Asia Pacific Management Review 26 (2021) 197e214

H O S T E D BY Contents lists available at ScienceDirect

Asia Pacific Management Review

journal homepage: www.elsevier.com/locate/apmrv

“A study of factors affecting investment decisions in India: The KANO way”

Sagar Patil a, *, Virupaxi Bagodi b
a
KLE Technological University, Hubballi, 580031, Karnataka, India
b
Government Engineering College, Talkal, 583231, Koppal, Karnataka, India

a r t i c l e i n f o a b s t r a c t

Article history: Behavioural finance is emerging field with wide scope. In the absence of enough of literature in Indian
Received 28 January 2020 context, understanding of individual investor’s behaviour towards stock market by the policy makers,
Received in revised form institutions, market infrastructure institutions, and companies find it challenging. The behaviour is
20 December 2020
caused by the reaction to different factors/attributes. In order to understand the factors that influence the
Accepted 8 February 2021
Available online 28 April 2021
investor’s investment decision a study was undertaken in Indian stock market consisting of 10 sectors
with 30 companies listed on BSE-30 SENSEX. A research instrument consisting of 14 attributes was
designed and sent to 2100 respondents. 467 responses were collected over a period of 6 months and
Keywords:
Stock market
KANO model was developed to classify the information into ‘must be’, ‘linear’, and ‘delight’ attributes. It
India was found that ‘must be’ attributes include condition of financial statements, current economic in-
Kano model dicators, and the result of technical analysis and ‘insider information’ is a ‘delight’ attribute. The study
Investment decisions revealed the factors are affecting the decision making of investors. The consideration of factors for in-
Investment factors vestment decision making is sector specific and helps various parties in understanding the investment
decision behaviour of investors’.
© 2021 The Authors. Published by Elsevier B.V. on behalf of College of Management, National Cheng Kung
University. This is an open access article under the CC BY license (http://creativecommons.org/licenses/
by/4.0/).

1. Introduction Individual investors’ investment decision-making is an area of

interest to many researchers. Investors look for both quantitative
The economic development of a country largely depends on its and qualitative information (Jagongo & Mutswenje, 2014; Lin et al.,
industrial and commerce activities. Many researchers (Masoud, 2019; Mak & Ip, 2017; Merikas et al., 2006) as it affect stock returns.
2013; Srinivasan, 2012), often, argue that economic growth of a The individual investment decisions are affected by economic and
nation is directly linked to the stock market developments. Stock behavioural factors (Aregbeyen & Mbadiugha, 2011; De Bondt &
market is important in an economy because of its role in facilitating Thaler, 1995; Kourtidis et al., 2011), and demographic factors
between surplus fund unit (investors) and deficit fund unit (stock (Nagy & Obenberger, 1994). Many researchers (Ahmad, 2017; Al-
issuers) to trade (Fauzi & Wahyudi, 2016). Stock markets, in modern Tamimi, 2006; Hassan Al-Tamimi & Anood Bin Kalli, 2009; Chen
economy, play vital role as an important source in providing the & Lo, 2019; Gunathilaka, 2014; Lin & Chiang, 2015; Obamuyi,
necessary capital for carrying out industrial and commerce activ- 2013; Yang, 2020) argue that individuals are informed decision
ities (Nazir et al., 2017). It provides finance to the corporate by makers and seek information on various issues of the company
raising funds, from individuals and institutions both domestic and which, in general, are classified as accounting, neutral, and advo-
foreign, through shares. The funds flow of from households to the cate information in making their investment decisions. Whether
various sectors of the economy. It also provides a platform for the information investors look for while making investment are
foreign institutional investors and mutual fund managers for generally applicable to all sectors or are they sector specific is the
investment. research question the authors are trying to address in this paper.
In India, many stock exchanges function but, BSE is one of the
oldest and the biggest stock exchange. The market capitalisation of
* Corresponding author. School of Management Studies and Research, KLE all the listed companies on BSE in 2017e18 was INR 14,224,997
Technological University, Hubballi, Karnataka, 580031, India. crores (www.bseindia.com, 2019). These companies are broadly
E-mail address: [email protected] (S. Patil). categorised into 10 sectors. A survey was conducted using a
Peer review under responsibility of College of Management, National Cheng
research instrument consisting of 14 information items of the
Kung University.

https://doi.org/10.1016/j.apmrv.2021.02.004
1029-3132/© 2021 The Authors. Published by Elsevier B.V. on behalf of College of Management, National Cheng Kung University. This is an open access article under the CC BY
license (http://creativecommons.org/licenses/by/4.0/).
S. Patil and V. Bagodi Asia Pacific Management Review 26 (2021) 197e214

individual investors for 10 sectors and the relevant companies expected returns and bad performance may bring down the ex-
under these sectors in BSE e 30 as in January 2018. It was held in 10 pected returns.
Indian states, spread over 12 months. KANO model approach is
employed in the study. The 14 attributes are categorised as ‘Must- 2.1.2. Expected bonus shares
be’, ‘Linear’, and ‘Delight’ attributes. Overall and sectoral analysis of The attribute expected bonus share refers to the gain or return
these items is carried out to draw conclusions. obtained from the present holding. It is a non cash form of dividend
The paper is organised into five sections. First section deals with paid wherein company convert its reserves into equity capital
introduction and the second literature review. Research method- (Shafi, 2014). This system of profit distribution is followed usually
ology is dealt with in section 3. Discussions and conclusions are to meet the capital expenditure in near future (Li et al., 2008;
presented in section 4 and 5 respectively. Adaoglu & Lasfer, 2011).
Fama (1997) asserted that the intrinsic value of a stock will
2. Literature review change as a result of new information, actual or anticipated,
affecting the prospects of an organisation including bonus shares or
De Bondt and Thaler (1995) (USA) referring to individual in- splits. There is positive correlation between bonus and the stock
vestment decision-making said that behavioural factors matter a prices (Allen & Rachim, 1996), and it influences the stock price
lot when money is at stake. Aregbeyen and Mbadiugha (2011) (Gordon, 1959). Ramachandran (1985) found mixed reaction to the
found that economic, social, and psychological factors influence bonus announcements while Obaidullah (2001) documents posi-
investment decisions. Kourtidis et al. (2011) on similar lines tive stock market reaction to bonus announcements. Khurana and
conclude that behavioural factors influence individual investors Warne (2014) found a strong positive reaction (increase in stock
trading. Pleasant mood makes investors risk tolerant and over- price) to before the bonus shares announcement in Indian stock
confident investors bear greater risks. The risk bearing ability leads market.
to high trading of investors.
Various other studies conclude that accounting information, 2.1.3. Stock marketability
neutral information, and advocate recommendation influence the It refers to how quickly a security can be converted into cash or
investors’ investment decisions (Ahmed, 2017; Gunathilaka, 2014; near cash and it is considered by the individual investor while
Merikas & Merika, 2006; Obamuyi, 2013; Shafi, 2014). Kishori decision making (Obamuyi, 2013). The liquid stocks earn the
and Kumar (2016) and Jagongo and Mutswenje (2014) conducted attention of individual investors and affect their purchase decision.
study in Indian stock market and said that they are also relevant in Edirisinghe and Nimal (2015) found that, stock marketability shows
Indian stock market investments. A pilot study was conducted in the financial performance of the company. This, in many re-
the states of Maharashtra, Gujarat, and Karnataka with a sample of searches, has been referred to as liquidity (Cooper et al., 1985; Chen
120. A total of 102 questionnaires were considered for analysis. It et al., 2015). The changes in liquidity would cause significant
was found that the following 14 variables were relevant in the changes in stock volume and affects the stock prices (Azevedo et al.,
context of the current research. These 14 variables are categorised 2014).
as accounting information, neutral information, and advocate in- There is a significant positive relationship between bid-ask
formation. They are discussed in the following sections. spreads and stock returns (Berkman & Eleswarapu, 1998). Stock
liquidity may minimise crash-risk and help strategic traders to
2.1. Accounting information purchase additional stocks at a lower trading cost (Edmans &
Manso, 2011). If there is higher illiquidity in the market currently,
Accounting information is utilised by both internal users such as investors anticipate higher illiquidity subsequently in anticipation
owners, managers, and employees and external users such as of higher expected returns (Acharya & Pedersen, 2005). Amihud
banks, investors, and customers. The stock prices and the numbers and Mendelson (2006) suggest that risk aversive investors require
of shares traded in an exchange react to accounting information a premium for holding stocks with higher variation in liquidity.
(Arrif et al., 1997; Clubb, 1995). It bears a lot of importance for the
investors while deciding on stock selection process (Baker & 2.1.4. Expected corporate earnings
Haslem, 1974). It has the highest influence on stock selection by Corporate earnings, also referred to as the bottom line, refer to
the investors in Greece (Merikas et al., 2011), in UAE (Hassan Al- the money earned or lost during a period of time by a company.
Tamimi & Anood Bin Kalli, 2009), and in India (Sultana & Bradshaw (2004) assert that expected corporate earnings are
Pardhasaradhi, 2012). considered while investment decision making. Nagy and
Obenberger (1994) reported 65.60% respondents of their study
2.1.1. Past performance of firm’s stock consider this as an important attribute.
Stock performance measures the ability of a stock to decrease or There is a positive relationship between expected corporate
increase the wealth of investors. Performance of a stock is indicated earnings and the stock returns (Choi et al., 2016). Stock price for
by the price movement. It is one of most important influencing firms with low expected corporate earnings growth is more sen-
information considered by investors while making investment sitive to leverage than firms with high expected corporate earnings
decisions (Obamuyi, 2013). They spend good amount of time in growth (Alcock et al., 2014). Ball and Brown (1968), reported that,
analysing the past performance of the stock (Mutswenje, 2009) as it expected earnings would help in earning positive returns (Choi
decides the expected returns (Baghdadabad et al., 2011). It includes et al., 2016). found negative relationship between expected earn-
dividend paid and capital appreciation. Past performance of firm’s ings and expected returns.
stock includes effects of tax codes, seasonal variations (Grinblatt &
Moskowitz, 2004), fundamentals etc. have effect on returns gained 2.1.5. Condition of financial statements
out of portfolio. There is a relationship between past returns and Condition of financial statements is a part of financial infor-
expected returns (Grinblatt & Moskowitz, 2004). Fama et al. (1969) mation (Merikas et al., 2011) include the analysis of balance sheet,
made it amply clear that price movement of a stock depends on profit and loss account and trail balance etc. The statements pro-
amount of firm-level and market-wide information that is capi- vide structured data in an easy to understand form (Blessing &
talised into stock prices. Good performance leads in achieving Onoja, 2015) and is an important factor while investing (Nagy &
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Obenberger, 1994). The good financial condition always has good 2010). The online platforms disseminate information of the listed
assets, reserves and surplus, and profitability and vice versa is true companies that are useful to the investors (Antweiler & Frank,
in bad condition of financial statement. Healthier the company, 2006, pp. 1e22; Tumarkin & Whitelaw, 2001; Zhang et al., 2014).
longer is the investment and vice versa. So, the investor with larger It is playing an important role in gathering, processing, and
time horizon looks for healthy conditions of financial statements. diffusing of information (Zhang et al., 2016) and has created a
revolution in the area of financial transparency for listed companies
2.1.6. Affordable share price as well as investors (Gajewski & Li, 2015). Individual and institu-
This attribute refers to the easy availability of a share to a tional investors consider this information (Kim & Verrecchia, 1991)
common man. The investment amount of an investor depends on as they process and react (Bae & Dixon, 2018) by strategizing their
the affordability of a share. More affordable it is, more is the investment decision making.
liquidity of the stock. There is positive relationship between stock
price and affordability of an investor (Lee et al., 2016; Ngahu, 2017; 2.2.3. Insiders information
Varadharajan & Vikkraman, 2011). This attribute influence the in- The people working for the corporation know more about their
dividual investors (Ahmad, 2017; Al-Tamimi, 2006; Merikas et al., corporation activities and its future than the outsiders do. This
2011; Nagy & Obenberger, 1994; Obamuyi, 2013) and affect in- special information is accessible to only few people by virtue of
vestment decision making as it determines one’s quantum of in- their position and it creates a profitable trading opportunities
vestment and savings required. With high volume of cash, less (Brochet et al., 2016). Tavakoli et al. (2012) assert that the insider,
margin and employee centric banking sector expects the prices to especially of directors, officers and large shareholders actions have
be affordable. positive predictive power for future returns. This insider’s infor-
mation creates a positive predictive power and aids in gain
2.1.7. Expected stock split or capital increase (Tavakoli et al., 2012).
Stock split is an action initiated by the company of dividing its The insider’s information predicts the expected returns out of
existing shares into multiple shares. Stock split results in reduction the little or private information to gain positively (Tavakoli et al.,
in stock price hence, facilitates small investors as it increases the 2012). The insider buy conveys positive favourable information
liquidity of the stock (Eades et al., 1984). The stock splits or capital while the sell does not necessarily (Fidrmuc, Goergen, &
increase leads to change in the ownership structure by increasing Renneboog, 2006). The average investor was found to make
the number of individual and institutional shareholders (Mukherji abnormal returns by observing the trading activities of directors
et al., 1997). and managers. US insiders abstained from trading shortly ahead of
There exists a positive relationship between stock split and asset earning announcement, a sign of litigation risk (Huddart et al.,
prices (Grinblatt et al., 1984) that influences the stock prices. In- 2007). Brochet et al. (2016) found that insider trade and earnings
vestors demonstrate optimism with the companies having prospect disclosures are informative in India and these disclosures
for stock split owing to their long-term profitability (Huang et al., contribute to the incorporation of earnings news into stock price.
2009). The stock split initially shows a positive return but later Alldredge and Cicero (2015) reported that investor long strategies
react negatively (Grinblatt et al., 1984; Lamoureux & Poon, 1987). are less profitable than short strategies with consideration to in-
siders trading.
2.2. Neutral information
2.2.4. Rumours
This information is provided by outside source and is unbiased. The rumour is a piece of information wherein an investor is not
It includes information such as financial press coverage, general sure about its process and difficult to believe the information
press coverage, recent price movements (Nagy & Obenberger, (Banejee, 1993). It is unverified information which is of current
1994). It is found to be the one of the most influencing factors interest or importance with an intention of belief (Rosnow, 1991).
(Chong & Lai, 2011) by invetors in UAE market (Hassan Al-Tamimi & Investors consider this information while making decisions Fama
Anood Bin Kalli, 2009) and Greek market (Merikas & Merika, 2006). et al. (1969) while do not trust the source of rumour but, behave
Pessimism in the media results into reduced share price and high as if it is a news (Difonzo & Bordia, 1997).
amount stock volume in the stock market (Tetlock, 2007). Spiegel et al. (2010) found that market distinguishes between
the fact based rumours and others. Kiymaz (2001) found, in
2.2.1. The result of technical analysis (emerging market), that earning expectations’ and foreign in-
The result of technical analysis help in getting the past perfor- vestors rumours have more impact on stock prices. Kosfeld (2005)
mance and predict future of the stock prices as it reveals the price found that if a rumour is positively targeted the stock prices go up
movement and volume change of the stock. The technical analysis for the good. If a rumour dies out, the prices before and after the
is widely and popularly used in the industry (Chandrashekar, rumour will stay in equilibrium. Rumours have increased the ex-
2005). There are evidences that technical trading results into pected returns in short run (Kirman, 1993; Shiller et al., 1984).
profit (Bessembinder & Chan, 1995; Brock et al., 1992), and in-
dividuals and traders rely on the technical. 2.2.5. Coverage in the press
In US stock market, technical trading resulted in profit The mass media such as press circulates the information
(Alexander, 1964) but disappeared that when the trading costs are increasing investor base and price reactions (Wu & Lin, 2017). The
included (Fama, 1995; Nelson, 1987). The trading rules based on information is flown from one place to another through printed or
technical analysis is profitable in some Asian countries even after electronic format. Researches in the area reveal that good economic
considering the trading costs (Bessembinder & Chan, 1995). Mitra news lead to increase in stock price while the bad news has lead to
(2011) asserts that traders need to minimise transaction costs to decrease. The public information thus affects the volume and the
realise more profits in Indian market. price volatility (Berry & Howe, 1994) and expected return
(Thompson, Olsen, & Dietrich, 1987). The literature also reveals that
2.2.2. Information obtained from internet the bad news has higher impact on the returns. The variation in
Internet, as an important source of information, provides a lot of stock price is more frequent on the news announcement day
company related information to the investors (Rubin & Rubin, (Rangel, 2011). The variation in stock prices are positively related to
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the “informational surprise” component contained in the news. achieve satisfaction (Shahin et al., 2013). This helps classify the
Different types of investors use different media coverage to attributes into ‘must-be’, ‘linear’, and ‘delight. ‘Must-be’ attributes
strategise their positions (Wu & Lin, 2017). are basic and unstated. The absence of them lead to dissatisfaction.
The service providers shall prepare a list of these attributes by
2.2.6. Current economic indicators drawing on their experiences and observations to keep the cus-
The economic indicators, majorly, include GDP, inflation, un- tomers happy (Bicheno, 2004). Linear attributes are also termed
employment rate, and interest rates. Researchers argue that the ‘more is better’. They neither cause delight not disgust. The
stock price is often determined by some of the economic indicators emphasis is to provide improved version of them. Delight attributes
(Wu et al., 2019). The indicators like GDP, interest rates, FII (Henry, are beyond customers’ expectation. Their absence does not
2000), FDI, net exports, domestic savings (Carroll & Weil, 1994), dissatisfy but their presence excites. The model has been used in
nominal and real exchange rates (Kim & Yang, 2008) etc. have various applications such as marketing (Riviere et al., 2006), Quality
positive relation with macroeconomic variables and stock prices function deployment (Shen et al., 2000), airlines (Gustafsson et al.,
(Akbar et al., 2012; Schuenemann et al., 2020). There is a reliable 1999), teaching Quality (Chien, 2007), and maternity care
long term relation between macroeconomic indicators and stock (Aghlmand et al., 2010).
market indices (Pilinkus, 2010). Stock market returns are signifi-
cantly correlated with inflation (Flannery & Protopapadakis, 2002). 3. Methodology
Inflation reduces growth by reducing investment (Fisher, 1993).
Reddy (2012) studied the effect of inflation and GDP on stock prices Based on the above research presented in section 2.2, 14 vari-
in India and reported that real gross domestic product has greater ables were found to be relevant in Indian individual decision
influence on the stock price, and lower inflation and moderate in- making context. A questionnaire was designed (see Appendix e I)
terest rates will boost investment. Humpe and Macmillan (2009) containing these 14 variables measured on 7-point Likert scale. The
reported a causal relation between industrial production and respondent has to encircle the importance of each of the attributes.
stock prices. Schwert (1989) found evidence for the stock market For the automobile sector, on BSE e 30, there are 5 companies in
volatility as dependent on health of the economy. There exists a automobile sector.
long term equilibrium relation between stock prices and GDP We approached the full and part time investors with varied age,
(Alexius & Spang, 2018). investment corpus and region through personally or electronically
and requested to participate in survey. The list of investors’ was
2.3. Advocate information collected with the help of stock brokers and using snowball sam-
pling technique was extended to others located across India. The
Advocate information include the recommendation provided by authors also approached the respondents through social media
brokerage house, individual stock broker, or friends (Nagy & (whatsapp and facebook) to collect the responses. These responses
Obenberger, 1994). It is a vital source of information Baker and were gathered electronically and also, in hard copy. A pilot study
Haslem (1974) and is one of the influencing factors (Chong & Lai, was conducted with a sample of 75 respondents. It was found that,
2011; Merikas et al., 2011; Obamuyi, 2013) in investment deci- out of 20 attributes, 14 were appropriate for the study. The do-
sion-making. mestic, economic and behavioural attributes were included in the
tool. The selection was carefully drafted based on observation
2.3.1. Financial advisors and analysts recommendations during pilot study and industry experts. For each of the 14 attri-
Advisors and analysts have the innate ability to collect and butes and all the company in this sector, the respondent has to
process information in a useful manner thus, they perform the dual enter a number between 0 and 10 while 10 being the most sought
role of information interpretation and information discovery after information for investing in that company. At the end, the
(Ramnath et al., 2008). The financial analysts add value by per- respondent has to provide the overall rating for the company.
forming a complementary role through their interpretative skills In all about 2000 respondents were approached and 545 re-
(Frankel, Kothari, & Weber, 2006). sponses were collected. The survey was spread over a period 1 year.
The investors respond to advices and expect the analysts to give Out of these, 467 were found to be fit for analysis (after discarding
them positional advices (Lin & McNichols, 1998). Investor’s re- the outliers i.e., 78 respondents did not answer all the 14 attri-
sponses to such recommendations have increased the returns by butes). When the population is unknown, 384 samples are enough
four percent (Barber et al., 2001). Stock prices are significantly to carry out a study (Krejcie & Morgan, 1970). The authors have
influenced by analysts’ recommendation and change, not only at considered on a higher side i.e., 467 respondents to carry on study.
the immediate time of the announcement but also in subsequent Since study participants are either full or part time investors, and
months (Womack, 1996). Doukas et al. (2005) found positive excess they consider the factors while decision making hence it can be said
(strong) analyst coverage is associated with stock premiums while that, they have information about the attributes that have been
negative excess (weak) analyst coverage with stock discounts. Nagy considered for the study. Study participants comprised of scattered
and Obenberger (1994) reported that 14.3% of their respondents age, income, profession and education of respondents, and majority
considered this information and gained abnormal returns (Lyon of them are full time traders with more than 10 years of experiences
et al., 1999; Womack, 1996). The analysts forecast errors, quarter- are located in various parts of the country. Thus, our sample rep-
ahead forecast revisions and year-ahead forecast revisions all resents individual investors in India in terms of different de-
have significant pricing effects, indicating each conveys incre- mographic and economic attributes of investment. Further, the
mental information content and the fourth quarter is significantly respondents have varied experience depicting behavioural experi-
different from the other three quarters (Beaver et al., 2008). ence in investment. In general, it is fair to say that study sample is
appropriate for the conduct of this study.
2.4. KANO model The 14 attributes were tested for internal consistency using
Cronbach alpha and it is found to be 0.853, which is above the
The Kano model was developed and introduced by Dr Noriaki benchmark of 0.70 as suggested by Nunnally (1978). The content
Kano and others in 1984 for the classification of Quality attributes validity of the research tool was performed based on review and
of a product or service to evaluate the Quality needs of customers to recommendations of experts. Every single attribute was discussed
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with managers of few brokerage houses and investors’ of varied importance of each of the 14 attributes has to be computed. The
experience in the Indian stock market. According to their sugges- stated importance of the attributes is computed normalising the
tions the questions were framed to ensure unbiased, complete, and mean values. The computation is carried out using formula (1) and
Quality response. Further, the stated importance of the attributes is is presented in Table 2.
computed by normalising the mean values where as normalised r2
were obtained as derived importance values of 14 attribute. The Importance weight ¼ (Mean/Sum of Means) * 100 (1)
respondents profile is presented in Fig. 1.
To compute the derived importance of 14 attributes, the re-
3.1. Profile of the respondents sponses against 14 attributes was considered. This includes 4670
dataset (Each respondent’s response for 14 attributes for each
While soliciting the responses care was taken to ensure the sector is one dataset). The correlation co-efficient (r) were obtained
responses from most of the Indian states. They include Karnataka, in SPSS e 20. Subsequently, using r2 values, the normalised values
Andhra Pradesh, Tamilnadu, Kerala, Goa, Maharashtra, Gujarath, were obtained in MS Excel. The derived importance of 14 attributes
and New Delhi. The respondents belong to different age group, is presented in Table 3.
gender, income, household size, education, profession, number of The derived and stated importance values are then fed into SPSS
earning members in the family, and house ownership. The profile is e 20. Using the Scatter Plot, the following model was obtained.
presented below: Fig. 2 shows the plot of the XeY position in terms of important
The average importance of each of the 14 attribute along with weights and derived weights. To understand the most important
the standard deviations is computed and presented in Table 1. It can attribute/s considered while investing, 14 attributes are identified.
be seen that the most important attribute for investment to the This helps to understand the relationship between satisfied in-
investors is Past performance of firm’s stock (Average: 5.46 and Std. vestments in equity with special reference to BSE-30 listed com-
Dev.: 1.43) and the least important is rumours (Average: 3.82 and panies. It was observed that the attributes are scattered in four
Std. Dev.: 1.74). Out of 467 respondents 112 respondents have said quadrants and are categorised as must be, linear, and delight
Past performance of firm’s stock is very important by indicating this attributes.
on the relative importance. Condition of financial statement is From the Figure the “Must Be” attributes for BSE e 30 companies
found to be very important to 113 investors. The least important are: the result of technical analysis, financial advisers and analyst
attribute is found to be rumours (Average: 3.82 and Std. Dev.: 1.74). recommendations, past performance of firm’s stock, and condition
The number of persons who said it is very important is 21 while not of financial statements. “Linear” attributes include expected stock
important are 63. Thus, it can be inferred from the Table that past split or capital increase, coverage in the press, expected bonus
performance of firm’s stock is most important and rumours is least share, stock marketability, information obtained from the internet,
important for the investors while taking investment decisions. current economic indicators, affordable share price, expected
corporate earnings, and rumours. “Delight” attributes include only
insider information.
3.2. Overall KANO model The information sought by the investors was found to vary for
each sector, and company to company. Since, the scope of the
To plot KANO model, the stated importance and the derived

Fig. 1. Profile of the respondents.

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Table 1
The maximum, minimum, average, and standard deviation of 14 attributes.

Attribute Maximum Minimum Average Standard Deviation

Past performance of firm’s stock 7 1 5.46 1.43

Expected bonus shares 7 1 4.77 1.47
The result of technical analysis 7 1 4.98 1.41
Stock marketability 7 1 5.24 1.41
Expected corporate earning 7 1 5.32 1.31
Condition of financial statements 7 1 5.32 1.47
Affordable share price 7 1 5.09 1.47
Information obtained from the internet 7 1 4.68 1.57
Insiders information 7 1 4.10 1.73
Rumours 7 1 3.82 1.74
Expected stock split or capital increase 7 1 4.79 1.54
Coverage in the press 7 1 4.95 1.30
Current economic indicators 7 1 5.38 1.27
Financial advisors and analysts recommendations 7 1 5.23 1.43

Table 2
The stated importance of 14 attributes.

Attribute Average Importance Weight

Past performance of firm’s stock 5.46 7.90

Expected bonus shares 4.77 6.90
The result of technical analysis 4.98 7.20
Stock marketability 5.24 7.58
Expected corporate earning 5.32 7.70
Condition of financial statements 5.32 7.70
Affordable share price 5.09 7.36
Information obtained from the internet 4.68 6.77
Insiders information 4.10 5.93
Rumours 3.82 5.53
Expected stock split or capital increase 4.79 6.93
Coverage in the press 4.95 7.16
Current economic indicators 5.38 7.78
Financial advisors and analysts recommendations 5.23 7.57
Sum 69.13 100.00

Table 3
The derived importance of 14 attributes.

Attribute R r2 Importance Weight

Past performance of firm’s stock 0.57 0.32 6.27

Expected bonus shares 0.66 0.43 8.33
The result of technical analysis 0.57 0.33 6.38
Stock marketability 0.66 0.43 8.36
Expected corporate earning 0.61 0.37 7.25
Condition of financial statements 0.55 0.30 5.86
Affordable share price 0.61 0.38 7.30
Information obtained from the internet 0.63 0.39 7.61
Insiders information 0.62 0.38 7.40
Rumours 0.50 0.25 4.78
Expected stock split or capital increase 0.67 0.44 8.56
Coverage in the press 0.65 0.42 8.21
Current economic indicators 0.62 0.38 7.35
Financial advisors and analysts recommendations 0.57 0.33 6.34
Sum 5.16

research is limited to sectors, the sector wise “Must Be”, “Linear”, dataset. The correlation co-efficient (r) were obtained in SPSS e 20.
and “Delight” attributes are identified using KANO model and are Subsequently, using r2 values, the normalised values were obtained
presented. in MS Excel. The derived importance of 14 attributes is computed as
mentioned above and using the Scatter Plot in SPSS - 20, the KANO
model shown in Fig. 3 was obtained.
3.3. Automobile sector
From Fig. 3, the “Must Be” attributes for the automobile sector
are: the result of technical analysis, condition of financial state-
To plot KANO model, the stated importance and the derived
ments, and current economic indicators. “Linear” attributes include
importance of each of the 14 attributes are computed. The stated
past performance of firm’s stock, expected bonus share, stock
importance of the attributes is presented in Table 2. To compute the
marketability, expected corporate earnings, affordable share price,
derived importance of 14 attributes of automobile sector, the re-
information obtained from the internet, expected stock split or
sponses against 14 attributes was considered. This includes 467
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Fig. 2. Overall KANO model.

Fig. 3. KANO model for automobile sector.

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capital increase, coverage in the press, financial advisers and ana- 3.6. Pharamaceutical sector
lyst recommendations, and rumours. “Delight” attributes include
only insider information. Using the Scatter Plot in SPSS - 20, the following model was
obtained for pharamaceutical sector. Fig. 6 shows KANO model in
3.4. Banking sector terms of importance weights and derived weights.
From Fig. 6, the “Must Be” attributes for the pharamaceutical
Using same procedure as mentioned above, the Scatter Plot was sector include only financial advisers and analyst recommenda-
obtained in SPSS e 20. Fig. 4 shows the KANO model for banking tions. “Linear” attributes include past performance of firm’s stock,
sector in terms of importance weights and derived weights. expected bonus share, the result of technical analysis, stock
From Fig. 4, the “Must Be” attributes for the banking sector are: marketability, expected corporate earnings, condition of financial
past performance of firm’s stock, the result of technical analysis, statements, affordable share price, information obtained from the
expected corporate earnings, condition of financial statements, and internet, rumours, expected stock split or capital increase, coverage
financial advisers and analyst recommendations. “Linear” attri- in the press, and current economic indicators. “Delight” attributes
butes include stock marketability, expected bonus share, affordable include only insider information.
share price, information obtained from the internet, rumours, ex-
pected stock split or capital increase, coverage in the press, insider 3.7. Oil & gas sector
information, and current economic indicators. There are no
“delight” attributes for this sector. ‘ Using the Scatter Plot in SPSS - 20, the following model was
obtained for oil & gas sector. Fig. 7 shows KANO model in terms of
3.5. Energy sector importance weights and derived weights.
From Fig. 7, the “Must Be” attributes for the oil & gas sector
Using the Scatter Plot in SPSS - 20, the following model was include expected corporate earnings, condition of financial state-
obtained for energy sector. Fig. 5 shows KANO model in terms of ments, and financial advisers and analyst recommendations.
importance weights and derived weights. “Linear” attributes include past performance of firm’s stock, ex-
From Fig. 5, the “Must Be” attributes for the energy sector are: pected bonus share, the result of technical analysis, stock market-
past performance of firm’s stock, the result of technical analysis, ability, affordable share price, information obtained from the
stock marketability, condition of financial statements, affordable internet, rumours, expected stock split or capital increase, coverage
share price, and financial advisers and analyst recommendations. in the press, and current economic indicators. “Delight” attributes
“Linear” attributes include expected bonus share, expected corpo- include only insider information.
rate earnings, information obtained from the internet, rumours,
expected stock split or capital increase, coverage in the press, and 3.8. FMCG sector
current economic indicators. “Delight” attributes include only in-
sider information. Using the Scatter Plot in SPSS - 20, the following model was

Fig. 4. KANO model for banking sector.

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Fig. 5. KANO model for energy sector.

Fig. 6. KANO model for pharma sector.

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Fig. 7. KANO model for oil & gas sector.

Fig. 8. KANO model for FMCG sector.

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obtained for FMCG sector. Fig. 8 shows KANO model in terms of From Fig. 10, the “Must Be” attributes for the manufacturing
importance weights and derived weights. sector include past performance of firm’s stock, affordable share
From Fig. 8, the “Must Be” attributes for the FMCG sector include price, and information obtained from the internet. “Linear” attri-
past performance of firm’s stock, the result of technical analysis, butes include expected bonus share, the result of technical analysis,
condition of financial statements, affordable share price, informa- stock marketability, expected corporate earnings, condition of
tion obtained from the internet, and financial advisers and analyst financial statements, insider information, rumours, expected stock
recommendations. “Linear” attributes include expected bonus split or capital increase, coverage in the press, current economic
share, stock marketability, expected corporate earnings, insider indicators, and financial advisers and analyst recommendations.
information, rumours, expected stock split or capital increase,
coverage in the press, and current economic indicators. There are 3.11. Infrastructure sector
no delight attributes.
Using the Scatter Plot in SPSS - 20, the following model was
3.9. IT sector obtained for infrstructure sector. Fig. 11 shows KANO model in
terms of importance weights and derived weights.
Using the Scatter Plot in SPSS - 20, the following model was From Fig. 11, the “Must Be” attributes for the infrastructure
obtained for IT sector. Fig. 9 shows KANO model in terms of sector include past performance of firm’s stock and condition of
importance weights and derived weights. financial statements. “Linear” attributes include expected bonus
From Fig. 9, the “Must Be” attributes for the IT sector include share, the result of technical analysis, stock marketability, expected
past performance of firm’s stock, the result of technical analysis, corporate earnings, affordable share price, information obtained
expected corporate earnings, condition of financial statements, from the internet, insider information, rumours, expected stock
coverage in the press, and financial advisers and analyst recom- split or capital increase, coverage in the press, current economic
mendations. “Linear” attributes include expected bonus share, indicators, and financial advisers and analyst recommendations.
stock marketability, affordable share price.information obtained
from the internet, rumours, expected stock split or capital increase, 3.12. Telecom sector
and current economic indicators. The delight attribute is insider
information. Using the Scatter Plot in SPSS - 20, the following model was
obtained for infrstructure sector. Fig. 12 shows KANO model in
3.10. Manufacturing sector terms of importance weights and derived weights.
From Fig. 12, the “Must Be” attributes for the telecom sector
Using the Scatter Plot in SPSS - 20, the following model was include past performance of firm’s stock, the result of technical
obtained for IT sector. Fig. 10 shows KANO model in terms of analysis, expected corporate earnings, condition of financial state-
importance weights and derived weights. ments, and financial advisers and analyst recommendations.

Fig. 9. KANO model for it sector.

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Fig. 10. KANO model for manufacturing sector.

Fig. 11. KANO model for infrastructure sector.

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Fig. 12. KANO model for telecom sector.

Table 4
Sector wise Must Be Attributes.

Sl. No. Attribute Sectors

1 Past performance of firm’s stock Banking, Energy, FMCG, IT, Manufacturing, Infrastructure, Telecommunication
2 Expected bonus shares e
3 The result of technical analysis Automobile, Banking, Energy, FMCG, IT, Telecommunication
4 Stock marketability Energy
5 Expected corporate earning Banking, Oil & Gas, IT, Telecommunication
6 Condition of financial statements Automobile, Banking, Energy, Oil & Gas, FMCG, Infrastructure, Telecommunication
7 Affordable share price Energy, FMCG, Manufacturing
8 Information obtained from the internet FMCG, Manufacturing
9 Insiders information e
10 Rumours e
11 Expected stock split or capital increase e
12 Coverage in the press IT
13 Current economic indicators Automobile
14 Financial advisors and analysts recommendations Banking, Energy, Pharma, Oil & Gas, FMCG, IT, Telecommunication

“Linear” attributes include expected bonus share, stock market- pharmaceutical (INR 38.48), and oil & gas (INR 38.81) (www.
ability, affordable share price, information obtained from the moneycontrol.com, 2019) sectors were found to be high during
internet, expected stock split or capital increase, coverage in the last five years when compared to the other sectors. When the EPS is
press, and current economic indicators. “Delight” attributes include less during the last few years, investors tend to look at this as an
insider information and rumours. essential piece of information. In other words, investors look at EPS
The above results are summarised and presented in Tables 4e6. as a satisfier when the EPS is consistently high during the last few
years.
Expected bonus share is found to be a linear attribute for all the
4. Discussions 10 sectors. It is generally considered as part of the dividend payout
to the shareholders. The profit making companies usually declare
The past performance of the firm’s stock is a must be attribute dividend on an annual basis. In some cases, companies have
for 7 sectors while it is a linear attribute for 3 sectors namely declared dividend more than once in a financial year. Bonus shares
automobile, pharmaceutical, and oil & gas sectors. One of the are not time bound but, are issued to keep long-term shareholders
measures of the past performance of the firm’s stock is earning per happy when the cash profit is less or when the companies intend to
share (EPS). Earnings per share per year of automobile (INR 99.92),
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Table 5
Sector wise Linear Attributes.

Sl. No. Attribute Sectors

1 Past performance of firm’s stock Automobile, Pharma, Oil and Gas

2 Expected bonus shares Automobile, Banking, Pharma, Oil and Gas, FMCG, IT, Manufacturing, Infrastructure, Telecommunication
3 The result of technical analysis Pharma, Oil & Gas, Manufacturing, Infrastructure
4 Stock marketability Automobile, Banking, Pharma, Oil & Gas, FMCG, IT, Manufacturing, Infrastructure, Telecommunication
5 Expected corporate earning Automobile, Energy, Pharma, FMCG, Manufacturing, Infrastructure
6 Condition of financial statements Pharma, Manufacturing
7 Affordable share price Automobile, Banking, Pharma, Oil & Gas, IT, Infrastructure, Telecommunication
8 Information obtained from the internet Automobile, Banking, Energy, Pharma, Oil & Gas, IT, Infrastructure, Telecommunication
9 Insiders information e
10 Rumours Automobile, Banking, Energy, Pharma, Oil & Gas, FMCG, IT, Manufacturing, Infrastructure
11 Expected stock split or capital increase Automobile, Banking, Energy, Pharma, Oil & Gas, FMCG, IT, Manufacturing, Infrastructure, Telecommunication
12 Coverage in the press Automobile, Banking, Energy, Pharma, Oil & Gas, FMCG, Manufacturing, Infrastructure, Telecommunication
13 Current economic indicators Banking, Energy, Pharma, Oil & Gas, FMCG, IT, Manufacturing, Infrastructure, Telecommunication
14 Financial advisors and analysts recommendations Manufacturing, Infrastructure

Table 6
Sector wise Delight Attributes.

Sl. No. Attribute Sectors

1 Past performance of firm’s stock e

2 Expected bonus shares e
3 The result of technical analysis e
4 Stock marketability e
5 Expected corporate earning e
6 Condition of financial statements e
7 Affordable share price e
8 Information obtained from the internet e
9 Insiders information Automobile, Energy, Pharma, Oil & Gas, IT, Telecommunication
10 Rumours Telecommunication
11 Expected stock split or capital increase e
12 Coverage in the press e
13 Current economic indicators e
14 Financial advisors and analysts recommendations e

keep the cash reserves with an intention to invest in future. Average be attribute.
dividend yield of all the sectors is found to be 1% during the last 5 Expected corporate earnings is a must be attribute for 4 sectors
years (Indices and Ratio, 2019). Thus, bonus share information namely banking, oil & gas, IT, and telecom sector and is a linear
provides happiness to the investors, if any. Thus, it is neither a must attribute for the other sectors. The growth rate of earning per share
be nor a delight attribute. For example, Reliance Industries Limited of these three sectors was found to be eve. Since, the growth rate is
had announced bonus shares in 2009 (www.capitalmarket.com, eve, the investors may look at this piece of information as a must
2019) and the investors were expecting bonus shares in 2017, 2018. be information while making investment decisions.
When the announcement came in 2017, investors showed a lot of Condition of financial statement is found to be a linear attribute
interest in RIL shares. for three sectors namely, pharamaceutical, IT, and manufacturing
The result of technical analysis was found to be must be attri- while it is a must be attribute for the other sectors. Reserves and
butes for 6 sectors while it was found to be linear attribute for 4 surplus is the accumulated profit since the beginning of the com-
sectors namely, pharmaceutical, oil & gas, manufacturing, and pany. The built up rate indicates the growth of the company in
infrastructure. The return on equity (RoE) provides a measure of terms of profits. For these 3 sectors the reserves and surplus growth
profitability. For pharmaceutical, oil & gas, manufacturing, and rate is found to be less than 9% and is more than 9% for the other
infrastructure the return on equity were found to be 10.06%, 11.60%, sectors (www.aceanalyser.com, 2019). Thus, it is a linear attribute
19.21%, and 17.34% respectively (www.aceanalyser.com, 2019). This for these sectors.
makes the investor less interested in the result of technical analysis. Affordable share price is found to be a must be attribute for
The other 6 sectors RoE was found to be high when compared with three sectors namely, energy, FMCG, and manufacturing. The
those 4 sectors (www.aceanalyser.com, 2019). The technical anal- market price to book value of these sector shares is found to be
ysis provides entry and exit price levels and hence, are must be 5.29, 23.30, and 7.90 respectively (www.aceanalyser.com, 2019).
attribute for investors to maximise return in a given time period. For all other sectors this ratio is less than 5. May be the investors see
Stock marketability is found to be a must be attribute for energy the pricing information as a must be for affordability and long term
sector while it is a linear attribute for the other 9 sectors. The share profitability of their investment.
holding pattern for energy sector is typical. The general public hold Information obtained from the internet is found to be a must be
energy sector shares only to the tune of 2.00% and total non- attribute for FMCG and manufacturing sector while it is a linear
promoter holding is to the tune of 34% (www.moneycontrol.com, attribute for the other sectors. Internet subscription over the last 10
2019). In all other sectors, the general public hold more than 4% of years has grown at 42.69% (CAGR) (www.ibef.org, 2018). These
the total shares with pharmaceutical sector having highest 14.79% sector sale is e-Commerce intensive. Thus, it can be said that in-
of the total shares (www.moneycontrol.com, 2019). This indicate formation obtained from the internet is a must be attribute for
that when the percent tradable shares are more, it becomes a must these sectors.

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Insider information is found to be either a delight or a linear Stock marketability is perceived as a must be attribute when the
attribute. It is widely understood and accepted that insiders know number of stocks available for trading as percent of the total shares
more about the company. The research and development invest- is less, otherwise perceived as a linear attribute.
ment as a fraction of their turnover over the last 5 years in banking, Expected corporate earnings is perceived as a must be attribute
FMCG, manufacturing, and infrastructure is found to be less than when the growth rate of earning per share is negative, else is
the other 6 sectors (www.aceanalyser.com, 2019). Thus, it can be perceived as a linear attribute. Condition of financial statement is
said that when the organisations R & D intensive, the investors look found to be linear attribute when the reserves and surplus growth
at insider information as a delight attribute. rate is less than 9%, else is perceived as a linear attribute. Affordable
Rumours are found to be a delight attribute for telecom sector share price act as a must be attribute when market price to book
while for all others it is linear attribute. This sector, in India, is value is more than 5 and is found to be linear when the ratio is less
dominated by a few players namely Bharti Airtel, Vodafone, BSNL, than 5.
MTNL, and Reliance. Mergers and acquisitions are typical to this Information obtained from the internet is perceived as a must be
sector. Competition is intense in this sector unlike other sectors. attribute when the trade or business is e-commerce intensive
There was a rumour of Reliance taken over by Jio and the stock price otherwise acts as a linear attribute. Insider information is perceived
rose. But, in reality Reliance Jio partially acquired the Reliance as- as a delight attribute in the research and development intensive
sets. Thus, it can be said that rumour acts as a delight for this sector. industry otherwise is perceived as a linear attribute. A rumour is
Expected stock split or increase in the capital is found to be a perceived as delight attribute when the sector is dominated by a
linear attribute for all the 10 sectors. A stock split does not result in few players with intense competition such as telecom otherwise is
increase in capital for the company or increase in profit for the a linear attribute. Coverage in the press is perceived as a must
investors. Increase in capital may happen through rights issue and attribute when the business is governed by foreign treaties and the
ESOPs. Here also the investor does not realise immediate profits. major revenue is generated through export such as IT, otherwise is
Hence, it may be treated as satisfier information. perceived as a linear attribute.
Coverage in the press is a must be attribute for only IT sector Expected stock split or capital increase is a linear attribute
while for all other sectors it was found to be a linear attribute. Their irrespective of the sector. Current economic indicators are
major revenue, 81% during last 5 years data, is earned from the perceived as a must be attribute when the people are moving to-
overseas market (www.ibef.org, 2018). Generally, such information wards fast moving consumer durables otherwise acts as a linear
is found in the print media as their activities are governed more by attribute. Financial advisors and analysts recommendation is a
foreign treaties. Thus, it can said that in such market investors look linear attribute when value against the risk is high otherwise
for press information as a must be attribute. treated as a must be attribute by the investors. Authors argue that
Current economic indicators is found to be must be attribute for this kind of classification would help the companies, brokerage
automobile sector only and for all others, it is found to be a linear houses, and information providers to make their shares vibrant and
attribute. Indian population is on the rise and the youth population investors to build a healthy portfolio.
is 40% of the population. The inflation rate is also on the decline
over the last 5 years. It can be said that the youth is attracted to- Limitations/scope of the study
wards the fast moving consumer durables such as automobiles. The
FDI in manufacturing sector is 32.97% which includes automobile 1. The study includes 30 companies listed on BSE SENSEX during
sectors also (Handbook of Statistics on Indian Economy, 2018). April 2011eMarch 2016.
Thus, it can be said that while investing in automobile sector, the 2. KANO models are developed based on the perceptions of Indian
investors look for economic indicators as a must be attribute. investors.
A financial advisors and analysts recommendation is a linear 3. Respondents include individual investors.
attribute for 3 sectors namely automobile, manufacturing, and
infrastructure sectors and is a must be attribute for the other 7
sectors. The advisors and analysts have the expertise and updated Foot notes
information about the companies and market on regular basis.
Based on the data obtained from www.bseindia.com, the value The figures mentioned in discussion section were computed by
against risk involved in all the 10 sectors was computed and for the authors after collecting data from internet sources mentioned
these 3 sectors the value against the risk is high. The investors in references.
might not seek the assistance of experts as they invest depending
on their own risk bearing capacity.
Declaration of competing interest
5. Conclusions
The authors declare that they have no known competing
financial interests or personal relationships that could have
There are 14 pieces of information (attributes) relevant to in-
appeared to influence the work reported in this paper.
vestors in Indian context. An attempt has been made to classify
them as ‘must be’, ‘linear’, and ‘delight’ attributes. It was also found
that the must be, linear, and delight attributes are sector specific. References
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