investin# in corporate securities and they can only ta:e hi#her ris:s while 0a:in# invest0ents% 9hus" inco0e constitutes the 0ost i0portant factor influencin# the investor preferences and behaviour% 9he sa0ple-investors are classified into si7 inco0e #roups based on their 0onthly inco0e" na0ely" up to Rs%.'''@ Rs%.''&-&''''@Rs%&'''&&.'''@Rs%&.''&-E''''@RS%E'''&- E.'''@ and above Rs%E.'''% 9he inco0e wise distribution of the sa0ple TABLE V: INCOME,WISE DISTRIBUTION OF RESPONDENTS I.8523 C37 M5.0A ND2H37 54 R3@C5.G3.0@ P3783.0 4p to Rs%.''' FE -& Rs%.''&-&'''' FF -Rs%&'''&-&.''' (' E' Rs%&.''&-E'''' &H 'J Rs%E'''&-E.''' 'H '( Above Rs%E.''' 'F '9otal E'' &'' SourceB !ield Survey 9he above 9able throws li#ht on the inco0e-wise distribution of sa0ple investors% -& percent of the investors belon# to the inco0e #roup of up to Rs%.'''@ --%& percent are in the inco0e #roup of Rs%.''&-&''''@ E' percent are in Rs%&'''&-&.'''@ J percent are in Rs%&.''&-E''''@ and - to ( percent each in the inco0e #roups of Rs%E'''&-E.'''and above Rs%E.'''% Inco0e of the fa0ily is one of the factors" which play a vital role in influencin# the invest0ent pattern" invest0ent behaviour and invest0ent decisions of investors%

INVESTOR AWARENESS
9he concept of Kinvestor awarenessK refers to the sta#e wherein a prospective investor is conscious of and is havin# the :nowled#e of the e7istence of an invest0ent product or avenue for his consideration to place the savin#s% Awareness is a continuin# process by which investors co0e to learn about the invest0ent particulars% In certain cases they try to :now about the 0odes clearly and eventually adopt it or re1ect it% Awareness is co00only described as the first step in the process of invest0ent% 9he investors are aware of the e7istence of nu0erous invest0ent 0odes@ their in?uisitiveness sti0ulates the0 to see: 0ore infor0ation% After beco0in# well versed of invest0ent 0odes" the investor turns to evaluate each channel by 0a:in# co0parison with each other% At last" the investor decides to 0a:e invest0ent in an advanta#eous 0ode or 0odes% 9hus awareness creates attitude in investor towards invest0ent channels% 9his LawarenessL of investors towards invest0ent is created" 0odified and shaped by various e7ternal sources of infor0ation such as dailies" wee:lies" electronic 0edia" friends and relatives" bro:erLs advice etc% awareness is an abstract concept and" hence" it is not possible to 0easure precisely and directly in ?uantitative ter0s" but can be 0easured and indirectly% AWARENESS OF INVESTMENT AVENUES 9o study the awareness of invest0ent avenues a0on# the investors" invest0ent products are identified and placed before the sa0ple- respondents to ascertain their level of awareness in four levels" na0ely" -=now very wellL" L:now wellL" L:now so0e whatL" and Ldo not :nowL% 9he responses of the sa0ple-respondents are tabulated and presented in 9able below% TABLE VI: AWARENESS OF INVESTMENT AVENUES I.F3@023.0 AF3.D3@ Ban: Deposits )o0pany Deposits S0all Savin# Sche0e Mutual !unds Real 6state )orporate Securities-Bonds 6?uity Shares #.5B V37/ B3;; H( ;(E< E( ;&E< I' ;-.< E' ;&'< E( ;&E< -' ;&.< EE ;&&< #.5B B3;; I( ;-I< (F ;E-< HE ;(&< -( ;&I< &-( ;FI< -' ;&.< -' ;&.< #.5B @523 BA-0 EJ ;&(%.< .' ;E.< -H ;&J< .H ;EJ< -E ;&F< FE ;-&< .( ;EI< D5."0 ?.5B &;F%.< H' ;('< &' ;.< HH ;((< &' ;.< IH ;-J< J( ;(I< T50-; E'' &'' E'' &'' E'' &'' E'' &'' E'' &'' E'' &'' E'' &''

$oteB !i#ures 0entioned in parenthesis are percenta#es SourceB !ield Survey An e7a0ination of the above 9able unveils the followin# factsB

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i% Most of the respondents stated that they are hi#hly aware ;:now very well< of invest0ent avenues li:e ban: deposits ;(E percent<" life insurance policies ;-Jpercent<" and s0all savin# sche0es ;-. percent<@ ii% Many of the respondents also e7pressed that they are well aware ;:now well< of invest0ent opportunities such as real estate ;FI percent<@ s0all savin# sche0es ;(& percent<@ ban: deposits ;-I percent<@ and life insurance policies ;-F percent<@ and iii% Ma1ority of the sa0ple investorsL e7pressed their unawareness ;do not :now< of invest0ent avenues" which included e?uity shares ;(I percent<@ 0utual funds ;(( percent< corporate debt securities ;-J percent<@ and co0pany deposits ;(' percent<% !ro0 the above facts" it can be su00ari*ed that a 0a1ority of the investors in )hittoor district re#ion are ?uite unaware of corporate invest0ent avenues li:e e?uity" preference shares" 0utual funds" corporate debt securities and deposits% At the sa0e ti0e" they are hi#hly aware of traditional invest0ent avenues li:e real estate" bullion" ban: deposits" life insurance sche0es and s0all savin#s sche0es% INVESTORS BEHAVIOUR An understandin# of the s0all investor3s behaviour constitutes the focal point for evolvin# suitable and effective strate#ies for develop0ent of securities 0ar:ets in any country% 9he investor behavior needs to be studied and analy*ed fro0 the di0ensions li:e - >hat 0otivates a s0all investor to 0a:e an invest0entO +ow fre?uently he prefers to 0a:e invest0entO In whose na0e the investor would li:e to hold the invest0entO In this conte7t" an atte0pt is 0ade to study and analy*e the behavior of investors in ter0s of 0otives of invest0ents" periodicity of invest0ents" factors influencin# the invest0ent decisions" and 0ethods of evaluation of the invest0ents% !or this purpose" the sa0ple-investors are as:ed" a nu0ber of ?uestions relatin# to the various aspects stated above" and their responses to such ?uestions are tabulated and analy*ed% 9he results of this e7ercise are li:ely to depict the invest0ent behavior of s0all and individual investors of a bac:ward re#ion of the country% MOTIVES OF INVESTMENT 9o identify the 0a1or 0otives of invest0ent a0on# the sa0ple investors" five 0a1or 0otives such as - earnin# interestA dividend inco0e" ta7 savin#s" capital #ains" speculative profits" and other 0otives consistin# of education and 0arria#e of children" are placed before the0 and as:ed to indicate their preference in the descendin# order% An analysis of the responses of the sa0ple investors towards principal 0otives of invest0ent revealed the followin# INCOME & THE DOMINANT MOTIVE 9he pri0ary 0otive of invest0ent a0on# the s0all and individual investors is to earn a re#ular inco0e either in the for0 of interest or dividend on the invest0ents 0ade% Infor0ation furnished in the below 9able proves this fact% It% 0ay be observed fro0 9able that &'' out of a total of E'' sa0ple respondents" constitutin# .' percent of the total sa0ple" stated that their principal 0otive of invest0ent is to earn interestA dividend inco0e% TABLE VII: PRIMARY =FIRST PREFERENCEE MOTIVES OF INVESTMENT M501F3 54 1.F3@023.0 ND2H37 54 73@C5.G3.0@ P3783.0-:3 05 050-; 6arnin# InterestADividend inco0e &'' .' 9a7 Savin#s EF &)apital ains &F H Speculative ains Others- 6ducation and H ( 0arria#e of children .' E. 9otal E'' &'' SourceB !ield Survey Besides inco0e" a si#nificant nu0ber of sa0ple respondents" i%e%" .' out of a total of E'' respondents ;nearly E. percent of the total< e7pressed that 0eetin# the co00it0ents of education and 0arria#e of children is the ne7t do0inant 0otive of the invest0ent a0on# the investors% It is also si#nificant to note fro0 the infor0ation provided in 9able that the investors did not attach 0uch i0portance to the 0otives li:e capital #ains and speculative profits instead they considered ta7 savin#s can be one of the 0otives of invest0ent% 9he other 0otives li:e capital #ains" ta7 benefits" and speculative profits are stated to be the secondary 0otives of invest0ent% PERIODICITY OF INVESTMENT 9o ascertain the periodicity of the invest0ent" the sa0ple investors are as:ed to indicate their savin#s habits in ter0s of ti0e - 0onthly" ?uarterly" half-yearly" and yearly and the responses obtained fro0 the0 are tabulated and presented in the below 9able% TABLE VIII: PERIODICITY OF SAVINGS ND2H37 54 73@C5.G3.0@ P3783.0-:3 54 R3@C5.G3.0@ HF (&H J (( EE .E EF E'' &'' SourceB !ield Survey It 0ay be noted fro0 the data presented in the above 9able that 0a1ority of the sa0ple investors preferred to adopt and follow 0onthly invest0ent plans rather than the invest0ent plans of other periodic intervals% It 0ay be seen that (- percent of the sa0ple investors e7pressed that they preferred 0onthly invest0ent plans" and yearly plans ;EF percent<" and half-yearly plans ;EE percent< follow this% An atte0pt is also 0ade here to identify the factors responsible for the popularity of 0onthly invest0ent plans by cross tabulatin# these results vis-M-vis the 0onthly inco0es and the e0ploy0ent cate#ory of the sa0ple respondents% 9able IN furnishes the data relatin# to periodicity of invest0ent vis-M-vis the 0onthly inco0es of the sa0ple investors% It 0ay be clearly noted that the investors of all inco0e #roups have shown #reater preference for 0onthly invest0ents as co0pared to the invest0ent plans of other periodicity% 9his indicates that without re#ard to the levels of 0onthly inco0e" the investors preferred to channel their savin#s in to the invest0ents on 0onthly basis% A part fro0 0onthly invest0ent plans" the investors have chosen either annual or half-yearly invest0ent plans in lar#e nu0ber in every inco0e #roup% It can also be noted that ?uarterly invest0ent plans are the least preferred choice of the investors% P3715G1810/ Monthly Puarterly +alf /early /early 9otal TABLE I!: PERIODICITY OF SAVINGS AND MONTHLY INCOME I.8523 P37 M5.0A M5.0A;/ QD-7037;/ H-;4,/3-7;/ Y3-7;/ T50-; 4p to Rs .''' EF ;(EQ< ( ;FQ< &H ;EJQ< &( ;--Q< FE ;&''Q< Rs .''& - Rs &'''' EF ;-J<Q F ;JQ< &I ;EFQ< &I ;EFQ< FF;&''Q< Rs &'''& - Rs &.''' &H ;(.Q< F ;&.Q< . ;&E%.Q< && ;EI%.Q< (' ;&''Q< Rs &.''& - Rs E'''' I ;-JQ< E ;&&Q< . ;EHQ< ( ;EEQ< &H ;&''Q< Rs E'''& - Rs E.''' . ;H-Q< ' ;'Q< ' ;'Q< & ;&IQ< F ;&''Q< Above Rs E.''' . ;FE%.Q< ' ;'Q< ' ;'Q< - ;-I%.Q< H ;&''Q< 9otal HI ;(-%.Q< (I ;E-%.Q< (. ;EE%.Q< .' ;E.Q< E'' ;&''Q< 9able N presents infor0ation re#ardin# the periodicity of the invest0ent and the e0ploy0ent cate#ory of the respondents% It is noted that nearly .- percent of the full-ti0e salaried persons have shown #reater inclination to 0a:e 0onthly invest0ents as co0pared to (- percent of the retired and -( percent of the self-

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e0ployed persons% It 0ay also be noted that yearly invest0ents are so0ewhat popular a0on# the self-e0ployed persons as co0pared to others% 9his is evident fro0 the fact that nearly -E percent of self-e0ployed persons have shown preference for yearly invest0ents as co0pared to &J percent of the full ti0e salaried and -F percent of the retired persons% 9hese observations 0ay lead authors to conclude that the e0ploy0ent cate#ory of the investor is an i0portant deter0inant of the periodicity of the invest0ents a0on# the s0all and individual investors% HOLDER OF THE INVESTMENT More often than not" it is very 0uch necessary to identify the holder of the invest0ent as it spea:s about the ulti0ate beneficiary of the invest0ent% >ith a view to identify the ulti0ate beneficiaries or for whose benefit the invest0ents are actually 0ade" the sa0ple investors are as:ed to indicate in whose na0e ;s< the invest0ents are actually 0ade% 9he responses #iven by the investors are tabulated and presented in 9able NI% TABLE !: PERIODICITY OF SAVING AND EMPLOYMENT CATEGORY E2C;5/23.0 C-03:57/ M5.0A;/ QD-7037;/ H-;4,/3-7;/ Y3-7;/ Self 60ployed Persons -( ;-(Q< J ;JQ< E. ;E.Q< -E ;-EQ< !ull-ti0e Salaried Persons (F ;.-Q< I ;HQ< &I ;E'Q< &F ;&JQ< Retired Persons F ;(-Q< E ;&(Q< & ;IQ< . ;-FQ< 9otal HF ;(-Q< &H ;JQ< (- ;E&%.Q< .- ;EF%.Q<

T50-; &'' ;&''Q< HF ;&''Q< &( ;&''Q< E'' ;&''Q<

TABLE !I: HOLDERS OF THE INVESTMENT S;'N5' H5;G37@ N-23 N5' 54 R3@C5.G3.0@ P3783.0-:3 05 T50-; & Own $a0e FF -E Spouse F )hildren E' &' ( Joint &'H .( . 9otal E'' &'' It is found that a 0a1ority of the investors" i%e%" &'H out of a total of E'' investors" that wor:s out to .( percent of the total" preferred to hold the invest0ents in the 1oint na0es either with spouse or children or even both% $early -- percent of the sa0ple investors stated that they have 0ade invest0ents in their own na0es% It is also interestin# to note that only a s0all nu0ber of the investors held their invest0ents in the na0e of either spouse or children alone% !ro0 these observations" one 0ay sur0ise that the individual investors while 0a:in# the invest0ents nor0ally ta:e the interests of their fa0ily 0e0bers into consideration and in the process they 0a:e the0 as partners to the invest0ent%

FINDINGS
i% It was observed that 0a1ority of the respondents selected for the purpose of the study are 0ale investors and they constituted FJ percent of the total respondents of E''% >hereas the fe0ale investors constituted -& percent of the total respondents and this 0ay be because of the fact that #enerally the econo0ic independence a0on# fe0ales is rather very low and they participate in invest0ent decisions in lower proportions% ii% 9he analysis of the data showed that 0a1ority of the respondents are #raduates" and the respondents with inter0ediate or below level of education follow the0% A very ne#li#ible nu0ber of respondents are with no for0al education% In ter0s of percenta#e" #raduates constitute al0ost (' percent of sa0ple" and respondents with inter0ediate or below level of education with -' percent" post-#raduates with E' percent follow the0% 9he respondents havin# no for0al education constitute a low of &' percent of the total sa0ple% iii% 9he earnin# capacity of the households is another factor to be considered while analy*in# the influence of various econo0ic factors on investor preferences and behaviour% 9he nu0ber of earnin# adults in that household can #au#e the earnin# capacity of a household% $or0ally" it is found that 0ost of the households 0ay have one or two earnin# adults% It is rare to find the households havin# 0ore than two earnin# adults% iv% It is found that a 0a1ority of the investors in )hittoor district Re#ion are ?uite unaware of corporate invest0ent avenues li:e e?uity and preference shares" 0utual funds" corporate debt securities and deposits% At the sa0e ti0e" they are hi#hly aware of traditional invest0ent avenues li:e real estate" bullion" ban: deposits" life insurance sche0es" and s0all savin#s sche0es%

CONCLUSION
In the olden days" investin# funds was confined to rich and business people% But" now a day it has beco0e a household word and is very popular with people fro0 all wal:s of life% 9he ob1ective of 0otivatin# the public to invest their savin#s in the stoc: 0ar:et will be achieved only if the re#ulatory authorities succeed in providin# a 0anipulation free stoc: 0ar:et% >ith the rate of interest offered by ban:s on deposits bein# very unattractive" 0ore people could thin: of investin# in the stoc: 0ar:et% 9his could happen only if the stoc: 0ar:et is transparent and free fro0 sca0s because those who invest in ban: deposits are basically averse to ris:%

REFERENCES
&% E% -% (% .% Ale7ander" ordon %J" Ru#er D%Strover and D%B%=unnav" RMar:et ti0in# strate#ies in 2onvertable Debt financin# Journal of financin#G PP% &(--&..% Ban: for international settle0ents ;BIS<" R9he chan#in# shape of fi7ed Inco0e Mar:etsG" Discussion paper ." Ban: for International settle0ents" E''&% Antoniou% A" +%Shao" R)orporate Debt Issues and Interest Rate Ris: Mana#e0entB +ed#in# or Mar:et ti0in#OG Journal of financial Mar:ets" vol%&E" $o%-" Au#ust E''J" PP%.''-.E'% Blu0" 2% and )% Dian#elo" RStructurin# efficient Asset Bac: Securities" R!inancial Analyst Journal" PP%&I-((% Brain A% 6ales" R!inancial Ris: 6ventG" Mc raw +ill" &JJ.%

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INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE & MANAGEMENT

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VOLUME NO. 3 (2012), ISSUE N O. 3 (M ARCH)

ISSN 0976-2183

INTERNATIONAL JOURNAL OF RESEARCH IN COMMERCE & MANAGEMENT

A Monthly Double-Blind Peer Reviewed Refereed Open Access International e-Journal - Included in the International Serial Directories

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