CIA 3

RESEARCH METHODOLOGY (BBA 433)

Data Collection & Analysis
Prof. Mallika Shankar

Bachelor of Business Administration in Finance and International Business

School Of Business and Management Studies

Bangalore, India

Submitted By:

Harushika Mittal (2123658)

Benika Takkar (2123652)

Sudarshan Reddy (2123628)

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Contents
Background: ............................................................................................................................... 3
Research questions and Tools used for Analysis ....................................................................... 4
Objectives of the Study: ............................................................................................................. 6
SURVEY QUESTIONNAIRE: ................................................................................................ 10
DATA TABULATION AND PROCESSING........................................................................... 15
HYPOTHESIS TESTING AND INTERPRETATION ............................................................ 19
DESCRIPTIVE STATISTICS ................................................................................................. 19
FINDINGS FROM THE RESEARCH .................................................................................... 25

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Background:

The editing process is an essential step in data processing as it helps to ensure data accuracy
and completeness (Kumar & Foroughi, 2018). Spreadsheet programs like Google Sheets and
Microsoft Excel are commonly used for data editing (Barratt & Rainsbury, 2013). In this study,
the researchers used coding to transform qualitative data into quantitative data, which is a
common method in social science research (Bazeley, 2013).

Programs like SPSS are widely used for coding and data analysis in social science research
(Flick, 2018). Tabulation, another method used in data processing, involves summarising and
organising data in a table format (Bazeley, 2013). Statistical tools, such as regression analysis
and chi-square tests, are also used in data processing to identify relationships and patterns in
the data (Kumar & Foroughi, 2018). Overall, these methods are standard in data processing for
research studies and are essential for producing reliable and valid findings.
Tabulating the data is an important step in data processing as it helps to organise and summarise
the data in a clear and concise manner (Bazeley, 2013). Spreadsheet programs like Google
Sheets and Microsoft Excel are commonly used for tabulating data as they offer features like
sorting and filtering to make data analysis easier (Barratt & Rainsbury, 2013). Descriptive
statistics are commonly used to summarise the data in social science research (Kumar &
Foroughi, 2018). In this study, descriptive statistics like mean, median, mode, and standard
deviation were used to summarise the data.

Inferential statistics are used to make inferences about a population based on a sample of data
(Flick, 2018). The statistical tools used in this study, such as t-tests, ANOVA, and regression
analysis, are commonly used in social science research for hypothesis testing and assessing the
significance of results (Kumar & Foroughi, 2018). The statistical software SPSS is widely used
in social science research for data analysis (Flick, 2018).

The questionnaire is a common method of data collection in social science research, and it is
used to gather information about attitudes, behaviours, and preferences (Bazeley, 2013). In this
study, the questionnaire was used to gather information about how the pandemic has impacted
investors' investment behaviour and decision-making. The survey questions were designed to
capture the effects of COVID-19 on investor behaviour, such as changes in investment goals,
risk tolerance, and methods.

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Research questions and Tools used for Analysis

1. How has the COVID-19 pandemic affected the 18 to 30-year-old age group’s
investment and saving behaviour, and what are the factors causing these changes?
2. How do cultural differences affect young people’s investment behaviour across regions
or nations, and what are the implications for financial policy and education?
3. How will the COVID-19 pandemic affect how people in the 18 to 30 age range invest
their money, and how can financial institutions and policymakers deal with these
issues?
4. What are the implications for financial institutions and policymakers, and how has the
COVID-19 pandemic accelerated the adoption of digital technology for financial
transactions among the 18 to 30-year age group?

5. How much has the COVID-19-induced economic downturn impacted the 18 to 30 age
group's financial security, and what are the implications for financial education and
policy?
6. What are the implications for financial institutions and policymakers, as well as how
changes in the job market and income have impacted the investment behaviour of the
18 to 30-year age group during the COVID-19 pandemic?
7. How did government policies affect the 18 to 30-year-old age group's investment
behaviour during the COVID-19 pandemic, and how can policymakers increase
financial literacy and access to financial products and services?
8. What are the implications for financial institutions and policymakers in promoting
financial inclusion and equity, and how do socioeconomic backgrounds affect the
investment behaviour of the 18 to 30-year age group during the COVID-19 pandemic?

Rationale behind Research Questions:

The COVID-19 pandemic has had a significant impact on the investment and saving behaviour
of people aged 18 to 30 (Chetty et al., 2020). Factors that have contributed to these changes
include the uncertainty and volatility of the stock market, job loss, and decreased income
(Baker et al., 2020; Aitken et al., 2020). Additionally, cultural differences have played a role
in shaping investment behaviour, with studies showing that individuals from collectivist
cultures tend to invest less in the stock market (Kim et al., 2021).

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Financial policy and education can play an important role in addressing the resulting issues
caused by the pandemic (Choi et al., 2021). Strategies such as financial education, facilitating
access to financial products, and encouraging financial inclusion can help mitigate the negative
effects of the pandemic on investment behaviour (Hu et al., 2021).The COVID-19-induced
economic downturn has also had a significant impact on the financial security of people aged
18 to 30 (Chen et al., 2021). Government policies have also played a role in shaping investment
behaviour, with studies showing that policies such as unemployment benefits and stimulus
payments can positively affect investment behaviour (Baker et al., 2020).

Statistical Test and Analysis

• Employing ANOVA, and regression analysis to examine the effect of COVID-19 on

the investment and saving habits of people between the ages of 18 and 30. implications
for monetary regulation and instruction.
• Using chi-square tests to compare investing behaviour between regions and countries
and to look into the impact of culture. Employing regression analysis to examine effects
on fiscal policy and educational initiatives.
• Investigating the connection between the COVID-19 epidemic and investment
behaviour and any prospective implications, putting forth strategies like financial
inclusion, better financial access, and financial education.
• Finding out how COVID-19 affects the use of digital technology in financial
transactions and what that means for financial institutions and policymakers.
• Employing ANOVA to compare financial stability before and after the epidemic, and
looking at the consequences for financial policy and education.
• Employing regression analysis to look at the relationship between income, investing
behaviour, and changes in the job market. repercussions for monetary institutions and
decision-makers.

These studies evaluate the association between a variety of variables (COVID-19, culture,
socioeconomic background, job market, income, and governmental regulations) and
investment behaviour in the 18–30 age range using statistical analysis (t-tests/ANOVA,
chi-square, and regression). They also give recommendations on how financial institutions
and politicians may support equity, inclusion, and financial education.

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Objectives of the Study:

The main goal of the research project is to examine the influence of the pandemic on investor
behaviour, including alterations in investment goals, risk tolerance, and portfolio
diversification. This will help to better understand how the COVID-19 epidemic has affected
investor behaviour.

1. Examine how investing choices have changed: The COVID-19 pandemic has substantially
impacted investor behaviour and decision-making, emphasising the necessity to look at how
investments have evolved since the pandemic's onset (Schmittmann et al., 2020). Investors
favour safe-haven assets like gold and government bonds due to the pandemic's turn towards
conservative investment tactics (Bloomberg, 2020). The pandemic has also accelerated the
growth of ESG investing and sustainable investments, showing the growing significance of
environmental and social considerations for investors Huber, C., Huber, J., & Kirchler, M.
(2020).

2. To Examine the effect of demographics on investment behaviour: This study attempts to

investigate how demographic characteristics like wealth, education, gender, and age affect
investment decisions during the COVID-19 pandemic. Investigating the effect of demography
on investment behaviour among investors between the ages of 18 and 30 is essential because a
sizeable fraction of young investors in India have long-term investment aspirations (Sharma &
Saha, 2021).

3. Analyse how digital platforms affect the actions of investors: Due to the COVID-19
epidemic, the use of digital platforms in the investing sector has grown quickly, enabling
investors to access a variety of financial products such robo-advisors, internet trading, and
smartphone apps (Khan & Rashid, 2021). By giving investors rapid and simple access to
investment products, real-time data and analysis, and tailored investment advice, these digital
platforms have made the process of investing easier for investors (Kushwaha & Srivastava,
2021).

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4. Analyse the influence of economic stimulus packages on investor behaviour: According
to a report by the International Monetary Fund (IMF), economic stimulus packages have helped
to reduce the uncertainty surrounding the COVID-19 pandemic and have stabilized financial
markets (IMF, 2020). Furthermore, research has shown that government stimulus programs
can impact investors' decisions, particularly in the stock market. (Liu et al., 2021)

5. Examine how social and environmental influences affect investor behaviour: There has
been a growing trend in recent years of investors incorporating environmental, social, and
governance (ESG) factors into their investment decisions. Researching the influence of these
factors on investor behavior is crucial for understanding the changing investment landscape
and developing effective investment strategies. (Bouri, E., Gupta, R., & Wong, W.-K. (2020).
Does the COVID-19 pandemic reshape the basic determinants of investors' behaviour and
preferences? Evidence from emerging markets(Finance Research Letters, 36, 101691).

6. Determine future investor behaviour trends: In the wake of the pandemic, investors are
reportedly becoming more cautious and placing a higher priority on wealth preservation. They
also anticipate continuing their investments in sustainable businesses, healthcare, and
technology. Environmental, social, and governance (ESG) investing is becoming more and
more popular among investors, according to a different survey (by EY). ESG funds experienced
strong growth throughout the pandemic. In addition, it is anticipated that the development of
digital platforms and the ongoing use of tools for remote communication and collaboration will
continue to have an impact on investor behaviour in the future (UBS, 2021; EY, 2021).

Literature Review:

According to studies, the COVID-19 epidemic has increased retail investors' involvement in
the stock market, especially in the technology sector (Tziralis et al., 2020), as well as trading
volumes and cryptocurrency prices (Frizell et al., 2021). However, the epidemic has also
resulted in a decrease in investor confidence and risk appetite (Garg and Tiwari, 2021; Fischer
et al., 2020) and a change in investment behaviour, with some investors choosing less risky
assets like bonds and gold. The investing habits of the younger generation in India are also
evolving, with some choosing to use more conservative strategies, such as investing in
technology firms (Citi GPS, 2020). Investors are anticipated to prioritise liquidity and risk
management in the short term Dhall, R., & Singh, B. (2020). In addition, the pandemic has
accelerated the adoption of sustainable investing (Kher et al., 2021).

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The Hypothesis of the Study and Variables for Each:

1. Examine how investing choices have changed.

Significant worldwide economic disruptions brought on by the COVID-19 epidemic have

changed investor behaviour. The long-term effects of the pandemic on financial markets can
be better understood by understanding how investors are adjusting to these shifts and changing
their investment preferences (Smith, 2021).Hence, the hypothesis

Ho: There is no significant change in investing behavior during the COVID-19 pandemic.

H1: The COVID-19 pandemic has significantly changed investing behaviour, causing investors
to shift their investment choices towards less risky assets.

2. Analyze how digital platforms affect the actions of investors.

The COVID-19 epidemic has significantly disrupted the world economy and changed investing
behaviour, according to research. The long-term effects of the pandemic on financial markets
can be better understood by understanding how investors are adjusting to these shifts and
changing their investment preferences (Smith, 2021, p. 10). Hence, the hypothesis

Ho: The number of individual investors has remained relatively high as a result of the
availability of digital investment platforms.

H1: The availability of digital investment platforms has led to a significant increase in the
number of individual investors.

3. Analyze the influence of economic stimulus packages on investor behaviour:

Given that gender disparities in investing behaviour might have an impact on financial
decision-making and well-being, the idea that gender influences investor behaviour is
important (Dwyer, Hsu, & Roberts, 2018).

Ho: Gender does not play a significant role in Investment Behaviour

H1: Gender plays a significant role in Investment Behaviour

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 4. Examine how social and environmental influences affect investor behaviour.

There is increasing awareness of the impact of social and environmental factors on investment
decisions. Understanding how these factors influence investor behaviour can provide insights
into the growing importance of responsible investing and sustainable finance” (Lee, 2021,
p.15). Hence, the hypothesis

Ho: There is no significant difference in the investment behavior of investors towards

companies with strong social and environmental practices.

H1: Companies with strong social and environmental practices are more attractive to
investors.

5. Determine future investor behaviour trends.

The epidemic has significantly increased market volatility and uncertainty. For people,
financial institutions, and governments navigating the post-pandemic economy, looking into
probable future patterns in investor behaviour can be quite helpful (Smith, 2022, p. 20).

Ho: Investor preferences for secure investments over riskier ones won’t be significantly
impacted by the COVID-19 pandemic’s ongoing effects.

H1: Investors will continue to favor safe and reliable investments over riskier ones like stocks,
such as bonds and gold, as a result of the COVID-19 pandemic’s ongoing effects.

6. To Examine the effect of demographics on investment behaviour

demographic groupings may have different investing choices, risk tolerance levels, and
ambitions. Analysing how demographics affect investing behaviour can reveal how various
societal groups are adjusting to the economic consequences of the epidemic and help formulate
strategies for attracting certain investor groups. (2022, Gupta, p. 35).

H0: Age and investment behaviour do not have a significant relationship with one another.

H1: Age and investment behaviour have a significant relationship

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SURVEY QUESTIONNAIRE:

Here is a questionnaire to collect primary data on the topic:

Section 1: Demographic Information

1. What is your age range?

a. 18-20 years

b. 21-24 years

c. 25-30 years

2. What is your gender?

a. Male
b. Female
c. Others
d. Prefer not to say

3. What is your highest level of education?

a. High school

b. Bachelor’s Degree

c. Master’s Degree

d. Doctoral Degree

e. Other

4. What is your current employment status?

a. Employed full-time.

b. Employed part-time

c. Retired

d. Student

e. Other

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 5. What is your current income level?

a. Less than Rs. 25,000 per month

b. Rs. 25,000-Rs. 49,999 per month
c. Rs. 50,000- Rs. 99,999 per month
d. Rs. 1,00,000-Rs. 1,49,999 per month
e. Rs. 1,50,000-Rs199,999 per month
f. Rs. 2,00,000 or more per month

Section 2: Covid-19 and Investment Knowledge

1. Have you been affected by COVID-19?

a. Yes

b. No

2. How do you rate your knowledge about investments?

a. Very Knowledgeable
b. Somewhat Knowledgeable
c. Not Very Knowledgeable
d. Not at all Knowledgeable

Section 3: Changes in Investor Behaviour

1. How has COVID-19 affected your investment behavior?

a. I have increased my investment activity.

b. I have decreased my investment activity.
c. I have not changed my investment behavior.
d. I have started investing for the first time.
e. Other (please specify).

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 1. If you have decreased your investments, what were the reasons?
a. Fear of losing money (Likert scale, ranging from “strongly disagree” to “strongly
agree”)
b. Lack of available funds (Likert scale, ranging from "strongly disagree" to "strongly
agree")
c. Lack of investment opportunities (Likert scale, ranging from "strongly disagree" to
"strongly agree")
d. Other

3. If you have increased your investments, what were the reasons?

a. Belief that certain industries or companies will do well (Likert scale, ranging from
“strongly disagree” to “strongly agree”)
b. Taking advantage of low market prices (Likert scale, ranging from “strongly disagree” to
“strongly agree”)

c. Other

4. How has the COVID-19 pandemic affected your perception of risk when it comes to
investing?

a. Increased my perception of risk (Likert scale, ranging from "strongly disagree" to

"strongly agree")
b. Decreased my perception of risk (Likert scale, ranging from "strongly disagree" to
"strongly agree")
c. No change in my perception of risk (Likert scale, ranging from "strongly disagree" to
"strongly agree")

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Section 4: Investment Preferences

1. Which of the following types of investments have you engaged in since the outbreak of
COVID-19?

a. Stocks
b. Bonds
c. Mutual Funds
d. Exchange-traded funds (ETFs)
e. Real estate
f. Cryptocurrencies
g. Other (please specify)

2.How do you prefer to receive information about investments?

a. Online Articles
b. Social Media
c. Emails/ Newsletters
d. Financial Advisors
e. Other

3. How often do you review your investment portfolio?

a. Daily

b. Weekly

c. Monthly

d. Quarterly

e. Annually

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 4. What factors have influenced your investment decisions during the COVID-19
pandemic?(Select all that apply)
a. Economic uncertainty
b. Government stimulus programs

c. News reports
d. Financial advisor recommendations
e. Social media
f. Family and friends
g. Other (please specify)

5. What are your investment goals for the next 12 months?

a. Short-term gains
b. Long-term gains
c. Capital preservation
d. Income generation
e. Other (please specify)

6. Have you made any changes to your investment strategy or portfolio allocation since the
outbreak of COVID-19?

a. Yes

b. No

7. If you answered yes to question 6, what changes have you made? (Select all that apply)

a. Increased allocation to cash and cash equivalents

b. Increased allocation to fixed income
c. Decreased allocation to equities
d. Increased allocation to equities
e. Changed my overall investment strategy
f. Other (please specify)

Thank you for taking the time to complete this survey. Your responses will help us better
understand how investors have responded to the COVID-19 pandemic and inform future
research in this area.

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DATA TABULATION AND PROCESSING

DATA PROCESSING

EDITING

Checking and updating the data for quality, completeness, and coherence is the first stage in
the data analysis for this project. This entails going over the data and fixing any mistakes,
discrepancies, or information gaps. Several procedures are performed to prepare the data for
analysis when it is entered into the SPSS programmed, including:

• Setting the parameters

• Adding labels that are illustrative to each variable
• Date/time, text, or numeric variable type formatting
• changing variables to incorporate several components
• The distribution of the data is also examined to make sure it satisfies the criteria for
analysis.

CODING

Coding the data entails assigning labels or numerical values to the obtained qualitative format
in order to prepare it for analysis. The following are the variables utilised in this study:
Variables used are

- Investment behaviour

- Availibility of individual investment behavior

- Availibility of different investment platform

- Economic stimulus package

- Social and environmental practices

- Effect of covid-19

- Age

- Gender

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Coding used:
1 – Strongly Disagree
2 – Slightly Disagree
3 – Neither Agree nor Disagree

4 – Slightly Agree
5 – Strongly Agree

Coding used for Gender:

Male=1

Female=2

Coding used for Age-

18-20=1

21-24=2

25-30=3

Coding used for Education-

High School =1

Bachelors =2

Masters= 3

Doctoral =4

Coding used for other things are like 1,2,3,4 based on sequence of options only-

• 18 questions on a questionnaire were utilised by the researchers to gather information

from participants. They discovered a total of 9 variables from the survey responses,
including 3 dependent variables (i.e., variables under study or prediction) and 6
independent variables (i.e., variables under manipulation or control).
• The questions were divided into categories according to whatever factors they were
connected to in order to organise and analyse the data. For variables that were connected
to many questions, they also developed constructs, which are collections of connected
questions or things. They were able to combine the data and make the analytical process
simpler as a result.

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 • The questions were then coded and labelled in SPSS, a statistical programme frequently
used for data analysis, by the researchers. This required giving distinct questionnaire
options or replies numerical codes or values.
• Following question labelling and coding, the researchers entered the data view in SPSS
and assigned number values to the replies, such as 1, 2, 3, 4, and so on. This numerical
coding made it simpler to compute statistical measures and analyse data.
• The researchers verified the variables' normality in order to make sure the data adhered
to the assumptions of the statistical tests they intended to perform. Many statistical tests
make the assumption of normality, or that the data distribution is roughly bell-shaped.
The researchers may move on with parametric tests like correlation, regression, and
ANOVA if the data were normally distributed. Otherwise, non-parametric tests like chi-
square would be applied.
• The constructs' reliability, which measures the coherence or stability of the answers
within each construct, was also evaluated by the researchers. They evaluated the
constructs' reliability and suitability for future investigation using statistical tools
including Cronbach's alpha, a frequently utilised reliability coefficient.

The researchers used the appropriate statistical tests, such as correlation to examine the
relationship between variables, regression to predict the value of dependent variables based on
independent variables, ANOVA to compare means across groups, or chisquare to analyse
categorical data, based on the normality of the data and the reliability of the constructs. The
analysis's findings were then translated into conclusions and inferences concerning the study's
goals.

For making construct for Investment behaviour, we took

Average of ques 8,9,10,12

For making construct for effect of covid we took

Average of ques 6,8

For making construct for effect of covid we took

Average of question 9a,9b,9c and 10a, 10b, 10c

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DATA TABULATION

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 HYPOTHESIS TESTING AND INTERPRETATION
DESCRIPTIVE STATISTICS

Ho: There is no significant change in investing behavior during the COVID-19 pandemic.

H1: The COVID-19 pandemic has significantly changed investing behaviour, causing investors
to shift their investment choices towards less risky assets.

How has COVID-19 affected your investment behaviour?

Frequency Percent Valid Percent Cumulative Percent
I have increased my investment 37 37.8 37.8 37.8
activity.
I have decreased my investment 12 12.2 12.2 50.0
activity.
Valid I have not changed my investment 23 23.5 23.5 73.5
behavior.
I have started investing for the first 26 26.5 26.5 100.0
time.
Total 98 100.0 100.0

Based on the data presented, 37.8% of the respondents have increased their investment activity
due to the COVID-19 pandemic, while 12.2% have decreased their investment activity. On the
other hand, 23.5% of the respondents have not changed their investment behavior, and 26.5%
have started investing for the first time. The majority of the respondents either increased their
investment activity or started investing for the first time, which could be attributed to the
volatility and uncertainty of the pandemic’s impact on the economy. However, a notable
portion of the respondents decreased their investment activity, due to financial constraints or a
lack of confidence in the market’s stability during the pandemic. Overall, these results suggest
that the COVID-19 pandemic has had a significant impact on investment behavior.

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Investment Preferences:

The given table shows the types of investments that the respondents engaged in since the
outbreak of COVID-19. A total of 98 respondents participated in the study. The most popular
type of investment was stocks, with 35.7% of respondents engaging in this type of investment.
Real estate and bonds were the second most popular types of investment, with 14.3% of
respondents engaging in each of these types. Cryptocurrencies and mutual funds were also
fairly popular, with 11.2% of respondents investing in each of these types. Only a small
percentage of respondents invested in fixed deposits.
The results suggest that despite the economic downturn caused by the COVID-19 pandemic,
many individuals still invested in different types of assets. This could be due to the low interest
rates offered by banks and other financial institutions, prompting individuals to seek alternative
investment opportunities. Additionally, the popularity of stocks and cryptocurrencies could be
attributed to the volatility of these assets, offering a chance for high returns. The findings of
this study could provide useful insights for financial advisors and policymakers in designing
investment strategies and policies to cater to the changing investment preferences of
individuals in the current scenario.

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INFERENTIAL STATISTICS

Hypothesis no. 3

Ho: Gender does not play a significant role in Investment Behaviour

H1: Gender plays a significant role in Investment Behaviour

Tests of Normality
Kolmogorov-Smirnova Shapiro-Wilk
Statistic df Sig. Statistic df Sig.
avg_ib .090 98 .049 .977 98 .085
What is your gender? .398 98 .000 .618 98 .000
a. Lilliefors Significance Correction

ANOVA
avg_ib
Sum of Squares df Mean Square F Sig.
Between Groups .678 1 .678 1.383 .243
Within Groups 47.079 96 .490
Total 47.757 97

Based on the results of the tests, the null hypothesis (Ho) is accepted that gender does not play
a significant role in investment behavior. The p-value for the ANOVA test is 0.243, which is
greater than the typical alpha level of 0.05. This indicates that there is no significant difference
in investment behavior between genders. Additionally, the normality tests indicate that the data
is approximately normally distributed, which supports the validity of the ANOVA results.
Therefore, we can conclude that there is no significant relationship between gender and
investment behavior.

Hypothesis no. 4

Ho: There is no significant difference in the investment behavior of investors towards

companies with strong social and environmental practices.

H1: Companies with strong social and environmental practices are more attractive to
investors.

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 Tests of Normality
Kolmogorov-Smirnova Shapiro-Wilk
Statistic df Sig. Statistic df Sig.
avg_ib .090 98 .049 .977 98 .085

Is your investment in a company .434 98 .000 .585 98 .000

affected by the fact the company

is involved in social or
environmental issues?

a. Lilliefors Significance Correction

ANOVA

avg_ib
Sum of Squares df Mean Square F Sig.

Between Groups .038 1 .038 .075 .784

Within Groups 47.720 96 .497
Total 47.757 97

Based on the results of the tests of normality and ANOVA, with the significance value of 0.784
we accept the null hypothesis, which states that there is no significant difference in the
investment behavior of investors towards companies with strong social and environmental
practices. In other words, the data does not provide evidence to support the alternative
hypothesis, which suggests that companies with strong social and environmental practices are
more attractive to investors. Therefore, it appears that social and environmental issues do not
play a significant role in investment decisions according to the data analysed in this study.

Hypothesis no. 5

Ho: Investor preferences for secure investments over riskier ones won’t be significantly
impacted by the COVID-19 pandemic’s ongoing effects.

H1: Investors will continue to favor safe and reliable investments over riskier ones like stocks,
such as bonds and gold, as a result of the COVID-19 pandemic’s ongoing effects.

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 Tests of Normality
Kolmogorov-Smirnova Shapiro-Wilk
Statistic df Sig. Statistic df Sig.
avg_eoc .089 98 .053 .983 98 .224
avg_ipds .129 98 .000 .949 98 .001
a. Lilliefors Significance Correction
For the “avg_eoc” variable, the Kolmogorov-Smirnova test statistic is 0.089, with a
corresponding p-value of 0.053. Similarly, the Shapiro-Wilk test statistic is 0.983, with a
corresponding p-value of 0.224. For the “avg_ipds” variable, the Kolmogorov-Smirnova test
statistic is 0.129, with a corresponding p-value of 0.000. The Shapiro-Wilk test statistic is
0.949, with a corresponding p-value of 0.001.
Here, the data is normally distributed so parametric test was carried out.

Chi-Square Tests
Value df Asymp. Sig. (2-sided)

Pearson Chi-Square 201.283a 140 .001

Likelihood Ratio 159.639 140 .123
39.212 1 .000
Linear-by-Linear Association

N of Valid Cases 98
a. 165 cells (100.0%) have expected count less than 5. The minimum expected count is .02.

We reject the Hypothesis, based on the results of the chi-square test, the p-value is less than
0.05, indicating that there is a significant difference between the expected and observed
frequencies. Therefore, we reject the null hypothesis that investor preferences for secure
investments over riskier ones won’t be significantly impacted by the COVID-19 pandemic’s
ongoing effects. The alternative hypothesis is supported, which states that investors will
continue to favor safe and reliable investments over riskier ones like stocks, such as bonds and
gold, as a result of the COVID-19 pandemic’s ongoing effects.

Hypothesis no. 6

H0: Age and investment behaviour do not have a significant relationship with one another.

H1: Age and investment behaviour have a significant relationship

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 Tests of Normality
Kolmogorov-Smirnova Shapiro-Wilk
Statistic df Sig. Statistic df Sig.
avg_ib .090 98 .049 .977 98 .085
What is your age range? .399 98 .000 .656 98 .000
a. Lilliefors Significance Correction

ANOVA
avg_ib
Sum of Squares df Mean Square F Sig.
Between Groups .569 2 .285 .573 .566
Within Groups 47.188 95 .497
Total 47.757 97

The results of the analysis suggest that there is no significant relationship between age and
investment behavior. The ANOVA test yielded an F-statistic of 0.573 with a corresponding p-
value of 0.566, indicating that the observed difference in investment behavior between different
age groups could be due to chance. Therefore, we accept the null hypothesis, which states that
age and investment behavior have a significant relationship. It is important to note that the
normality tests for both investment behavior and age range were significant, indicating that the
assumption of normality was violated. This could have an impact on the accuracy of the results
and should be taken into account when interpreting them.

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FINDINGS FROM THE RESEARCH

1.The COVID-19 epidemic has had a considerable influence on respondents' investment

behaviour, with 37.8% reporting increased investment activity, 12.2% reporting decreased
activity, 23.5% reporting no change, and 26.5% reporting first-time investing.

2. Since the COVID-19 outbreak, stocks have been the most widely used form of investment,
accounting for 35.7% of respondents. Real estate and bonds came in second with 14.3% each,
followed by mutual funds and cryptocurrencies with 11.2% each, and fixed deposits with a
lesser number.

3. Despite the economic crisis brought on by the pandemic, many people continued to invest
in various asset classes, maybe as a result of the low interest rates that banks gave and the
erratic nature of stocks and cryptocurrencies.

4.The ANOVA test with a p-value of 0.243 shows that gender has no significant impact on
investing behaviour and that there is no discernible variation in investment behaviour across
genders.

5. According to the results of an ANOVA test with a p-value of 0.784, social and environmental
concerns do not seem to have a significant impact on investment choices. Parametric testing
revealed that the data for the variables "avg_eoc" and "avg_ipds" were normally distributed.

7. Investor preferences for safe assets over risky ones have been severely influenced by the
COVID-19 epidemic, with investors continuing to choose safe and dependable investments
like bonds and gold over riskier ones like equities.

8. The ANOVA test with a p-value of 0.566 shows that there is no correlation between age and
investing behaviour. However, the significance of the normality tests for both investment
behaviour and age range may have an impact on the reliability of the findings.

9. The study's findings might help financial advisers and legislators create investment strategies
and legislation that take into account people's shifting investment preferences in the present
environment. It’s crucial to remember that the study only had 98 responders, which may restrict
how broadly the results may be applied.

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