Title: Determining the factors which affect the stock investment decisions of potential female investors in Indonesia

Authors: Linda Ariany Mahastanti; Edy Hariady

Addresses: Management Department, Satya Wacana Christian University, Salatiga, Indonesia ' Management Department, Satya Wacana Christian University, Salatiga, Indonesia

Abstract: In recent years, the increasing number of career women has become a new phenomenon in Indonesia. Women do not only become housewives, but they can also work to earn additional income for the family. It encouraged Jakarta Stock Exchange (JSX) to have a special programme to create a promotion for potential female investors, since there have not been many females who have become investors in the stock market. The purpose of this paper is to look for the factors which influence the investments' intentions, especially for women in Indonesia, by applying the theory of planned behaviour (TPB). This research used the TPB in order to describe more deeply about the relationships between beliefs and behaviour. The theory states that attitudes towards behaviour, subjective norms and perceived behavioural control, shape an individual's behavioural intentions altogether. The study used self-administered questionnaires which were distributed to the samples of female lecturers in a university. The data was analysed with multiple regression technique. This result indicated that the intention to buy financial products was influenced by perceived behavioural control and risk preference, but it was not affected by subjective norms and attitudes.

Keywords: theory of planned behaviour; TPB; financial literacy; risk preference; Indonesia; stock investments; investment decisions; potential investors; female investors; career women; stock markets; behavioural intentions; subjective norms.

DOI: 10.1504/IJPMB.2014.060407

International Journal of Process Management and Benchmarking, 2014 Vol.4 No.2, pp.186 - 197

Published online: 13 Apr 2014 *

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