Chapter II

Review of
Literature
 Review of Literature

CHAPTER–II

Review of Literature

Sr. No Particulars

2.1 Introduction
2.2 Review of Ph.D. Theses and Books
Review of Research Articles
2.3
(International, National and Regional)
2.4 Concluding Remarks

2.5 References

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 Review of Literature

Chapter I

REVIEW OF LITERATURE

**************************************************************

2.1 Introduction:

One of the essential preliminary tasks when you undertake a

research study is to go through the existing literature in order to acquaint

yourself with the available body of knowledge in your area of interest.

Reviewing the literature can be time-consuming, daunting and frustrating,

but it is also rewarding. The literature review is an integral part of the

research process and makes a valuable contribution to almost every

operational step.1

“The review of literature is a task that continues throughout the

duration of the thesis. It begins with a search for a suitable topic. Since a

thesis aims to be a contribution to knowledge, a careful check should be

made that the proposed study has not previously been carried out. Although

completely new and original problems are rare, a previous study should not

be exactly replicated unless the techniques used had been faulty or the

findings and conclusions doubtful to shed new light on the problem. A

good test is whether the problem still requires a solution”. Before final

formulating of the problem and identifying its objectives and hypotheses

and determining of population and selection of the sample, an initial

literature review for this study was executed.2

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 Review of Literature

The various research scholars have made efforts to study the

identification to women investors’ perspective towards Indian Capital

Market different angles. Following are some reviews of relevant literature

are undertaken for the study purpose.

This chapter divided in to three categories viz.

1. Review of theses.

2. Review of Books.

3. Review of articles/ Research papers.

In the following discussion, an attempt has been made to take a review of

the prior studies on the topic.

2.2 Review of Books:

1. Yogender Gour (2013)3 : In their study investment awareness among

Indian working women regarding Pune region As far as the Indian

scenario is concerned, working women here have started doing

investments slowly. The percentage of working women who take their

own financial decisions for making investments is low. Many times, they

rely on their husbands or parents to make investment decisions. There is

still a class of working women who just don’t bother much about making

investments out of their income. This is because their husbands are

financially very strong & these female working professionals join

somewhere with the sole intention of killing the time or they don’t want

to sit at home idle. The reason for not making investments on their own

might be male dominance in some cases.

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 Review of Literature

2. Dr. N. Dharani Dr. [Link], J. Murugapandi, (2014) 4 : In this

paper author tried to conclude that the success of every investment

decision has become increasingly important in recent times. Making

sound investment decisions requires both knowledge and skill. The

working women investors have different expectations from the

investment as their needs differ such as savings, safety, interest and

capital appreciation. The researcher identified the relationship between

the factors influencing the level of awareness of various investments and

factors influencing the benefits. Investors describe the safety of funds as

their priority for choosing an investment. So the government should

provide more investor protection tools like better laws and regulations.

3. Rakesh K and Shrinivas V.S.M (2013)5:In a study on individual

investment behavior in mutual funds on Executive and Non-Executives

observed that a large number of investors invested in bank-sponsored

mutual funds because of security compared to lesser investors invested in

institutions because of their returns. A smaller number of investors

invested in the private sector & joint ventures to maximize their gains and

hedge against risk.

4. Dr. Bhosle P.T.,& Kale S.S (2018)6:In their study focus to assess factors

which affect on investment of individuals in the capital market these

factors are divided into investors related, company-related, behaviour

related and other factors

 Age, Gender, Education, Occupation, Income

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 Review of Literature

 Business information, Dividend, E.P.S, Market Capitalization,

Accounting information, Ownership structure, Past Performance of the

company, Bonus

 Psychological factors, herding, over-reaction, confidence, behavioral

dimension, moderate level of awareness, biases and contextual factors,

get rich quick

 Systemic Risks, Efficiency, Reliable, Political stability, Strength of the

Indian economy, Media focus on the stock market, Government policy

towards business, Technology Influence, Stock marketability.

5. Dr. Kale.S.S, & Dr. Mohite R.B. (2020) 7 : It is understood that the

socio-economical profile of salaried investors of the Financial Asset,

study the salaried investor profile from investors of Osmanabad district.

Female investors’ number is only 03 per cent as compared to male

salaried investors. Currently 74 per cent of salaried investors are from the

age group of fewer than 36 years. 62 per cent of investors are from urban

and suburban areas. 59 per cent of investors are graduates. 54 per cent,

the investor's family size is less than 3 people. 41% of investors are 5-

years experience, 72% of investors have Two Wheeler, 66% of investors

have their own house, 47 % of investors have more than 5 Lakh incomes,

53 per cent of investors in the category of Less than 50000 saving.

6. Nadia Asandimitra (2019)8 : In her article “Financial Behavior of

Working Women in Investment Decision-Making” stated on working

women’s behavior and preference of investment taken by saving,

property and investment is themselves, like retirement planning and

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 Review of Literature

family security reason. As concluded most women workers have married

and bachelor the most education background, and work in the

government sector with most income ranging above Rs 4,000. Which

states that women do not like risk and invest a greater proportion of their

portfolios at low risk, lower assets, in this case, are real assets. The third

form of investment behaviour and preference of the women workers is

that the thing that encourages women workers to invest is for the sake of

retirement plans and family security reasons. Based on the results of the

study, showed that women workers have high financial literacy. It is

indicated by the discipline of investing the excess money, to have control

over their finances and have the confidence to earn investment profits,

and they must perform financial planning.

7. Dev Prasad, M. R. Shollapur and Shridevi V. Patted (2014) 9 : In his

study “Indian Women Investors are Emotional Decision Makers?” He

discusses the Increasing levels of education of women relating to

investment and also concluded emotional stability among the women

investors. Also try to examine whether the women’s emotions are fear,

love or disbelief in the Indian stock market and find out about the role of

women from homemaker to the joint breadwinner, some women have

fear to enter the market and trading in the stock market. Apart from the

risk,fear, the emotion they have to enter into the market and take

decisions about the investment in the market.

8. Priya Kansal (2015)10 : In her studies try to explain the Investment

behaviour of Women in India’’ women are less confident than men. To

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 Review of Literature

increase the knowledge and confidence of women it’s very important to

give information about the key factors women affect investment

decisions. The main purpose of this study is to understand the behaviour

of women regarding investment and be aware of investment policies.

Risk is not a very important factor when making an investment decision,

the most important condition at the time of investment is long term

growth. Women investors are also hopeful about their future investment

and mostly invest in the bank, post office, invest in gold silver etc. they

prefer that type of investment for more securities.

9. Mansi Jain, Dr. P.K. Chopra, [Link] (2019) 11 :In their study,

they try to explore “A Study of Investment Objectives of Women

Investors” the object of women investors regarding investment, the

relationship between investment objectives and investment preferences of

the investors, to know the investment preferences of women as per

investment objective and to find out the investment preference in the

portfolio. They also concluded that when investing in preferred shares

and real estate high return is the main objective of investment. When

investing in a mutual fund in that case tax saving is the main objective.

10. Dr. [Link] & [Link] (2018)12 : In their study, they explain “a

study on investment pattern among working women’’ In the olden days

women were working at home. They were neither allowed to get an

education nor get the freedom to work outside. After a sometimes women

aware of the working life and professional life also aware of investment

and investment policies. Now a day’s women are actively participating in

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 Review of Literature

all sectors. They also state the object of analysis of the investing pattern

among the working women and awareness level of investment and the

factors influencing the investment decision of working women. They

concluded that most the women invest their money for future planning

like children education marriage, etc..

11. [Link] Benny (2021)13 : In his study he has try to explain about “A

Study on Attitude of Women Investors towards Stock Market

Investment” Investment is acknowledged as one of the powerful tools in

the improvement of poverty. Investors with the help of technical or

fundamental analysis regulate beneficial opportunity of investment for

maximize profit and minimize risk. Now a day’s women are actively

participating in all activity and they become financially independent and

take a part in risk investment portfolio. For future safety people are make

adequate investment and also concluded that there is more need of

investment awareness among the women to develop their knowledge and

for upgrading their status.

12. Dr. R. Sellappan, Ms. S. Jamuna & Ms. Tnr. Kavitha(2013) 14 :In their

journal they try to explain about, “Investment attitude of women towards

different sources of securities” the main aim of this study is which factors

influencing the investment decision of women. There is different sources

which affect on investment decision Like age marital status also

encourage economic expansion of country also concluded that married

women are more curious in making investment than unmarried.

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 Review of Literature

13. SUMATHI.S; THIRUMAGAL VIJAYA.M(2015)15: In their study

they explain about,“ A Study on investment behaviour of women

employees” Peoples are invest their money according to their knowledge

and capability there are different sectors for investment including both

i.e. private and public. Women make their investment for future purpose

for exp. future planning, marriage children education etc. Investment

paths which are available to the investor this will focus on the study also

concluded to examine preferences of the investment to the investors.

14. [Link] JAGGAIAH & SAMIYAMUBEEN (2018)16 :

In their journal study they define about, “Perception of Indian Women

Investor towards Investment in Mutual Funds”, Mutual fund is the best

saving type of investment for investors. They define it is less risky, safe

and seek better yield compare to directly invest in stock market. Women

investors interested to invest her money where return is more and risk is

less. In their objective they also define the investment pattern of Indian

women investors, also find out awareness level of Indian women

investors regarding mutual fund and analyse the importance factors that

influence women investment decision in mutual fund.

15. Shibli Kand Dr. R. Arumugam (2019)17: In their journal they explain

about,“A Study On The Investment Behaviour Of Salaried Women

Employees”,Usually women have generally been more impervious when

it comes to financial investments. They are very careful about money

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 Review of Literature

related investment because saving money is habit of women and this

saved money will use in future activity like marriage, education etc.

16. Amalendu Bhunia, Humaira Siddika(2018)18: In this journal they

explain about,“How is the level of awareness of women investors

towards investment avenues affected by the demographics and the source

of information? women awareness level about investment is very less

compare to men they are generally interested to invest in gold, silver,

chit funds, mutual fund ,bank deposit, post office etc. apart from share

market. So, level of responsiveness towards investment is very much

important to each and every women investor. Now days women are

moving ahead and aware about education.

17. Susan Coleman (2003)19: In his study he tries to explain about, “An

analysis of attitude and investment behaviour”, Investors always want

greater return when he take greater risk. According to portfolio theory,

individual investments may be risky when taken alone, but they are less

so when included in a diversified portfolio where strong investments can

counteract weak ones. Instead than aiming to strike it rich with individual

investments, the goal is to put together a solid portfolio. Previous studies

indicate that women are less risk-tolerant investors than males. As a

result, individuals are less likely to choose riskier investing options that

could yield greater returns. Similar to this, their personal portfolios are

disproportionately comprised of low-risk, low-return investments,

making them generally undiversified.

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 Review of Literature

18. Mrs.M Archana(2017)20 :In her journal she try to explain, “A study of

investors behaviour towards various investment avenue”, there are lot of

investment avenue like bank, real estate, gold , post office, etc. Savings

of the people are invested in assets depending on their risk and return

demands, safety of money, Liquidity, the available avenues for

investment, from various financial institutions. Also state the objective

that there are various alternative investments and the factors that

influence the investment decisions and examine the behavioral influences

of investors on savings and investments.

19. Md. Hafij Ullah & Mrs. Nazneen Jahan Chowdhury(2010-11) 21: In

this journal they explain about the, Analysis of behavior of female

Investors in stock Market, Investment is main motto of each and every

individual and except more return from that compared to men, women

typically take fewer risks. There are a lot of female investors in the

markets. Today due to rising female literacy rates, women's economic

power, and women's independence are also increasing. Even though

women now make up a larger percentage of the workforce and have

greater financial independence than in previous decades, they continue to

work disproportionately long hours, caring for sick or disabled family

members as well as doing more housework and child care than men.

20. Dr.A.R. Kanagaraj ,[Link], R Venkatesan (2014)22: In their

research paper they define about the “A study on perception of women

investors towards investment”. Investment is giving up a certain amount

of present value in exchange for uncertain future benefits. Investments

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 Review of Literature

are made with the intention of generating extra revenue or increasing

value. Today, however, we find that the term "investment" is widely used

and seen as being of great interest to people from all walks of life. The

savings market in India has been growing over time, and household

savings have been rising steadily. Additionally, the general profile of

women investors is evolving over time. Also state in objective that to

assess the degree of investment knowledge among female investors in

diverse areas. women investors invest and the factors that influence their

choices.

21. [Link] Dhoot, [Link] Kunte, [Link] (2022) 23:In

their Journal they explain about, “An empirical study on factors

restricting investment decision of women investors in the Indian stock

market”, In previous era women are depend on their family, they never

thought about investment. It has been noted that societal conventions and

cultural values heavily influence women. In addition, they are prevented

from entering fields that are considered to be dominated by men by a

combination of familial constraints, personal obstacles, and attitude

barriers. But now a day women are earn their income by working outside,

they are educated and independent. They take their financial decision on

their own. In India, women are increasingly actively engaged in all

spheres of life, including politics, the media, science, and technology.

They are also achieving financial independence. In order to optimize their

profits, today's women are prepared to pool their savings in a beneficial

strategy.

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 Review of Literature

22. Jisha and Gomathi (2017)24 : In their journal they try to explain,

“Examined the relationship between income and investment patterns of

respondents who were Coimbatore-based working women”, Major

objective of the study was to understand how women employees' income

and investments related to one another. The findings demonstrated that an

employee's wage level has a significant impact on their savings, and that

working women priorities safety and consistent returns on their

investments. Depending on their personalities, women had varying

expectations from investments. For example, the majority of women

wanted long-term savings, interest, and capital growth. A sound investing

decision, according to the report, is dependent on having the necessary

stock market knowledge and expertise.

23. B. Vidhya and S. Mangesh (2018)25 : In their journal they explain about

“Evaluation of Investor Awareness on Techniques used in Stock Trading

before their Investment”, there are lot of investment avenue available in

the market like, Investment in gold, silver, chit fund, real estate, post

office, Mutual fund, Bank other than share market. But share market is

one of the best investments. But due to lack of knowledge people are not

aware about the investment technique. There is need of awareness of

investors that, which is the most efficient techniques, will be used for

investment or participant in stock trading and they require proper

guidance to invest. Also concluded that the purpose of the study was to

comprehend the elements that affect investors' perceptions as well as to

examine investor behaviour in relation to the many aspects that affect an

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 Review of Literature

investment decision, level of awareness for each form of trading, and risk

tolerance.

24. Dr.V. Ramanujam, [Link] (2012)26 :In their journal they try to

explain, An Empirical study on the investment behavior and investment

decision making related to the financial situation of women investors,

Some recent research demonstrates that a high degree of uncertainty in

investment decision-making is caused by emotional and behavioral

attitudes. This study will helps in finding out the investment decision

making and the attitude of the women in stock market. Now a day women

are actively participate each and every activity. In share market also

women are becoming so more popular. Women wants to save their

money for their future benefit & share market is one of the most essential

factors of investment to save and earn more money in future also. It does

not work if you are not ready for taking risk. Now women by taking help

of internet can achieve every knowledge and get benefit. Also state the

objective that behavioural attitude of respondent.

25. Shipra Agarwal, Dinesh Kumar Pandey, Hemant Trivedi (2021) 27: In

this journal they explain, “A Study on Participation of women in Indian

Stock Market as Traders”, In olden days women are totally depend on

their family they was not taken any decision. But nowadays women are

contributing towards raising the economy; they take their decision in all

sectors like political, financial, economical etc. They take their own

decision regarding future planning and made investment according to

that. Financial trading or stock trading is one of the many professional

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 Review of Literature

choices that are available to women as investments and with the help of

which they can easily manage their home and work lives.

26. Suchitra & Ramesh Pai (2022 )28 : In this journal they define about, “A

systematic review of issues and challenges associated with women

entrepreneurs” As we entered the industrial age, the idea of men working

for a living and women running the home expanded to include the need

for men to be men. Through their work in business, politics, medicine,

finance, and other fields in the post-industrial era, women have

significantly improved the socio economic well-being of the nation.

Women initially entered the workforce to fulfill domestic needs. Because

they are adept at managing both homes and enterprises and marketing

campaigns, women make excellent entrepreneurs. Women are also skilled

at solving problems and taking risks. Also state in the objectives that

study the determinants, challenges, and issues faced by women

entrepreneur and find the gap between current status and decide the level

of women entrepreneurs. Women are much better likely to serve great

work in the Indian environment.

27. Sucheta Agrawal & Usha Lenka (2015) 29 : In their article they define

about, “ Study of work life balance of women entrepreneurs”, The

concept of entrepreneurship has been widely recognized on a global scale

and has helped the nation's economy grow. It makes use of an

entrepreneur's strengths to help their business succeed. Executive

working women experience a lack of work-life balance. The problem of

role conflict arises as family duties and potential roles develop. They

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 Review of Literature

need to strike a balance between their professional and personal lives in

order to avoid role conflict. Women start their own businesses in order to

have more flexibility and control over their job and personal duties.

Through their entrepreneurial endeavours, they contribute to the nation's

economic development, innovation, and creation of jobs. To maintain a

balance between one's professional and personal life is to practice work-

life balance. Work and family are two main aspects for both men and

women for better earning women are also playing the role of bread

winner.

2.3 Review of Thesis:

28. CA Neeraj Agrawal(2013)30 : In this thesis they define about, “ A

critical analysis of Indian stock market and determinants of stock prices

in India”, stock market is a market where securities are issue in the form

of share. Each of these shares represents part of ownership for stock

holder. Every financial market consist Capital Market, Money Market,

Debt Market and Forex Market. While provide efficient and well manage

market place for investors. Regarding prices of stock is up and down is

continuous process fluctuation of prices going on. So it is necessary to

aware about the market situation for proper analysis. For that BSE and

NSE is working. SEBI and Central Government got ample power to

supersede governing body of stock exchange.

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29. [Link] (2003)31 : The Indian capital market, which refers to all the

institutional setups and facilities for borrowing and lending "term funds"

(medium- and long-term funds), is the market for long-term capital.

Private and public manufacturing, trading, and transportation sectors

make up the majority of the industries that demand long-term money

capital. It is an effective capital market is a necessary condition for

economic growth. The primary function of the capital market is to make

it easier to mobilize the long-term resources required for investment. The

amount and pattern of savings and investment largely determines the size

and operation of a nation's capital market.

30. Neha Jain (2021)32 : In this thesis they define, “ An Analytical study on

stock market returns in India measuring impact of corporate earning and

financial leverage”, This-in-depth investigation was started with an

awareness of the significance of the impact of corporate earnings and

financial leverage on stock prices and subsequent stock market returns of

the chosen stocks on the chosen stock exchange and stock prices of the

chosen firms were taken on the last working or trading day related to

each financial year, and their relative stock market returns for all the

specified companies were then determined. Also state that corporate

earning and financial leverage being independent variable. In modern

economy stock market is a profitable option for investors but profits as

well as massive risk also bear by investors, if they are ready than it is

good type of investment.

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 Review of Literature

31. Ms. Priya Rawal (2014)33 : In this thesis they define about “ Indian

Stock market and Investors strategy”, that the Indian stock market played

a big part in India's early attempts at industrialization. It is an most secure

and safe investment policy for investors because of maximum return. The

investors hope to achieve a higher return than they would have been by

placing the amount of money in a bank deposit or any other investment.

For better investment we should know about the knowledge of

fundamental analysis which refers to the examination of the economic

causes that underlie the movement of securities' prices, not the movement

of those prices themselves and technical analysis exclusively concerned

with the stock's price performance over time and making predictions

about what it will do going forward based on this. Also stated in objective

that how to explore the investment output and the cost of investment by

making valuable return. Also suggest it is safe investment to investors by

using and analyzing the factors of investment.

32. Mrs. Suman (2018)34: In these thesis they define about the, “Integration

of the Indian stock market with selected global stock market” One of the

nations with a growing capital market that is luring money from abroad

more and more is India, which promotes global integration. The stock

market integration plays an essential role in development of stock market

as well as economy of the country financial integration having two parts

one is direct financial integration and second is indirect financial

integration. There are various factors that contribute to stock market

integration, including greater financial flows, technological development,

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open economies that allow for free commerce, information transfer

between nations, strong internet connectivity, increased foreign

institutional investment, etc. The stock market integration also helps in

portfolio diversification. Also state in objective how to examine the

extent and direction of correlation between Indian and other selected

stock markets and the long run symmetry relationship.

33. Neelambika Pattanshetti (2012)35: In that they conducted a detailed

study on, “Impact of savings and investment policies on working

women”, The study reiterated that the involvement of women in

investment and savings activities improves their social and economic

status as well as increases their contribution to economic development. It,

therefore, recommends that the women should be given education

through short training courses in order to build up their confidence in

investment activities. On the side-line, investment decisions related to

corporate securities requires an investor to be intelligent and well

informed about the company in whose shares people are investing. In

addition, public needs to have a complete understanding of the industry,

the position of the company in the industry, and the present and future

prospects of that industry. Furthermore, people needs to do considerable

financial analysis which requires knowledge of financial statements. It is

expected that people would have a common sense and practical approach

to his/her corporate investments.

34. Akarsh Agarwal (2023)36 : The present study focused on, “An empirical

study of behavioural influence of investors on investment decision in

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Indian capital market”, Investment is the process of investing surplus

funds in a variety of goods in order to generate returns and increase

wealth. The goal of an investment may differ from investor to investor.

Earning a standard income through premiums or profits on investments is

the primary goal of investing. It is crucial to comprehend the investment

decisions made by household investors, including the elements that affect

these decisions, in order to better understand how to make investments.

Also concluded that dynamic and quickly expanding institution, the

Indian capital market draws investors from all over the world.

35. [Link] Momin (2020) 37 : The present study focused on, “ A study

on investors awareness in Indian capital market with reference to post

liberalization period”, Investors make investments in a variety of

financial instruments to follow a variety of goals, including high returns,

liquidity, capital growth, dependable dividend and coupon payments, etc.

The right decisions can be made to accomplish these goals. Investors'

financial decisions are influenced by risk and return profiles since risky

investment instruments are used. The degree of risk associated with a

given financial product, as well as the investor's expertise with it, affects

the financial instruments he chooses. Also concluded that most of the

respondents have a predisposition to invest in secure assets, and when

making capital investments, the idea of diversifying one's funds is crucial.

They mostly rely on information they collect for themselves through

various media and family or friends. Though they were well informed

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and aware about the loss or risk associated with different categories in

capital market.

36. Gurbaxani, Arpita and Gupte, Rajani, A (2021) 38: In their study they

entitled,” A Study on the Impact of COVID-19 on Investor Behaviour of

Individuals in a Small Town” the goal of the study is to comprehend how

the COVID-19 epidemic has affected people's financial and investment

choices in rural areas of developing countries like India. A review of the

literature on COVID-19 and the measures taken by the government to

combat the pandemic was conducted. To examine the effect of COVID-

19 on people's financial transactions, a sample poll was undertaken. The

respondents worked in the service industry or ran their own enterprises.

The COVID-19 epidemic and changes in individual investors' investing

choices with regard to SIPs were analyzed. Significant correlations

between COVID-19 prevention measures (such as lockdowns and travel

bans) and individual income were discovered; these precautions directly

affected savings and investment behaviour.

37. Rohtash Kumar and Bhupender Paul (2020)39 :In their article They

define Related to an “Analytical Study of Investment Behaviour towards

Women Investors” have emphasized that investing entails giving up

current comfort or surplus funds in order to reap future gains. Every

investor wants to invest and save money now so they can spend it later.

An individual can invest their excess funds in a variety of investment

options, including bank deposits, debentures, real estate, precious metals,

and derivatives, among others. Investment can be thought of as deferred

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consumption. However, the future profit is unpredictable and mostly

depends on two factors, such as time and risk. Return is the compensation

for giving up the present consumption that is obtained after the time has

passed. Some investments may be impacted by the factor of time, while

others may be impacted by the element of risk. Risk and time can both

have a significant impact on an investment strategy at times. Every

investment has risk and potential reward.

38. Prashant Kumar and Sanjeet Kumar (2018)40 : In their study they

define “A Conceptual Review on Investment Behaviour of Women”, has

emphasized that modern women are resourceful and prepared to pool

their savings in a worthwhile way to increase their wealth. Women

participate in investing activities frequently, but they do not always

choose wise investments. Investments are vital for both a country's

economic growth and the welfare of its citizens. The total quantity of

investment firms, the goods they offer, the terms and conditions of

investments, and the difficult rules and regulations make investing money

an extremely hard undertaking. Investors must evaluate the many

alternative investments in terms of risk and rewards because investments

in particular avenues are exposed to high risk. There are many different

investment possibilities. Savings accounts, fixed deposits, corporate

bonds, insurance policies, real estate, commodities, shares, mutual funds,

chit funds, gold, and silver are just a few of the several investment

options available. Depending on their attitude toward risk, the investors

spend their resources in the aforesaid channels.

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39. P. Thamayanthi (2021)41: In this thesis they define about “Investors

behaviour of working women towards Indian capital market”, any

country's stock market is thought of as a gauge of its economy. The index

is used as a rough approximation to determine the rate of increase over

the course of the years when measuring stock market growth. Due to

price fluctuations, the stock market indices typically exhibit ups and

downs in their movement, and the price of the script is determined by

market conditions. Economic growth that is sustainable is facilitated by a

capital market that is well-organized and well-regulated. When women

strive to enter particular occupations, especially ones that are dominated

by men, they are subjected to discriminatory tactics. In addition, women

are prevented from investing in the stock market due to a lack of access

to investment information. Also concluded that awareness of stock

market towards women is vital part which needed to improve.

40. Mugdha S. Kulkarni (2014)42: In this journal they study about, “

Behavioural finance an impact of investors unpredictable behaviour on

stock market”, The study of financial economics today makes the

erroneous assumption that people act in a highly logical manner. The two

frequent faults investors make excessive trading and the propensity to

hang onto failing investments excessively long while selling winning

ones have their roots in human psychology. because the tendency for

human beings to be over confident causes the first mistake and the human

desire to avoid regret prompts the second. This is why it is today. The

subject of behavioural finance, which is expanding quickly, examines

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how psychology affects the actions of financial professionals. The

reasons why efforts to increase psychological reality in finance will

enhance mainstream finance are presented above. In addition to these

factors, this particular field has the ability to collectively anticipate some

outcomes that standard models have failed to capture as well as outcomes

that match existing forecasts made by traditional models.

41. Purohit and Neel Kamal, (2013)43 : In his study entitled “Investors'

perception and attitude towards Indian stock market”, it will gauge the

factors affecting investors' perceptions of and attitudes about the Indian

stock market. Consequently, this descriptive research is relevant to this.

A practical sampling technique was used. The study's universe was

unlimited in scope. The researcher concludes from the pilot study that the

population's standard deviation is not very high. The main conclusions of

this study are that the choice of trading method, market sectors, and

trading frequency all significantly depend on income. Age additionally

taking exposure has a major impact on income. This study measures the

perspective and attitude of investors using 46 functional factors. These

factors account for 72% of the variation in investor perception and

attitude.

42. Ayushi Modi44 : In that she define about, “A study of investment pattern

of Indian women”, Investment in financial instruments, such as shares,

was once thought to be a high return-yielding area, but it comes with a

significant degree of risk. Conversely, investors have the option of

trading risk with mutual funds (bonds and debentures), which promise

53
 Review of Literature

better outcomes. Women are now beginning to work in huge numbers

and are looking to diversify their investments beyond gold and F.D.s.

Both the investment rate and the savings rate have been declining in the

Indian economy. The foundation of any economy's capital markets is the

investor, who lends excess resources in exchange for financial gain to

finance the establishment or growth of businesses.

43. [Link] Prasad Singhraul & Yashasvi Batwe (2022) 45 : In

their journal they define about, “Professional women and their

Investment behaviour” Men were expected to provide for their

dependents and be the family's only source of income in old Indian

society. Nonetheless, today's self-made, independent, and professional

women are capable of handling money and may make wise investment

decisions but it is observed that elderly women are least aware regarding

the share market and the instruments of share market. For that it is

necessary Women have become more active informed, and involved in

the world of investing and financial markets on both. Today women

participate each and every activity also challenging disciplinarian

balancing a household and working life. Because of this, each

professional woman has a different investment portfolio based on a range

of factors, including retirement plans, tax relief, steady income, and work

security. Also concluded that only when women collaborate and make

their best contributions across all economic sectors will the country's

economy as a whole grow.

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 Review of Literature

44. Shamindar kaur (2014)46 : In their study they define about, “Stock

Treading in India – an analysis of growth performance and investors

perception”, The capital market serves as a channel for investors'

dispersed, tiny resources to be allocated toward the profitable endeavours

of corporations. Sustainable economic growth is facilitated by a well-

managed capital market that offers investors long-term funding in return

for financial assets. The stock exchanges facilitate the listing and trading

of equities, hence aiding in economic development. About 90% of the

joint stock market in India that is operated by public firms is made up of

listed stocks. It is tried to explain the various steps that are generally

adopted in studying his research problem along with the logic behind

them.

45. Jain and Johnson (2006)47: Examined the technological revolution that

swept financial markets around the world and assessed its profound

effects on the improvement of secondary market liquidity. The study

revealed the focus on technological advancements; regulations and

market sentiments have a significant effect on market liquidity. The

author appended the spreads from 2001 to 2006 using the calculations

from TAQ Dataset. The study analyzed the dramatic reductions in

spreads which help in reducing the cost of capital, and automation helps

in increasing the liquidity more in developed countries and improvement

in emerging markets. The study concluded that the trading turnover

increased manifold and transaction cost has declined sharply due to

advances in technology.

55
 Review of Literature

46. Dr. Mandip Kaur & Tina Vohr(2016) 48: In their article they define

about, “A Comparative Study of women stock and non stock investors”,

As a society's social structure changes, people must manage their wealth

and resources to make sure that the many objectives they have for

themselves and their families are satisfied throughout their lives. This

necessitates selecting investment solutions based on the needs and

interests of the individual. Because of the significant changes in women's

financial behaviour and the increased number of women entering the

workforce, it is crucial to understand women's investment preferences.

Raising awareness of the stock market will help women feel more

confident and satisfied, which will increase their participation in the stock

market. Because they are risk averse, women investors must have faith in

the stock market to survive. In their objective they also define find out if

female stock investors have different investment preferences than female

non-investors and identify the investment preference of women investors.

47. Vinay Kandpal(2018)49: In his study they try to explain about the, “Role

of behavioural finance in investment Decision-A Study of investment

behaviour in India”. The study of psychological influences on an

individual's investment behaviour is known as behavioural finance. This

new direction in financial study suggests that psychological and

emotional elements play a role in investment decisions. This new strategy

is predicated on the idea that psychological elements like confidence,

doubt, trust, and fear affect investors. Also state in objective that to

analyze the saving and investment decision and identify the preferred

56
 Review of Literature

investment option also delete the factor which have impact on investment

decision.

48. Dr. Veena M (2019)50 : In her study she try to define about, “Investment

profile of working women” Over the past few millennia, there have been

numerous significant changes to the position of women in India. Women

are now surpassing men in a number of fields and holding prominent

positions, such as the presidency, Prime Minister, Chief Ministers and

Governors of the states. There have been few studies on how gender

affects investment behavior and women's investment behavior. These

studies have shown that women are less risk-tolerant than men, which

causes them to invest more conservatively and in smaller amounts than

men. They also show that women invest less frequently than men.

Working women tend to be conservative. Also state in objective that to

analyze the investment profile of working women and identify the

factors influencing investment profile of working women.

49. Sudershan kuntluru and D. Mohd Akbar Alikhan(2009) 51 : In their

article, “Financing pattern of foreign and domestic owned pharmaceutical

companies in India”, foreign Direct investment has often seen as major

source of long term capital which provides bundle of other benefits to the

host county company. In this paper, we made an attempt to examine the

financing pattern of foreign and domestic owned pharmaceutical

companies in India. It has been hypothesized that there is no significant

difference between the financing pattern of domestic and foreign owned

companies. The financing pattern has been analyzed based on traditional

57
 Review of Literature

methodology such as common size statement, trend analysis and ratio

analysis. The results and analysis indicate mat domestic companies are

highly levered than foreign owned companies in pharmaceutical industry.

50. Santi Swarup. K, (2010)52: In his survey entitled, “Measures for

Improving Common Investor Confidence in Indian Primary Market: A

Survey”, analysed the decisions taken by the investors while investing in

primary markets in the first part: secondly the factors affecting primary

market situation in India was analysed and finally the survey evaluates

various revival measures available for improving investor confidence.

The survey was conducted in 10 cities in India by mailing questionnaire.

The survey results of 367 investors revealed that the investors give

importance to own analysis and market price as compared to broker’s

advice.

51. Dr. Mohammad Shafi (2014)53: In his Research paper “Determinants

Influencing Individual Investor Behavior In Stock Market: A Cross

Country Research Survey”, In this research paper he reviews the research

paper and conclude different element impact on the individual investor's

behavior in the stock market. He separated the factors into demographic,

economic, social, and psychological. He found the most common factors

which impact the investors are herding, over-reaction, cognitive bias,

irrational thinking, confidence, gender, age, income, education, risk

factor, dividends, the influence of peoples opinion (friends or family),

past performance of the company, accounting information, ownership

structure, bonus payments, expected corporate earnings, get rich quick.

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 Review of Literature

Many factors that found uncommon in various studies conducted across

different countries. These factors are Stock marketability, expected losses

in international financial markets, perceived ethics of the firm,

diversification purpose, tax consequences of an investment, inflation,

trading opportunity, publicity, the composition of the board of directors

of companies, brand perception, social responsibility, economic

expectation, and control orientation.

2.4 Concluding Remarks:

The review of literature broadly disclosures the different areas relating

to women investors perspective towards Indian Capital Market with special

reference to Maharashtra State. The studies cited expose the meaning and

importance of the women investors’ perspective in the economic development

of the country. Although many researchers focused on the study of women

investors’ attitude but nobody touches the role of Small Industries

Development Bank of India in the development of the women investors

perspective towards Indian Capital Market with special reference to

Maharashtra State. There are many questions remained unsolved such as Lack

of finance, investment, awareness, decision making, Government Policy, rules

and regulation, and Taxation etc. Hence, the present study is an attempt to find

out the solution to the above problems.

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 Review of Literature

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66