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Manager - The British Journal of Administrative Management
ISSN - 1746 1278
Volume 58 Issue 150 May 2022

A STUDY ON FACTORS INFLUENCING INDIVIDUAL INVESTORS’ DECISIONS

IN SELECTED COMMERCIAL PRIVATE BANKS IN KANO CITY OF NIGERIA
Dr. Shanmugam Sundararajan
Associate Professor in Business Management Department,
Skyline University Nigeria, Kano City, Nigeria.
E-mail: [email protected]

Dr. S.Senthilkumar
Head of the Department (Management),
Skyline University Nigeria, Kano City, Nigeria.
E-mail: [email protected]
Abstract
Investment decisions have obtained prominence outstanding to the g-eneral rise in employment
opportunities and economic development of a nation. This research paper determines the study on various
factors influencing investment decisions of individual investors in the Kano city centre of commerce in
Nigeria. The structured questionnaire included more items that belong to some categories, namely, self-
image; accounting information; neutral information; advocate recommendation; personal financial needs
and general information. From the considerable literature evaluation, it was found that there are no single
factors which influence the investment decisions of an individual. Moreover factors influencing investment
decisions are determined by profit percentage, high returns, safety, influences of friends, risk diversification
and so an. the personal financial needs, accounting information, general information is heavily influenced by
the investors in the Kano state of Nigeria. Remaining the self-image, neutral information, and advocate
recommendation is not affected more. It was proposed that the investment path must consider all the
variables and its influences on the investor investment decisions.
Keywords: Investment decision, Factors influences, Investment types, knowledge, Investor Behaviour, Attitude

Introduction
Speculation choices are made by financial specialists and venture directors. Financial specialists regularly
perform speculation investigation by utilizing essential examination, specialized examination and judgment.
Venture choices are frequently bolstered by choice devices. It is accepted that data structure and the
components in the private commercial banks efficiently impact people's investment choices just as trend
results. Investors showcase conduct gets from mental standards of dynamic to clarify why individuals
purchase or sell stocks. These variables will centre upon how financial specialists decipher and follow up on
data to settle on venture choices. Social fund is characterized by Shefrin, (2000) as “a quickly developing
region that manages the impact of brain science on the conduct of monetary professionals''. Singular
speculations conduct is worried about decisions about acquisition of little measures of protections for their
own record (Nofsinger and Richard, 2002). Regardless of how much a financial specialist is very much
educated, has done research, concentrated profoundly about the stock before contributing, he additionally
carries on unreasonably with the dread of misfortune later on. This diverse conduct in the individual
financial specialists is brought about by different elements which bargain the speculator level headedness.

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An individual financial specialist is one who buys commonly modest quantities of protections for their own
record.
Behavioural finance assumes that features of bank investment applicants and information structure
analytically have an influence on individual’s investor investment decisions. Within behavioural finance it is
assumed that points of individuals investors and factors influencing investment decisions and return of
Investment (ROI) as well. The focal point of behavioural finance is on the ways that people do explain and
take action on information for creating investment decisions. There is a significant growth in the investment
zone both in terms of volume and number of investors in Nigeria over the past span due to the deregulation
of Nigerian financial sector. There is a change of various investment products with several options to attract
the investors to invest. The number of regional stock exchanges has improved. Equity shares as an
investment preference has come a long way from the mere higher dividend anticipations to the greater
capital increase. The quality of ever-changing regulations, the payment guarantee by the depositories,
Productive involvement of the Government, vibrant intermediaries and up to date technologically advanced
exchanges, all have implanted a sense of assurance among the investors. Individual investors are normal
people who are affected by factors of self-image, accounting information, neutral information, advocate
recommendation, personal financial needs and general information factors. It can be opposed that investors
make decisions intelligently but also depend on various factors.
Need for this study
This study helps to find out and identify the various factors influencing investment decisions among the
individual investors. It facilitates to find whether the Investor guidelines must be made known to every
investor/employee through their organization. Also, this study focuses on more awareness that is needed
for the investors to make investments in various avenues. They must go for consultation before investing.
Objectives of the Study
1.To study about the opinion towards various factors influencing investment decisions among the investors.
2. To find out the most influential factors of investment decisions.
3. To suggest best investment opportunities in selected private commercial banks in Kano city of Nigeria.
Scope of the study
The study focuses on finding the most prominent factor that influences individual investment decisions.
This study is useful to identify the various influencing factors and decision-making process among the
investors.
Limitations of the study
This study has been conducted only for academic purpose, due to cost and time a comprehensive study not
possible
The sample size was restricted only 100, if it was increased many more varied answers as and suggestions
would have been expected.
The investors hesitate for conveying the true details about investment pattern could be a limitation
The sample respondent feel difficult to fill the questionnaire and they do not like spent few minutes to give
valuable responses on investment pattern and decisions so we restrict the sample size.

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Reviews of literature
This part clarifies the discoveries by different scientists on venture choices. Social money has accomplished
noteworthy walks in clarifying the social parts of venture choices. Social money explores decisions under
vulnerability.
Theory of Mental Accounting expresses that people tend to put specific occasions into mental
compartments, and the distinction between these compartments now and again impacts our conduct more
than the occasions themselves. A contributing case of mental bookkeeping is best shown by the faltering to
sell a venture that once had colossal increases and now has a humble addition. During a financial blast and
positively trending market, individuals get familiar with sound, though paper, gains. At the point when the
market revision empties financial specialist’s total assets, they’re increasingly reluctant to sell at the littler
overall revenue. They make mental compartments for the additions they once had, making them sit tight
for the return of that profitable period (Thaler, 2001).
Theory of over confidence says that individuals for the most part rate themselves as being better than
expected in their capacities. They additionally overestimate the accuracy of their insight and their insight
comparative with others. Numerous financial specialists accept they can reliably time the market. In any
case, as a general rule there’s a staggering measure of proof that demonstrates something else. Pomposity
brings about overabundance exchanges, with exchanging costs imprinting benefits, (Tapia and Yermo,
2007).
Ambrose Jagongo (2014) Singular ventures conduct is worried about decisions about acquisition of modest
quantities of protections for his or on the other hand her own record. Venture choices are regularly upheld
by choice devices. It is expected that data structure and the elements in the market efficiently impact
people’s venture choices just as showcase results. The target of the investigation was to set up the
components impacting speculation choices at the Nairobi Stock Exchange. The investigation was directed
on the 42 financial specialists out of 50 speculators that established the test size. To gather information the
analyst utilized an organized survey that was by and by directed to the respondents. The poll comprised 28
things. The respondents were the individual financial specialists. In this study, information was broken
down utilizing frequencies, mean scores, standard deviations, rates, Friedman’s test and Factor examination
strategies. The scientist affirmed that there is by all accounts a specific level of connection between the
elements that conduct account hypothesis and past experimental proof recognized as the for the normal
value financial specialist. The specialist discovered that the most significant elements that impact singular
venture choices were: notoriety of the firm, association’s status in industry, anticipated corporate income,
benefit and condition of proclamation, past execution firms stock, cost per share, feeling on the economy
and expected isolation by financial specialists. The discoveries from this exploration would give a
comprehension of the different choices to be made by financial specialists dependent on the common
elements and the possible results for every choice and would recognize the most impacting factors on the
organization’s financial specialists conduct on how their future arrangements and procedures will be
influenced since venture choices by the financial specialists will decide the organization’s system to be
applied.
Jeet Singh and Preeti Yadav (2016) The current investigation attempts to discover the components that have
significant impact on the offer of speculation choices of an example of 100 financial specialists in Moradabad
city of Uttar Pradesh. Transformation in the fund business is achieved through the coming and development
of social funds. Financial specialists scarcely act soundly in taking choices while contributing. Financial

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specialists essentially respond to the accessible data controlled by them and respond as needs be Loads of
thought is required to be managed before putting resources into the value advertised. Proportion
investigation is required to be thought of as a Specialized and money related investigation of the
organization alongside the central examination of the economy is to be considered while putting resources
into the capital market. The present paper attempts to discover the impression of male and female financial
specialists with respect to different contemplations to be remembered while putting resources into the
value advertised. The paper attempts to pack the demean our of male and female financial specialists
towards an assortment of venture choices. The analysts have chosen 60 male financial specialists and 40
female financial specialists from Jaipur and Moradabad urban areas. The investigation utilizes autonomous t-
test, mean scores to test the theory. The paper presumes that financial specialists ought to quite far attempt
to make basic, specialized and money related investigation before putting resources into the offers. Financial
specialists whether male or female, ought to glance at all roads while putting their assets in various
resources. Financial specialists should glance at all roads while contributing their assets. A few ventures are
hazardous and some are not, so according to the time of financial specialists they ought to choose hazardous
or less dangerous ventures.
S.Hemalatha (2019) The motivation behind speculation is to increase a gainful returns by putting away cash.
An assortment of venture roads are accessible to people fixed store, protection approaches, government
protections, corporate securities, Shares and common reserve, genuine bequests, items, chit reserves, post
office plans, interest in gold and silver. A different component impacts the venture choice of the person.
Segment profile too assumes an essential job in venture choice of the person. Along these lines, this
investigation intends to discover attitude differences in the impression of singular speculators on factors
impacting venture choice on the premise demographic profile of the people. The overview was gathered
from 374 people in Chennai, Tamil Nadu. Illustrative measurements (t-test and f-test) are utilized to
discover the estimation of mean, standard deviation, standard blunder, mean of factors impacting singular
venture choice. The outcomes discovered that variables of determination of venture shifts as indicated by
sex, age, occupation, utilization of web, level of PC information, use of web-based exchanging

Research Methodology
This study belongs to descriptive in nature and explain the influencing factors and investment decision in the
investors’ perspective.This research study has conducted through empirical research in the field of
investment opportunities in selected private commercial banks.
Study area: In and around Kano city (Centre of Commerce)
Sample Size
The sample frame in this study was selected randomly. A total number of 100 respondents were contacted
and was given the opportunity to participate in the survey. In this study the survey design consists of a
questionnaire distributed to the respondents. A statistical method is used to regulate the sample to confirm
that the size of the sample is representable for the whole population.
Questionnaire Design
The five-point Likert scale was selected because of the response way for the questionnaire. For each of the
dimensions, the respondents are examined to inform whether or not and the way strongly they agree or
ignore the statement that’s created. The responses were given scores e.g. from 1 to 5 in this analysis. Then

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the scores are summed up for each of the respondents so as to present an attitudinal score for every
question.
Data Collection:
Primary data: It was collected by survey method by distributing the questionnaire to investors.
Secondary data collected through journals magazines, newspapers and CBN bulletins.
Tools for data analysis:
The data collected from the sources are analysed and interpreted in a systematic manner with the support of
statistical tool SPSS.
Data Analysis and Interpretation:
Table 1: Details of Respondents
S. No Variables Responses No of Respondents Total
1 No of Respondents Male 95
Female 05 100
2 Age Less Than 30 4
30-40 48
40-50 40
Above 50 8 100
3 Education Qualification Schooling 15
Degree 60

Master degree 25
100
4 Occupation Business 18
Profession 34
Service 19
Retired 8 100
Others 21
5 Annual Income Less than 2 million N 20

2 million to 5 million 34
N
5 million to 10 37
million N 100
Above 10 million N 9

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Table 2: Mean of Perception of Respondents

S. No Variables N Mean SD
1 Past Dividends 100 4.09 .830
2 Financial Ratio 100 3.81 .907
3 Recent Financial Performance 100 4.09 .889
4 Bonus 100 3.79 .782
5 Daily Reports 100 3.97 .915
6 Management & Directors of the company 100 3.92 .918
7 Ownership Structure of the Company 100 4.13 .787
8 Advice of the friends 100 4.33 .817
9 Family Culture in share investments 100 3.9 .813
10 Motivation by the people who are successful 100 4.06 0851
in share investment

ANOVA analysis
Education VS Investment factors
H0: There is no significant difference between education and investment factors.
H1: There is a significant difference between education and investment factors.
This section tries to measure the difference between education and investment factors by using ANOVA.
Table 3: F-test
S.NO FACTORS F Sig.
1 Self-image .782 .714
2 Accounting information 5.578 .005
3 Neutral information 1.151 .330
4 Advocate recommendation .370 .957
5 Personal financial needs 8.739 .000
6 General information .649 .834

Inference
From the above table shows the value of factor F and factor significant. It is clear from the table that self-
image, neutral information, advocate recommendation, general information significant value is >0.05%.
Hence accept null hypothesis i.e. there is no significance difference between education and factors. The
accounting information & personal financial needs significant value is <0.05%. Hence accept alternative
hypothesis i.e. there is a significant difference between education and factors.

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Age VS Investment factors

H0: There is no significant difference between age and investment factors.
H1: There is a significant difference between age and investment factors.
This section tries to measure the difference between age and investment factors by using ANOVA.
Table 4: F- test
S.NO FACTORS F Sig.
1 Self-image 8.739 .000
2 Accounting information .7314 .0.001
3 Neutral information 2.204 .016
4 Advocate recommendation 1.375 .205
5 Personal financial needs 3.911 .023
6 General information 15.382 .000

Inference
From the above table shows the value of factor F and factor significant. It is clear from the table that self-
image, accounting information, neutral information, personal financial needs & general information
significant value is <0.05%. Hence accept alternative hypothesis i.e. there is significance difference
between age and these factors. Advocate recommendation significant value is >0.05% hence accept null
hypothesis i.e. there is no significance difference between age and advocate recommendation factors.
Correlation Analysis
H0: There is no positive relationship among self-image factors, accounting information factors, neutral
information factors, advocate recommendation factors, personal financial needs factors and general
information factors.
H1: There is a positive relationship among self-image factors, accounting information factors, neutral
information factors, advocate recommendation factors, personal financial needs factors and general
information factors.

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Analysis of factors using Correlation

Table 5: Correlation analysis
IV1 IV2 IV3 IV4 IV5 DV
Pearson Correlation1 -.137 .226* .214* .165 .129
IV1 Sig. (2-tailed) .175 .024 .032 .100 .202
N 100 100 100 100 100 100
Pearson Correlation -.137 1 .057 .202* .084 .301**
IV2 Sig. (2-tailed) .175 .572 .044 .406 .002
N 100 100 100 100 100 100
Pearson Correlation .226* .057 1 .439** .279** .344**
IV3 Sig. (2-tailed) .024 .572 .000 .005 .000
N 100 100 100 100 100 100
Pearson Correlation .214* .202* .439** 1 .270** .226*
IV4 Sig. (2-tailed) .032 .044 .000 .007 .024
N 100 100 100 100 100 100
Pearson Correlation .165 .084 .279** .270** 1 .394**
IV5 Sig. (2-tailed) .100 .406 .005 .007 .000
N 100 100 100 100 100 100
Pearson Correlation .129 .301** .344** .226* .394** 1
DV Sig. (2-tailed) .202 .002 .000 .024 .000
N 100 100 100 100 100 100

Inference:
Table shows the value of r and its significant level. It is clear from table that significant value is <0.05% for
self-image factors, accounting information factors, neutral information factors, advocate recommendation
factors, personal financial needs factors and general information factors.
There is positive relationship between accounting factors and general information factors, neutral
information factors and advocate recommendation factors, neutral information factors and personal
financial needs factors, general information factors and neutral information factors, personal financial needs
factors and general information factors,
It is also clear from table that the significant value is >0.05% for self-image factors, accounting information
factors, neutral information factors, advocate recommendation factors, personal financial needs factors and
general information factors.
There is a negative relationship between self-image factors and accounting information factors, self-image
factors and neutral information factors, self-image factors and advocate recommendation factors, self-image
factors and personal financial needs factors, self-image factors and general information factors, advocate
recommendation factors and accounting information factors, advocate recommendation factors and

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personal financial needs factors, advocate recommendation factors and general information factors, personal
financial needs factors and self-image factors, personal financial needs factors and accounting information
factors.

Results and discussion

From frequency analysis
Majority of the respondents (investors) are male (95%) few of them female (5%).
Majority of the respondents (investors) are below 30 years (4%) followed by 30 to 40 years (48), 40 to 50
(40%) above 50 years (8%).
Majority of the respondents (investors) are UG (60%) followed by PG (25%), school (15%),
Majority of the respondents (investors) are 5 million N to 10million N (37%), followed by 2million N to
5million N (34%), >2million N (20%), above 10million N (9%).
Majority of the respondents are shares (26%), followed by bank deposits (20%), real estate (18%), mutual
funds (17%), insurance plans (12%), and bonds (7%).
Majority of the respondents investment horizons are 1-2years (42%), followed by 6-12months (27%), 2-
3years (19%), more than 3years (11%).
Majority of the respondents are tax saving (39%), wealth creation (34%), earn returns (19%) and future
expenses (8%).
Majority of the respondents are low risk (42%) followed by safety of principal (24%), high returns (22%),
maturity period (12%).

From Mean analysis

Financial firm investment product variables has the highest mean value 2.9500 followed by commercial
bank investment, firm involvement, rich, firm status, feelings on the economy, perceived ethics, reputation
of the firm.
The dividends paid variable has the highest value of mean 2.9300 followed by corporate earnings, past
performance, price of a share, expected dividends, corporate position.
The statement of government variables has the highest value of the mean 2.7800 followed by information,
fluctuation, coverage, economic indicators, and price fluctuation.
The statement of people opinion has the highest value of mean 2.6500 followed by broker
recommendation, friends, and family member opinion.
The need of diversification has the highest value of the mean 2.7500 followed by attractiveness, false,
minimizing risk.
The statement of location has the highest value of mean 2.5500 followed by diversify the risks, unsecured
investment, tax benefits, favorable political situation, and nature of the industry.
From ANOVA test
There is no significance difference between education and self-image factors, education and neutral

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information factors, education and advocate recommendation factors, significance difference between age
and neutral information factors, age and advocate recommendation factors
There is significance difference between education and accounting information factors. education and
personal financial factors, education and general information factors, age and self-image factors, age and
accounting information factors, age and personal financial factors, age and general information factors.
There is no significance difference between.
From Correlation analysis
There is positive relationship between accounting factors and general information factors, neutral
information factors and advocate recommendation factors, neutral information factors and personal
financial needs factors, general information factors and neutral information factors, advocate
recommendation factors and neutral information factors, personal financial needs factors and general
information factors, general information factors and personal financial needs.
There is negative relationship between self-image factors and accounting information factors, self-image
factors and neutral information factors, self-image factors and advocate recommendation factors, self-image
factors and personal financial needs factors, self-image factors and general information factors, accounting
information factors and self-image factors, accounting information factors and neutral information factors,
personal financial needs factors and self-image factors, personal financial needs factors and accounting
information factors, personal financial needs factors and advocate recommendation factors, general
information factors and self-image factors, general information factors and advocate recommendation
factors.

Suggestions
 The federal government of Nigeria has to arrange for investment awareness program to investors so,
they can invest more.
 On account of this investors awareness program every investor increase knowledge so they are will be
able to choose right investment decisions.
 A right investment decision leads to rise the economic growth.
 Economic growth of the nation invites more investors towards investments.
 People should be educated on the topic of the investment practices.
 Investors must be given direction about dividend investment in the shares.
 All the variables are somewhat moving the decision making behaviour of investor and accounting
information set of variables is most influencing while advocate recommendation is the least influencing
category of investors.
 Behavioural finance offers many suitable perceptions for investment professionals and thus, provides a
framework for estimating active investment strategies for the investors.
 Since conduct account is another and promising part of money, monetary counsels should filter the
conduct of financial specialists and their inclinations especially the urban speculators when exchanging
common assets, stocks and putting resources into other money related choices.
 Speculators ought to quite far attempt to make principal, specialized and money related investigation
before putting resources into the offers.
 The two kinds of financial specialists, male and female attempt to put resources into various resource
classes.

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 There are a few ventures which are hazardous and few are not, so relying on the age, the financial
specialists they ought to choose about the level of hazard to be taken.
 More seasoned financial specialists ought to keep away from dangerous speculations while younger
generation speculators can face challenge.

Conclusion
Behavioural finance is gaining strong reflection in financial research now-a-days. It designates that an
individual's investment decision is not created on a certain factor further which is caused by more than one
factor. Every individual is different from others essential to a number of factors which contain demographic
factors such as age and gender, education level, social and economic background - self image of the firm,
firm related information, advocate recommendation, personal financial needs and general information are
measured before investors invest their money. The most testing experiment challenged by them is the
investment decision; they act in a logical manner and generally follow their requests and emotional
subjectivity while making investment decisions. From the several literatures it is initiated that there is no
single variable or factor which causes the investment decisions of an individual investors, it differs from
person to person, place to place, securities to securities etc. This research completes that the individual
investor’s investment decision rests on how the obtainable information is being drawn-out to them and how
much they are subject to taking risk while making decisions; thus each flexible of the factors playing an
important role in influencing the investment style of an investor.

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