Title: Influence of religion and culture on investment behaviour of Muslim investors in Pakistan

Authors: Syed Khuram Shahzad; Hayat Muhammad Awan; Anum Saqib Qureshi

Addresses: UQ Business School, The University of Queensland, 4105, Australia ' Air University, Multan Campus, Pakistan ' Institute of Management Sciences, Bahauddin Zakariya University, Multan, Pakistan

Abstract: This paper explores the impact of religious beliefs and other aspects of culture on decision-making of investors by using analytical hierarchy process (AHP). The study reveals that there is no significant relationship between the religion, values and material part of culture with the investor's decision-making. This study has practical significance for brokers, managers of banks, mutual fund, bond dealers and government saving schemes holders who are developing different plans for the investors and making policies to attract them for their investments. This study gives them the implication that by focusing on the needs and goals of investor and their behavioural decision-making is more important that have an effect on the decision-making while the religion and other aspects of culture like values and material artefact that are insignificant with the overall decision-making.

Keywords: religion; values; material symbols; culture; ethical investments; decision making; Muslim investors; Pakistan; analytical hierarchy process; AHP; ethnicity; ethics; entrepreneurs; entrepreneurship; religious beliefs; investment planning; needs; goals; behaviour; artefacts; materialism; investment decisions.

DOI: 10.1504/IJSEI.2014.064823

International Journal of Social Entrepreneurship and Innovation, 2014 Vol.3 No.2, pp.85 - 105

Received: 04 Apr 2014
Accepted: 07 Apr 2014

Published online: 15 Sep 2014 *

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