Comparative Study on Investment Behaviour of Women Investors

Running head: A COMPARATIVE STUDY ON INVESTMENT BEHAVIOUR OF WOMEN
INVESTORS IN BERLIN, GERMANY AND PUNE, INDIA
A Comparative Study on Investment Behaviour of Women Investors in Berlin, Germany and Pune,
India
Name of the Student
Name of the University
Author’s Note

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A COMPARATIVE STUDY ON INVESTMENT BEHAVIOUR OF WOMEN INVESTORS IN
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Acknowledgement
I would like to thank my University and the professor for allowing me to contribute as well as
providing opportunity to complete my research despite of all challenges that I have faced. It will not
forget the efforts that are made by the professors and other for guiding me with patience, guidance
and understanding. I would not have completed this research without their guidance and
understanding and you are all special to me.

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A COMPARATIVE STUDY ON INVESTMENT BEHAVIOUR OF WOMEN INVESTORS IN
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Abstract
This research has focused on the comparative study on the investment behaviour of women investors
in Berlin, Germany and Pune, India. The primary chapter is the introduction which centres out the
common data around the thought in topic with the research. The targets of the research for the most
part has been talked around in this distribute another to the research restrictions. Other than, it in
change highlights the research questions close to point and targets of the research. Insides the second
chapter, it contain of composing arrange which centres out the components that are to be tended to
internal parts the research. It interface of openings and threats interfacing evaluation of competitive
advantage and techniques for moving forward the execution. In chapter three, it highlights the
methodology which centres out the strategies through which the research has been conducted. It sets
the considering, approach, and organize, data collection method and test of the research around sheds
light. The fourth chapter joins the results around and disclosures where the results about around are to
be studied and checked on as per the current circumstance which it highlights the looking over,
assessment, openings, threats and competitive procedure. Inside the final chapter, it deals with the
conclusion adjoining recommendation and utilization with the concluding thoughts have been said at
the side tending to the goals and certain recommendation.

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Table of Contents
Chapter 1: Introduction..........................................................................................................................6
1.1 Background Information..............................................................................................................6
1.2 Research Topic............................................................................................................................8
1.3 Research Aim..............................................................................................................................8
1.4 Research Questions......................................................................................................................8
1.5 Research Objectives.....................................................................................................................8
1.6 Hypothesis...................................................................................................................................9
Chapter 2: Literature Review...............................................................................................................10
2.1 Comparative analysis of investment behavior of the women investors in Pune, India and Berlin,
Germany..........................................................................................................................................10
2.2 Investment Behavior of the women investors in Pune, India.....................................................12
2.3 Investment Behavior of the women investors in Berlin, Germany.............................................13
Chapter 3: Methodology......................................................................................................................15
3.1 Research Design........................................................................................................................15
3.2 Research Philosophy..................................................................................................................15
3.3 Research Methods......................................................................................................................15
3.4 Sampling Methods.....................................................................................................................15
3.5 Sample Size...............................................................................................................................16
3.6 Limitation..................................................................................................................................16
3.7 Data collection Method..............................................................................................................16
3.8 Data analysis Techniques...........................................................................................................16

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3.9 Ethical Issues.............................................................................................................................16
Chapter 4: Data analysis......................................................................................................................18
4.1 Primary data analysis.................................................................................................................18
4.2 Secondary data analysis.............................................................................................................29
Chapter 5: Conclusion and recommendation.......................................................................................31
References...........................................................................................................................................35

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Chapter 1: Introduction
Financial investment is aimed at delivering financial security to the investors. Financial
market plays the catalyst role to accelerate the investment activities. Stock, bond and mortgage are the
fundamental tools through which the investors initiate their investment process. Investments can bring
potential impacts on the well-being of the investors. Women today, are capable of making investment
in bank deposits, gold, provident funds, real estate and post office. A considerable portion of the
workforce now belongs to the women employees. Many financial investments in terms of
professionally and personally, get controlled by women. This in turn, makes the women to be more
focused on the financial investment. Women are interested in enhancing the return on their investment
through different avenues. In this way, both the present and future expectation can be achieved. With
the growing autonomy in the decision making power, women are now playing a catalyst role in
accelerating the socio-economic growth of a nation. Earning money can provide the financial
independence, but it does not provide financial assurance (Sashikala and Chitramani 2017).
Meanwhile, circumstances are different for women across the sample countries. The study is aimed at
comparing the difference situations for the women investors hailed from Pune, India and Berlin,
Germany. Pune and Berlin are the metropolitan cities of Indian and Germany respectively. The
standard of living of these two cities is comparatively high combined with high per capita income. In
this regard, the comparative analysis illustrates the difference in the investment pattern of the women.
1.1 Background Information
Initially the role of the women is restricted to the limited boundary of the household sector.
They are not allowed to participate in the professional workforce and they are not even allowed to
take education. Meanwhile, the importance of the women education gets realized by the society. In
nowadays, they are highly qualified and are engaged in the important professional fields. In the
context of the financial market, the role of the women investors is highly appreciable (Fraune 2015).
Data reveals that a great percentage of working women is continuously increasing in the advanced
cities, including Berlin and Germany. It is observed that culture is the influencing factor for the
financial investment. Indian culture is the traditional nature. People in Pune prefer to follow the
traditional saving investment method, like, savings in bank deposit, post office and national savings
paper. As a result, most of the Indian women like to follow traditional investment process which is
embedded with less risky factors (Calcagnini, Ferrand and Giombini 2015). Indian women
emphasizes on the long-term investment process as to protect their family and children.
On the other hand, the investors in Berlin are influenced by the advanced culture. Investors
are risk lovers. They intend to earn huge profit in return of the small size of the investment (Marinelli,
Mazzoli and Palmucci 2017). Women also structure the investment process which will give them
relatively large return amount. Sensitivity of the investment to liquidity is further subject to the

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financing constraints. As Berlin is a part of a developed country, the per capita income is greater than
that of the people of Pune. Irrespective of the geographical and cultural differences, all good investors
are aimed at improving the return through an effective balance between risk and return ( Insler,
Compton and Schmitt 2016). It has been observed that India has been experiencing a growing
participation rate of the women. As far as the IMF report is concerned, the existing women labor force
can intensify India’s 30% GDP as compared to men. The matured performance of the women labor is
the reflection of the high qualification rate, government incentive policy and social support. The
cumulative effect of all these socio-economic factors result in the advancement of the women
participation rate in the workforce.
In case of Berlin, majority of the women employees are more privileged with respect to India.
Women are professionally qualified and they do not need to bear the family expenses as the Indian
women do. Therefore, the women in Berlin can save more, which in turn increases the investment
level of the women. Nevertheless, women investors in Berlin can take investment risk owing to
having the commendable financial strength. On the contrary, women investors in Pune do not have the
strong financial capability. Moreover, India suffers more from financial defaulter cases due to lack of
the government intervention (Kansal and Zaidi 2015). This discourages the investors to forward the
investment process because of the dearth of the government support and reliable information
regarding the financial investors. This impedes the investment volume from the women investors.
Referring to the financial rules and regulations, Germany follows rigid financial system. As a
consequence of that, financial institutes try to follow the standard measure of the national finance
market (Hauff 2014). This lowers then non-compliance investment activities and boosts the
investment. Overall, this leads the women investors to the higher investment level.
Referring to the above discussion, the paper continues to investigate the factors responsible
for the different investment patterns of Pune and Berlin. It is confirmed that Indian women own
conservative thoughts which do not allow them to explore the new investment avenues, like, mutual
fund, share and bonds (Bai, Philippon and Savov 2016.). The interest on the savings deposit is the
principle source of their financial investment. On the contrary, women investors hold dynamic
concept on the investment. Apart from the conventional investment in banking, the Germany women
investors are reported to have towards the modern investment tools. However, every investment is
endowed with considerable size of risk. It is an important task for the investors to control the risk
factors while dealing with the investment level. The return on investment needs to be assured in such
a way that loss will not exceed the profit. Therefore, the women investors are required to do
significant research work before doing any investment in the financial market (Segal, Shaliastovich
and Yaron 2015). In this context, the current research paper strives to enlighten the readers with the
possible consequences of the investment initiatives taken by the women investors in Pune and
Germany.

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1.2 Research Topic
Considering the important role of the women investors in the socio-economic development
and their different approaches to the investment process, the research topic for the current study is
decided as ‘A Comparative study on Investment Behaviour of Women Investors in Berlin, Germany
and Pune, India’.
1.3 Research Aim
Investment is the reflection of the critical analysis of individual’s saving activity. Every
investment decision is subject to financial security, income stability, appreciation and profit
(Miyajima and Shim 2014). The scope of the current research is to find out difference in the saving
patterns, financial planning, liquidity and long term growth return for the women investors across the
considerate two cities. The insight view of the current research attains to highlight the way which will
improve financial planning through a systematic way including the SWOT analysis (Okech and
Mukoba 2016). Further, the paper is aimed at finding out the appropriate investment portfolio options
among bonds, insurance, stocks, debentures, tax saving schemes, pension funds, shares, real estate
and others available options for the women investors. Nonetheless, the researcher attains to
investigate different investment aspects of men and women (Haselhuhn, et al. 2017). In general,
women like to follow sustainable investment goal than men implying that present and future
consumption will not be hampered due to the investment planning.
1.4 Research Questions
 How a woman as an individual investor does influence the economic development?
 What are the types of investment options available for the women in respect of their different
investor profiles?
 What are the important future aspects of the financial goals?
 Why financial planning is important for the investment?
 Why the investment perspective of women is different from men?
1.5 Research Objectives
Based on the interest of the research topic, the following research objectives have been
highlighted.
 To find out the investment pattern of the women investors in respect of the two cities.
 To examine the influencing factors in case of taking the financial investment decision
 To observe the financial planning in terms of negotiating the risk with the return on the
investment.
 To find out the appropriate set of investment approaches, like, assets, insurance, capital
market, jewelry for the women investors.

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 To overhaul the pros and cons related to the financial investment decision of the women
investors.
 To incorporate the SWOT analysis as to measure the probable threats and weakness a woman
can face during the financial investment process.
 To find out the effective measurements which helps in mitigating the investment risks of the
investors
 To construct a comparative analysis with respect to women investors in Pune city of India and
Berlin city of Germany.
1.6 Hypothesis
Two hypotheses have taken as to accomplish the research aim following the research
objectives. Hypotheses are written as follows.
Hypothesis 1
Null hypothesis (H01): There exist significant differences in the investment behaviour of the
women investors who hail from Pune in India and Berlin in Germany.
Alternative hypothesis (H11): There is no significant difference in the investment behaviour
of the women investors who hail from Pune in India and Berlin in Germany.

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Chapter 2: Literature Review
This chapter presents an extensive and comprehensive discussion on literatures on the
investment behaviour among the women investors through a comparative study of women from Pune,
India and Berlin, Germany. The purpose of this chapter is to illustrate the context of the research
study in a detailed manner to the make the readers acquainted with the concerned study (Klapper,
Lusardi and Van Oudheusden 2015). Moreover, this chapter also highlights the aspects of the
concerned study that had been previously explored by the scholars, which is beneficial to identify the
literature gap for this research study.
2.1 Comparative analysis of investment behavior of the women investors in Pune, India and
Berlin, Germany
The main goal behind the investment is to generate appreciation or income for the future
through the purchase of goods. Thus, the association of the investment with the future income or
growth makes it vital. However, there are various risk associated with the investment in the case it
does not falls short or pan out. The behaviour of the investors varies depending on the risk and
challenges associated with the investment. There exists difference in behaviour among the different
gender in terms of investment. This paper emphasizes on the investment behaviour of the women
from various regions. In order to manage loss on investment and portfolios risk, one of the efficient
way is to diversification of investment styles and types. The status of the women plays a crucial role
in the investment behaviour. Whereas, the status of the women varies depending on the position of the
country. According to (Richter et al. 2017), the women are risk averse when it comes to investment in
comparison with men. Here, a major role is played by the characteristic of women investors that act as
strength or weakness in case of investment.
Thus, these strengths and weakness of the women investors determines the threats and
opportunities faced by the women while investing. As stated by (Demirguc-Kunt et al. 2015), the key
characteristics that influence the investment behaviour of the women across the world have some
common ground. One of the major constraints that prevent a women from investing is lack of
thorough knowledge related to all the investment avenues. Therefore, a very less percentage of the
income is invested by many women due to risks associated with it. Another factor that lowers the
investment sentiment of the women is the reliance on the others for the investment decision. The
percentage of women who have not been able to take independent investment decision is very big. A
majority of women depends on the opportunities to come for the making investment decision. As a
result, these women have not planned for their finances and other avenues of the investment. As per
(D'Acunto 2015), one common opinion that persists among the women is one of important factor that
should be considered while taking investment decision is liquidity. Thus, the women strongly believe
in keeping liquid money available instead of investing for the future. One of the vital trend that can

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encourage women participation in investment include basic understanding about the investment
among most of the women.
In addition, most of the women are considered as the conservative investors as they prefer to
invest in safer investment options. While investing in the pension the women are more conservative
than the men (Agarwal et al. 2015). A majority of the women distribute their finances for household
expenses, life protection, basic savings and education of the children, tax planning and marriage of the
children. Furthermore, the women are reluctant to risk with decreasing in portfolio value. Thus, they
cannot wait for the improvements and does not like to take risks. The nature of the women as a low
risk taker compelled them to invest in low risk investments. Additionally, most of the women invested
in low returns and low risk options including post office deposits, bank deposits, provident fund and
insurance. According to (Von Wallis and Klein 2015), women seek guidance from their experienced
family member prior taking investment decisions. In some cases, the financial goals of the women are
different from the men due to their investment behaviour. A majority of the women wanted to invest
in options where the assets will grew along with the generation of income. Thus, a long term growing
assets with income will offer financial security for the women as believed by many women.
Another essential feature that helps to define the investment behaviour of the women include
the preference of the women to invest in avenues which are short and medium term current income
generation and invests in funds which produces income in long term. On the one hand, the
characteristics of the women such as balance, quality conscious, holistic thinker and intuitive acts in
favour of their investment decision. In general, they prefer to undertake an in-depth analysis prior to
investment by adopting a futuristic approach, which make them good savers and at the same time they
are self-controlled (Mohammadi and Shafi 2018). These features are considered as the strengths of the
women investors around the world. On the other hand, the characteristics of the women such as risk
aversion, lower levels of financial knowledge, conservative attitude, seeking guidance from others,
religiousness, lack of confidence and poor health are considered as the weakness of the women in
regards to the investment decision. However, it changes with respect to the countries and different
cities of the countries. Therefore, there prevails difference in investment behaviour of the women
investors in Pune, India and Berlin, Germany.
The opportunities that encourages the women to invest willingly include the initiatives taken
by the country for the women empowerment and strengthening the financial knowledge of the
women. Therefore, these new opportunities contributed largely in the growth and development of the
women in many countries. As stated by (Kanze et al. 2018), the factors that works as threats for the
women investors include exclusion from the informal networks, interrupted and short employment
history and low levels of wage. Hence, it degrades the financial well-being of the women in many
countries of the world. Thus, this paper taken into consideration investment and saving pattern of the

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income as well as salaried class women in cites of Pune and Berlin of the countries India and
Germany respectively (Daniel and Hirshleifer 2015). Now-a-days women are actively participating in
the every field with their male counterparts. Thus, women are no more confined to only household
works and contributes largely in the nation-building. Various earning opportunities helps the women
in wealth creation. Other factors that plays important role in this aspect are education opportunities
and women centered programs and policies of the government. The women got their financial
independence from these opportunities and increased their participation in social and political sphere
of the country. There are several steps of the financial planning process, which helps to complete the
procedure. In addition, there exists a wide range of risk associated with the investment that inhibits
the women investors from investing such as country risk, systematic risk, interest rate risk, credit or
default risk, systematic risk, market risk, political risk and foreign exchange risk (Barman 2015).
Therefore, certain factors that also creates problems for the women investors to invest in bonds,
stocks, insurance, real estate, debentures, tax saving funds, shares and pension funds based on the
risks associated with the country. The political, legal and economic structure of India and Germany
differs on wide areas, which influence the investment behavior of the women investors of Pune, India
and Berlin, Germany significantly.
2.2 Investment Behavior of the women investors in Pune, India
According to (Javakhadze, Ferris and French 2016), the gender inequality among the
countries affects the investment behavior of the women. The investment behavior of the women
changes with respect to the equality ratio in the country. In counties like India, the major barriers that
influence the economic independence of the women include inequality in wages and political
representation. However, with the betterment in equality ratio, the scenario of the investment can be
different. It will encourage more women to take risk in investments in order to get high returns. In
contrast, Pune is one of the advance city of the India, where the number of working women are
relatively high. The presence of the various educational institutions promotes women participation in
education and employment (Hastings and Mitchell 2020). The key sectors of Pune, India where
majority of the women works including information technology and education. As the city of India is
known for its achievements in the field of education, it helped in women empowerment and make
women more self-reliant in case of financial independence. Therefore, it can be said that despite
various hinders that lowers the confidence of the women to invest, the development and liberalization
of the city boost the confidence of the women investors in Pune compared to other parts of the
country.
Furthermore, the modernization and international activities of the city also influences the
behavior of the women investors. On the contrary, as stated by (Horneff et al. 2015), the women from
the city Pune should emphasize more on identification of present scenario related to financial
situation. It will assist them to negative the adverse impact of the investment. Another step that will

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provide a better dimension to the problem of investment is mapping and structuring of the future
financial goals. The key elements that impacts the investment behavior of the Pune include political
risk, country risk and foreign exchange risk. Here, the stability of the county in terms political
condition and economic condition aggravates the overall country risk for the investment. As a result,
it keeps some of the women out of the investment programs. According to (Cronqvist et al. 2016), the
county like India suffers from lack of substitute investment options for the investors. Therefore, the
women investors from the Pune unable to discover any substitute investment options, which make
them reluctant to invest. However, in recent years, as the status of the women in the cities like Pune
has changed dramatically, it led to the transformation in behavior of the women from saves to
investors. Several governmental initiatives and educational awareness programs turned the women
into an investor from the saver. They are driven by the fact that the investment will save them from
future financial risk. As the countries like India suffers from deficiencies in economic growth, it is
essential to encourage people for more saving and investing. It will contribute significantly towards
the economic growth the country as well as city. As per (Agarwalla et al. 2015), as the number of
women are less compared to men investor in Pune, encouraging them will bring higher growth
prospect for the city. In addition, the number non-working women in also comparatively high in Pune,
India than the Berlin, Germany. Hence, these women are dependent on their spouse for the financial
expenses. Thus, they became unable to opt for investment plans due to their economic dependency.
2.3 Investment Behavior of the women investors in Berlin, Germany
The largest and capital city of he Germany is Berlin. The city as well as country is highly
developed and one of the major economies in terms of per capita purchasing power (Sheehan et al.
2017). The women who belongs from the Berlin also faced various opportunities and threats in terms
of investment. The women have some specific strengths and weaknesses, which influences their
behaviour as an investor. The economy of the city is mainly dominated by the service sector. There
exists various women serving in the service sector of the Berlin. Thus, the role of the women is
considerable in economic growth and development of the city. There are varied categories of investors
prevails in a region. The style of investment makes the differences between the investors around the
world. The investors can be categorised as follows moderate investors, conservative investors and
aggressive investors (Marom, Robb and Sade 2016). The investors those who always keep in mind the
risk factors while investing, is known as conservative investors. Whereas, the investors those who
keep a close watch on their portfolio in order to avoid the risk related to huge losses, is known as
moderate investors. Moreover, the investors those who prefers to invest on projects that are
characterized by higher return, higher risk and significant growth, is called aggressive investors.
According to (Agarwalla et al. 2015), the majority of the women from the Pune, India can be
categorized as the conservative investors. On the contrary, the most of the women investors from the
Berlin city can be categorized as the moderate investors due to their active participation in the

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investment through keeping close watch on their portfolio. As per (Barber, Morse and Yasuda 2019),
there are few women investors those can be categorized as the aggressive investors. The
characteristics such as intuitive, holistic thinks and balanced kept the women investors out of the
higher risk and higher return option. One of the major step of the financial planning process include
executing and designing a financial action plan. The women investors from the Berlin are aware of the
consequences to avoid loss. While investing in the projects that consists of higher risk and higher
return revamp and re-examine of the financial plan is essential. The lower risks associated with the
country, foreign exchanges and political system acts in favour of the women investors in Berlin
(Mollick and Robb 2016). The performance of the Germany in terms of gender equality along with
equality in wages and political representation is better in comparison with other countries.
Thus, it proves beneficial in boosting the confidence of the women investors of the city.
Several women of the Berlin participate in decision making. Moreover, the government of the city
also took various policies and programs to scale up the women empowerment in the region along with
their active participation in investment. Finally, to actively participate in commodity and financial
market of the city, the women should also update and upgrade themselves with latest technologies
implemented in the financial service industry. It is important for the women investors to keep a track
on the exchange rates and financial markets of the country, which contributes significantly in
economic growth of the region and country. It is recommended for the both cities like Pune and Berlin
to adopt more awareness and educational initiatives to encourage the women to change their
behaviour from being moderate and conservative investors to aggressive investors. It will enable the
women investors to take more risk and gain high returns from the investment. As stated by
(Reimsbach, Hahn and Gürtürk 2018), both cities should convert the weaknesses and threats of the
women into strengths and opportunities through implementation of appropriate strategies. In case of
women from the Berlin, the societal support is higher than the women from the Pune. The adequate
support from the society will help the women to contribute in a greater extent in development of the
region as well as country by investing actively.

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Chapter 3: Methodology
3.1 Research Design
The research design is the illustration of the structure and techniques that will be applied in
the current topic. Researcher structures the research design focusing on the research objectives. The
effectiveness of the research design results in the attainment of the desired outcome. Research design
is generally of three different types, including, explanatory, descriptive and exploratory research
design. In the light of the current research objective, descriptive research design has been considered
(Murray 2016). The research objective is to develop a new research theory. The core objective of the
current research paper is to do a comparative analysis on the women investors hailing from two
different regions Berlin and Pune.
3.2 Research Philosophy
The research philosophy enlightens the analyst towards the research goal through an
appropriate research diagram. Four types of research philosophies are generally applied to the
collected dataset. Pragmatism, interpretivism, realism and positivism are the four main aspects of the
research philosophy. The trait of the research philosophy is to make the researcher understandable
towards the research objective. Meanwhile, the choice of appropriate research philosophy depends on
the view of the research. The topic seems like the discussion of the investment habits of the female
investors across two different cities that located in India and Germany respectively ( Macours and
Vakis 2014). Interpretivism philosophy is selected in this research paper as the analysis of the primary
data will be interpreted explain the different investment pattern.
3.3 Research Methods
Research onion is one of the comprehensive research methods. Its key objective is to select
the research tool which will be help in attaining the research goal. This particular methodology is
combined of six different layers. Each of these layers is subject to some definite methods and
analytical techniques (Duarte et al 2014). The combination of the research method and technique lead
to the assigned research topic. The onion research design is the combined of the set of strategies and
time line within the research work is targeted to be completed. Altogether, this assists the researcher
to derive the desired outcome in an effective way.
3.4 Sampling Methods
Random sampling technique is applied in this research mode. Under random sampling, each
observation is assigned with equal probability. This provides equal importance to every sample
observation. In this case, total 50 female respondents are selected to perform the random sampling
method. The responses of the female respondents are collected through a primary data collection

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method. The selected female respondents are taken randomly without allowing the biasness of the
interviews.
3.5 Sample Size
Sampling refers to the methodology that helps to reach the targeted population out of the large
population size. Sampling method is the apprehensive method to support the primary data collection
process (Joyce, Liu and Tonks 2014). The current study has considered a sample size of 50 female
respondents in relation to the research topic. The selection of the respondents is distinguished into two
parts. 25 female respondents are taken from India and rest of the 25 female respondents is taken from
Berlin. The set of questions will be asked to analyze the research objective.
3.6 Limitation
The current research paper though provides remarkable outcomes regarding the investment
behaviour of the women investors it has some constraints in terms of the research opportunities. There
are several numbers of limitations observed in the current research study. These include limited
sample size, background of the female respondents and investment knowledge of the female
respondents. Responses from 50 respondents hardly provide an idea on the average investment pattern
of the female investors. Second, 50 respondents are chosen without considering their investment
history in the financial market (Durand and Gueuder 2018). This lack of financial experience and
professional knowledge do not make the data analysis properly as well as the desired outcome does
not achieve.
3.7 Data collection Method
Generally, a research work is developed with the help of two types of data, including, primary
data and secondary data. The primary data is collected through personal interview, telephonic
interview and questionnaire method. The secondary data source is comprised of available reports,
articles, journals and books which are available on both the online and offline platform. For instance,
Economics times, Financial Times, Science Direct, research Gate, SSRN, Jstor and books related to
the research topic (McCoy and Lyons 2017). In the view of the current research topic, researcher has
emphasized on the primary data collection method. A questionnaire is structured comprising of set of
questions. All these questions are relevant to the topic. The sample respondents are asked to fill up the
questions and thereafter the primary data gets collected from the respondents (Kumar and Goyal
2015). The collected data then gets analyzed through the descriptive methodology.
3.8 Data analysis Techniques
Descriptive analysis has been incorporated in the present study. Descriptive techniques
analyses the data set with the help of the theories, research paper, journals and articles which are
previously written by other authors. Through this secondary research work, the research can get idea
regarding the data analysis technique used for the comparative analysis method.

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3.9 Ethical Issues
The ethical issues are concerned about the plagiarism and uniqueness of the research topic.
The research gap needs to be mentioned in a proper way so that the current research aim is treated as a
unique concept in the financial investment market. The biasness of the researcher towards the
respondent violates the ethical issues (Baker and Ricciardi 2014). Meanwhile, the misinterpretation
and duplication of the research paper will not be considered while validating the authenticity of the
research paper.

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Chapter 4: Data analysis
This chapter generally deals with the analysis of the data or the information that is to be
collected for the research and from the respondents. It includes both primary data as well as secondary
data for the research as both of the data would be beneficial for the study. The primary data mainly
consist of the direct interactions with the participants where several questions would be asked and
their responses is to be recorded. The secondary data that have been collected for the research mainly
includes the data from different articles and journals that are available within the public. The
respondent that have been collected for the study consist of 50 respondents among which all of them
are female. 25 female respondents are from Berlin City, Germany and 25 from Pune city, India.
Different questions have been inquired to the participants and their overall responses have been
recorded and represented in the graphs. In addition to this, the analysis of the secondary data have
been performed with the help of published articles and journals that are easily available about
investments.
4.1 Primary data analysis
The following are the questions that have been asked to the participants of both Berlin and
Pune and their analysis have also been discussed as follows.
Q1. How far do you agree about the investment by women are helpful for the economy?
Options Total
percentage Number of respondents Total respondents
Strongly agree 40% 20 50
Agree 20% 10 50
Neutral 20% 10 50
Disagree 10% 5 50
Strongly
disagree 10% 5 50
Table 4.1: Responses for investment helpful by women in economy
(Source: Created by author)

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40%
20%
20%
10%
10%
Strongly agree Agree Neutral
Disagree Strongly disagree
Figure 4.1: Responses for investment helpful by women in economy
(Source: Created by author)
This centres out the research which provides general data to the employees beside the
highlights of the behaviour inside time period. Most of the members have agreed and backed other
alternative as the study utilized for supply essential data to the employees at an ordinary regions.
Some of them reacted which the study have been not fulfilling general information which moreover
highlights numerous restrictions towards the study. It in expansion shows up that the commerce has
been holding the in common range to assist their employees.
Q2. How far do you agree that the impact of women participation for economic development?
Options Total
percentage Number of respondents Total respondents
Strongly agree 20% 10 50
Agree 40% 20 50
Neutral 10% 5 50
Disagree 20% 10 50
Strongly
disagree 10% 5 50
Table 4.2: Responses about the impact of women participation for economic development
(Source: Created by author)

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A COMPARATIVE STUDY ON INVESTMENT BEHAVIOUR OF WOMEN INVESTORS IN
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Strongly agree
Agree
Neutral
Disagree
Strongly disagree
0% 5% 10% 15% 20% 25% 30% 35% 40%
Figure 4.2: Responses about the impact of women participation for economic development
(Source: Created by author)
This chart specified centres on the respondents in this specific research highlights rough
estimation about their importance of investment by women. The bigger part of the representatives
have agreed on this opinion with investment analysis along with financial planning which are
provided to them. It recommends that the workers are provided with great help which would
increment there in common information in their work yield. Some of the people have gone negative
for the reactions and highlights the things with illustrating out the foundation of giving the openings.
Q3. How far do you agree on the different types of investment that are provided to women?
Options Total
percentage Number of respondents Total respondents
Strongly agree 20% 10 50
Agree 30% 15 50
Neutral 10% 5 50
Disagree 30% 15 50
Strongly
disagree 10% 5 50
Table 4.3: Responses about different types of investments that are provided to women
(Source: Created by author)

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Strongly agree Agree Neutral Disagree Strongly
disagree
0%
5%
10%
15%
20%
25%
30%
35%
Figure 4.3: Responses about different types of investments that are provided to women
(Source: Created by author)
The information that have been shown above in a general sense highlights about the
investment behaviour of women investors in both cities within the investments. It primarily provides
the common presentation of the investment behaviour of women investors’ interior the working
districts. It furthermore highlights the preferences that are being given to the specialists in their
working period. In addition, approximately half of the members have opined unbiased around the
investment behaviour within the specialists. It also highlights that the investment types is looking
forward for accepting the investment behaviour of women investors for any kind of thing interior the
working area. One or two of the representatives has pointed towards different comes around at which
the investment is more centred on.
Q4. How far do you agree on the importance of the financial goals by women investment?
Options Total
percentage Number of respondents Total respondents
Strongly agree 40% 20 50
Agree 10% 5 50
Neutral 20% 10 50
Disagree 10% 5 50
Strongly
disagree 20% 10 50
Table 4.4: Responses for importance of financial goals by women investment
(Source: Created by author)

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Strongly agree Agree Neutral Disagree Strongly
disagree
0%
5%
10%
15%
20%
25%
30%
35%
40%
Figure 4.4: Responses for importance of financial goals by women investment
(Source: Created by author)
It suggests that the business have given improving investment behaviour of women investors
in both cities along with the working area and marked with the responses of the members. The bigger
part of the participants has concurred with the capacities that highlights the working area where the
investment behaviour of women investors in both cities are provided to them. It focuses out that the
investors are liable for their employees other than giving far better desire procedures on the working
zones of the research. Investment behaviour of women investors in both cities essentially centred on
hardship of items, cost, advancement and put on which the disclosure and avoidance are to be
withheld. Most of the members have disagreed with the opinions that are provided to them for
investment behaviour of women investors in both cities.
Q5. How far do you agree that planning for finances plays a key role in investment?
Options Total
percentage Number of respondents Total respondents
Strongly agree 24% 12 50
Agree 16% 8 50
Neutral 20% 10 50
Disagree 30% 15 50
Strongly
disagree 10% 5 50
Table 4.5: Responses about planning for finances that plays key role in investment
(Source: Created by author)

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A COMPARATIVE STUDY ON INVESTMENT BEHAVIOUR OF WOMEN INVESTORS IN
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24%
16%
20%
30%
10%
Strongly agree
Agree
Neutral
Disagree
Strongly disagree
Figure 4.5: Responses about planning for finances that plays key role in investment
(Source: Created by author)
The mentioned figure on the over portion centres the investment behaviour of women
investors in both cities that is given by the business of the both countries. Most of the members have
opined with the variables and those are given with adjustment of investment behaviour of women
investors in both cities at the end of a time period. A handful of the people have completely oppose
this idea with the bolsters that the study given adjustment of worldwide investment behaviour of
women investors in both cities that are given to the members interior their working zones. Other work
environments that are given to the representatives of the research are lower than the adjustment of
universal investment behaviour which are being given to the members.
Q6. Do you agree that women have different perspective than men in case of investment?
Option
s Total percentage Number of respondents Total respondents
Yes 50% 25 50
Mostly 20% 10 50
No 10% 5 50
Table 4.6: Responses about women have different perspective than men in case of investment
(Source: Created by author)

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A COMPARATIVE STUDY ON INVESTMENT BEHAVIOUR OF WOMEN INVESTORS IN
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Yes
Mostly
No
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Figure 4.6: Responses about women have different perspective than men in case of investment
(Source: Created by author)
The table highlights interior the over portion on an entry level point out the reactions for
sufficient procedures in case of adjustment of investment behaviour of women investors in both cities.
This opines the procedures is stressed for their operators in with predominant strategies of procedures
on the trade zones of the investments. Maximum participants have agreed with the supposition which
centres on the women investors that it is able investments of the members in case of investment
behaviour of women investors. This would effect on the investors for way better presentation of
universal investment behaviour which would moreover offer assistance in upgrading their return on
investment.
Q7. How far do you agree that analysis of financial goals is important for any investments?
Options Total
percentage Number of respondents Total respondents
Strongly agree 40% 20 50
Agree 20% 10 50
Neutral 10% 5 50
Disagree 20% 10 50
Strongly
disagree 10% 5 50
Table 4.7: Responses about analysis of financial goals for any investments
(Source: Created by author)

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A COMPARATIVE STUDY ON INVESTMENT BEHAVIOUR OF WOMEN INVESTORS IN
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Strongly agree Agree Neutral Disagree Strongly
disagree
0%
5%
10%
15%
20%
25%
30%
35%
40%
Figure 4.7: Responses about analysis of financial goals for any investments
(Source: Created by author)
The demonstrated table focuses on the reactions that has been sourced from the people that
focuses out the association of investment behaviour. It centres out that greatest of the specialists has
agreed with the answers of the members that the investors gives for improving the investment
behaviour of women investors in both cities. A few of the people have negate this thought with the
variables as they are not secured with women investors with the working environments that are given
to them. Also, this kind of fitting and given to the both respondents of both cities in the scenario of
investment behaviour.
Q8. How far do you agree that investment option for women are different from men?
Options Total
percentage Number of respondents Total respondents
Strongly agree 20% 10 50
Agree 30% 15 50
Neutral 20% 10 50
Disagree 20% 10 50
Strongly
disagree 10% 5 50
Table 4.8: Responses about investment options are different from men
(Source: Created by author)

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A COMPARATIVE STUDY ON INVESTMENT BEHAVIOUR OF WOMEN INVESTORS IN
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Strongly agree
Agree
Neutral
Disagree
Strongly disagree
0% 5% 10% 15% 20% 25% 30%
Figure 4.8: Responses about investment options are different from men
(Source: Created by author)
The chart above has centred out the adjustment methods of investment behaviour among
women investors that are being given to the representatives of the study. Most of the participants have
concurred this thought with the circumstance as the study takes after the adjustment techniques of
Investment behaviour among women investors. A couple of the members have oppose this idea with
the alternatives as they ought to get way better avoidance procedures from the substance amid the
time of adaptation procedures of universal showcasing blend. Around 30 % of the entire participants
have emphatically concurred with the supposition that gives the adjustment of the techniques inside
the Investment behaviour among women investors.
Q9. How far do you agree that providing insight of strength and weakness is important for an
investment?
Options Total
percentage Number of respondents Total respondents
Strongly agree 20% 10 50
Agree 20% 10 50
Neutral 20% 10 50
Disagree 30% 15 50
Strongly
disagree 10% 5 50
Table 4.9: Responses about providing the insight of strength and weakness is important for an
investment
(Source: Created by author)

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20%
20%
20%
30%
10%
Strongly agree Agree Neutral
Disagree Strongly disagree
Figure 4.9: Responses about providing the insight of strength and weakness is important for an
investment
(Source: Created by author)
In this case, bigger part of the members have provided their conclusions with the similar point
which suggests that they have concurred with how the women investors have performed in both of the
cities. It is pointed that 20 % of the participants have unbiased supposition around the questions that
have been inquired to them. A handful of the individuals have not concurred with the circumstance
and numerous of the people have unequivocally oppose this idea with the areas. This might not
coordinate with the suppositions that are given within the middle of the time of collecting the data.
Q10. How far do you agree that converting the weakness and threats into opportunities and
strengths is vital in women investments?
Options Total
percentage Number of respondents Total respondents
Strongly agree 30% 15 50
Agree 20% 10 50
Neutral 20% 10 50
Disagree 20% 10 50
Strongly
disagree 10% 5 50
Table 4.10: Responses about converting the weakness and threat into opportunities and
strength in women investments
(Source: Created by author)

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Strongly agree Agree Neutral Disagree Strongly
disagree
0%
5%
10%
15%
20%
25%
30%
Figure 4.10: Responses about converting the weakness and threat into opportunities and
strength in women investments
(Source: Created by author)
The specific over table also focuses out the conclusion of the answer that have been
determined from the participants of the research. It moreover centres on the bolster by the opinion on
improving the behaviour of women investors in both countries. Besides, most of the participants have
agreed which implies that the company gives bolster for improving the investment behaviour. Around
30 % of the participants have impartial conclusion as they might care almost what are being given by
the study. A few of the participants have not concurred with the supposition that have been given to
them.
Q11. How far do you agree that both cities consist of women investment that would assist the
economic development?
Options Total
percentage Number of respondents Total respondents
Strongly agree 40% 20 50
Agree 20% 10 50
Neutral 20% 10 50
Disagree 10% 5 50
Strongly
disagree 10% 5 50
Table 4.11: Responses about both cities for women investment for assisting economic
development
(Source: Created by author)

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40%
20%
20%
10% 10%
Strongly agree Agree Neutral
Disagree Strongly disagree
Figure 4.11: Responses about both cities for women investment for assisting economic
development
(Source: Created by author)
The figure moreover highlights on the investment behaviour of women investors of Berlin
and Pune at the side items among the participants. The participants have opined for the positive side
that suggests that the participants have concurred with the circumstance that the investment behaviour
of women investors of both cities. 20 % of the respondents have neutral conclusion which suggests
they are not very bothered approximately sharing some information about the issue. It c too be seen
that a few of the respondents have oppose this idea that the company do not enhance the behaviour
investment among the women investors among the respondents.
4.2 Secondary data analysis
The secondary data that have been gathered for the research are mainly from the published
articles and the journals which are easily available. The outcome of the study uncovered that women
are all encompassing masterminds, adjusted, instinctive and quality conscious. They receive a
upcoming approach and performing an in-depth research earlier to contributing. They are great savers
and also self-controlled. All of these characteristics acts as their qualities whereas undertaking venture
choices. On the other hand, chance revolution, traditionalist demeanour, lower levels of financial
information, need of certainty, looking for direction from others are their shortcomings. The Financial
idea and women strengthening activities make unused openings for ladies development and
improvement while paying less money, shorter and hindered work history, and avoidance from casual
systems act as dangers to women’s financial health. The study gives the characteristics that act as
qualities and shortcomings of women to reveal the opportunities and threats confronted as women

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investors. Within the current study, the different writing accessible around the world on investment
choices of women has been investigated and analysed.
Women, as an Investor figures and rebuilding of financial upcoming plays a really imperative
part as compared to the other parts she plays everyday life. The victory of a fiscal choice depends
primarily on the sound speculation procedure received and its result is the pay might live a quality life
after retirement from the job. Financial arranging of a person makes a difference to attain individual
financial fulfilment as well as makes a difference in controlling the budgetary circumstances. A
Speculation is done keeping a centred objective on benefit, security, appreciation, Income steadiness.
Many budgetary investments in terms of professionally and personally, get controlled by women. This
in turn, makes the women to be more centred on the financial venture. Ladies are interested in
improving the return on their venture through diverse roads. In this way, both the show and future
desire can be achieved. With the developing independence within the choice making control, ladies
are presently playing a catalyst part in quickening the socio-economic growth of a country. They are
not permitted to take an interest within the proficient workforce and they are not indeed permitted to
require instruction. In the interim, the significance of the ladies instruction gets realized by the
society.
In these days, they are profoundly qualified and are locked in within the imperative proficient
areas. Within the area of the financial market, the part of the women investors is profoundly
appreciable. At first the part of the women is confined to the constrained boundary of the household
sector. It is watched that culture is the impacting figure for the financial speculation. Indian culture is
the traditional nature and Indian women emphasizes on the long-term venture prepare as to secure
their family and children. People in Pune incline toward to take after the traditional sparing
speculation strategy, like, reserve funds in bank store, post office and national investment funds paper.
As a result, most of the Indian ladies like to take after traditional venture prepare which is embedded
with less unsafe factors. It has been watched that India has been encountering a developing support
rate of the ladies. As distant as the IMF report is concerned, the existing ladies labour constrain can
escalating India’s 30% GDP as compared to men. As Berlin could be a portion of a created nation, the
per capita pay is more prominent than that of the individuals of Pune. Independent of the geographical
and social contrasts, all great financial specialists are pointed at progressing the return through a
compelling adjust between risk and return.

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Chapter 5: Conclusion and recommendation
The conduct of the investors’ shifts depending on the risk and challenges related with the
venture. There exists distinction in behaviour among the diverse gender in terms of investment. This
paper emphasizes on the investment conduct of the women from different districts. In arrange to
oversee loss on investment and portfolios risk, one of the effective way is to enhancement of
speculation styles and sorts. The status of the women plays a crucial part within the investment
conduct. While, the status of the women changes depending on the position of the nation. A larger
part of women depends on the openings to come for the making investment decision. As a result,
these women have not arranged for their accounts and other roads of the investment. One common
conclusion that continues among the women is one of vital figure that ought to be considered whereas
taking investment choice is liquidity. The scope of the current research is to discover out distinction
within the sparing designs, financial planning, liquidity and long term development return for the
women investors over the obliging two cities. In common, women like to take after maintainable
investment objective than men inferring that show and future utilization will not be hampered due to
the venture arranging. Assist, the paper is pointed at finding out the fitting venture portfolio options
among bonds, protections, stocks, debentures, charge sparing plans, benefits reserves, offers, genuine
domain and others accessible alternatives for the ladies investors. The return on venture should be
guaranteed in such a way that loss will not surpass the benefit. Separated from the ordinary
speculation in banking, the Germany women investors are detailed to have towards the present day
investment tools. Be that as it may, each investment is endowed with impressive estimate of risk.
Apart from the routine investment in banking, the Germany women investors are detailed to
have towards the advanced investment instruments. It is affirmed that Indian women possess
traditionalist considerations which do not permit them to investigate the modern investment roads,
like, mutual fund, share and bonds. This disheartens the investors to forward the investment process
since of the shortage of the government back and dependable data with respect to the financial
investors. This blocks the investment volume from the women investors. In this manner, the women
in Berlin can spare more, which in turn increments the speculation level of the women. By the by,
women financial specialists in Berlin can take investment chance owing to having the commendable
financial quality. On the opposite, women investors in Pune do not have the solid financial capability.
The developed performance of the women labour is the reflection of the high capability rate,
government motivation approach and social support. The total impact of all these socio-economic
variables result within the progression of the women support rate within the workforce. Information
uncovers that a great percentage of working women is ceaselessly expanding within the progressed
cities, counting Berlin and Germany. It is observed that culture is the impacting calculate for the
financial investment. Indian culture is the conventional nature. Individuals in Pune favour to take after
the conventional sparing speculation strategy, like, savings in bank store, post office and national

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investment funds paper. Women are curious about upgrading the return on their investment through
distinctive roads. In this way, both the show and future desire can be accomplished. Gaining cash can
give the financial freedom, but it does not give financial assurance. In general, they incline toward to
embrace an in-depth examination earlier to speculation by receiving a cutting edge approach, which
make them great savers and at the same time they are self-controlled. On the one hand, the
characteristics of the women such as adjust, quality conscious, all-encompassing scholar and natural
acts in support of their investment choice.
These highlights are considered as the qualities of the women investors around the world. It
changes with regard to the nations and distinctive cities of the nations. Subsequently, there wins
distinction in venture conduct of the women financial specialists in Pune, India and Berlin, Germany.
Thus, it corrupts the financial well-being of the ladies in numerous nations of the world. In this way,
this paper taken into thought investment and sparing design of the salary as well as salaried class
women in cites of Pune and Berlin of the nation’s India and Germany individually. Different earning
openings makes a difference the women in wealth creation. Other variables that plays critical part in
this viewpoint are instruction openings and women centred programs and arrangements of the
government. The women got their financial independence from these openings and expanded their
cooperation in social and political circle of the nation. There are a few steps of the financial planning
process, which makes a difference to total the method. In expansion, there exists a wide run of risk
related with the venture that represses the ladies investors from contributing such as country risk,
systematic risk, interest rate risk, credit or default risk, systematic risk, market risk, political risk and
foreign exchange risk. The political, lawful and financial structure of India and Germany varies on
wide zones, which impact the investment behaviour of the women investors of Pune, India and Berlin,
Germany altogether. In counties like India, the major barriers that impact the financial freedom of the
women incorporate imbalance in compensation and political representation. Be that as it may, with
the improvement in correspondence proportion, the situation of the investment can be diverse. It will
encourage more women to take chance in investments in arrange to induce high returns. In contrast,
Pune is one of the advance city of the India, where the number of working women are generally high
in working life. The presence of the different instructive institutions advances women support in
instruction and work.
The key segments of Pune, India where majority of the women works counting data
innovation and education. As the city of India is known for its accomplishments within the field of
instruction, it made a difference in women strengthening and make women more self-reliant in case of
financial independence. The number of women are less compared to men investor in Pune,
empowering them will bring higher development prospect for the city. In expansion, the number non-
working women in moreover comparatively tall in Pune, India than the Berlin, Germany.
Consequently, these ladies are subordinate on their spouse for the financial costs. Thus, they got to be

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incapable to pick investment plans due to their financial dependency. A few legislative activities and
instructive awareness programs turned the women into an investor from the saver. They are driven by
the truth that the investment will spare them from future financial risk. As the nations like India
endures from deficiencies in financial development, it is fundamental to energize individuals for more
saving and contributing. It will contribute essentially towards the financial development the nation as
well as city. In this manner, the women investors from the Pune unable to find any substitute venture
choices, which make them hesitant to invest. The speculators those who continuously keep in mind
the risk components whereas contributing, is known as conservative investors. Though, the investors
those who keep a near observe on their portfolio in arrange to maintain a strategic distance from the
risk related to tremendous losses, is known as direct investors. In addition, the speculators those who
favours to contribute on projects that are characterized by higher return, higher risk and significant
development, is called aggressive investors.
The women who has a place from the Berlin moreover confronted different opportunities and
threats in terms of investment. The women have a few particular qualities and shortcomings, which
impacts their conduct as an investor. The economy of the city is primarily overwhelmed by the benefit
segment. There exists different women serving within the service division of the Berlin. In this way,
the part of the women is significant in financial growth and improvement of the city. There are
changed categories of investors wins in a region. The women investors from the Berlin are aware of
the results to maintain a strategic distance from loss. Whereas contributing within the ventures that
comprises of higher chance and higher return revamp and re-examine of the financial plan is basic.
The lower risks related with the nation, remote trades and political framework acts in support of the
ladies investors in Berlin. The execution of the Germany in terms of gender equality at the side
balance in compensation and political representation is way better in comparison with other nations.
There are few women investors those can be categorized as the forceful investors. The characteristics
such as natural, all-encompassing considers and adjusted kept the women investors out of the higher
chance and higher return choice. One of the major step of the financial arranging process incorporate
executing and planning a financial activity plan. The majority of the ladies from the Pune, India can
be categorized as the traditionalist investors. On the opposite, the foremost of the women investors
from the Berlin city can be categorized as the direct investors due to their dynamic support within the
investment through keeping near observe on their portfolio. Both cities ought to change over the
shortcomings and dangers of the ladies into strengths and opportunities through usage of appropriate
techniques.
In case of women from the Berlin, the societal support is higher than the ladies from the Pune.
The satisfactory support from the society will offer assistance the women to contribute in a more
prominent degree in improvement of the region as well as nation by investing actively. It will
empower the women investors to require more risk and gain high returns from the investment. These

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features are considered as the strengths of the women investors around the world.Now-a-days women
are actively participating in the every field with their male counterparts. Thus, women are no more
confined to only household works and contributes largely in the nation-building. Therefore, certain
factors that also creates problems for the women investors to invest in bonds, stocks, insurance, real
estate, debentures, tax saving funds, shares and pension funds based on the risks associated with the
country. A few women of the Berlin take part in decision making. In addition, the government of the
city moreover took different approaches and programs to scale up the ladies strengthening within the
locale along with their dynamic interest in venture. At long last, to effectively take an interest in
commodity and financial market of the city, the women ought to moreover update and overhaul
themselves with most recent innovations actualized within the financial service industry. It is
imperative for the ladies speculators to keep a track on the trade rates and financial markets of the
nation, which contributes altogether in financial development of the region and nation. It is suggested
for the both cities like Pune and Berlin to embrace more mindfulness and instructive activities to
empower the women to alter their conduct from being direct and traditionalist investors to aggressive
investors.

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