(Luận văn) the factors influencing individual investors behavior in vietnam stock exchange

h ng MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY p ie n w lo ad yi ju y th pl n ua al n va Phùng Viết Nhiên fu oi m ll THE FACTORS INFLUENCING INDIVIDUAL INVESTOR’S BEHAVIOR IN VIETNAM STOCK EXCHANGE tz a nh z ht vb MASTER’S THESIS k jm om l.c an Lu n va Supervisor Professor- Dr VÕ THỊ QUÝ gm In Business Administration Ology code: 60.34.05 y te re ac th Ho Chi Minh City 2010 Acknowledgement h ng p ie n w This research project would not have been possible without the support of many lo ad people Firstly I wish to express my deep sincere gratitude to my supervisor, Dr Vo y th Thi Quy for her invaluable advices and helps Without her, this thesis could not have yi ju been completed pl I would like to express my deepest gratitude and honor to my dear parents for ua al not only the love they devote to me but also for the time I took from them which n n va should have been my devotion to them in their aged time helped me in English editing oi m ll fu Special thanks to my wife’s assistance in this study She has encouraged me and a nh My thanks would also go to all of my colleagues from Nguyen Tat Thanh tz college, my classmates, especially, Lam Hong Phong, Nguyen Thanh Trung and Ms z Dang Hai Yen, Ms Nguyen Nhu Chang for all of their friendship and encouragement ht vb k jm Finally, I also wish to thank my friends in Ocean Security, Dai A Security, Nhat Viet Security, Vietcombank, HSBC, National university… for their great support My gm thanks would also go to the respondents, without them, my thesis could not have been om l.c done an Lu n va y te re ac th i h ng Abstract p ie This paper aimed at identifying the most and the least influencing factors on the n w Vietnamese investor’s behavior Base on Al-Tamimi’s questionnaire, this research lo developed a modified questionnaire The questionnaire included thirty items that ad y th belong to five categories: self-image/firm-image co-incidence, accounting information, yi ju neutral information, advocate recommendations, personal financial needs pl This study was carried out in 226 individual investors in Hochiminh stock exchange ua al The results showed that Vietnamese individual investors select stock base on some n factors The most interested factors were Condition of financial statements, Expected va n corporate earnings, Expected profit from stock, Reputation of the firm, oi m ll fu Fluctuation/developments in the VN stock index, Government's policy (tax, monetary, interest rate), Current economic indicators (such as GDP, inflation ), Affordable share a nh price, Firm status in industry, Expected dividends The least factors were related to tz advocate recommendations such as Self-company recommendation, Friend or family z member opinions, Opinions of the firm’s stockholders, Broker recommendation, ht vb specialist recommendation, and Security company’s recommendations Factors namely k jm Fluctuation of gold's price, Minimizing risk, Fluctuation of dollars' price, Feelings for a om l.c least influencing factors on investor’s behavior gm firm's products and services, Reputation of the firm's shareholders or leader are also the an Lu n va y te re Key word: individual investor’s behavior ac th ii h ng TABLE OF CONTENT p ie Chapter 1: INTRODUCTION n w lo 1.1 Introduction page 1 ad y th 1.2 Research background page ju 1.3 Problem statement page 3 yi pl 1.4 Research objective page ua al n 1.5 Scope and methodology of the study page va n 1.6 Contribution page fu oi m ll 1.7 Structure of the study page Chapter 2: LITERATURE REVIEW a nh tz 2.1 Introduction page z 2.2 Some of related theory page ht vb k jm 2.2.1 The concept of investors page gm 2.2.2 Security Selection: the Treynor-Black model page om l.c 2.2.3 Security analysis page 2.2.4 Technical analysis and Fundamental analysis page 13 Lu an 2.3 Previous researches page 15 2.4 Research question .page 25 n va 10 re 2.5 Conclusion page 25 y te 11 3.1 Introduction .page 26 12 iii ac th Chapter 3: METHODOLOGY 3.2 Research design page 26 h ng p ie 3.3 Develop questionnaire page 29 3.4 Pilot test page 31 n w 3.5 Main survey .page 32 lo ad 3.6 Conclusion .page 34 13 y th yi ju Chapter 4: DATA ANALYSIS AND FINDINGS ua al 15 4.1 Introduction page 35 pl 14 4.2 Descriptions of sample page 35 n 4.3 Exploratory factor analysis (EFA) page 37 n va 16 oi m ll 18 4.4 Reliability testing page 40 fu 17 4.5 The most and the least factors influence on investor’s behavior page 42 a nh 19 4.5.1 Effect of groups of variables on investor’s behavior .page 42 tz 20 z 4.5.2 Effect of separate variables on investor’s behavior page 48 ht vb 21 4.6 Conclusion page 53 k jm Chapter 5: CONCLUSIONS AND IMPLICATIONS gm 22 5.1 Introduction page 56 l.c 5.3 Implications of this study page 58 an Lu 24 5.2 Summary of the study page 57 om 23 n va 5.4 Conclusions of this study page 61 5.5 Limitations and recommendations for further research page 61 y te re 25 ac th iv h ng LIST OF REFERENCES page 62 p ie Appendix – Questionnaire (Vietnamese version) page 65 Appendix – Observed variables page 68 n w lo Appendix - Descriptive Statistics of variables page 69 ad 26 yi ju y th Appendix – Compare mean of variables page 70 pl LIST OF FIGURES ua al 27 Figure 1.1 Outline of chapter page n Figure 1.2 Structure of the study page n va 28 Figure 3.1 Outline of chapter page 26 a nh 31 oi m ll 30 Figure 2.1 The structure of Chapter page fu 29 Figure 3.2 Research process page 28 tz ht vb 33 Figure 4.1 Outline of chapter page 35 z 32 Figure 5.1 – Outline of chapter page 56 k jm om l.c gm an Lu n va y te re ac th v (Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange h ng LIST OF TABLES p ie Table 2.1: The factors influencing on equity selection process of individual investor in n w USA in Nagy’s research page 17 lo ad Table 2.2: The factors influencing on equity selection process of individual investor in y th Greek in Merikas’ research page 19 ju yi Table 2.3: The factors influence on individual investor behavior in UAE in Al- pl ua al Tamimi’s research page 23 n Table 3.1: The measurement of scale of variables in this research page 30 va n Table 4.1 – Sample characteristics page 36 fu oi m ll Table 4.2 – KMO and Bartlett's Test page 38 a nh Table 4.3: Rotated component matrix page 39 tz Table 4.4: Reliability of the measurement instrument page 40 z ht vb Table 4.5: Frequency Distribution of Variables that Significantly Influence the k jm Vietnamese behavior page 43 gm Table 4.6: Multiple Comparisons of groups page 47 Table 4.7: Descriptive Statistics of variables .page 49 l.c om Table 4.8: The most influencing factors on Vietnamese investor’s behavior page 51 Lu an Table 4.9: The least influencing factors on Vietnamese investor’s behavior page 51 n va Table 4.10: The most influencing factors in this research, Nagy, Merikas and Al- vi (Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange ac Tamimi page 55 th Table 4.11: The least influencing factors in this research, Nagy, Merikas and Al- y te re Tamimi page 52 (Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange h ng Chapter 1: INTRODUCTION p ie 1.1 Introduction n w lo ad This chapter portrays general introduction for the current study with which ju y th research problem, research objectives and research questions are provided as the yi rationale for this study An introduction to the research methodology to be used and the pl scope of the study is also addressed in this chapter At the end of the chapter, the ua al structure of this study is provided The Outline of this chapter is shown in figure 1.1 n Figure 1.1 Outline of chapter va 45 n Introduction oi m ll 1.2 fu 1.1 Research background a nh Problem statement 1.4 Research objectives 1.5 Scope and Methodology 1.6 Contribution 1.7 Structure of the study tz 1.3 z ht vb k jm om l.c gm an Lu n va 1.2 Research background The Vietnam Stock Exchange (VSE) was established in 2000 At that time, (Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange ac (HOSE), market is expressed through VN index Initially, two equity issues were th trading in the stock market was operated only at the HoChiMinh Stock Exchange y te re 10 (Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange h ng listed, Refrigeration Electrical Engineering Joint Stock Corporation (‘REE’) and p ie Saigon Cable and Telecommunication Material Joint Stock Company (‘SACOM’) Until 2005, there were only 41 equities issues listed During that period VN index n w fluctuated erratically, sometime it raised up to nearly 600 score sometime it fell down lo nearly 100 ad ju y th As of 2006, particularly in end-year half, quantity of listed companied increased yi quickly, 196 companies were listed at the end of 2006 In total there were thirteen pl licensed securities companies Along with rising of listed companies, VN index ua al increased continuously from 600 in middle to nearly 1000 at the end of 2006 Not stop n at that point, with the event that Vietnam joined to WTO at the end of 2006, the stock va n market really broke out The market was hot continuously regardless of the warning of fu oi m ll experts and pinnacle of VN index was 1170 on 13/03/2007 a nh There had been 249 companies listed on stock market until 2007 Of these, 138 tz are at HOSE, left ones are at Hanoi Stock Exchange (HNX) With 249 being listed, z market capitalization is about 491 billions VND, equivalent to 30 billion US dollars ht vb Comparing Vietnam market capitalization to other stock markets of developed k jm countries, perhaps Vietnam market is not worth considering However, 30 billion US gm dollars market capitalization is equivalent to 43% GDP of the whole nation that would om l.c be significant to Vietnam Over years of establishment and development, in general, the market has Lu an positive contribution The Vietnamese Stock market have experience strong n va fluctuation: from over 1100 on 13/03/2007 down to over 250 point in the beginning of buy stock but at the highest (over 1100 point), some investors fight to buy stock So (Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange ac behavior? th what make investors buy and/or sell stock? Which factors influence investor’s y te re 2008 During this time, at the cheapest (over 250 point), some investors are hesitant to (Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange h ng 11 1.3 Problem statement p ie Vietnam security market had the highest growth rate in the Asia Pacific in 2006 with 145%, even higher than Sanghai security market with 130% growth rate And at n w early 2007, VN security market continuously increased with 46% - the highest growth lo rate in the world This fierce increase of VN market made shock to not only many ad y th domestic investors but also security experts including market control officers Along yi ju with this, the worry about risk of forming buble in the security market had been a pl controversial topic ua al A lot of reasons had been made to explain too hot development of VN security n va maket Domestic investors blamed for foreign investors, foreign investors blamed for n domestic investors’ “craziness” However, in general most of people supposed that fu domestic investors –lack oi m ll main reason was “herd psyshology behavior”, crowd psychology investment of of knowledge and personal expectation a nh ( http://www.saga.vn/view.aspx?id=2953) Is it right? So what factors affect on 34 z ht vb 12 tz Vietnamese individual investors’ behavior? 1.4 Research objective k jm The purpose of this study is examining the most and the least influencing factors on the an Lu 1.5.1 Scope of the study om 1.5 Scope and methodology of the study l.c 13 gm Vietnamese individual investors’ behavior va The Ho Chi Minh Stock Exchange have more listed company and trading n volume than Hanoi Stock Exchange, so my study just focuses on individual investors 35 ac th individual investors in Vietnamese Stock Exchange y te re at the Ho Chi Minh City Securities Center Therefore they may not represent for all 1.5.2 Research Method (Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange (Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange 15044 09109 1.000 -.1867 4876 V36 09292 09109 1.000 -.2443 4301 V41 19912 09109 1.000 -.1381 5363 V42 * 36726 09109 013 0301 7044 V43 31858 09109 109 -.0186 6558 V44 19469 09109 1.000 -.1425 5319 V45 23451 09109 1.000 -.1027 5717 y th 27434 09109 603 -.0628 6115 V53 15044 09109 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(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange h ng p ie n w lo V36 55752* 09109 000 2203 8947 V41 * 66372 09109 000 3265 1.0009 V42 83186 * 09109 000 4947 1.1690 * 09109 000 4460 1.1204 * 09109 000 3221 9965 * 09109 000 3619 1.0363 * 09109 000 4018 1.0761 * 09109 000 2779 9522 * -.35398 09109 024 -.6912 -.0168 84071* V43 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(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange re 73 (Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange h ng p ie n w lo V41 57522* 09109 000 2380 9124 V42 * 74336 09109 000 4062 1.0805 V43 69469 * 09109 000 3575 1.0319 * 09109 000 2336 9080 * 09109 000 2734 9478 * 09109 000 3133 9876 * 09109 000 1894 8637 * 09109 000 -.7797 -.1053 * 40265 09109 002 0655 7398 37168* 09109 011 0345 7089 -.19912 09109 1.000 -.5363 1381 -.06195 09109 1.000 -.3991 2752 * 09109 000 -.7752 -.1009 09109 000 -.8637 -.1894 09109 1.000 -.3106 3637 09109 1.000 -.4212 2531 1.000 -.4876 1867 1.000 -.4920 1823 -.4434 2310 2159 8903 1584 8328 2646 9389 4327 1.1071 3841 1.0584 V44 57080 V45 61062 V46 65044 52655 y th ad V53 -.44248 V54 V11 -.43805 02655 V25 -.08407 V32 -.15044 09109 V33 -.15487 09109 V34 -.10619 09109 1.000 V35 55310* 09109 000 V36 * 09109 000 V41 * 60177 09109 000 V42 76991* 09109 000 V43 * 72124 09109 000 gm V44 59735* 09109 000 2602 V45 * 09109 000 3000 * 09109 000 3398 * 09109 000 2159 8903 V54 * -.41593 09109 001 -.7531 -.0788 V11 48673* 09109 000 1495 8239 V12 * 45575 09109 000 1186 7929 V13 -.11504 09109 1.000 -.4522 2221 ht vb k jm om 9345 9743 1.0142 an Lu n va 55310 z 67699 tz 63717 a nh V53 49558 l.c V23 fu -.52655 oi m ll n * V22 V46 ac th 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(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange 92035* 09109 000 5832 1.2575 V43 * 87168 09109 000 5345 1.2089 V44 74779 * 09109 000 4106 1.0850 * 09109 000 4504 1.1248 * 09109 000 4903 1.1646 V53 * 70354 09109 000 3664 1.0407 V54 -.26549 09109 826 -.6027 0717 y th 55752 * 09109 000 2203 8947 * 52655 09109 000 1894 8637 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(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange re 76 (Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange(Luận.văn).the.factors.influencing.individual.investors.behavior.in.vietnam.stock.exchange -.33186 09109 063 -.6690 0053 V22 * -.42035 09109 001 -.7575 -.0832 V23 13274 09109 1.000 -.2044 4699 V24 10619 09109 1.000 -.2310 4434 V25 02212 09109 1.000 -.3151 3593 V32 -.04425 09109 1.000 -.3814 2929 V33 -.04867 09109 1.000 -.3858 2885 y th 65929 * 09109 000 3221 9965 * 60177 09109 000 2646 9389 70796* h ng V21 p ie n w lo ad V35 09109 000 3708 1.0451 * 09109 000 5389 1.2133 * 82743 09109 000 4903 1.1646 V44 70354* 09109 000 3664 1.0407 V45 * 74336 09109 000 4062 1.0805 V46 78319 09109 000 4460 1.1204 09109 000 3221 9965 157 -.6469 0274 1.000 -.4876 1867 -.5186 1558 -1.0894 -.4150 -.9522 -.2779 -1.3283 -.6540 65929 V54 -.30973 09109 V11 -.15044 09109 V12 -.18142 09109 1.000 V13 -.75221 * 09109 000 * 09109 000 * 09109 000 * 09109 000 V23 * -.52655 09109 000 gm V24 -.55310* 09109 000 -.8903 V25 * 09109 000 -.9743 * 09109 000 -1.0407 * 09109 000 -1.0451 -.3708 V34 * -.65929 09109 000 -.9965 -.3221 V36 -.05752 09109 1.000 -.3947 2797 V41 04867 09109 1.000 -.2885 3858 V42 21681 09109 1.000 -.1204 5540 V22 -1.07965 -.8637 -.1894 -.2159 -.3000 -.3664 an Lu n va -.70796 -.7425 om V33 -.70354 -1.4168 l.c V32 -.63717 k jm -.99115 ht vb V21 z -.61504 tz V14 * a nh V53 oi m ll fu * n va V35 87611 n V43 ua al V42 pl V41 yi ju V36 y te ac th 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-.69469 09109 000 -1.0319 -.3575 -.55752* p ie n w lo ad V36 V12 -.8947 -.2203 09109 000 -1.2708 -.5965 * 09109 000 -1.3593 -.6849 * 09109 000 -.8062 -.1318 09109 000 -.8328 -.1584 09109 000 -.9168 -.2425 09109 000 -.9832 -.3088 000 -.9876 -.3133 000 -.9389 -.2646 -.2797 3947 -.2310 4434 -.0628 6115 -.1115 5628 -.2354 4389 -.1956 4788 -.93363 -1.02212 -.46903 * -.49558 V25 -.57965* V32 * -.64602 fu V24 n -.65044 09109 V34 -.60177* 09109 V35 05752 09109 1.000 V41 10619 09109 1.000 V42 27434 09109 603 V43 22566 09109 1.000 V44 10177 09109 1.000 V45 14159 09109 1.000 V46 18142 09109 1.000 -.1558 V53 05752 09109 1.000 -.2797 V54 * -.91150 09109 000 -1.2487 V11 -.19912 09109 1.000 -.5363 1381 V12 -.23009 09109 1.000 -.5673 1071 V13 -.80088* 09109 000 -1.1381 -.4637 V14 * -.66372 09109 000 -1.0009 -.3265 V21 -1.03982* 09109 000 -1.3770 -.7026 tz V33 * gm a nh z ht vb k jm om l.c 5186 3947 -.5743 an Lu n va V41 000 va V23 09109 * n V22 ua al V21 pl V14 yi ju V13 oi m ll 16814 h ng V43 y te ac 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