Moderation Effect of Demographic Variables on Perception of Retail Investors Towards IPOS in Indian Scenario

Abstract

Purpose of this paper is to identify the effect of moderator variables like Occupation, Age and Education on the constructs involved in Retail Investors Investment Behaviour towards Initial Public Offers. Data was collected through structured questionnaire from selected sample size and finally 504 responses were used to justify the structure. The study was done with five constructs namely Behavioral Intention as Dependent variable and four Independent Constructs namely Information Asymmetry, Attitude, EIC attributes, Subjective norms. The study is an extension of already proven model fit to analyze the perception of retail investors towards IPOs in Indian scenario with knowing the dimensions when moderator variables are introduced in the model. Attitude is the major influencer even after in introduction of moderator variable. However age and Occupation are significant to influence as a moderator variable and levels of education is not a good moderator in influencing the perception of retail investors.