Rashid, Mamunur and Nishat, Md. Ainun
(2009)
Satisfaction Of Retail Investors On The
Structural Efficiency Of The Market: Evidence
From A Developing Country Context.
Asian Academy of Management Journal (AAMJ), 14 (2).
pp. 1-24.
ISSN 1394-2603
Abstract
Satisfied investors are a necessary element of the stock market. They help to finance
rapid expansion in developing countries. This study explores the components of market
structure that contribute to the satisfaction level of retail investors. Around 300 retail
investors from 25 randomly selected brokerage houses registered with the Dhaka Stock
Exchange, Bangladesh were surveyed using a structured questionnaire. Analyses reveal
that most investors were young and inexperienced but educated, with shortages of skills
and income. The investors put the strongest emphasis on effective investment analysis,
followed by ease of the transaction process, effective information management and timely
risk management. The trading experience of these investors was used as a moderating
variable to investigate the impact of demographic variables and found to be insignificant.
The study suggests the importance of effective regulation, disclosure requirements to
ensure a supply of quality information, investor education and technology driven trading
in brokerage houses for overall investor satisfaction
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