Refer For Rol

CHAPTER - II
REVIEW OF LITERATURE
2.1 Introduction
The present chapter is an endeavor to briefly describe the existing studies on
women empowerment, investment pattern and behaviour of women investors. With
the growing importance of the subject understudy, some literature, covering different
aspects of investors preferences have been produced by economists, researchers and
practitioners. The more important aspects of existing research studies include the
following (i) Reviews of Women empowerment studies; (ii) Reviews of Investor
behaviour in Indian capital market investment.
2.2 Reviews of Women Empowerment Studies

A number of studies have been carried out in India and elsewhere that have
tried to look in to the empowerment of women. Standing, (1989)1 states that when
womens earnings or wage employment increases, there are clear and direct positive
impacts on womens autonomy and empowerment.
Snow, (1990)2 JSI researchers identified six general areas or domains in
which empowerment of women is believed to be taking place as a result of Grameen
Bank, BRAC and other credit programs: a sense of self and vision of a future,
mobility and visibility, economic security, status and decision-making power within
the household, ability to interact effectively in the public sphere and participation in
non-family groups. Thus, their concept of empowerment can be looked at in a
behavioural sense as the ability to take effective action
1
Standing, G. Global feminization through flexible labour World Development, A Working Paper.
1989, 17, 7: 1077-95.
2
Snow, John. Empowerment of Women Program, A Working Paper, 1990.
22
Batliwala, S. (1994)3 this paper analyses the concept of womens

empowerment and outlines empowerment strategies based on insights gained through
a study of grassroots programmes in South Asia. They clearly state that womens
empowerment requires the challenging of patriarchal power relations that result in
women having less control over material assets and intellectual resources. The
empowerment process starts from within but access to new ideas and information will
come from external agents. With new consciousness and the strength of solidarity,
women can assert their right to control resources and to participate equally in
decision-making.
Albee, (1994)4 concludes economic empowerment projects usually focus on
income-generating activities, which allow women to independently acquire their
income. Income-generating activities encompass a wide range of areas, such as small
business promotion, cooperatives, job creation schemes, sewing circles and credit and
savings groups
Lourene E. Shields (1995)5 provided an exploratory framework to
understand and develop the concept of empowerment both from a theoretical and
practical perspective with a particular focus on womens perception of the meaning of
empowerment in their lives.
Human Development Report (1995)6 gave special emphasis on women
empowerment. It mainly concerned on formulation and utilization of measure of
gender equality and inequality and the identification of efforts and contribution made
3
Batliwala, S. (1994), The Meaning of Women's Empowerment: New Concepts Harvard University
Press http://www.hup.harvard.edu/catalog/SENPOP.html
4
Albee, A., Support to Womens Productive and Income-Generating Activities. UNICEF Evaluation
and Research Working Paper Series No. 1, 1994.
5
Bidisha Mahanta, Women Empowerment in Assam, A Human Development Approach, working

paper, department of Economics, North Eastern Hill Universiy, Shillong, 2008.
6

23
by women that go unrecognized in standard national income and employment

statistics.
Karl (1995)7 without the active participation of women and incorporation of
womens perspectives at all levels of decision-making, the goals of equality
development and peace cannot be achieved.
Amarnath et al. (1996)8 have described the consequences of middle-class
women taking up economically productive roles. The study examines whether the
gender bias of men has undergone some change in the recent past. In order to carry
out the analysis, the study uses six parameters role perception, say in decisionmaking, acquisition of assets, economic freedom, spouses co-operation, and
perception of status change. A sample of 68 middle-class women employed in
different sectors of Anantapur District (Andhra Pradesh) within the age group of 20
to 45 years was selected. The findings indicate that the employment of women has
led to the women having a greater say in the decision-making process and thus, has
lessened the degree of gender bias.
Buvinic (1996)9 states that the most straightforward vehicle to empower
poor women is to increase their productivity in home and market production and the
income they obtain from work. The ILO (2002, in Kessides, 2005) has proposed
various strategies to combat this problem, such as increasing womens access to land
and other assets.
Karl M 1995. Women in Empowerment. Participation and Decision-Making, New Jersey: Zed Books
Publishing House.
8
Amarnath R. and Ch., Umamohan, Gender and Work, Contemporary Indian Women Collected
Works, Vol. 6, New Academic Publications, Delhi, 1996.

9
Buvinic, M., Promoting Employment Among the Urban Poor in Latin America and the Caribbean:
A Gender Analysis. Geneva: ILO, 1996.
24
Goetz and Gupta, (1996)10 Offering women a source of credit has been
found to be a very successful strategy for alleviating poverty because it enhances the
productivity of their own small enterprises and the income-generating activities in
which they invest. Results include an increase in womens self-confidence and status
within their families as well as income that can be used to improve their families
well-being through improved health and nutrition
Rekha Mehra (1997)11 this paper emphasises that development policies and
programs tend not to view women as integral to the economic development process.
This is reflected in the higher investments in women's reproductive rather than their
productive roles, mainly in population programs. Yet women throughout the
developing world engage in economically productive work and earn incomes. They
work primarily in agriculture and in the informal sector and, increasingly, in formal
wage employment. Their earnings, however, are generally low. Since the 1950s,
development agencies have responded to the need for poor women to earn incomes
by making relatively small investments in income-generating projects. Often such
projects fail because they are motivated by welfare and not development concerns,
offering women temporary and part-time employment in traditionally feminine skills
such as knitting and sewing that have limited markets. By contrast, over the past
twenty years, some non-governmental organizations, such as the Self-Employed
Women's Association in India, have been effective in improving women's economic
status because they have started with the premise that women are fundamental to the
process of economic development.
10
Goetz, A. and R. Sen Gupta.. Who Takes the Credit? Gender, Power and Control Over Loan Use in
Rural Credit Programs in Bangladesh. World Development, 1996, p. 24(1): 45-63.
11
Rekha Mehra, Women ,Empowerment and Economic development, Annals of the American
Academy of Political and Social Science, Sage Publications,Vol. 554, November, 1997.
25
Kabeers (1998, 1999)12 view of empowerment refers to the processes by

which those who have been denied the ability to make choices acquire such ability.
The fundamentals of empowerment have been defined as agency (the ability to define
ones goals and act upon them), awareness of gendered power structures, self-esteem
and self-confidence (Kabeer 2001)13 he points out that a distinction has to be made
about the type of choice, and the focus necessarily has to be on strategic life choices,
that is choices that shape livelihoods or are critical for people to live the lives they
want. The expansion in the range of potential choices available to women includes
three inter-related dimensions that are inseparable in determining the meaning of an
indicator and hence its validity as a measure of empowerment. These dimensions are
(1) Resources: The pre-condition necessary for women to be able to exercise choice;
women must have access and future claims to material, human and social resources;
(2) Agency: The process of decision-making, including negotiation, deception and
manipulation that permit women to define their goals and act upon them; (3)
Achievements: The well-being outcomes that women experience as a result of access
to resources and agency.
Kabeer, N. (1999)14 This paper sets out from the understanding that
empowerment is a process by which those who have been denied power gain power,
in particular the ability to make strategic life choices. For women, these could be the
capacity to choose a marriage partner, a livelihood, or whether or not to have
children. For this power to come about three interrelated dimensions are needed:
access to and control of resources; agency (the ability to use these resources to bring
about new opportunities) and achievements (the attainment of new social outcomes).
12
Kabeer, N.. Can't buy me love? Re-evaluating gender, credit and empowerment in rural
Bangladesh. IDS Discussion Paper No. 363,1998. And Institute of Development Studies, Sussex.
Kabeer, Naila. Resources, Agency, Achievements: Reflections on the Measurement of Womens
Empowerment, Development and Change Vol. 30, Institute of Social Studies, Oxford, UK, 1999.
13
Kabeer, N.. Conflicts over credit: Re-evaluating the empowerment potential of loans to women in
rural Bangladesh, World Development, 2001, pg. 29(1), 6384.
14
Kabeer, N., Resources, Agency, Achievements: Reflections on the Measurement of Women's

Empowerment. Development and Change, Volume 30, Number 3, July 1999. Blackwell publishing.
26
They convey the belief that social change can be predicted and prescribed in a cause
and effect way and undermine the notion that womens empowerment should be
about the ability of women to make self-determined choices.
Khan (1999)15 stresses the importance of wage employment over credit for
women. His findings show that wage employment helps in promoting economic and
social empowerment, providing women with more stability, a collective workplace
and more control over their income. He also emphasizes its ability to assist in
expanding a womans mobility by providing her with different life experiences
beyond her home environment so that she is able to gain bargaining power, meet her
practical needs, improve the quality of her life and address her long-term goals.
INTRAC, (2000)16, This resource document presents an overview of the
common approaches to empowerment in development, key issues for monitoring and
evaluating, and methods and instruments for collecting information.
Mayoux, and Jejeebhoy (2000)17 identifies social institutions as highly
influential in shaping a womans autonomy. He believes that these institutions should
provide comprehensive, direct and context-specific strategies to empower women.
These strategies include creating gender consciousness, enabling women to mobilize
community resources and public services, providing support to the challenges of
traditional norms and providing access to vocational and life skills to increase
womens access to and control over economic resources.
15
Khan, M. , Microfinance, Wage Employment and Housework: A Gender Analysis. Development in

Practice, 1999, p. 424-436.
16
INTRAC, The Monitoring And Evaluation Of Empowerment A Resource Document, International

NGO
Training
and
Research
Centre,
Oxford,
2000.
http://intrac.client.fatbeehive.com/docs/OPS26final.pdf
17
Jejeebhoy, S., Womens Education, Autonomy, and Reproductive Behaviour: Experience from
Developing Countries. New York: Oxford University Press, 2000.
27
Manimekalai., N and Rajeswari, G., (2000)18 reveals that women

empowerment has been the concern of academicians, women associations activists,
policy makers etc in recent years. But the empowerment cannot be brought out
overnight. The women association claims that Government should have an agenda
with provisions for women to contribute equally to the society as their counterparts. It
is because they were not given opportunities in the traditional society. But the time
has changed and women are increasingly recognized as productive human agents and
thanks to the Government of India which declare as the Women Empowerment year.
Women empowerment can be achieved through many ways by providing education,
economic opportunities, imparting, providing decision making skill, involving them
in policy making etc. However, economic independence has been considered by
many experts as the least instrument of empowerment of women.
Mayoux (2000)19 defines empowerment as a process of change in power
relations that is both multidimensional and interlinked. She has laid out a framework
that is useful for developing strategies for womens empowerment. He points out in
his report one of the most popular forms of economic empowerment for women is
microfinance, which provides credit for impoverished women who are usually
excluded from formal credit institutions. He highlights three models of microfinance
financial self-sustainability, Poverty alleviation, and Feminist empowerment.
Hainard and Verschuur (2001)20 emphasize that empowerment should be
a process of developing negotiating skills from the bottom up to redress unequal
power relations and produce new development paradigms. To successfully empower
women, both gender and empowerment concerns should be integrated into every
18
Manimegalai., N and Rajeswari, G., Empowerment of Women Through self-help Groups,

MARGIN, Vol. 32, No. 41, July Sep. 2000.
19
Mayoux, L.. Microfinance and the empowerment of women: A review of the key issues. Social
Finance Unit Working Paper, 23. Geneva: ILO, 2000.
20
Hainard, F. and C. Verschuur., Filling the Urban Policy Breach: Womens Empowerment, Grassroots Organizations and Urban Governance. International Political Science Review , 2000, p.22(1):
33-54.
28
service provision area. Moreover, they should be incorporated in the economic,

political and social spheres as well as at the individual, household and community
levels in order to overcome gender inequality.
Kabeer, N., (2001)21 This paper discusses attempts to construct indicators of
womens empowerment, focusing in particular on the meanings given to these
measures and values embedded within them. Kabeer defines empowerment as the
process by which those who have been denied the ability to make strategic life
choices acquire such an ability (p 19). She argues that there is a wide gap between
this understanding of empowerment and the more instrumentalist definition attached
to efforts to measure and quantify empowerment.
Marcelle, G. (2002)22 The paper highlights successful case studies from many
countries on the use of ICTs as a tool for economic empowerment, participation in
public life, and for enhancing women's skills and capabilities. It also explores
strategies to integrate a gender perspective into national ICT policies. The report ends
with a call to all stakeholders to work on improving connectivity, access to ICT skills
training and eliminating negative behavioural attitudes to women's full engagement
with ICTs.
Malhotra, Anju, et al. (2002)23 the paper presents a review of current
theories and strategies to foster women's empowerment in the development context.
The paper defines empowerment as the ability of people to make strategic choices in
21
Kabeer, N., Resources, Agency, Achievements: Reflections on the Measurement of Women's

Empowerment,2001, p. 17-59.
http://www.sida.se/shared/jsp/download.jsp?f=SidaStudies+No3.pdf&a=2080
22
Marcelle, G. Information and Communication Technologies (ICT) and their Impact on and use as
an
Instrument
for
the
Advancement
and
Empowerment
of
Women,
2002.
http://www.un.org/womenwatch/daw/egm/ict2002/reports/Report-online.PDF
23
Malhotra, Anju, Measuring Womens Empowerment as a Variable in International Development,

World Bank, Gender and Development Group, Washington DC.
http://www.icrw.org/docs/MeasuringEmpowerment_workingpaper_802.doc
29
areas that affect their lives. Two key factors in the process of empowerment are
identified: control over resources (the conditions for empowerment) and agency (the
ability to formulate choices). The report argues that in practice, measuring
empowerment depends on the establishment of universal standards (such as human
rights), but at the same time must allow for indicators which are sensitive to context.
Parpart, J. L., Rai, S. and Staudt, K. (2002)24 this book calls for a new
approach to empowerment, which recognises that empowerment approaches are
always embedded in institutional structures and must be understood at that level. It
argues for a clearer understanding of power, and rejects the simple opposition
between those who have power and those who do not. Instead, it is important to think
about language, meanings, identities and cultural practices when considering
womens empowerment.
Fiona Leach & Shashikala Sitaram (2002)25 This article describes an NGO
project intended to empower scheduled caste women working in the silk-reeling
industry in India through the provision of microfinance. It documents the impact that
the project had on their economic and social status over a period of time and
highlights the negative consequences of excluding male relatives from playing any
meaningful role. It suggests ways in which the project might have been made more
male inclusive while still empowering women. At the same time, it acknowledges
that even if the men's hostility to the project had been overcome, the women's micro
enterprises were unlikely to have been viable commercially. This is because the
project insisted that the women operate as a group in what was a high-risk area of
economic activity, with no clear strategy as to how their work could be sustained.
24
Parpart, J. L., Rai, S. and Staudt, K., Rethinking Empowerment: Gender and Development in a
Global/Local World. London, 2002.
25
Fiona Leach & Shashikala Sitaram ,Microfinance and women's empowerment: A lesson from IndiaDevelopment in Practice, Volume 12, Issue 5, 2002, pages 575-588 .
30
Narayan, (2002)26 defines empowerment as the processes by which women

take control and ownership of their lives through expansion of their choices.
Aparna Mahanta (2002)27 sought to explain the question of womens access
to or deprivation of basic human rights as the right to health, education and work,
legal rights, rights of working womens, besides issues like domestic violence, all the
while keeping the peculiar socio-cultural situation of the North East in mind.
Stine and Karina (2003)28 explain the term empowerment as a process by
which the disempowered individuals and groups gain the power to control their lives
and the ability to make strategic life choices. The researchers also emphasize that the
economic elements of empowerment refer mainly to the capability of earning a
living. The study finds that one of the important determinants of the low average
income of women is their intermittent labour force participation, which is a
consequence of their time spent on unpaid work such as childcare, housework and
food production.
Pradhan, B. (2003)29 this paper argues that while these quantitative socioeconomic measures of empowerment are useful indicators as a first approximation,
they are not sensitive enough to capture the nuances of gender power relations. This
is because quantitative methods alone are unable to capture the interactive processes
through which those in a weaker position strategies ways of gaining from the unequal
relationship. Therefore in order to understand the socio-cultural context within which
26
Narayan, Deepa.. Empowerment and Poverty Reduction: A Source book. Washington: World Bank,
2002.
27

28
Ankerbo, Stine and Hoyda, Karina, Education as a Means to Womens Empowerment, Opgave,
Approaches to Development (U-landslare), Aarhus University, 2003.

29
Pradhan, B., Measuring Empowerment: A Methodological Approach, Society for International

Development,
Palgrave
Macmillan,
2003.
http://www.palgravejournals.com/development/journal/v46/n2/pdf/1110445a.pdf.
31
womens behaviour in social interaction and gender relationships takes place, an indepth anthropological method is essential.
Fiedrich, M. and Jellema, A. (2003)30 the study focuses on Reflect, an
approach to participatory adult education which aims to stimulate a wider process of
change in individuals and communities. It argues that although participatory
approaches are usually presented as a fundamental break with top-down models of
development, aid agency reports suggest that Reflect participants adopt the very same
attitudes and practices long promoted by the development community. There is an
obvious contradiction in the uniformity of outcomes reported and development
processes which are meant to have become participatory and adapted to local
needs. The paper ends by considering other development strategies which may be
more effective for empowering women.
Deshmukh-Ranadive, J. (2003)31
he states in his report womens
empowerment does not necessarily take place when incomes are generated, when
livelihoods are enhanced or when groups are formed. This is because within families
and households, hierarchies and structures do not alter. In fact, public interventions
which result in new social activity or new avenues of income generation can actually
accentuate tensions within households. It is at such times that supplementary
interventions are required. The intervention shows that in order to change the sociocultural space of women in the home, other members of the household need to be
involved in empowerment processes.
Mahmud (2003)32 contends that providing security of tenure will encourage
more women to use their domestic space for income-generating activities. Other
30
Fiedrich, M. and Jellema, A. Literacy, Gender and Social Agency: Adventures in Empowerment,
A Research Report for Action Aid UK http://www.dfid.gov.uk/pubs/files/litgenempedpaper53.pdf.
31
Deshmukh-Ranadive, J. Placing., Gender Equity in the Family Centre Stage: Use of Kala Jatha
Theatre, Economic and Political Weekly, 26 April 2003.
32
Mahmud, S., Women and the Transformation of Domestic Spaces for Income Generation in Dhaka
Bustees. Cities 20(5): 321-329, 2003.
32
recommendations include investing in human capital such as training for productive

employment, providing financial resources with a focus on credit, expanding wage
employment opportunities, improving social protection for female workers and
empowering women through greater organization.
Gurumurthy, A. (2003)33 this project points out the progress in technology
has encouraged many in India, Bangladesh and Pakistan to see the potential of
Information and Communication Technologies (ICTs) for social transformation and
economic growth. This document looks at specific projects and programmes in the
region which focuses on women's economic empowerment and draws lessons from
these.
Vaill, S., (2003)34, This report synthesizes the key lessons learned from the
Global Fund for Womens three-year Economic Opportunity Initiative. It finds that
the most effective interventions for womens economic empowerment are those
efforts that iterate explicit objectives that go beyond income generation.
Kishore et al. (2004)35 shows the status of womens empowerment as a
whole and in each of the Indian states in particular, with the help of NFHS-25 data
sources. The sample of the study includes married women in the age group 15-49
from these states. The study divides the indicators of empowerment process into three
sub-divisions: (a) the indicators of evidence of empowerment (through educational
attainment); (b) the indicators of access to potential sources for empowerment which
measures womens access to education and media exposure; and (c) the indicators of
33
Gurumurthy, A. Bridging the Digital Gender Divide: Issues and Insights on ICT for Womens
EconomicEmpowermenthttp://www.unifem.org.in/Bridging%20the%20Digital%20Gender%20Divid
e.html.
34
Vaill, S., More than Money: Strategies to Build Womens Economic Power, Impact Report No. 1:
Economic Opportunity Initiative, The Global Fund for Women, San Francisco, 2003.
http://globalfundforwomen.org/cms/images/stories/downloads/impact-report-1.pdf.
35
Kishore, Sunita and Gupta, Kamala, Womens Empowerment in India and Its States: Evidence from
the NFHS, Economic & Political Weekly, Feb. 2004.
33
the setting for empowerment, which focuses on the circumstances of the womens
lives and reflects the opportunities available to them.
Sunita Kishor and Kamla Gupta (2004)36 revealed that average women in
India were disempowered absolutely relative to men, and there had been little change
in her empowerment over time. The authors viewed that there were several cogent
and pressing reasons for evaluating, promoting and monitoring the level of womens
empowerment in India, not the least of which was that household health and nutrition
was generally in the hands of women and their empowerment was necessary for
ensuring not just their own welfare, but the wellbeing of households. They also
asserted that empowerment was critical for the very development of India, as it
enhanced the quality and quantity of human resources available for development.
Kabeer, N., (2005)37 he examines the empirical evidence on the impact of
microfinance with respect to poverty reduction and the empowerment of poor women
in South Asia. It finds that while access to financial services can and does make vital
contributions to the economic productivity and social well-being of poor women and
their households, it does not automatically empower women.
Mosedale, S. (2005)38 he briefly reviews how womens empowerment has
been discussed within development studies, how the concept of power was debated
and refined during the second half of the twentieth century and how power relations
might be described and evaluated in a particular context. A conceptual framework of
empowerment is then proposed which is based on women identifying their
36

37
Kabeer, N., Is Microfinance a "Magic Bullet" for Womens Empowerment?: Analysis of Findings
from
South
Asia,
Economic
and
Political
Weekly,
29
October
2005.
http://www.epw.org.in/showIndex.php.
38
Mosedale, S., Assessing Womens Empowerment: Towards a Conceptual Framework, Journal of

International Development, 2005, pg. 2: 243-257.
http://www.interscience.wiley.com/cgi-bin/jissue/109931317.
34
contextualized gender constraints, and the process by which women redefine and
extend what is possible for them to be and do.
Grown, C., Rao Gupta, G. and Kes, A. (2005)39 points that empowered
women must have equal capabilities such as education and health, and equal access to
resources and opportunities such as land and employment. However they must also
have the agency to use these capabilities and resources to make strategic choices.
This report, prepared by the UN Millennium Project Task Force on Education and
Gender Equality, identifies strategic priorities and practical actions for achieving
womens empowerment by 2015.
Alsop, R. and Heinsohn, N. (2005)40 defines empowerment means as a
persons capacity to make effective choices and to transform choices into desired
actions and outcomes. The extent to which a person is empowered is influenced by
personal agency (the capacity to make a purposive choice) and opportunity structure
(the institutional context in which choice is made). It suggest various indicators to
determine degrees of empowerment are; for agency, asset endowmentspsychological, informational, organisational, material, social, financial or human; for
opportunity structure, the presence and operation of formal and informal institutions,
including the laws, regulatory frameworks, and norms governing behaviour.
Moghadam, V.M. and Senftova, L. (2005)41 defines empowerment as a
multi-dimensional process of civil, political, social, economic, and cultural
39
Grown, C., Rao Gupta, G. and Kes, A., Taking Action: Achieving Gender Equality and
Empowering Women, UN Millennium Project Task Force on Education and Gender Equality,
Earthscan, London.
40
Alsop, R. and Heinsohn, N., Measuring Empowerment in Practice: Structuring Analysis and
Framing
Indicators,
World
Bank
Policy
Research
Working
Paper
3510.
http://siteresources.worldbank.org/INTEMPOWERMENT/Resources/41307_wps3510.pdf.
41
Moghadam, V.M. and Senftova, L., Measuring Womens Empowerment: Participation And Rights
In Civil, Political, Social, Economic, And Cultural Domains, International Social Science Journal, 57,
2, pp. 389-412(24).
http://www.ingentaconnect.com/content/bpl/issj/2005/00000057/00000002/art00015.
35
participation and rights. To analyse these, a framework using six key domains is
presented. These are used to assess womens participation (referring to an active
social condition), rights (referring to a formal, legal condition) and capabilities
(preconditions for the enjoyment of rights and enhancement of participation).
Kabeer, N. (2005)42 worked on the third Millennium Development Goal
(MDG) on gender equality and womens empowerment and highlights ways in which
the indicators associated with this goal womens access to education, share of nonagricultural wage employment, and political participation can contribute to
womens empowerment. Each of these indicators has the potential to bring about
immediate changes in womens lives, along with long-term transformations in
patriarchal power structures.
Rae Lesser Blumberg (2005)43 viewed that economic empowerment of
women was the key to achieve gender equality as well as wealth and well being of
nation. The author opined that financial autonomy would enhance womens capacity
of decision making in various arenas of life. Moreover, it would lead to less
corruption, less armed conflict and less violence against female in the long run.
Kabeer, N. (2005)44 examines the empirical evidence on the impact of
microfinance with respect to poverty reduction and the empowerment of poor women
in South Asia. It becomes apparent that while access to financial services can and
does make vital contributions to the economic productivity and social well-being of
poor women and their households, it does not automatically empower women.
42
Kabeer, N. Gender Equality and Womens Empowerment: A Critical Analysis of the Third
Millennium Development Goal, Gender and Development, 13.1, March 2005.
43
Bidisha Mahanta, Women Empowerment in Assam, A Human Development Approach, 2008.
44
Kabeer, N. Is Microfinance a "Magic Bullet" for Womens Empowerment?: Analysis of Findings

from
South
Asia,
Economic
and
Political
Weekly.
29
October
2005.
http://www.epw.org.in/showIndex.php.
36
Tandley Omprakash Sridevi (2005)45 express the view that characterizing

the women empowerment tries to obtain a scientific measure of empowerment. The
measure obtained in this paper is argued to be scientific because the theoretical model
is proved to be more realistic by building another empirical model to capture the selfperception of the women, for their empowerment. The result of the empirical models
helps to deduce some of the most crucial factors to be considered by the social
planner for any policy initiatives in this regard. Therefore empowering women is an
important end in itself, not only as a human rights issue but also as having the
potential to enhance human well being. Empowering women and improving their
status are essential ingredients for realizing the full potential of the economic and
political development of the entire society thus ensuring sustainable development.
Mayoux, L. (2006)46 noted that women's access to microfinance services
have significantly increased over the past two decades. By enhancing women's ability
to earn an income, these programmes have the potential to initiate a series of
virtuous spirals of economic empowerment and increased well-being for women
and their families. However, this paper challenges assumptions about the automatic
benefits of micro-finance for women.
San Pedro, P., (2006)47 in his note on empowerment in post-conflict
scenarios, identifies the difficulty in monitoring and evaluating changes in
empowerment, particularly for conflict prevention and peace building. It provides a
set of tools to promote empowerment according to different dimensions; economic;
institutional; socio-cultural; personal; psychological; and organisational.
45
Tandley Omprakash Sridevi Empowerment of Women: A Systematic Analysis working paper June
2005.
46
Mayoux, L.
Practice
Womens Empowerment through Sustainable Micro-Finance: Rethinking Best
http://www.enterprise-impact.org.uk/pdf/WomensEmpowermentthroughSustainableMicrofinance.pdf
47
San Pedro, P., Empowerment in Practice: Post-conflict Scenarios, FRIDE DevelopmentIn

Perspective, FRIDE, Madridn,2006. http://www.fride.org/publication/36/empowerment-inpractice:-post-conflict-scenarios
37
Pitt, M., Khandker, S. and Cartwright, J (2006)48 This article examines the
effects of mens and womens participation in group-based microcredit programmess
on various indicators of womens empowerment in rural Bangladesh. The results are
consistent with the view that womens participation in micro credit programmes helps
to increase womens empowerment. Credit programmess lead to women taking a
greater role in household decision making, having greater access to financial and
economic resources, having greater social networks, having greater bargaining power
vis-a-vis their husbands, and having greater freedom of mobility. They also tend to
increase spousal communication in general about family planning and parenting
concerns. The effects of male credit on womens empowerment were generally
negative. The presence of male micro credit programs had a negative effect on an
overall measure of empowerment for eligible households and specifically on
womens control of resources, finance, freedom of movement and development of
networks, and on fertility and parenting decisions.
BRIDGE, (2007)49, this report explains what is meant by gender-sensitive
indicators and measurements of change. It makes the case for gender-sensitive
measurements and outlines how to go about measuring in practice. According to the
analysis, empowerment combines not only observable action, but also the meaning,
motivation and purpose attributed to such action. As such, womens empowerment
must be measured along a number of indicators. Moreover, purely quantitative
indicators may not be sensitive enough to capture the nuances of gendered power
relations inherent in empowerment processes; nor can they measure an individuals
(subjective) sense of agency or self-worth. The report identifies a key challenge as
balancing the need for both universal standards to measure empowerment and
48
Pitt, M., Khandker, S. and Cartwright, J., 2006, Empowering Women with Micro Finance: Evidence
from Bangladesh, Economic Development and Cultural Change, University of Chicago
http://www.pstc.brown.edu/~mp/papers/EDCC2006.pdf
49
BRIDGE, Measuring womens empowerment conceptual frameworks, methodologies and

indicators Conceptual frameworks, Gender and Indicators, Cutting Edge Pack, Bridge, IDS,
Brighton, 2007. http://www.bridge.ids.ac.uk/go/bridge-publications
38
context-sensitive indicators. One approach is to use multi-level indicators, where

broader-level indicators might be applicable across a range of contexts, while
indicators at the community and household level might be adapted for specific
contexts.
World Bank, (2007)50, This learning module provides a tool for
understanding the concept of empowerment and for using it in development practice.
The module offers a framework for conceptualizing empowerment and takes
participants through case-based exercises that apply the framework to the analysis,
design, implementation, and monitoring of development policies and operations.
Van Hung, N., 2007,51 EEOW is a gender-specific employment promotion
programme for women in poverty. It aims to improve the socio-economic status of
women by supporting the work of community-based womens groups, raising
awareness on gender relations, setting up savings and credit groups, providing skills
training, improving market linkages and providing technical and financial support to
pilot projects in support of national efforts.
Maarten van Rooij (2007)52
Financial Literacy and Stock Market
Participation this paper analysis of individuals are increasingly put in charge of their
financial security after retirement. Moreover, the supply of complex financial
products has increased considerably over the years. However, investors still have
little or no information about whether individuals have the financial knowledge and
skills to navigate this new financial environment. Finally, the report evidence of an
independent effect of financial literacy on stock market participation: Those who
have low financial literacy are significantly less likely to invest in stocks.
50
World Bank, 2007, Empowerment in Practice: Analysis and Implementation A World Bank
Learning Module, World Bank, Washington.
http://siteresources.worldbank.org/WBI/Resources/EmpowermentLearningModulebody.pdf
51
Van Hung, N., ILO/Japan Asian Regional Programme on Expansion of Employment Opportunities
for Women (EEOW) - Vietnam Chapter Report of Independent Final, ILO, Hanoi , 2007.
52
Maarten van Rooij, Financial Literacy and Stock Market Participation, ICFAI journal, 2008.
39
AfDB/ILO, (2007)53 This guide is based around the AfDB/ILO Integrated

Framework for assessing the enabling environment for the growth of womens
enterprises. It is based on the proposition that if women are equipped with the
necessary resources, skills and opportunities to start stronger businesses, and if they
are more readily able to pursue the growth potential of these enterprises, the economy
will benefit from reduced poverty, from greater employment and from economic
growth. The women entrepreneurs will be able to grow their own enterprises and
become more significant actors in national economies. In addition, avenues will be
opened for the greater social inclusion of women in the public domain, greater gender
equality, and enhanced economic empowerment of women.
ADB, (2007)54 the main objective of this special evaluation study was to
assess the extent to which selected Asian Development Bank (ADB) microfinance
projects have reduced the poverty of rural poor households and improved the
socioeconomic status of women in developing member countries.
UNFPA (2007)55 many studies have recognized the importance of improving
the status of impoverished women. This workshop report describes a number of
approaches used to date to empower women economically, including microcredit.
The report includes a review of the literature on women's economic empowerment
and a summary of presentations from the workshop.
53
AfDB/ILO, , Assessing the Enabling Environment for Women in Growth Enterprises: An AfDB/ILO
Integrated Framework Assessment Guide, Asian Development Bank, Manila, 2007.
http://www.ilo.org/wcmsp5/groups/public/ed_emp/mp_ent/documents/publication/wcms_116163.pdf\
54
ADB, Effect of microfinance operations on poor households and the status women, Asian
Development Bank, Operations Evaluation Department Special Evaluation Study, Manila 2007.
http://www.oecd.org/dataoecd/46/15/39503711.pdf.
55
UNFPA, Women's Economic Empowerment: Meeting the Needs of Impoverished Women ,

working report, 2007.
40
Centre for Economic and Business Research, (2008)56, This study

synthesises relevant knowledge about how and when specific project level
instruments and/or policy interventions work to increase gender equality and to foster
economic development through increased empowerment of women.
Prof. G.S. Monga, (2008)57 has highlighted that the exponents of many
religions and philosophers have constantly written against women empowerment and
their opinions are highly biased. Women empowerment is the natural corollary of
democracy. It leads to higher productivity, efficiency and better socio-economic
development.
Dr.Ram Vinay Prasad Singh, (2008)58 in his paper Women Empowerment
and Development: Global Scenario and Indian Experience has focused on era of
global consensus for women empowerment with reference to the Millennium
declaration signed at the United Nation Millennium Summit in 2000 as one of the
eight goals. He has emphasised on the decentralized democratic way of governance
through Panchayat Raj Institution in India in the process of women empowerment
with special reference to 73rd Constitution Amendment, December, 1992.
Dr. Puspa Tarafdar, (2008)59 has evaluated the approach of women
empowerment in the context of south Asian countries, including India in her paper
Policies and Programmes of women Empowerment in the South Context. She has
56
Centre for Economic and Business Research, Economic Empowerment of Women, Evaluation
Department,
Ministry
of
Foreign
Affairs/Danida,
Denmark,
2008.
http://www.oecd.org/dataoecd/48/18/42211306.pdf.
57
G.S. Monga, Dialectics of women Empowerment New Dimensions of Women Empowerment, Ajit
Kumar Sinha, Deep & Deep Publications pvt. Ltd, New Delhi, 2008, P. 3-8.
58
Ram Vinay Prasad Singh, Women Empowerment and Development: Global Scenario and Indian
Experience, New Dimensions of Women Empowerment, Ajit Kumar Sinha, Deep & Deep
Publications pvt. Ltd, New Delhi, 2008.
59
Puspa Tarafdar, Policies and Programmes of women Empowerment in the South Context, New
Dimensions of Women Empowerment, Ajit Kumar Sinha, Deep & Deep Publications pvt. Ltd, New
Delhi, 2008.
41
opined that empowerment of women cannot happen unless they are provided with
adequate income generating activities through wage and self-employment, whereas
lower wages for women is still a reality. She has highlighted the role of Microfinance
in Womens livelihood programmes, with special reference to Bangaladesh.
Dr. Padmavathi Dasharathi, (2008)60 has evaluated the economic and social
dimensions of women empowerment. She has concluded that it is time to address
discrimination against women, ensure them the power to make decision, to earn a
living and protection from violence, abuse and exploitation.
Dr.Nishikant Jha, (2008)61 has highlighted the worldwide recognition of
women empowerment and the Government of India has taken several measures to
empowerment of women including giving them educational facilities, employment
and entrepreneurship opportunities.
Dr.K.K Pandey, (2008)62 has evaluated the pitiable status of women in India
in the background of five year plans, since First Five year plan. He has cited the deity
of Shakti Goddess Durga as an example of complete empowerment.
Dr. Chandra Prakash, (2008)63 Azad has discussed different recent
Government programmes for empowerment of women. But has opined that the dream
of empowerment of women is still a far cry. He has the opinion that empowerment of
60
Padmavathi Dasharathi, Gender Equality, Empowrment and Diversity, New Dimensions of

Women Empowerment, Ajit Kumar Sinha, Deep & Deep Publications pvt. Ltd, New Delhi, 2008, p.
40-54.
61
Nishikant Jha, Women Empowerment, New Dimensions of Women Empowerment, Edited by Ajit
Kumar Sinha, Deep & Deep Publications pvt. Ltd, New Delhi, 2008, p. 55-71.
62
Kanak K. Pandey, Goal of Women Welfare: The Problems of Priority for the Planning of
Development, New Dimensions of Women Empowerment, Edited by Ajit Kumar Sinha, Deep &
Deep Publications pvt. Ltd, New Delhi, 2008, p. 72-84.
63
Chandra Prakash Azad., Empowerment o Women in India- Issues and Challenges, New
Dimensions of Women Empowerment, Edited by Ajit Kumar Sinha, Deep & Deep Publications pvt.
Ltd, New Delhi, 2008, p. 85-94.
42
women through Self-Help Groups is the need of the hour. He has also highlighted
the role of Panchayat Raj Institutions for political empowerment of women in India.
Dr. S.M. Jawed Akhtar (2008)64 has highlighted the many facts of women
empowerment political, economic, legal, human resource development, capacity
building and beyond. He has the opinion that the approach for future should be to
bring in holistic approach for women development. Poor women in general and tribal
in particular deserve special attention.
Dr. Md. Firdos (2008)65 Ahmad has elaborated various factors responsible
for discrimination of women in the system. He has opined that the Government
initiatives have failed to give a pace in the women empowerment.
Prof.Jamil Ahmad (2008)66 has highlighted that the experience of the
developed countries and India clearly shows that the gender gap is more in India in
comparison to developed countries where the gap is minimum, which may be
ignored.
Dr. (Mrs.) Mohana Bandkar (2008)67 has discussed different programmes
of the Government of India for women empowerment.
64
S.M. Jawed Akhtar, Empowerment of Women in India- Issues and Challenges, New Dimensions
of Women Empowerment, Edited by Ajit Kumar Sinha, Deep & Deep Publications pvt. Ltd, New
Delhi, 2008, p. 96-113.
65
Md. Firdos Ahmad, Gender Disparities in India An Analysis, New Dimensions of Women
Empowerment, Edited by Ajit Kumar Sinha, Deep & Deep Publications pvt. Ltd, New Delhi, 2008, p.
114-128.
66
Prof.Jamil Ahmad, Gender Inequality and Women Empowerment: A Review, New Dimensions of
Women Empowerment, Edited by Ajit Kumar Sinha, Deep & Deep Publications pvt. Ltd, New Delhi,
2008, p. 29-132.
67
Mohana Bandkar, Vialble Measures to be adopted for Women Empowerment on the basis of
Pragmatic Consideration for Metamorphosis of the system, New Dimensions of Women
Empowerment, Edited by Ajit Kumar Sinha, Deep & Deep Publications pvt. Ltd, New Delhi, 2008, p.
138-146.
43
Kurukshetra (2008)68 A Journal on Rural Development, focused mainly

on womens empowerment and opined that although women were the active agents
for sustainable development, and their empowerment was very important for the
process of development, they had not actively participated in their own emancipation
mainly due to low economic independence.
Muzamil Janand Shubeena Akhtar, (2008)69 Decision making process is
generally influenced by
the level of knowledge. Women are the integral part of
family and vital force in the socio-economic progress. The present study is
undertaken to analyse the Decision-Making Power among married and unmarried
women. Scale regarding Decision Making Power among Women constructed by Jan
(2004) was used on 100 women, selected through multi-stage sampling method. The
paper reveals that there is no significant differences between married and unmarried
women regarding their decision making power. However, highly significant
differences are observed, between married and unmarried women, related to their
empowerment. Women generally possess low decision making power and are mainly
dependent on masculine and/or familial decision making.
ICRW (2008)70
This brochure describes the joint ICRW, UNIFEM and
World Bank Results-Based Initiatives (RBIs) which pilot innovative programmes

aimed at advancing and measuring the impacts of womens economic empowerment,
including strengthening womens entrepreneurship and access to markets, linking
agricultural productivity and food security, and making gender central to privatesector human resources management.
68
Bidisha Mahanta, Women Empowerment in Assam, A Human Development Approach, 2008.
69
Muzamil Jan*and Shubeena Akhtar, (2008) An Analysis of Decision-Making Power among

Married and Unmarried Women, Stud. Home Comm. Sci., 2(1): 43-50 (2008)
70
ICRW -Results-Based Initiatives. Womens economic empowerment works. We can prove it,
Piloting Innovative Strategies Brochure http://www.unifem.org/attachments/products/rbi_brochure.pdf
44
EPAG Project (2008)71, the paper concludes that narrowly-focussed

vocational programmes are successful at getting young women into decent work in
certain socio-economic contexts even where other potential barriers to female youth
employment, such as social isolation and domestic responsibilities, are present.
ILO, (2010)72 This evaluation summary reports on the Growth-Oriented
Women Entrepreneurs (GOWE) programme in Kenya. The overall project
purpose/objective was to create employment and reduce poverty in through the
economic
empowerment
of
women
focusing
on
growth-oriented
women
entrepreneurs and strengthening of their member-based associations and networks.

R. Kasilingam and G. Jayabal, (2010)73 this paper analyses the investors
behavioural traits. Investors exhibit different types of behavioural traits when they are
involved in the investment activities like information search, evaluating investment
avenues and reviewing the investment made. These behavioural traits might vary
from individual to individual. To identify these behavioural traits 37 statements were
used with five point Likert scale to collect opinion from investors. Some of the
behavioural traits identified from this research are commitment, rationale, variety
seeking, and dissonance reducing and external locus control. These behavioural traits
have impact on investor's decision. Therefore, studying behavioural traits is important
for the investment intermediaries who offer investment instruments.
71
EPAG Project, A project summary of the Liberian Economic Empowerment of Adolescent Girls &
Young Women http://www.supportliberia.com/assets/108/EPAG_one-pager_1_.pdf .
72
ILO, Growth-Oriented Women Entrepreneurs (GOWE)-Kenya Program ILO evaluation

summary,
Geneva,
2010.
http://www.ilo.org/wcmsp5/groups/public/---ed_mas/--eval/documents/publication/wcms_142992.pdf.
73
R. Kasilingam and G. Jayabal 2010), An analysis on the behavioural traits of salaried class
investors in Tamil Nadu, International Journal of Services Economics and Management, vol. 2/2010
pg. 180-196.
45
P K Mishra, M Malla, (2010)74 This paper is an attempt to analyse the key

market parameters such as market size, market liquidity, market turnover ratio,
market volatility, and market efficiency of Indian capital market over a period from
2002 to 2009 so as to assess its performance. The application of time series
econometrics provides the evidence of greater volatility and weak form inefficiency
of the market. However, the market shows strong potential for greater market size,
more liquidity and reasonable market turnover ratio. Therefore, the growth of Indian
capital market happens to contribute to the sustainable development of Indian
economy.
A.Selvaraj & K. Kanagaraj, (2007)75 Empowerment of Women in the
Present Scenario: Issues and Challenges: in their study they indentify about present
position of women in society and route corner the way of empowerment. They
conclude in their report, Empowerment is process, not an event which challenges
traditional power equations and relations. Abolition of gender based discrimination
in all institutions and structures of the society and participation of women in policy
and decision making processes at domestic and public levels are sewing dimensions
of women empowerment. Political empowerment of women alone would not do,
along with it should come social and economic empowerment.
A.Valliammai, (2007)76 Economic Empowerment of Women: Theoretical
issues this study was aimed to indentify and analysis different aspects of women
related to natural, religious and employment issues to identify global gender gap in
various ways, to identify various constitutional rights for women empowerment and
to provide the suitable measures to improve the status of women. The research work
74
P K Mishra, M Malla (2010) Performance of Indian Capital Market An Empirical Analysis,

European Journal of Economics, Finance and Administrative Sciences - Issue 23 (2010).
75
V.S.Ganesha Murthy, India: Economic Empowerment of Women, New Century Publications,

2007, pp.24-31.
76
V.S.Ganesha Murthy, India: Economic Empowerment of Women, New Century Publications,

2007, pp. 32-39.
46
concludes that education is not merely to prepare women housewives; it has more
important constructive and developmental role in promoting women as partners and
promoters of economic and social development. Dawn of liberation slowly
overtaking the womankind and role of mass media and widespread education shows
the empowerment of women is not far off.
Dr. Tapati Sanyal, (2008)77 has focused on the wide inequalities among
rural-urban females. She has emphasized on spreading education level, not only
literacy rate, at least up to secondary level, because educated women alone can
exercise their power. She has concluded that only concerted action by the
Government, media and male section of the gender could reduce the disparity
between rural-urban females which is the first and foremost condition for successful
functioning of women empowerment. She has highlighted the concerted actions
amongst Government and the male section of the society and the role of media and
press in this regard.
Dr.Anil Kumar Thakur (2008)78 in his paper Need of Women
empowerment in India has highlighted the need of women empowerment with the
observation that in some ways development process has enhanced male domination
over women and added to their deprivation.
Dr.Kumkum Narain and Dr.Meera Mridubhashini, (2008)79 in their paper
Empowering Women Through Economic Measures have presented the picture of
the poor status of women and the need of the women empowerment. In this
connection, they have discussed several programmes launched by the government of
77
Ajit Kumar Sinha, New Dimensions of Women Empowerment, , Deep & Deep Publications Pvt.
Ltd, New Delhi, 2008, p. 147-163.
78
Ltd, New Delhi, 2008, p. 164-178.
79
Ltd, New Delhi, 2008, p. 179-192.
47
India and some of the state Governments to uplift the status of women and
empowering them new opportunities. They have emphasized on Micro-finance and
Self-Help Group movement, NGOs role for development.
Dr. Rais Ahmad (2008)80 has emphasised on the micro-financing through
Self-Help Group (SHGs) as the very successful instrument for eradication of poverty
of women sector and their empowerment on the world of Grameen Bank of
Bangaladesh, started by Professor Muhammed Yunus in 1976.
Dr.Priyam Krishna, (2008)81 in her paper Women Power Through SelfHelp Group has emphasized on role of Self-Help Groups for women empowerment.
In this connection the roles of micro-credit and NGOs have also emphasised.
Dr. G.S. Monga and K.M. Rege, (2008)82 in their paper entitled
Empowerment from within and without Towards Self-Actualisation have expressed
that empowerment may emerge either from within or from without or both. When the
idea empowerment flows from Government decisions, as the case in India it becomes
superimposed and attainment of goal remains partial. But when it emerges from
within, i.e. when the women themselves feel the need for recasting, which is not
related to the power equation in society, it leads to the development of self-reliant
women. Self-actualisation process is essentially needed for women empowerment
from within.
80
Ltd, New Delhi, 2008, p. 237-267.
81
Ltd, New Delhi, 2008.
82
Ltd, New Delhi, 2008, p. 329-349.
48
Dr.Abdus Salam, (2008)83 has focused on the well established fact that
education is the most significant factor that has highest degree of positive correlation
with social and economic empowerment.
Dr.Md.Marjorie Fernandes, (2008)84 has also emphasized on education as
the key measurre for empowerment of women in India. Education should be taken as
organizational strategy and capacity building strategy for bringing gender equality.
Dr.Shradha Jain and Ravi Kumar Jain, (2008)85 have expressed that higher
education is one of the main tools to bring about women empowerment. They have
suggested a number of policies for women empowerment, mainly related to higher
education.
Dr.D.M. Diwakar, (2008)86 has the opinion that economic empowerment
could provide better access to resources and benefits of modern development and
therefore enable them to acquire better socio-cultural and political position to
reinforce better economic states and quality of life. Prof. Diwakar has evaluated the
policies and programs of women empowerment in context of Uttar Pradesh, where
female remuneration is pathetically low.
Dr.Awadhesh K.Sinha, (2008)87 has presented the case of women workers in
Uttar Pradesh in his empirical paper. Economic empowerment is the central point in
83
Ltd, New Delhi, 2008, p. 350-373.
84
Ltd, New Delhi, 2008, p. 374-383.
85
Ltd, New Delhi, 2008, p. 387-399.
86
Ltd, New Delhi, 2008, p. 510-523.
87
49
the field. A number of suggestions have been given to raise the level of income of the
workers for smoothness in the road to empowerment.
M. Soundarapandian, (2008)88 Economic Empowerment of Women, he
concludes the empowerment may arise educational, economic, psychological, social
and political interlink.
Jay Anand, (2000)89 Microfinance in Kerala reveals that micro planning
turned out to be an extremely effective tool in poverty alleviation and improving
peoples participation in the development process. This innovation of self help groups
and the micro credit has helped the poor especially women to gain the better access to
credit facilities and ultimately in promoting micro level savings and credit self help
groups.
Gladis Mary Jhon, (2008)90 Women Empowerment through Self Help
Groups, states that self empowerment through self help groups has increased the
earning capacity and economic independence and has given an important place in the
decision making process with the families. They have got more courage to go out and
interact with others. More awareness should be given to all women, about their role in
family and society by conducting meetings and training programme.
B.V Chalapathi, B.V., Raghavulu, and P.Hariprasad, (2008)91 Gender
Equality Empowerment of Women reveals that empowerment means not just
economic independence and it is much more than that when women are economically
88
89
Jay Anand, Microfinance in Kerala, The monthly journal of kurukshetra, Ministry of Rural
Development, Vol. 48, No. 11, August 2000.
90
Gladis Mary Jhon, Women Empowerment through Self Help Groups, Southern Economist, March
2008.
91
B.V Chalapathi, B.V., Raghavulu, and P.Hariprasad,

Women, Southern Economist, July,15,2008.
50
Gender Equality Empowerment of
independent they can progress well in different spheres of life investment is also part
of empowerment and women are being provided loans for investment.
Dr Suvarna Sen, and Ishita Mukherjee, (2008)92 The Changing Status of
Women in India-The Challenges Ahead This article attempts to provide a
contemporary overview of gender and development concerns in India. It throws light
on the various aspects of gender related issues by examining the trends in womens
employment, wages, literacy and school enrolment. This is followed by an analysis of
the trends in womens health and participation in political decision making process
.In India, the challenges faced by women in dealing with issues relating to their
deprivation, are manifold. Although the process of womens empowerment has been
successful to a certain extent, gender related socioeconomic biases still exist. These
can be addressed by properly identifying the areas of concern and implementing
suitable policies, which this article attempts to focus on.
2.3 Reviews of Investor Behaviour in Indian Capital Market Investment

The existing Behavioural Finance studies are very few and very little
information is available about investor perceptions, preferences, attitudes and
behaviour. All efforts in this direction are fragmented. In India, one of the earliest
attempts was made by NCAER in 1964 when a survey of households was undertaken
to understand the attitude towards and motivation for saving of individuals.
Narayana (1976)93 in his study on income, saving and investment of
household sector in Chittor district in Andhra Pradesh found that the most important
forms of urban financial investment were bank deposits, share and securities which
accounted for a share of 28 percent, next in importance was currency with the share
92
93
Narayan, D.L, Income, Saving And Investment Of Household Sector In Chittor District, S. Chand
& Co. ltd New Delhi, 1976, pp. 1-187.
51
of about 22 percent. The study covered the financial year 1973-74 and analyzed the
rural and urban household characteristics.
De Bondt and Thaler (1985)94 while investigating the possible psychological
basis for investor behaviour, argue that mean reversion in stock prices is an evidence
of investor over reaction where investors overemphasize recent firm performance in
forming future expectations.
L.C Gupta (1987)95 conducted a comprehensive study, on Shareholders
Survey-Geographic Distribution on behalf of Industrial Credit and Investment
Corporation of India. The study covered resident individual holders of industrial
securities focusing primarily on equity shareholders. It was based on the sample of
109031 security holders drawn from 165 companies distributed over various regions
of the country. The data relates to the year 1983-84. The study brings out the
dominant share of the metropolitan cities and within such cities, of Bombay in the
countrys shareholding population was that they lack the infrastructure needed for
facilitating share transactions.
Reddy and Narayan (1987)96 Women play a crucial role in the economic
welfare of the family. Women perform different tasks depending on their Socioeconomic structure, number of people in the family, the nature of professions they are
involved in and many other factors.
L.C. Gupta (1990)97 on Indian Share-Owners A Survey on behalf of
Society for Capital Market Research and Development, which was published in
94
De Bondt, W.F.M. and Thaler, R, Does the stock market over react? Journal of Finance, 1985,
40, 793-805.
95
Gupta L.C , conducted a comprehensive study, on Shareholders Survey-Geographic Distribution

ICICI and SCMRD, New Delhi, 1987.
96
Reddy GN, Reddy Suna Narayana.. Women and Child Development. Allahabad: Chugh Publishing
House, 1987.
97
Gupta L.C. Indian Share-Owners A Survey on behalf of Society for Capital Market Research and
Development, New Delhi, 1991. www.scmrd.org.
52
1991. The study attempted to gather comprehensive All-India data on household

investment preference among financial instruments. He further conducted a second
round of household investors survey in 1992 on Mutual Fund and Asset preference
which was published in 1993. It focused on mutual funds in a broad perspective of
household investment preferences. The most striking changes during the studies were
(a) massive shift towards unit or mutual fund products; (b) a moderate continuing
shift towards shares and debentures; and (c) a shift away from traditionally important
financial assets like NSC, LIC, bank fixed deposits and company deposits. The study
points out that the ownership incidence among households of units of UTI and new
mutual fund products together raised from 37 percent in mid 1990 to 65.1 percent in
mid 1992 i.e. a rise of 28.1 percent over a short period of 2 years. The ownership
incidence of shares and debentures has also grown from 40 percent in 1990 to 51.8
percent in 1992.
Ippolito (1992)98 says that fund/scheme selection by investors is based on
past performance of the funds and money flows into winning funds more rapidly than
they flow out of losing funds.
Mudra- SAMIRS (1992)99 survey on Working womens awareness and
attitude toward various saving avenues brings out that working women in urban
India put one fifth of their earnings aside as savings. Awareness exists on various
saving avenues and mutual funds have not found much presence.
Mayya M.R. (1993)100 has given a compact picture of Bombay stock
Exchange in the past, present and future and profoundly believe in the future scenario
98
Ippolito, R., Consumer reaction to measures of poor quality : Evidence from Mutual Funds,
Journal of Law and Economics, 1992, 35, 45-70.
99
Mudra- SAMIRs Survey. Economic Times, 2 September, 1992.
100
Mayya M.R., The Bombay Stock Exchangeg: Past, Present and Future, Charted Secretary, Vol.
XXII, July 1993, pp. 656-659.
53
of BSE in terms of its development.Abraham and David L. Ikenberry (1994)101

have conducted a study to investigate the week and effect on individual investor and
found that it is substantially the consequence of information revealed in prior trading
sessions, particularly on Fridays. Individuals in general tend to use Monday as an
opportunity to satisfy liquidity needs.
Sarkar A.K. (1994)102 reports that there is need to continue the reform
process undertaken by the Government to strengthen and promote the growth of the
Indian Capital Market.
Rangarajan C (1994)103 clearly expresses the problems, prospects and
agenda for reforms in the capital market in India is bound to grow in size with the
introduction of private participation and public sector companies to the capital market
to access funds.
Patil R.H (1994)104 has identified the developments in capital market in India.
The major requirement for the development of a healthy market is the presence of
active bond dealers who not only act as intermediaries but also make markets deal in
debt instruments.
Gupta (1994)105 made a household investor survey with the objective to
provide data on the investor preferences on MFs and other financial assets. The
101
Abraham and David L. Ikenberry, The Individual Investors and Week end Effect, The Journal of
Financial and Quantitative Analysis. Vol.29, No.2, June 1994, pp. 263 277.
102
Sarkar A.K., Indian capital Market New Dimensions, Charted Secretary, Vol. XXIV No. 9, Sep.
1994, pp. 803-807.
103
Rangarajan C., Bhole L.M Problems, Prospects and Prescriptions, Reserve Bank of India
Bulletin, July 1994, pp. 841 845.
104
Patil R.H .,Capital Market Developments, The Journal of Indian Institute of Bankers, Vol. 65,
No. 3, July Sep., 1994, pp. 106 -110.
105
Gupta, L.C., Mutual Funds and Asset Preference, Society for Capital Market Research and
Development, Delhi. 1994.
54
findings of the study were more appropriate, at that time, to the policy makers and
mutual funds to design the financial products for the future.
Kulshreshta (1994)106 offers certain guidelines to the investors in selecting
the mutual fund schemes.
Bhole L.M (1995)107 has analysed the major trends, changes, problems, and
issues relating to primary and secondary markets over a period of 40 years and
suggest various reforms for restoring the health of the capital market. An increase in
the number of share holders and an increase in the new issues activity by themselves
do not mean that equity culture has arrived because such trends have been
accompanied by a number of countervailing trends and dysfunctional development
and practices
Singh N.K. (1995)108 aims to bring out the latest developments in capital
market reforms and concludes that small investors who could stay away from market
may not get allotment in good issues. Direct participation is made difficult due to
reduced publicity costs.
MIMAP- India Project (1996) - Micro Impacts of Macroeconomic and
Adjustment Polices, initiated in 1994, examined household savings and investment
behaviour. Preliminary results indicate that urban average household savings are 2.6
percent times larger than that of rural households. Since a similar survey of
households was conducted in 1975-76, a significant changes occurred in the
preference for financial investment in rural and for physical investment in urban
areas. It is observed that savings is highly concentrated. Slightly less than two-third
of the gross savings in the household sector originated in 8.8 percent of households.
106
Kulshreshta, C.M., Mastering Mutual Funds, Vision Books, New Delhi, 1994.
107
Bhole L.M , The Indian capital Market at cross roads, Vikalpa, Vol. 20, No. 20, April June,
1995, pp. 22-38.
108
Singh N.K., Update Capital Market, The Management Accountant, Vol. 30, No. 11, November,
1995, pp. 853-854.
55
The share of top ten percent of households in rural areas, when arranged in ascending
order of their savings, was 73 per cent of the total household savings in their rural
areas (compared to 55 per cent in urban households). Scheduled tribes and scheduled
castes have higher saving rates than would have been expected on the basis of their
income. This suggests that the vulnerable save largely for precautionary reasons.
More than 25 per cent of all household physical investments are in the form of gold
and jewelers. This indicates the extent to which the savings of the community are
diverted towards unproductive uses.
NCAER study in 1996 analysed the structure of the capital market and
presented the views and attitudes of individual shareholders.
Jain S.K (1996)109 has examined the avenues for investors to get benefit from
the current capital market situations. The stock market investors sentimentally
remained weak throughout the year 1995. Stock market reeled under continuous
bearish phases. The main reason for the slump in the secondary market is due to
severe liquidity crunch and over supply of papers.
Madhusudhan V Jambodekar (1996)110 conducted a study to assess the
awareness of MFs among investors, to identify the information sources influencing
the buying decision and the factors influencing the choice of a particular fund. The
study reveals among other things that Income Schemes and Open Ended Schemes are
more preferred than Growth Schemes and Close Ended Schemes during the then
prevalent market conditions. Investors look for safety of Principal, Liquidity and
Capital appreciation in the order of importance; Newspapers and Magazines are the
first source of information through which investors get to know about MFs/Schemes
109
Jain S.K, How to benefit from the current Capital Market Situation, The Management Accountant,
Vol. 31, No. 3, March, 1996, pp. 177-181.
110
Madhusudan V. Jambodekar, Marketing Strategies of Mutual Funds Current Practices and

Future Directions, Working Paper, UTI IIMB Centre for Capital Markets Education and Research,
Bangalore, 1996.
56
and investor service is a major differentiating factor in the selection of Mutual Fund
Schemes.
Sujit Sikidar and Amrit Pal Singh (1996)111 carried out a survey with an
objective to understand the behavioural aspects of the investors of the North Eastern
region towards equity and mutual funds investment portfolio. The survey revealed
that the salaried and self employed formed the major investors in mutual fund
primarily due to tax concessions. UTI and SBI schemes were popular in that part of
the country then and other funds had not proved to be a big hit during the time when
survey was done.
Shankar (1996)112 points out that the Indian investors do view Mutual Funds
as commodity products and AMCs, to capture the market should follow the consumer
product distribution model.
Maiti (1997)113 observes various aspects of the shareholding pattern and come
to the conclusion that shareholding is mainly restricted to ten cities in India and that
institutional investors show a loyalty to blue chip companies leading to an asymmetry
in market information as regards investment in stocks.
Goetzman (1997)114 state that there is evidence that investor psychology
affects fund/scheme selection and switching.
Sarkar A.K (1997)115 has identified the recent developments and their
implications for the Indian capital market. Some of the important problems which
111
Sujit Sikidar and Amrit Pal Singh, Financial Services : Investment in Equity and Mutual Funds
A Behavioural Study, and Bhatia B.S., and Batra G.S., ed., Management of Financial Services, Deep
and Deep Publications, New Delhi, 1996, Chapter 10, 136-145.
112
Shankar, V., Retailing Mutual Funds : A consumer product model, The Hindu, July 1996, pp.24,
26.
113
Maiti, S.K, Indian Capital Market: Some Emerging Trends, Finance India, 1997, pp. 606-618.
114
Goetzman, W.N., Cognitive Dissonance and Mutual Fund Investors, The Journal of Financial
Research 20, Summer 1997, 145-158.
57
plague the Indian stock exchanges are delayed transfer of shares, delayed and nonreceipt of refund orders, bad deliveries and liquidity of the market.
Beverly R. walther (1997)116 has studied investor sophistication and market
earnings expectation and concluded that although analyst forecasts are generally
accurate, market earnings expectations do not consistently follow these forecasts.
Neither the publication of analyst forecasts for a subset nor the greater accuracy of
analyst forecasts explains these results.
Syama Sunder (1998)117 conducted a survey to get an insight into the mutual
fund operations of private institutions with special reference to Kothari Pioneer. The
survey revealed that awareness about Mutual Fund concept was poor during that time
in small cities like Visakhapatnam. Agents play a vital role in spreading the Mutual
Fund culture; open-end schemes were much preferred then; age and income are the
two important determinants in the selection of the fund/scheme; brand image and
return are the prime considerations while investing in any Mutual Fund.
P.K. Bandgar (1999)118 reveals that most investors consider own study and
observation as an important factor for their investment decision and many investors
face difficulties in buying or selling the instruments and their difficulties covered the
problems like inadequate prices, transfer delays etc. Most investors do not know
about safety of new issues of company shares, debentures and share bought on stock
exchanges. Middle class investors lack in skill and knowledge in investing and rate
new issue of company shares relatively unsafe investment.
115
Sarkar A.K , Indian capital Market Recent Developments and their Implications, The
Management Accountant, Vol. 32, No. 3, March 1997, pp 173 -179.
116
Beverly R. walther, Investors Sophistication and Market Earnings Expectations, Journal of

Accounting Research, vol. 35, No. 2, Autumm 1997, pp. 157 -179.
117
Syama Sundar, P.V., Growth Prospects of Mutual Funds and Investor perception with special
reference to Kothari Pioneer Mutual Fund, Project Report, Sri Srinivas Vidya Parishad, Andhra
University, Visakhapatnam, 1998.
118
Bandgar, P.K., A Study of Middle Class Investors Preferences for Financial Instruments in
Greater Bombay, Finance India, Vol.XIV, No. 2, June, 2000. Pp. 574-576.
58
Nidhi Jain (1999)119 has started that the agenda for further reforms of capital
markets in India broadly comprises the developments in the debt market, revival of
equity markets and improved disclosures and corporate governance standards,
reforms in insurance and pension funds to enable the flow of funds in infrastructure
and the emergence of financial derivatives and risk management products.
SEBI NCAER Survey (2000)120was carried out to estimate the number of
households and the population of individual investors, their economic and
demographic profile, portfolio size, and investment preference for equity as well as
other savings instruments. This is a unique and comprehensive study of Indian
Investors, for; data was collected from 3,00,0000 geographically dispersed rural and
urban households. Some of the relevant findings of the study are: Households
preference for instruments match their risk perception; Bank Deposit has an appeal
across all income class; 43percent of the non-investor households equivalent to
around 60 million households (estimated) apparently lack awareness about stock
markets; and, compared with low income groups, the higher income groups have
higher share of investments in Mutual Funds (MFs) signifying that MFs have still not
become truly the investment vehicle for small investors. Nevertheless, the study
predicts that in the next two years (i.e., 2000 hence) the investment of households in
MFs is likely to increase. We have to wait and watch the investors reaction to the
July 2nd 2001, great fall of the Big Brother, UTI. (Note: Behaviour is a reaction to a
situation. So as situation changes, behaviour gets modified. Hence, findings and
predictions of behaviour studies should be viewed accordingly).
119
Nidhi Jain (1999), Restructuring Capital Market, Charted Secretary, Vol. XXIX, September,
1999, pp. 982 990.
120
SEBI NCAER, 2000, Survey of Indian Investors, SEBI, Mumbai.
59
Shanmugham (2000)121 conducted a survey of 201 individual investors to

study the information sourcing by investors, their perceptions of various investment
strategy dimensions and the factors motivating share investment decisions, and
reports that among the various factors, psychological and sociological factors
dominated the economic factors in share investment decisions.
Anjan Chakarabarti and Harsh Rungta(2000)122 stressed the importance
of brand effect in determining the competitive position of the AMCs. Their study
reveals that brand image factor, though cannot be easily captured by computable
performance measures, influences the investors perception and hence his
fund/scheme selection.
L.C. Gupta, C.P. Gupta and Naveen Jain (2001)123, maintained a broad
perspective with a wide range of investment types. This survey was conducted on all
India bases which covered a cross section of 2819 households. The survey was with
special reference to investors attitude towards corporate bonds and other capital
market instruments. The survey analysis focused particularly towards the
understanding of durable features of retail investors attitude. The most striking
finding was that an overwhelming majority of retail investors shun private sector
bonds due to default risk. Over all, the proportion of bond owning householders in the
sample is 55 percent. On the other hand, 83 percent households owned Governments
saving schemes, 75 percent were holding fixed deposits with banks. As high 76
percent investors were in mutual funds. The lowest income class, as whole, showed
preference for bank fixed deposit over Government saving schemes. The tax-free
121
Shanmugham, R., Factors Influencing Investment Decisions, Indian Capital Markets Trends
and Dimensions (ed.), Tata McGraw-Hill Publishing Company Limited, New Delhi, 2000.
122
Anjan Chakrabarti and Harsh Rungta, Mutual Funds Industry in India : An in-depth look into the
problems of credibility, Risk and Brand, The ICFAI Journal of Applied Finance, Vol.6, No.2, April,
2000, pp.27-45.
123
Gupta, L.C,. Gupta, C.P and Naveen Jain, Indian Households Investment Preferences The Third
All India Investors Survey, ICFAI Journal of Applied Finance, Vol. 7, No. 2, April, 2001, pp. 118-121.
60
bond has been found to be popular with the high tax brackets. The bulk of the retail
demand for bonds is for relatively short maturities. The maximum acceptable
maturity was accepted as one to three years. Analysis showed that the investment in
shares and bonds was an urban phenomenon.
Sahoo M.S (2002)124 expresses the reasons for the prevailing financial
condition of Indian stock exchanges. It is found that multiplicity of exchanges,
financial health of exchanges, economic viability, withdrawal of protection are the
main reasons that must be taken care of for the successful functioning of capital
markets in India.
Kamalesh Vikamsey (2002)125 analyses the trends of future of capital market
in India. Dhananjoy Rakshit (2003)126 explains the awareness of investors in the
stock market, process of trading and settlement in secondary market, modus operandi
of stock prices and code of conduct for brokers / sub brokers regarding their duties to
the investors.
Meir Statman (2003)127 is of the opinion that investors in the early 20th
century and today are tempted by the lure of big money from the latest technology
stocks. Yesterdays investors could hardly imagine todays internet but they hoped as
intently to make their fortunes from mines, automobiles, and the wireless telegraph.
124
Sahoo M.S., Financial of Indian Stock Exchanges Charted Secretary, Vol. XXXII, 2002, pp.
1003 -1009.
125
Kamalesh Vikamsey (2002),Capital Market Future in India The Charted Accountant, vol.
XXXII, July 2002, pp. 89 94.
126
Dhananjoy Rakshit, Investor Awrness in Stock Market. Charted Secretary, Vol. XXXII, March
2002, pp. 315-319.
127
Meir Statman, A Century of investors. Financial Analyst Journal, Vol. 59, No. 3, May June
2003, pp. 52-68.
61
Eresi K. and Vasantavallli C. (2003)128 have studied the issue of perception

of individual investors in relation to the risk disclosures made in offer documents by
IT companies.
Sarma S.N (2004)129 examines the presence of seasonality in the Indian stock
market returns during the post liberalization period. Using the log returns data on the
popularly used BSE indices, sensex and BSE200 for the period January 1st 1996 to
August 10th 2002, the study provides evidences to the presence of seasonality across
the days of the week. It confirms the conclusions of earlier studies as to the
leptokurtic distribution of equity returns; presence of highest variance on Mondays;
weekend effect, and regularity of returns across the indices.
Harvinder Kaur (2004)130 asserts that the implications for investors are also
important for the stock exchange administrators and policy makers. The surveillance
regime around the budget should be stricter to keep excessive volatility under check.
There is no reason to concern over the spillover for the US markets as the evidence
suggests weak and somewhat inconsistent relationship between the two markets.
Sullivan, O. (2004)131 while much attention has been focused on transforming
gender relations in the public sphere, changes in the domestic sphere have been less
fully addressed in the theoretical literature. This paper explores the idea of doing
gender understood as the interactions between men and women in the domestic
sphere, which bring about transformations in gender relations. It is the interface
between these daily interactive processes of change and changes at the level of
128
Eresi K. and Vasantavallli C., Perceptions of Individual Investors vis-a vis Risk Disclosure in IT
companies IPOs- A study, Indian Journal of Accounting, Vol. XXXIII, June 2003, pp. 10-16.
129
Sarma S.N., Stock Market Seasonality in an Emerging Market, Vikalpa, Vol. 29, No. 3, JulySeptember 2004, pp. 35-43.
130
Harvinder Kaur, Time Varying Volatility in the Indian Stock Market, Vikalpa Vol. 29, No. 4,
October December 2004, pp. 24-42.
131
Sullivan, O., Changing Gender Practices within the Household: A Theoretical Perspective,
Gender and Society, 18, 2: 207-222 http://gas.sagepub.com/cgi/reprint/18/2/207.
62
ideology or gender consciousness which underpins the approach proposed by this

paper. Women and mens day-to-day negotiations and struggles around the domestic
division of labour should be understood within such a framework, as part of a wider
social process that involves slow transformative changes in consciousness and
practice.
Abdul Abiad and Asoka Mody (2005)132 have analysed the determinants of
financial reform using a newly constructed cross-country database of financial
liberlisation covering 35 countries.
Sachithanantham V. and Syed Zafar M. (2006)133 surveyed capital market
reforms and their impact on investors. They concluded that credit rating agencies
should rate the shares also. Further they suggest that SEBI should attract rural
investors by conducting various awareness programmes to tap the rural investors.
Gade Surendar and Kamaleshwar Rao S. (2011)134 the study reveals that
retail investors opinion is similar on majority aspects relevant to IPOs at the same
time study did find that there are some problems with IPOs, major problem out of the
mentioned is the adequacy of 35 percent reservation for retail investors. They find
out that Male investors constitute a large majority 80.4 percent as compared to 19.6
percent of the female investors. Retail investors are not happy with 35 percent
reservation in IPOs. They are expecting more than this. The other problems are
Refund on IPO application is received without delay, IPO allotment are credited to
investors demat account before listing of the allotted shares, Payment of 100 percent
of the bid amount at the time of applying for IPOs. The study has stated some
132
Abdul Abiad and Asoka Mody., Financial Reform: What Shakes it? What Shapes it?, The
American Economic Review, VOl. 95, No. 1, March 2005, pp. 66-88.
133
Sachithanantham V, Sayed Jaffer M, Investors perception Towards Capital Market Reforms in

India, SMART Journal of Business Management Studies, Vol. 3, No. 1, January June 2007.
134
Gade Surendar and Kamaleshwar Rao S., Retail Investors Perception Towards Initial Public
Offers (IPO) In India A Study On Selected Cities, IJRIM, Volume 1, Issue 3, July, 2011
63
preventive measures to overcome the problems in IPOs investments, out of

mentioned preventive measures, one measure Introducing mandatory rating for IPOs
by credit rating agencies has got majority acceptance.
2.4 Conclusion
Thus, quite a number of studies have already been undertaken on women
empowerment and its various aspects like decisional empowerment, and political
participation, nutrition and child health, human rights, etc. But no study has been
undertaken so far regarding women economic empowerment through capital market
investment. The present study is a humble attempt in this regard.
64

Refer For Rol

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Refer For Rol

Uploaded by

Copyright:

Available Formats

CHAPTER - II

2.2 Reviews of Women Empowerment Studies

Snow, John. Empowerment of Women Program, A Working Paper, 1990.

Batliwala, S. (1994)3 this paper analyses the concept of womens

Bidisha Mahanta, Women Empowerment in Assam, A Human Development Approach, working

Bidisha Mahanta, Women Empowerment in Assam, A Human Development Approach, working

by women that go unrecognized in standard national income and employment

Works, Vol. 6, New Academic Publications, Delhi, 1996.

Kabeers (1998, 1999)12 view of empowerment refers to the processes by

Kabeer, N., Resources, Agency, Achievements: Reflections on the Measurement of Women's

Khan, M. , Microfinance, Wage Employment and Housework: A Gender Analysis. Development in

INTRAC, The Monitoring And Evaluation Of Empowerment A Resource Document, International

Manimekalai., N and Rajeswari, G., (2000)18 reveals that women

Manimegalai., N and Rajeswari, G., Empowerment of Women Through self-help Groups,

service provision area. Moreover, they should be incorporated in the economic,

Kabeer, N., Resources, Agency, Achievements: Reflections on the Measurement of Women's

Malhotra, Anju, Measuring Womens Empowerment as a Variable in International Development,

Narayan, (2002)26 defines empowerment as the processes by which women

Bidisha Mahanta, Women Empowerment in Assam, A Human Development Approach, working

Approaches to Development (U-landslare), Aarhus University, 2003.

Pradhan, B., Measuring Empowerment: A Methodological Approach, Society for International

he states in his report womens

recommendations include investing in human capital such as training for productive

Bidisha Mahanta, Women Empowerment in Assam, A Human Development Approach, working

Mosedale, S., Assessing Womens Empowerment: Towards a Conceptual Framework, Journal of

Bidisha Mahanta, Women Empowerment in Assam, A Human Development Approach, 2008.

Kabeer, N. Is Microfinance a "Magic Bullet" for Womens Empowerment?: Analysis of Findings

Tandley Omprakash Sridevi (2005)45 express the view that characterizing

Womens Empowerment through Sustainable Micro-Finance: Rethinking Best

San Pedro, P., Empowerment in Practice: Post-conflict Scenarios, FRIDE DevelopmentIn

BRIDGE, Measuring womens empowerment conceptual frameworks, methodologies and

context-sensitive indicators. One approach is to use multi-level indicators, where

Financial Literacy and Stock Market

AfDB/ILO, (2007)53 This guide is based around the AfDB/ILO Integrated

UNFPA, Women's Economic Empowerment: Meeting the Needs of Impoverished Women ,

Centre for Economic and Business Research, (2008)56, This study

Padmavathi Dasharathi, Gender Equality, Empowrment and Diversity, New Dimensions of

Kurukshetra (2008)68 A Journal on Rural Development, focused mainly

the level of knowledge. Women are the integral part of

This brochure describes the joint ICRW, UNIFEM and

World Bank Results-Based Initiatives (RBIs) which pilot innovative programmes

Bidisha Mahanta, Women Empowerment in Assam, A Human Development Approach, 2008.

Muzamil Jan*and Shubeena Akhtar, (2008) An Analysis of Decision-Making Power among

EPAG Project (2008)71, the paper concludes that narrowly-focussed

entrepreneurs and strengthening of their member-based associations and networks.

ILO, Growth-Oriented Women Entrepreneurs (GOWE)-Kenya Program ILO evaluation

P K Mishra, M Malla, (2010)74 This paper is an attempt to analyse the key

P K Mishra, M Malla (2010) Performance of Indian Capital Market An Empirical Analysis,

V.S.Ganesha Murthy, India: Economic Empowerment of Women, New Century Publications,

V.S.Ganesha Murthy, India: Economic Empowerment of Women, New Century Publications,

B.V Chalapathi, B.V., Raghavulu, and P.Hariprasad,

Gender Equality Empowerment of

2.3 Reviews of Investor Behaviour in Indian Capital Market Investment

Gupta L.C , conducted a comprehensive study, on Shareholders Survey-Geographic Distribution

1991. The study attempted to gather comprehensive All-India data on household

Mudra- SAMIRs Survey. Economic Times, 2 September, 1992.

of BSE in terms of its development.Abraham and David L. Ikenberry (1994)101

Madhusudan V. Jambodekar, Marketing Strategies of Mutual Funds Current Practices and

Beverly R. walther, Investors Sophistication and Market Earnings Expectations, Journal of

SEBI NCAER, 2000, Survey of Indian Investors, SEBI, Mumbai.

Shanmugham (2000)121 conducted a survey of 201 individual investors to

Eresi K. and Vasantavallli C. (2003)128 have studied the issue of perception