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- A comparative study on investment attitude between government and private employees towards mutual funds in Pudukkottai district
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- INTERNATIONAL JOURNAL OF MANAGEMENT (IJM)
ISSN 0976-6502 (Print)
ISSN 0976-6510 (Online)
IJM
Volume 7, Issue 2, February (2016), pp. 307-313
http://www.iaeme.com/ijm/index.asp ©IAEME
Journal Impact Factor (2016): 8.1920 (Calculated by GISI)
www.jifactor.com
A COMPARATIVE STUDY ON INVESTMENT ATTITUDE BETWEEN
GOVERNMENT AND PRIVATE EMPLOYEES TOWARDS MUTUAL
FUNDS IN PUDUKKOTTAI DISTRICT
Dr. M. Kalaiselvi
Associate Professor of Commerce
H.H. The Rajah’s College (Autonomous), Pudukkottai.622001
Tmt. K. Hemalatha
Research scholar in commerce,
Guest lecturer in Business Administration
H.H.The Rajah’s College (Autonomous), Pudukkottai. 622001
ASTRACT
Mutual funds have become an important intermediary between households and financial
markets, particularly the equity market. By providing liquid, low cost shares in a diversified
portfolio of financial assets selected by professional money managers, mutual funds have
enabled an increasing number of households to enter financial markets and the diversified
investment structure of mutual funds and diversified risk contributed tremendously in the
growth of mutual funds. Mutual fund companies have a number of schemes. The investors’
perception, decision making, investment strategy etc., are closely related to the behavior of
investors. Since, the need of study has been aroused in order to see the preference, awareness
and the investors’ perception regarding the mutual funds in Pudukkottai district.
Cite this Article: Dr. M. Kalaiselvi and Tmt. K. Hemalatha. A Comparative Study on
Investment Attitude between Government and Private Employees towards Mutual Funds in
Pudukkottai District. International Journal of Management, 7(2), 2016, pp. 307-313.
http://www.iaeme.com/ijm/index.asp
1. INTRODUCTION
Financial markets are the backbone of every economy. The booming Indian financial market has a lot
to do with the booming Indian economy. One of the important functions of the financial market is to
turn the savings of the people into investments in corporate. An investment is a commitment of funds
made in the expectation of some positive rate of returns. If the investment is positively undertaken, the
returns will commensurate with the risk the investor assumes. In India the emergence of an array of
savings and investment options and the dramatic increase in the secondary market for financial assets
in the recent years has opened so many new avenues. The Indian mutual fund industry has marched in
step with the country’s booming capital market. In India, the Mutual Fund industry started with the
setting up of Unit Trust of India in 1963. Public sector banks and financial institutions began to
establish Mutual Funds in 1987 while the private sector and foreign institutions were allowed to set up
Mutual Funds only in 1993. A mutual fund is a set up in the form of trust, which has Sponsor, Trustee,
307
Dr. M. Kalaiselvi and Tmt. K. Hemalatha, “A Comparative Study on Investment Attitude Between
Government and Private Employees Towards Mutual Funds in Pudukkottai District” – (ICAM 2016)
- International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 -
6510(Online), Volume 7, Issue 2, February (2016), pp. 307-313 © IAEME Publication
Assets Management Company (AMC) and Custodian. Sponsor is the person who acts alone or in
combination with another body corporate and establishes a mutual fund. Sponsor must contribute at
least 40% of the net worth of the investment managed and meet the eligibility criteria prescribed under
the Securities and Exchange Board of India (Mutual Funds) regulations, 1996. Trustee is usually a
company (corporate body) or a board of trustees (body of individuals). The AMC is appointed by the
Trustees as the investment Manager of the Mutual Fund. The AMC is required to be approved by SEBI
to act as an asset management company of the Mutual Fund. The AMC if so authorized by the Trust
Deed appoints the Registrar and Transfer Agent to agent the mutual fund. The registrar processes the
application form, redemption requests and dispatches account statements to the unit holders. The
Registrar and Transfer agent also handles communications with investors’ and updates investor
records.
2. NEED FOR THE STUDY
Stock market plays a very vital role in developing economy in India. It is also attracting the many
people in recent years. Investors usually perceive that all capital market investment avenues are risky.
Based on objectives and risk bearing capacities, investors go for different investment alternatives.
Among the various investment possibilities, mutual fund (MF) seems to be viable for all kind of
investors as it is considered to be a safer mode of investment. As the mutual fund industry provides an
option of diversified investment structure with varying degree of risk, it was supposed to be the most
lucrative market for Indian investors. Since, the need of study has been aroused in order to see the
preference, awareness and the investors’ perception regarding the mutual funds in Pudukkottai District.
3. OBJECTIVES OF THE STUDY
To study the investors attitude towards mutual fund investment
To analyse the savings pattern of the mutual fund investors in Pudukkottai district.
SAMPLING DESIGN
The district Pudukkottai has been divided into thirteen blocks namely.,Pudukkottai, Gandarvakottai,
Thiruvarankulam ,Karambakudi ,Kunnandarkovil ,Annavasal Viralimalai ,Thirumayam
,Ponnamaravathi ,Arimalam ,Aranthangi, Avudaiyarkoil, Manamelkudi .The total population of the
district is 16,18,345 persons (District statistical handbook- as per2011 survey) The total sample
size is 120 which is divided equally for government employees (state government, central government
and public sector undertakings) and private employees (private sector, business, professionals). The
samples from each block are selected on simple random basis from the list of investors collected from
the mutual fund agents and mutual fund distributors. List of samples (block wise) are given below;
OCCUPATION
BLOCKS Govt.emp. Pvt.emp. TOTAL
No. of respondents No. of respondents
PUDUKKOTTAI 15 10 25
GANDARVAKOTTAI 3 4 7
THIRUVARANKUALM 4 8 12
KARAMBAKUDI 2 6 8
KUNNANDARKOIL 1 1 2
ANNAVASAL 5 5 10
VIRALIMALAI 3 3 6
THIRUMAYAM 5 3 8
PONNAMARAVATHI 5 4 9
ARIMALAM 5 4 9
ARANTHANGI 4 7 11
AVUDAIYARKOIL 2 2 4
MANAMELKUDI 6 3 9
Total 60 60 120
308
Dr. M. Kalaiselvi and Tmt. K. Hemalatha, “A Comparative Study on Investment Attitude Between
Government and Private Employees Towards Mutual Funds in Pudukkottai District” – (ICAM 2016)
- International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 -
6510(Online), Volume 7, Issue 2, February (2016), pp. 307-313 © IAEME Publication
Primary data has been collected through the Questionnaire. Collected data has been analyzed with
the help of Analysis of variance.
HYPOTHESIS
There is no significant relationship between Gender, Age, Qualification, Occupation, Annual
income and Amount of savings per year.
There is no significant relationship between Gender, Age, Qualification, Occupation, Annual
income and Preference towards mutual fund category.
There is no significant relationship between Gender, Age, Qualification, Occupation, Annual
income and Reason for investment in mutual fund.
DEMOGRAPHIC PROFILE AND INVESTORS ATTITUDE TOWARDS MUTUAL FUND
INVESTMENT
OCCUPATION
Govt.emp. Pvt.emp.
TOTAL
VARIABLES No. of No. of
respondents respondents
MALE 39 46 85
GENDER
FEMALE 21 14 35
RS.5 LAKHS 4 12 16
< RS.25000 25 5 30
AMT.OF SAVINGS PER RS.25000 - 50000 19 22 41
YEAR Rs.50000 - 100000 10 17 27
> Rs.100000 6 16 22
PREFERENCE EQUITY 25 24 49
TOWARDS MUTUAL DEBT 9 11 20
FUND CATEGORY BALANCED 26 25 51
TAX BENEFIT
13 22 35
REASON FOR HIGH RETURN 21 12 33
INVESTMENT IN LIQUIDITY 9 12 21
MUTUAL FUND SWITHCHING
17 14 31
FACILITY
INVESTORS < Rs.50000 5 3 8
MONETARY VALUE IN Rs.50000-100000 21 22 43
MUTUAL FUND > Rs.100000 27 42 69
Source: Primary data
309
Dr. M. Kalaiselvi and Tmt. K. Hemalatha, “A Comparative Study on Investment Attitude Between
Government and Private Employees Towards Mutual Funds in Pudukkottai District” – (ICAM 2016)
- International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 -
6510(Online), Volume 7, Issue 2, February (2016), pp. 307-313 © IAEME Publication
ANALYSIS OF VARIANCE
TITLE: Relationship between Gender, Age, Qualification, Occupation, Annual income and
Amount of savings per year
Sum of Mean
df F Sig.
Squares Square RESULT
Between
.993 3 .331 1.613 .190
Groups
GENDER WISE Within NOT
CLASSIFICATION 23.799 116 .205
Groups SIGNIFICANT
Total 24.792 119
Between
5.726 3 1.909 2.348 .076
Groups
AGE WISE CLASSIFICATION Within 94.274 116 .813
NOT
Groups SIGNIFICANT
Total 100.000 119
Between
.812 3 .271 .458 .712
Groups
QUALIFICATION Within NOT
68.488 116 .590
Groups SIGNIFICANT
Total 69.300 119
Between
4.978 3 1.659 7.693 .000
Groups
OCCUPATION Within
25.022 116 .216 SIGNIFICANT
Groups
Total 30.000 119
Between
24.680 3 8.227 36.827 .000
Groups
ANNUAL INCOME Within
25.912 116 .223 SIGNIFICANT
Groups
Total 50.592 119
SOURCE: Primary data
TITLE: Relationship between Gender, Age, Qualification, Occupation, Annual income and
Preference towards mutual fund category
Sum of Mean
df F Sig. RESULT
Squares Square
Between
.551 2 .276 1.331 .268
Groups
GENDER WISE Within NOT
CLASSIFICATION 24.240 117 .207
Groups SIGNIFICANT
Total 24.792 119
Between
1.330 2 .665 .788 .457
Groups
Within NOT
AGE WISE CLASSIFICATION Groups 98.670 117 .843
SIGNIFICANT
Total 100.000 119
310
Dr. M. Kalaiselvi and Tmt. K. Hemalatha, “A Comparative Study on Investment Attitude Between
Government and Private Employees Towards Mutual Funds in Pudukkottai District” – (ICAM 2016)
- International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 -
6510(Online), Volume 7, Issue 2, February (2016), pp. 307-313 © IAEME Publication
ANALYSIS OF VARIANCE
TITLE: Relationship between Gender, Age, Qualification, Occupation, Annual income and
Amount of savings per year
Sum of Mean
df F Sig.
Squares Square RESULT
Between
.993 3 .331 1.613 .190
Groups
GENDER WISE Within NOT
CLASSIFICATION 23.799 116 .205
Groups SIGNIFICANT
Total 24.792 119
Between
5.726 3 1.909 2.348 .076
Groups
AGE WISE CLASSIFICATION Within 94.274 116 .813
NOT
Groups SIGNIFICANT
Total 100.000 119
Between
.812 3 .271 .458 .712
Groups
QUALIFICATION Within NOT
68.488 116 .590
Groups SIGNIFICANT
Total 69.300 119
Between
4.978 3 1.659 7.693 .000
Groups
OCCUPATION Within
25.022 116 .216 SIGNIFICANT
Groups
Total 30.000 119
Between
24.680 3 8.227 36.827 .000
Groups
ANNUAL INCOME
Within
25.912 116 .223 SIGNIFICANT
Groups
Between
4.664 2 2.332 4.221 .017
Groups
QUALIFICATION Within
64.636 117 .552 SIGNIFICANT
Groups
Total 69.300 119
Between
.060 2 .030 .117 .889
Groups
OCCUPATION Within NOT
29.940 117 .256
Groups SIGNIFICANT
Total 30.000 119
Between
7.647 2 3.823 10.416 .000
Groups
ANNUAL INCOME Within
42.945 117 .367 SIGNIFICANT
Groups
Total 50.592 119
SOURCE: Primary data
311
Dr. M. Kalaiselvi and Tmt. K. Hemalatha, “A Comparative Study on Investment Attitude Between
Government and Private Employees Towards Mutual Funds in Pudukkottai District” – (ICAM 2016)
- International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 -
6510(Online), Volume 7, Issue 2, February (2016), pp. 307-313 © IAEME Publication
TITLE: Significant relationship between Gender, Age, Qualification, Occupation, Annual income and Reason for investment in
mutual fund.
ANOVA- TABLE 3
Mean
Sum of Squares df F Sig. RESULT
Square
Between Groups .597 3 .199 .954 .417
NOT
GENDER WISE CLASSIFICATION Within Groups 24.195 116 .209
SIGNIFICANT
Total 24.792 119
Between Groups 3.111 3 1.037 1.242 .298
NOT
AGE WISE CLASSIFICATION Within Groups 96.889 116 .835
SIGNIFICANT
Total 100.000 119
Between Groups 4.880 3 1.627 2.929 .037
QUALIFICATION Within Groups 64.420 116 .555 SIGNIFICANT
Total 69.300 119
Between Groups 1.372 3 .457 1.853 .141
NOT
OCCUPATION Within Groups 28.628 116 .247
SIGNIFICANT
Total 30.000 119
Between Groups 12.056 3 4.019 12.097 .000
ANNUAL INCOME Within Groups 38.536 116 .332 SIGNIFICANT
Total 50.592 119
SOURCE: Primary data
4. FINDINGS AND SUGGESTIONS
The present data aims to analyse the relationship between gender, age, qualification, occupation, annual
income with savings, preference towards mutual fund category and reason for investment in mutual
fund.
Findings as per ANOVAs are;
Gender, age and qualification are not having significant relationship with savings. Annual
income and occupation are having significant relationship.
In case of preference towards mutual fund category, age, gender and occupation are not
significant.
Qualification and annual income are having significant relationship.
In case of reason for investment in mutual fund, qualification and annual income are
significant
Mutual funds are gaining popularity. Even though the total money invested is small, but the
number of investors are large and they would like to invest more in these in future.
5. CONCLUSION
This study is very important in order to judge the investors’ behaviour in a market like India, where the
competition increases day by day due to the entry of large number of players with different financial
strengths and strategies. The present study analyses the MF investments in relation to investor’s level
of awareness and satisfaction has been studied relating to various issues like factors that attract them to
invest in mutual funds, rate of return, liquidity, safety and security, tax consideration, capital gain,
growth prospects, role of financial advisors and brokers etc., The present investigation outlined that
mostly the investors have high level awareness and positive approach towards investing in MF.
312
Dr. M. Kalaiselvi and Tmt. K. Hemalatha, “A Comparative Study on Investment Attitude Between
Government and Private Employees Towards Mutual Funds in Pudukkottai District” – (ICAM 2016)
- International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 -
6510(Online), Volume 7, Issue 2, February (2016), pp. 307-313 © IAEME Publication
REFERENCES
[1] Badla, B S., and Garg, A. (2007), “Performance of Mutual Funds in India – An Empirical
Study of Growth Schemes”, GITAM Journal of Management, Vo1. 5, No.4, 29-43.
[2] Desigan et al. (2006), “Women Investor‟s Perception towards Investment: An empirical
Study”, Indian Journal of Marketing. Retrieved from: http://www. google.com. (accessed
on 22nd May 2010)
[3] King, J.S. (2002), “Mutual Funds: Investment of Choice for Individual Investors?”
Review of Business, Vol.23, No.3, 35-39.
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Dr. M. Kalaiselvi and Tmt. K. Hemalatha, “A Comparative Study on Investment Attitude Between
Government and Private Employees Towards Mutual Funds in Pudukkottai District” – (ICAM 2016)
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