분산투자를 결정하는 요인

• 영문명: What Derives Asset Diversification? A Comparison Between Direct And Indirect Investors
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 최수정(Sujung Choi)
• 간행물 정보: 『아태비즈니스연구』제14권 제4호, 151~161쪽, 전체 11쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2023.12.31

영문 초록

Purpose - In this study, we examine the factors related to the asset allocation decisions of individual investors who 1) directly invest in stocks or bonds, 2) indirectly invest in various fund products (excluding CMA and MMF), and 3) invest in both products. Design/methodology/approach - We collect a sample of 3,000 individual investors and investigate the factors influencing investment behavior, especially the diversification tendency in asset allocation, with the “Investor Behavior Survey” that is conducted jointly by the Korea Financial Investment Association and the Korea Gallup Research Institute in 2011 and 2012. Findings - Our regression analyses estimate the marginal effects of various factors such as the amount of total financial assets, monthly income, occupation, age, and gender. The results reveal that male investors with manual labor occupations were less inclined to diversify their investments compared to female investors in office jobs. Additionally, higher monthly income is associated with a greater inclination toward diversification. Therefore, if a positive relationship exists between income and educational level, we may suggest that higher educational levels lead to a greater tendency for diversification. Research implications or Originality - Interestingly, investors who engage in direct investments tend to exhibit a weaker diversification tendency as the amount of their direct investment increases. On the other hand, investors who engage in both direct and indirect investments show a weaker diversification tendency as the amount of total financial assets increases. This suggests that the investment style of investors is closely related to their diversification behavior.

목차

Ⅰ. 서론

Ⅱ. 응답자들의 금융자산 분산투자 현황: 성별에 따른 비교

Ⅲ. 상관관계분석 및 회귀분석

Ⅳ. 결론 및 논의

References

키워드

Asset Diversification Direct Investments Indirect Investments Occupation Gender