Investment Decisions of Women in Punjab towards Different Investment Avenues – A Factor Analysis Approach


  • Ms. Subina Syal Research Scholar Applied School of Management Studies Punjabi University, Patiala, India
  • Dr. Nidhi Walia Assistant Professor Applied School of Management Studies Punjabi University, Patiala, India


Women Investors, Investment Decisions, Factors Influencing


Investment is made with the expectation of some progressive return in the future. An individual has a wide range of prospects for the utilization and investment of their available funds. It becomes crucial to take the correct decisions where to invest the money in order to obtain maximum returns. The present paper aims at studying various factors that influence the women investors of Punjab while taking their investment decisions. For the purpose of the study, primary data was collected through stratified random sampling technique from 500 women investors of Punjab spread over 10 major cities i.e. Amritsar, Jalandhar, Ludhiana, Patiala, Bathinda, Moga, Fazilka, Mohali, Gurdaspur and Hoshiarpur. Personal interview method was used to collect the primary data. Statistical analysis of data was done by applying Descriptive Statistics and Factor Analysis Technique. The study found that four major factors influenced the investment decision making of the women investors of Punjab.


Adeline, G. W. (2008). Investment Pattern of Professionals – An Empirical Study in Aruppukottai. M.Phil Dissertation submitted to Madurai Kamaraj University, Madurai.

Deuskar, Prachi, Pan, Deng, W., Scott, & Wu., F. (2012). The Effect of Regret. Retrieved from Working Paper (2012):

Glaser, M., & Weber, M. (2007). Why Inexperienced Investors Do Not Learn: They Do Not Know Their Past Portfolio Performance. Retrieved from Finance Research Letters:

Kumari, S. (2015). An Impact of Financial Decision Making of Independent Women: Need for Financial Inclusive Growth of Society. Asian Journal of Research in Business Economics and Management, 15(11), 46-60. Retrieved November 2015

Lewellen Wilbur, G., Ronald, C., Lease, & Gary, G. S. (1977). Pattern of Investment Strategy and Behaviours among Individual Investors. Journal of Business, X, 296-333.

Mishra, B. (2007). Investment Decision Making Process by Employed Women. Mahamaya Publishing House, New Delhi.

Parwar, F. (2014). A Study of Factors Influencing Investors' Decision to Invest in Industries of Deprived Regions. Asian Journal of Research in Banking and Finance, 4(6), 215-219. Retrieved June 2014

Prasad, D., Shollapur, M. R., & Patted, S. V. (2014). Indian Women Investors: Emotional Decision Makers? Journal of Small Business and Entrepreneurship Development, 2(1), 31-48. Retrieved March 2014

Raj, M. S., Chauhan, D. S., & Patel, M. (1998). Financial Behaviour of an Investor. Artha-Vikas, 34(2), 36-54. Retrieved July-December 1998

Tavakoli, R. M., Tanha, H. F., & Halid, N. (2011). A Study on Small Investor’s Behavior in Choosing Stock Case Study: Kuala-Lumpur Stock Market. African Journal of Business Management, 5(27), 11082-11092.

Wakshull, M. N. (2001). The Causes of Risk Taking By Project Managers. Proceedings of the Project Management Institute Annual Seminars & Symposium. USA: Nashville, Tenn. Retrieved from

Westerfield, R. (1969). A Behavioural Approach to the Investment-Management Decision and to the Securities Markets. Dissertation at the University of California.




How to Cite

Ms. Subina Syal, & Dr. Nidhi Walia. (2017). Investment Decisions of Women in Punjab towards Different Investment Avenues – A Factor Analysis Approach. Indian Journal of Commerce and Management Studies, 8(2), 115–120. Retrieved from