臺灣博碩士論文加值系統

The purpose of this research is to address the limited knowledge about the
Taiwanese female investors and their investment behaviors. This research is a
marketing and finance cross study to understand the investors’ decision making
process and motivations to invest.

The results showed that female investors are more conservative than male
investors. In addition, there is a psychological motive that drives females to focus
on the loss rather than the gains.

Another circumstance that shapes the females’ investment styles is the self-efficacy
in regards to financial knowledge, which was evidenced in the self-assessment
that targeted Taiwanese females. Many females expressed they had
little financial knowledge; however, most of the female investors answered
correctly to the “Financial Knowledge” section of the questionnaire.

Personal goals seem to be important for most females; however, they do
not entirely shape the decisions in making an investment, but represent a good
source of motivation, especially in the present with the inclusion of females in
decision making and politics in Taiwan. Mutual funds represent a vehicle for those
Taiwanese females that seek for independence and a surplus of income.

Recommendation Letter from the Thesis Advisor...............................
Thesis Oral Defense Committee Certification.......................................
Acknowledgements…………………………………………………… iii
Abstract......................................................................................................iv
Table of Content……………………..…………………………….……v
List of Tables............................................................................................vii
Chapter 1: Introduction...........................................................................- 1 -
1.1 Background of the Research ......................................................- 2 -
1.2 Problem Statement .....................................................................- 3 -
1.3 Objectives of the Research.........................................................- 4 -
Chapter 2: Literature Review..................................................................- 6 -
2.1 Mutual Fund Investment Behavior................................................- 6 -
2.2 Investor’s Characteristics and Mutual Fund Segmentation ..........- 8 -
2.3 Female Investor’s Characteristics and Behaviors Relationship to
Purchase Behavior ........................................................................... - 11 -
Chapter 3: Methodology...................................................................... - 16 -
3.1 Sample and Data Collection Method.......................................... - 16 -
3.2 Hypothesis Testing ..................................................................... - 17 -
3.3 Questionnaire Design ................................................................. - 20 -
Chapter 4: Data Analysis and Findings............................................... - 22 -
4.1 Main Findings............................................................................. - 22 -
4.2 Results ........................................................................................ - 23 -
4.3 Hypothesis Testing Results ........................................................ - 27 -
4.3.1 Hypothesis 1 ......................................................................... - 27 -
4.3.2 Hypothesis 2 ......................................................................... - 34 -
4.3.3 Hypothesis 3 ......................................................................... - 46 -
Chapter 5: Discussion and Conclusion................................................ - 54 -
5.1 Summary..................................................................................... - 54 -
5.2 Research Limitations.................................................................. - 56 -
5.3 Conclusions ................................................................................ - 57 -
5.4 Managerial Contributions........................................................... - 58 -
References............................................................................................ - 60 -
Appendix.............................................................................................. - 65 -



List of Tables
Table I: Respondent’s Demographic Profile. ...................................... - 23 -
Table II: Respondent’s financial profile. Descriptive Statistics Table.- 24 -
Table III: Respondent’s financial profile comparison “Female with
Spouses” and “Female with no Spouses” Descriptive Statistics Table- 26 -
Table IV: Respondent’s Spouse Profile. Descriptive Statistics Table - 27 -
Table V: Relationship among Respondents’ Age and Investment Time
Horizon ................................................................................................ - 28 -
Table VI: Respondents’ age and perception of risk. ........................... - 29 -
Table VII: Respondents’ age and risk preference over time. .............. - 29 -
Table VIII: Respondents’ presence of children and level of risk willing to
take....................................................................................................... - 30 -
Table IX: Respondents’ presence of children and risk perception...... - 31 -
Table X: Respondents’ presence of children and risk preference over
time. ..................................................................................................... - 32 -
Table XI: Respondents’ presence of children and investment time
horizon. ................................................................................................ - 32 -
Table XII: Respondents’ presence of husband respondents’ time
horizon.... ............................................................................................. - 33 -
Table XIII: Respondents’ presence of husband and respondents’ risk
preference over time. ........................................................................... - 33 -
Table XIV: Respondents’presence of husband and respondents’ Risk
perception............................................................................................. - 34 -
Table XV:Descriptive Statistics, Subject respondents' are most
knowledgeable about. .......................................................................... - 35 -
Table XVI: Descriptive Statistics, Subject respondents' are most
knowledgeable about. .......................................................................... - 37 -
Table XVII: Question 12 by Level of Education with Chi-Square
Test.................................................................................. …………….- 37 -
Table XVIII: Question 13 by Level of Education with Chi-Square
Test…................................................................................................... - 38 -
Table XIX: Question 14 by Level of Education with Chi-Square
Test……............................................................................................... - 39 -
Table XX: Question 15 by Level of Education with Chi-Square Test.- 40 -
Table XXI: Question 16 by Level of Education with Chi-Square
Test……............................................................................................... - 41 -
Table XXII: Question 17 by Level of Education with Chi-Square
Test……............................................................................................... - 41 -
Table XXIII: Risk perception by Level of Education with Chi-Square
Test....................................................................................................... - 42 -
Table XXIV: Risk perception by Level of Education with Chi-Square
Test....................................................................................................... - 43 -
Table XXV: Descriptive Statistic. Loss aversion Test........................ - 45 -
Table XXVI: Frequency table. Future Goals. ..................................... - 46 -
Table XXVII: Frequency table. Financial Support to children, parents and
spouse................................................................................................... - 47 -
Table XXVIII: Frequency table. Social impact................................... - 47 -
Table XXIX: Frequency table. Early retirement. ................................ - 47 -
Table XXX: Frequency table. Female empowerment......................... - 48 -
Table XXXI: Frequency table. Be an inspiration................................ - 48 -
Table XXXII: Frequency table. Financial independence.................... - 48 -
Table XXXIII: Frequency table. Lifestyle. ......................................... - 49 -
Table XXXIV: Frequency table. Cost of a healthy lifestyle. .............. - 49 -
Table XXXV: Frequency table. Family burden. ................................. - 49 -
Table XXXVI: Amount Invested by Personal Goals with Chi-Square
Test....................................................................................................... - 51 -
Table XXXVII: Amount Invested by Personal Goals with Chi-Square
Test....................................................................................................... - 52 -
Table XXXVIII: Amount Invested by Personal Goals with Chi-Square
Test....................................................................................................... - 53 -

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