Factors influencing Individual Investor Decision Making: The case of

Pakistan Equity Investors

Survey Questionnaire
Dear Respondents
This questionnaire is aimed to describe the Economic and behavioral factors that influence individual
investors decision making process in Pakistan stock Exchanges. Finding of this study will help to determine
Investor behavior influence on Stock Purchase decision. The data collected through this will be kept
confidential as it is an academic research. Give below your address or email ID if you are interested in the
findings of this study.
Note: - Kindly tick ( ) box you feel appropriate for your feedback.

A- Classical Wealth Maximization

In your opinion how below mentioned factors influence your investment decision making.

Least influence Neutral Significantly Most

Influence Influence Significantly
influence
1. Stock Affordability (Lesser
stock prices)
2. Expected dividends.
3. Tax effect on Profit.
4. Minimizing Risk.
B. Accounting Information
What is affect of following factors on your investment decision making.

Least influence Neutra Significantl Most

Influence l y Influence Significantl
y influence
5. Expected corporate
earnings.
6. Dividend paid.
7. Financial statement
condition.
8. Stock marketability (that
can be easily sold).

C. Self-Image/Firm-Image Coincidence
Below mentioned factors have what effect on your investment decision making.

Least influence Neutra Significantl Most

Influence l y Influence Significantl
y influence
9. Religious reasons.
 10. Firm’s reputation in
industry.
11. Preference for a firm’s
product and services
12. Firm’s governing body
(Board of Directors &
CEO).
13. Firm’s strong position in
the industry
14. Organized established
market in the country like
Karachi stock exchange in
Pakistan.
15. Contribution of a firm
toward social causes.
16. Firms perceived ethics.

D. Neutral Information
To what extent following factors influence your decision making Process.

Least influence Neutra Significantl Most

Influence l y Influence Significantl
y influence
17. Current economic indicators
e.g. inflation rate.
18. Information obtained from
internet and existing
shareholders.
19. General and financial press
coverage of the firm’s stock.
20. Fluctuation/developments in
the stock index.
21. Government holdings.
22. Recent price movement of a
firm’s stock
23. Firms commitment toward
Corporate Social
Responsibility.

E. Advocate Recommendation.
In your opinion how below mentioned factors influence your investment decision making.

Least influence Neutral Significantl Most

Influenc y Influence Significantl
e y influence
24. Family member’s opinion.

25. Friend / coworker’s opinion.

 26. Opinions of the firm’s
majority stockholder.
27. Broker’s recommendation for
stock.

F. Personal Financial Needs

What is affect of following factors
on your invest. decision making.
Least influence Neutral Significantl Most
Influence y Influence Significantl
y influence
28. Ease of obtaining borrowed
funds.
29. Expected Losses in
national and international
financial Markets.
30. Diversification needs.

31. Attractiveness of non-stock

investment

Disagree

Disagree
Strongly

Strongly
Neutral

Agree

Agree
1. Usually I get my expected return on my
investment decision.

2. My investment holding periods are spread over

long span of time.

3. In most cases my investment decisions my

investment objectives.

4. I have risk tolerance towards my investment

decisions.

5. My reactions towards losses are normal.

Personal Profile
1- Name (optional) ______________________ 2- Organization’s Name ___________________________
3- Gender _______ 4- Education _______________
5- Investment Education:- _______________________
6- Investment Experience ____ years
7- Employment Sector: Public _______ Private_______
8-You are trading in a) Karachi b) Lahore c) Islamabad Stock Exchange.
9- E-mail: ________________________________
Thank you