MEASURING AWARENESS ABOUT MUTUAL FUNDS: A STUDY ON BANK EMPLOYEES IN TRIPURA
Keywords:
Bank Employees, Awareness Level, Investment Behavior, Mutual Fund Investment.
Abstract
This paper aims to find out bank employees' awareness level towards mutual funds and their impact on investment in the mutual fund. The study was conducted using a simple random sampling design of 262 employees working in different banks in Tripura, India. The size of the population was 815 employees. The data was collected using a structured questionnaire. Ordinal logistic regression analysis and chi-square test were used to assess the impact of employees' awareness on investment in mutual funds. It was found that the overall level of awareness of bank employees in Tripura towards mutual funds was high, and the level of awareness and volume of investment in the mutual fund are directly related. We conducted a preliminary evaluation study on the awareness level of mutual funds of bank employees using ten multiple questions having one option correct. This study will provide a complete informative summary to the policymaker, bank employees, and non-bank employees to make decisions for investment. It will help to take all necessary steps to spread updated awareness about mutual funds among investors. The study consists of several vital inputs which will be useful to the academician to go for further study in detail. Further research may be done in this field by taking another variable factor that needs to be considered to measure the employees' awareness level.
JEL Classification Codes: G11, G14, G24, G38, N25.
References
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Bhushan, P. (2014). Insights into Awareness Level and Investment Behavior of Salaried Individuals Towards Financial Products. International Journal of Engineering, Business and Enterprise Applications, 8(1), 53–57.
Bhushan, P., & Medury, Y. (2013). Gender differences in investment behavior among employees. Asian Journal of Research in Business Economics and Management, 3(12), 147–157.
Bhuyan, R. Singh, R., Bhattacharjee, J., & Bhattacharjee, N. (2021). DO AWARENESS, RISK PERCEPTION, AND PAST EXPERIENCE INFLUENCE EQUITY INVESTMENTS? A CASE STUDY ON INDIA. Global Journal of Accounting and Finance, 5(2), 46-69.
Bhuyan, R., Singh, R., & Bhattacharjee, J. (2021). Level of awareness regarding equity investment of retail investors: evidence from India. International Journal of Accounting and Business Finance, 7(1), 37-53. https://doi.org/10.4038/ijabf.v7i1.85
Bloomfield, R., Libby, R., & Nelson, M. W. (1999). Confidence and the welfare of less-informed investors. Accounting, Organizations and Society, 24(8), 623-647.https://doi.org/10.1016/S0361-3682(99)00025-2
Bordoloi, D., Singh, R., Bhattacharjee, J., & Bezborah, P. (2020). Assessing the awareness of Islamic law on equity investment in state of Assam, India. Journal of Islamic Finance, 9(1), 1-12.
Chaturvedi, M., & Khare, S. (2012). Study of saving pattern and investment preferences of individual households in India. International Journal of Research in Commerce and Management, 3(5), 115–120.
Chaudhury, S. K., & Pattnaik, M. C. (2014). Investor's preferences towards a mutual funds-a study on Silk City securities at Berhampur Town-Odisha, India. Asia Pacific Journal of Research, 1(12), 187-201.
Chaudhury, S.K. & Pattnaik, C.S. (2014). Investors Preferences towards Mutual Funds - A Study on Silk City Securities at Berhampur Town-Odisha, India. Asia Pacific Journal of Research, 1(12), 187-201.
Choudhury, M., & Singh, R. (2015). Customers' experience in financial inclusion through bancassurance. The Journal of Insurance Institute of India, 2(4), 55-61.
Das, S. K. (2011). An empirical analysis on preferred investment avenues among rural and semi-urban households. Journal of Frontline Research in Arts and Science, 1(2), 26–36.
De Sousa, A. (2011). Freudian theory and consciousness: A conceptual analysis. Men's Sana Monographs, 9(1), 210–217. https://doi.org/10.4103/0973-1229.77437
Deb, S., & Singh, R. (2018). Dynamics of risk perception towards mutual fund investment decisions. Iranian Journal of Management Studies, 11(2), 407-424.
Guiso, L., Jappelli, T. (2005). Awareness and stock market participation. Review of Finance, 9(4), 537–567. https://doi.org/10.1007/s10679-005-5000-8
Imthiyas, Y., Shyamasunda, K., & Ramar, S. (2015). A study on reach of Investment Awareness programmes organized by E-Governance Services over social media. International Journal of Applied Environmental Sciences, 10(1), 65-69.
Jain, A. (2021). An Empirical Study on the Investment Behaviour of Female Investors in the city of Howrah, West Bengal. International Journal of Scientific and Research Publications, 11(3), 251-257. https://doi.org/10.29322/ijsrp.11.03.2021.p11134
Jonsson, S., Söderberg, I. L., & Wilhelmsson, M. (2017). An investigation of the impact of financial literacy, risk attitude, and saving motives on the attenuation of mutual fund investors' disposition bias. Managerial Finance, 43(3), 282– 298. https://doi.org/10.1108/MF-10-2015-0269
Kadariya, S., Subedhi, P., Prasad, & Joshi, B. (2012). Investor Awareness and Investment on Equity in Nepalese Capital Market. Banking Journal, 2(1), 1–15.
Kajol, K., & Singh, R. (2022, October). Users' Awareness Towards Digital Financial Transactions: A Study Conducted in India. In Co-creating for Context in the Transfer and Diffusion of IT: IFIP WG 8.6 International Working Conference on Transfer and Diffusion of IT, TDIT 2022, Maynooth, Ireland, June 15–16, 2022, Proceedings (pp. 331-345). Cham: Springer International Publishing.
Kajol, K., Biswas, P., Singh, R., Moid, S., & Das, A. K. (2020a). Factors affecting disposition effect in equity investment: A Social Network Analysis approach. International Journal of Accounting & Finance Review, 5(3), 64-86. https://doi.org/10.46281/ijafr.v5i3.845
Kajol, K., Nath, M., Singh, R., Singh, H. R., & Das, A. K. (2020b). Factors affecting seasonality in the stock market: A social network analysis approach. International Journal of Accounting & Finance Review, 5(4), 39-59. https://doi.org/10.46281/ijafr.v5i4.888
Kajol, K., Singh, R., & Paul, J. (2022). Adoption of digital financial transactions: A review of literature and future research agenda. Technological Forecasting and Social Change, 184, 121991. https://doi.org/10.1016/j.techfore.2022.121991
Kozup, J., Howlett, E., & Pagano, M. (2008). The effects of summary information on consumer perceptions of mutual fund characteristics. Journal of Consumer Affairs, 42(1), 37– 59. https://doi.org/10.1111/j.1745-6606.2007.00093.x
Kumar, G. R. (2014). Purchase decision of Indian consumers: The factors of attraction while purchasing car. Studies in Business and Economics, 9(3), 29-42.
Leepsa, N. M., & Singh, R. (2017). Contribution of bancassurance on the performance of bank: a case study of acquisition of shares in max newyork life insurance by axis bank. Journal of Business and Financial Affairs, 6(283), 2167-0234.
Pellinen, A., Törmäkangas, K., Uusitalo, O., & Raijas, A. (2011). Measuring the financial capability of investors: A case of the customers of mutual funds in Finland. International Journal of Bank Marketing, 29(2), 107–133. https://doi.org/10.1108/02652321111107611
Prathap, G., & Rajamohan, A. (2013). A study on status on awareness among mutual fund investors in Tamil Nadu. Journal of Exclusive Management Science, 2(12), 1-7.
Rajeswari, N. (2014). A study on investment awareness and preferences of the salaried class in Tirunelveli District. International Journal of in Multidisciplinary and Academic Research, 3(6), 1–14.
Saibaba, R., & Vipparthi, M. (2012). Perception of Investors on Mutual Funds-A Study. The IASMS Journal of Business Spectrum, 5(1), 1–11.
Sailaja, V. N. (2018). A study on investors awareness towards mutual funds investment. International Journal of Civil Engineering and Technology, 9(3), 376-382.
Shyam-Sunder, L., & Myers, S. C. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of financial economics, 51(2), 219-244. https://doi.org/10.1016/S0304-405X(98)00051-8
Sivaramakrishnan, S., Srivastava, M., & Rastogi, A. (2017). Attitudinal factors, financial literacy, and stock market participation. International Journal of Bank Marketing, 35, 818– 841. https://doi.org/10.1108/IJBM-01-2016-0012
Statman, M. (2010). What investors really want. Financial Analysts Journal, 66(2), 8-10.
Talluru, L. R. (1997, October). A fuzzy expert system for mutual fund selection. In 1997 IEEE International Conference on Systems, Man, and Cybernetics. Computational Cybernetics and Simulation (Vol. 1, pp. 680-685). IEEE. https://doi.org/10.1109/ICSMC.1997.625832
Umamaheswari, S., & Kumar, M. A. (2013). A study on investment pattern and awareness of salaried class investors in Coimbatore district. Indian Journal of research, 2(9), 31-34.
Bhattacharjee, J., & Singh, R. (2017). Awareness about equity investment among retail investors: A kaleidoscopic view. Qualitative Research in Financial Markets, 9(4), 310-324. https://doi.org/10.1108/QRFM-04-2017-0036
Bhushan, P. (2014). Insights into Awareness Level and Investment Behavior of Salaried Individuals Towards Financial Products. International Journal of Engineering, Business and Enterprise Applications, 8(1), 53–57.
Bhushan, P., & Medury, Y. (2013). Gender differences in investment behavior among employees. Asian Journal of Research in Business Economics and Management, 3(12), 147–157.
Bhuyan, R. Singh, R., Bhattacharjee, J., & Bhattacharjee, N. (2021). DO AWARENESS, RISK PERCEPTION, AND PAST EXPERIENCE INFLUENCE EQUITY INVESTMENTS? A CASE STUDY ON INDIA. Global Journal of Accounting and Finance, 5(2), 46-69.
Bhuyan, R., Singh, R., & Bhattacharjee, J. (2021). Level of awareness regarding equity investment of retail investors: evidence from India. International Journal of Accounting and Business Finance, 7(1), 37-53. https://doi.org/10.4038/ijabf.v7i1.85
Bloomfield, R., Libby, R., & Nelson, M. W. (1999). Confidence and the welfare of less-informed investors. Accounting, Organizations and Society, 24(8), 623-647.https://doi.org/10.1016/S0361-3682(99)00025-2
Bordoloi, D., Singh, R., Bhattacharjee, J., & Bezborah, P. (2020). Assessing the awareness of Islamic law on equity investment in state of Assam, India. Journal of Islamic Finance, 9(1), 1-12.
Chaturvedi, M., & Khare, S. (2012). Study of saving pattern and investment preferences of individual households in India. International Journal of Research in Commerce and Management, 3(5), 115–120.
Chaudhury, S. K., & Pattnaik, M. C. (2014). Investor's preferences towards a mutual funds-a study on Silk City securities at Berhampur Town-Odisha, India. Asia Pacific Journal of Research, 1(12), 187-201.
Chaudhury, S.K. & Pattnaik, C.S. (2014). Investors Preferences towards Mutual Funds - A Study on Silk City Securities at Berhampur Town-Odisha, India. Asia Pacific Journal of Research, 1(12), 187-201.
Choudhury, M., & Singh, R. (2015). Customers' experience in financial inclusion through bancassurance. The Journal of Insurance Institute of India, 2(4), 55-61.
Das, S. K. (2011). An empirical analysis on preferred investment avenues among rural and semi-urban households. Journal of Frontline Research in Arts and Science, 1(2), 26–36.
De Sousa, A. (2011). Freudian theory and consciousness: A conceptual analysis. Men's Sana Monographs, 9(1), 210–217. https://doi.org/10.4103/0973-1229.77437
Deb, S., & Singh, R. (2018). Dynamics of risk perception towards mutual fund investment decisions. Iranian Journal of Management Studies, 11(2), 407-424.
Guiso, L., Jappelli, T. (2005). Awareness and stock market participation. Review of Finance, 9(4), 537–567. https://doi.org/10.1007/s10679-005-5000-8
Imthiyas, Y., Shyamasunda, K., & Ramar, S. (2015). A study on reach of Investment Awareness programmes organized by E-Governance Services over social media. International Journal of Applied Environmental Sciences, 10(1), 65-69.
Jain, A. (2021). An Empirical Study on the Investment Behaviour of Female Investors in the city of Howrah, West Bengal. International Journal of Scientific and Research Publications, 11(3), 251-257. https://doi.org/10.29322/ijsrp.11.03.2021.p11134
Jonsson, S., Söderberg, I. L., & Wilhelmsson, M. (2017). An investigation of the impact of financial literacy, risk attitude, and saving motives on the attenuation of mutual fund investors' disposition bias. Managerial Finance, 43(3), 282– 298. https://doi.org/10.1108/MF-10-2015-0269
Kadariya, S., Subedhi, P., Prasad, & Joshi, B. (2012). Investor Awareness and Investment on Equity in Nepalese Capital Market. Banking Journal, 2(1), 1–15.
Kajol, K., & Singh, R. (2022, October). Users' Awareness Towards Digital Financial Transactions: A Study Conducted in India. In Co-creating for Context in the Transfer and Diffusion of IT: IFIP WG 8.6 International Working Conference on Transfer and Diffusion of IT, TDIT 2022, Maynooth, Ireland, June 15–16, 2022, Proceedings (pp. 331-345). Cham: Springer International Publishing.
Kajol, K., Biswas, P., Singh, R., Moid, S., & Das, A. K. (2020a). Factors affecting disposition effect in equity investment: A Social Network Analysis approach. International Journal of Accounting & Finance Review, 5(3), 64-86. https://doi.org/10.46281/ijafr.v5i3.845
Kajol, K., Nath, M., Singh, R., Singh, H. R., & Das, A. K. (2020b). Factors affecting seasonality in the stock market: A social network analysis approach. International Journal of Accounting & Finance Review, 5(4), 39-59. https://doi.org/10.46281/ijafr.v5i4.888
Kajol, K., Singh, R., & Paul, J. (2022). Adoption of digital financial transactions: A review of literature and future research agenda. Technological Forecasting and Social Change, 184, 121991. https://doi.org/10.1016/j.techfore.2022.121991
Kozup, J., Howlett, E., & Pagano, M. (2008). The effects of summary information on consumer perceptions of mutual fund characteristics. Journal of Consumer Affairs, 42(1), 37– 59. https://doi.org/10.1111/j.1745-6606.2007.00093.x
Kumar, G. R. (2014). Purchase decision of Indian consumers: The factors of attraction while purchasing car. Studies in Business and Economics, 9(3), 29-42.
Leepsa, N. M., & Singh, R. (2017). Contribution of bancassurance on the performance of bank: a case study of acquisition of shares in max newyork life insurance by axis bank. Journal of Business and Financial Affairs, 6(283), 2167-0234.
Pellinen, A., Törmäkangas, K., Uusitalo, O., & Raijas, A. (2011). Measuring the financial capability of investors: A case of the customers of mutual funds in Finland. International Journal of Bank Marketing, 29(2), 107–133. https://doi.org/10.1108/02652321111107611
Prathap, G., & Rajamohan, A. (2013). A study on status on awareness among mutual fund investors in Tamil Nadu. Journal of Exclusive Management Science, 2(12), 1-7.
Rajeswari, N. (2014). A study on investment awareness and preferences of the salaried class in Tirunelveli District. International Journal of in Multidisciplinary and Academic Research, 3(6), 1–14.
Saibaba, R., & Vipparthi, M. (2012). Perception of Investors on Mutual Funds-A Study. The IASMS Journal of Business Spectrum, 5(1), 1–11.
Sailaja, V. N. (2018). A study on investors awareness towards mutual funds investment. International Journal of Civil Engineering and Technology, 9(3), 376-382.
Shyam-Sunder, L., & Myers, S. C. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of financial economics, 51(2), 219-244. https://doi.org/10.1016/S0304-405X(98)00051-8
Sivaramakrishnan, S., Srivastava, M., & Rastogi, A. (2017). Attitudinal factors, financial literacy, and stock market participation. International Journal of Bank Marketing, 35, 818– 841. https://doi.org/10.1108/IJBM-01-2016-0012
Statman, M. (2010). What investors really want. Financial Analysts Journal, 66(2), 8-10.
Talluru, L. R. (1997, October). A fuzzy expert system for mutual fund selection. In 1997 IEEE International Conference on Systems, Man, and Cybernetics. Computational Cybernetics and Simulation (Vol. 1, pp. 680-685). IEEE. https://doi.org/10.1109/ICSMC.1997.625832
Umamaheswari, S., & Kumar, M. A. (2013). A study on investment pattern and awareness of salaried class investors in Coimbatore district. Indian Journal of research, 2(9), 31-34.
Published
2023-02-08
How to Cite
Deb, S., Singh, R., Pandey, L. kumari, Yadav, V., & Deb, S. S. (2023). MEASURING AWARENESS ABOUT MUTUAL FUNDS: A STUDY ON BANK EMPLOYEES IN TRIPURA. International Journal of Accounting & Finance Review, 14(1), 22-29. https://doi.org/10.46281/ijafr.v14i1.1929
Section
Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
Copyright (c) 2023 Sujit Deb, Ranjit Singh, Lata kumari Pandey, Vibha Yadav, Sankha Subhra Deb
This work is licensed under a Creative Commons Attribution 4.0 International License.
