Keywords
Investors’
Mutual Fund
Professional
How to Cite
Abstract
There are a plethora of avenues available for investment. Nowadays, investing money is not a big deal, but selecting the best alternative based on individual objectives, regardless of age, financial position, risk tolerance, and return expectations, is multifaceted and complicated. But shaping the behaviour towards investment is something fascinating to understand. The study attempts to understand whether the professional mutual fund investors' investment behaviour is rational or not, and it also looks at different factors that influence how these professionals make their investment decisions. Analyzing the sample of 100 professional investors from the state of Goa and using statistical techniques like T-test, Correlation, and ANOVA, the study concluded that professional investors’ behaviour is strongly influenced by their age, qualifications, and years of experience, emphasizing the importance of expertise and market exposure. The results also show that heuristics and emotions have very weak and statistically non-significant correlations with the behavior score. All investment strategies have positive correlations with Behaviour.
References
1. Adil, M., Singh, Y., & Ansari, M. S. (2022). How financial literacy moderate the association between behaviour biases and investment decision? Asian Journal of Accounting Research, 7(1), 17–30. https://doi.org/10.1108/AJAR-09-2020-0086
2. Allgood, S., & Walstad, W. B. (2016). The effects of perceived and actual financial literacy on financial behaviors. Economic Inquiry, 54(1), 675–697. https://doi.org/10.1111/ecin.12255
3. Bailey, W., Kumar, A., & Ng, D. (2011). Behavioral biases of mutual fund investors. Journal of Financial Economics, 102(1), 1–27. https://doi.org/10.1016/j.jfineco.2011.05.002
4. Das, B., Mohanty, S., & Shil, N. C. (2009). Mutual Fund vs. Life Insurance: Behavioral Analysis of Retail Investors. International Journal of Business and Management, 3(10). https://doi.org/10.5539/ijbm.v3n10p89
5. Dawson, C. (2023). Gender differences in optimism, loss aversion and attitudes towards risk. British Journal of Psychology, 114(4), 928–944. https://doi.org/10.1111/bjop.12668
6. Hayne, M., Ralite, S., Thomä, J., & Koopman, D. (2019). The Determinants of Investment Strategy: An Empirical Assessment of Behavioural Factors in the Omani Context. ACRN Journal of Finance and Risk Perspectives, 8(1), 256–274. https://doi.org/10.35944/jofrp.2019.8.1.016
7. Hsu, Y. L., Chen, H. L., Huang, P. K., & Lin, W. Y. (2021). Does financial literacy mitigate gender differences in investment behavioral bias? Finance Research Letters, 41, 101789. https://doi.org/10.1016/j.frl.2020.101789
8. J.Kannan. (2014). A Study on Attitude of Investors towards Mutual Fund Investment in Dindigul Region. In Consumption Patterns in Eastern and Western Europe (Issue 2). https://doi.org/10.1016/b978-0-08-021808-3.50004-6
9. Jain Sharma, T. S. (2015). A study of Determinants of Investors’ Behavior in Indian Stock Market. http://shodhganga.inflibnet.ac.in/handle/10603/63816
10. Kaur, I., & Kaushik, K. P. (2016). Determinants of investment behaviour of investors towards mutual funds. Journal of Indian Business Research, 8(1), 19–42. https://doi.org/10.1108/JIBR-04-2015-0051
11. Kotishwari, A., & Akbar Ali Khan, M. (2013). Investor’s Behaviour Towards Mutual Funds: A Study of Telangana Region in Andhra Pradesh. Effulgence-A Management Journal, 11(2), 32. https://doi.org/10.33601/effulgence.rdias/v11/i2/2013/32-41
12. Kunwar, K. (2021). The Relationship of Behavioral Factors with Investment Performance of Individual Investors in the Nepali Stock Market. Prithvi Academic Journal, 4(May), 66–83. https://doi.org/10.3126/paj.v4i0.37016
13. Mak, M. K. Y., & Ip, W. H. (2017). An exploratory study of investment behaviour of investors. International Journal of Engineering Business Management, 9, 1–12. https://doi.org/10.1177/1847979017711520
14. Mittal, S. K. (2022). Behavior biases and investment decision: theoretical and research framework. Qualitative Research in Financial Markets, 14(2), 213–228. https://doi.org/10.1108/QRFM-09-2017-0085
15. Pandey, N. S., & Kathavarayan, P. (2015). Investors ’ Perception towards Alternativeness and Preferences. Journal of Indian Management, 37–46.
16. Saleem, S., Mahmood, F., Usman, M., Bashir, M., & Shabbir, R. (2021). Determinants of Investment Behavior in Mutual Funds: Evidence From Pakistan. Frontiers in Psychology, 12(July), 1–9. https://doi.org/10.3389/fpsyg.2021.666007
17. Sarkar, A. K., & Sahu, T. N. (2018). Analysis of Investment Behaviour of Individual Investors of Stock Market: A Study in Selected Districts of West Bengal. Pacific Business Review International, 10(7), 7–17. www.pbr.co.in
18. Vitor, D. A., Aveh, F. K., Donkor, S., & Addai, I. (2015). Determinants of mutual fund investment decision by second cycle teachers in Kumasi metropolis, Ghana. African J. of Accounting, Auditing and Finance, 4(4), 328. https://doi.org/10.1504/ajaaf.2015.075124
19. Zahera, S. A., & Bansal, R. (2018). Do investors exhibit behavioral biases in investment decision making? A systematic review. Qualitative Research in Financial Markets, 10(2), 210–251. https://doi.org/10.1108/QRFM-04-2017-0028
20. Zhang, Y., & Zheng, X. (2015). A Study of the Investment Behavior Based on Behavioral Finance. European Journal of Business and Economics, 10(1). https://doi.org/10.12955/ejbe.v10i1.557
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Copyright (c) 2026 South India Journal of Social Sciences