Factors affecting intention to invest in gold evidence from ho chi minh city , vietnam

International School of Business --- Truong Trung Tai FACTORS AFFECTING INTENTION TO INVEST IN GOLD: EVIDENCE FROM HO CHI MINH CITY, VIETNAM MASTER OF BUSINESS Ho Chi Minh City – Yea

International School of Business

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Truong Trung Tai

FACTORS AFFECTING INTENTION TO INVEST IN GOLD: EVIDENCE FROM HO CHI MINH CITY, VIETNAM

MASTER OF BUSINESS

Ho Chi Minh City – Year 2016

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Truong Trung Tai

FACTORS AFFECTING INTENTION TO INVEST IN GOLD: EVIDENCE FROM HO CHI MINH CITY, VIETNAM

ID: 60340102

MASTER OF BUSINESS SUPERVISOR: DR PHAM PHU QUOC

Ho Chi Minh City – Year 2016

Master Thesis FACTORS AFFECTING INTENTION TO INVEST IN GOLD:

EVIDENCE FROM HO CHI MINH CITY, VIETNAM

Truong Trung Tai

University of Economics HCMC International School of Business

Table of Contents

Acknowledgement 7

Abstract 8

Chapter 1: Introduction 9

1.1 Background 9

1.1.1 Gold as a global feature asset 9

1.1.2 Demand for gold in Vietnam 13

1.2 Problem statement 15

1.3 Objectives and Aims 16

1.4 Research scope 16

1.5 Significance of research 16

1.6 Thesis structure 17

Chapter 2: Review of Literature 19

2.1 Intention to invest in gold 19

2.2 Factors affect intention to invest in gold 22

2.2.1 Economic benefits of investing 22

2.2.2 Macroeconomic unexpected concern 24

2.2.3 Perceived insecurity 25

2.2.4 Convenience to invest 27

Chapter 3: Method and Data 29

3.1 Theorical model 29

3.2 Hypothesis 29

3.3 Qualitative research 30

3.3 Measurement 31

3.4 Sample 35

3.5 Data Analysis steps 35

Chapter 4: Data Analysis and Results 36

4.2 Data reliability test with Cronbach’s Alpha 38

4.3 Exploratory Factor Analysis (EFA) 41

4.4 Regression analysis 44

4.5 Discussion of findings 47

Chapter 5: Conclusion 50

5.1 Conclusion 50

5.2 Implications 52

5.3 Research limitation 53

References 54

Appendices 60

Appendix A: Questionnaire 60

Appendix B: Codified variables 63

Appendix C: EFA results of independent and dependent variables 66

Appendix D: Regression results 72

List of tables

Table 1: Sample specification 36

Table 2: Cronbach’s alpha of measurement scales 39

Table 3: EFA results 41

Table 4: Correlations of variables 44

Table 5: The ANOVA analysis 45

Table 6: Regression results 46

Table 7: Summary of hypothesis testing 47

List of figures Figure 1: Top 30 countries/organization holding gold as reserve assets (tonnes) 10

Figure 2: World gold demand in period 2000-2015 11

Figure 3: World gold price period 1970-2015 11

Figure 4: Gold ETF holding in global market 12

Figure 5: Gold demand in selected countries 13

Figure 6: Vietnam gold demand period 2000-2015 14

Acknowledgement

I would like to express my sincere thankfulness to my research advisor, Dr Pham Phu Quoc, who has guide me and gave me possibility to complete this thesis I am sure that this thesis would not have been possible without his support I also thank Prof Nguyen Dinh Tho for his expert, valuable guidance, insightful comments, and encouragement extended to me

I would like to express my gratitude to all ISB staffs that supported necessary materials and assistance Especially, I would like to give my special thanks to

my parent who gave me invaluable advices and motivation in my life

Abstract

According to World Gold Council 2015 report, Vietnam is one of top gold consuming countries The impact of gold on Vietnam economy is uncontroversial This study aims to investigate the factors affecting people’s intention to use gold as investment instrument With the sample of 247 individuals in HCMC, the results show that three factors (Economic Benefits, Macroeconomic Concern, and Perceived Insecurity) impact significantly on Intention to Invest in gold

Keywords: gold, investment behavior, Vietnam, determinants, reasoned action

approach

Chapter 1: Introduction

1.1 Background

1.1.1 Gold as a global feature asset

Historically, people are using gold in decoration and reserve assets since thousands year ago Gold is a noble metal with special specifications: eternal shiny color over time because it does not oxidize, the valuable material because gold is the most malleable and ductile of all the metals, and especially gold is rather scarce with estimating gold in the earth around 170,000 tones

Gold was first used as jewelry in 3000 B.C at Middle Eastern After 1500 years, the Shekel, first form of gold coin, was used as standard of trading and exchange for goods in area

In 1091 B.C, gold was used as form of money in China, a big country of ancient Asia land Since the beginning of 18th century until the shutdown of Bretton Wood regime in 1970s, gold

is used as international standard for conducting transactions and currency exchange around the world

In global context, gold is accepted as “real money”, unlike other legal tender currency have to depend on the political and economic influence of issuing country for secure its value This is the reason why most of central banks always keep a portion of gold in their foreign reserve The United States not only as a strongest economy, is also a country holds the largest gold stock in their treasury

Figure 1: Top 30 countries/organization holding gold as reserve assets (tones)

Source: World Gold Council, 2015

Gold is also used for industrial materials, religious customs as well as to represent wealth and power around the world (Bernstein, 2000) Because of its usefulness, the intrinsic value of gold still maintain high and irreplaceable Gold demand in global market is increasing because

of recent chaos in international financial market, as well as some war risk around the world Gold prices increased continuously since the dot-com collapse in the year 2000 Then gold price was supported by a series of economic crises followed, such as “the global financial crisis

in year 2008”, “the Greek public debt crisis in year 2010” Its reach the peak at more than 1650 USD / ounce in the year 2012, then gold price decreases after the recovery of the US economy was confirmed

Figure 2: World gold demand in period 2000-2015

Source: Thomson Reuters

Figure 3: World gold price period 1970-2015

Source: Thomson Reuters

Gold is widely accepted as investment instrument, sometimes called “safe haven” Investment in gold account for more than one-third of total demand for gold in global market (World Gold Council, 2015) This show that gold has been a favored choice for international investor to diversify their portfolios against uncertainties of global economies In general, there are several ways to participate in gold investment, physically and non-physically Particularly, one can directly buy or sell gold bar in gold direct markets such as jewelry stores, banks, or some financial service companies etc An other way, they can also participate in some exchange to purchase gold exchange-traded funds (ETFs) which is a investment vehicle like company share, they are listed in public exchange and their value is associated with gold price

1.1.2 Demand for gold in Vietnam

In Vietnam, gold has become a main traditional asset for the accumulation of wealth for a long time According to World Gold Council (2015), Vietnam is one of largest gold consumption countries with high growth rate in gold demand

Figure 5: Gold demand in selected countries

Source: World Gold Counsil

The Vietnamese culture, like other Asian countries, is a reason for high demand in gold consumption Gold is a metal that has great significant role in such cultures, especially in the ancient communities People with high position (high income level) in society tend to use more gold (and golden color) as they consider gold is a status of power and wealth In some

important events, such as wedding or start-up a business, gold jewelry is an indispensable item

in these days

Figure 6: Vietnam gold demand period 2000-2015

Source: Thomson Reuters

In Vietnam, such as a huge demand for this special kind of good make gold become one

of the priority choice to reserve wealth for a long time Gold is a popular good in society, even that every market in Vietnam have at least one gold jewelry store Trading gold and foreign currencies are tightly controlled because of stability of these kind of assets have very important role in Vietnam economy In Vietnam, citizens have to legally purchase gold bars at some licensed institutions (Nhu & Trang, 2014)

Vietnam need capital for economic development, but many of capital are in the form of gold in households, estimating there are 400 to 1000 tones of gold kept in houses of Vietnamese families (Thuy, 2013) The people use gold as hedging instrument against high inflation environment, which could cause impairment on their wealth The demand for gold in Vietnam make the economy have trouble because the gold import contribute to the deficit trade balance through recent years

1.2 Problem statement

Based on aforementioned information, it is clear that gold market play a very important role in Vietnam economic situation Gold is an attractive object in three types of group: the government, the banks and the investors The government want to increase capital for economic development, which currently stay in form of gold in households The banks want to raise deposit fund through gold-related financial service from Vietnamese households The investors want to investigate the reasons behind gold price volatility in Vietnam

There are many studies about gold market in Vietnam, but most of them pay attention on empirical research on gold prices and macro-related issues (Hoang, 2004; Hau et al, 2013; Sy, 2011; Lai, 2011) Until now, there are not any micro-related studies about investment behaviors

of Vietnamese households toward gold Although there are also some researches that have been conducted in other countries (Maheran et al 2008; Lutter, 2008; Hundal et al, 2013), however, cultural difference may not be applicable for different country context This study will fill in

this gap in terms of understanding factors affecting intention invest in gold of Vietnamese households

1.3 Objectives and Aims

Based on above problem statement, this study aims at following objectives:

(1) To find out the investment behaviors toward gold of Vietnamese people

(2) To explore what factors affecting intention to invest in gold in Vietnam

1.4 Research scope

The scope of this study is limited in Ho Chi Minh City (HCMC) area, the economic center

of Vietnam HCMC has two advantages for this study: firstly, the demographic structure of this city is diverse, means that the city has most of people from all over the countries; secondly, gold market in HCMC is very active and easy to access huge number of licensed institutions This study is conducted by questionnaire survey method to explore in-dept understanding of factors affecting decision to invest in gold of individuals

1.5 Significance of research

Based on the author’s knowledge, this research is first attempt to explore the investment behaviors toward gold in Vietnam Gold play an important role in global financial system, as their demand have high association with the global economic growth However, their future

prospect is depend on the fundamental needs of people around the world The understanding about motivation behind gold demands of people in developing countries like Vietnam could help to forecast the long-term demand of the gold

For Vietnam, this research have a significant role in policy making process to regulate the gold market The large import from gold deteriorate the trade balance in Vietnam and put pressure on exchange rate management Understanding what makes Vietnamese love gold is thus very important to control the gold market and its impact on economy

1.6 Thesis structure

This paper is organized as follow:

Chapter 1: this chapter present the history of gold demand in the world and in Vietnam market, as well as discusses about the problem faced by Vietnam government about gold demand

Chapter 2: this chapter present the theoretical perspectives of the research, context and the factors that matters

Chapter 3: this chapter present the research method, the way of setting up the measures and conducting the survey This part includes: qualitative and quantitative approach to the research

Chapter 4: this chapter designed to present the results of research and discuss the main finding

Chapter 5: this chapter is for conclusion and some issues related to this research

Chapter 2: Review of Literature

2.1 Intention to invest in gold

According to Ackert and Deaves (2010) the investing is a complicated process in human mind Investment at simple meaning: the spending of money or capital in an effort to increase wealth The majority of us have been taught that only can make money by earning a job and focus on it, and that's exactly what most of us do The big problem is: if we want more money,

we have to work overtime, and we have the money in hand but no time to spend on leisure pleasures We can not make a copy to increase their working time, so instead, we have to give

up part of property to make them work for us That way, while we're busy in work, or even while you're mowing the lawn, sleep, read newspapers or communicate with friends, we can still earn money elsewhere Quite simply, investing activities can make our money to work for

us to maximize the earning potential rather than demanding higher wages, overtime decision or finding a new job with higher pay

Investment is not a gamble Gambling is to bet on an uncertain outcome with the hope that you can earn money if luckily the expected event occurs However, one reason that people confuse investing and a gamble because of the way that some people conduct investment action For example, somebody might hear the rumors about company’s information being smuggled out and they buy the company share without careful analysis its financial status, basically their behavior like putting money into a casino

Expectation theory claim that investor tends to see a significant ability to offset the losses rather than make a lot of profit In the case of investments with the ability to bring profit, they like to grasp immediately the current profits rather than trying to continue to invest in order to gain more profits in the future In the opposite case, when investments are at risk of losses, they try to maintain the hope the situation will get better and profitable in the future despite the greater risk of loss is huge Based on the information the positive direction in the market, investors buy and will promptly proceed to sell when prices are rising and achieve desired profitability analysis without the capacity to increase profits Because they believe that the current asset price fully reflects the expected information

The “adverse risk theory” suggest synonym of this behavior Asymmetric nature of the psychology of investors between the values they expect to profit and loss, is the risk adverse phenomenon Empirical evidence has shown that people weigh “loss pain” is many times more than the “profit gain” Such as investors tend to maintain the loss position in the hope that prices will eventually rebound The adverse risk theory can explain the behavior of investors holding asset for long time while price go down

“Mental accounting theory” provide a interesting explanation for the topic Investors tend

to split the decisions on the "virtual accounts" in the brain instead of combining them into a unified whole, and generally handle these decisions independently, so do not pay attention to the correlation of these accounts And then, they make a great decision looked reasonable, but

in fact is wrong because in reality events tend to be correlated with each others

Some psychological test have shown that people generally believe that they better than others, this often exaggerated their understanding Overconfident state increase the investment activity because it makes investors ready for their views that ignore the further reference from other investors Overconfident investors are always perceived their actions less risky than other investors feel Sometimes these overconfident investors misinterpret the value of information they receive, not the authenticity but also the sense of wrong information

The “conservative theory” also suggest the familiar explanation about investing process When economic conditions change people tend to react slowly to changes, they tied their mind

to the general situation in a earlier period That means when they believe the economy decline, they said that this is only temporary, long-term economy is still going up, but they can not see the signals for a cyclical downturn has started And after a period of time, they has not yet found the situation improved, people rushed to sell asset As a result, the market fluctuations unexpectedly

The "herd" effect has always existed in the process of decision making of investors, regardless of whether they have experience or not The influence of this type of psychology becomes clearer when investors under pressure to make decisions quickly, without enough information needed When personal confrontation with the opinion of the group, they tend to change their answers, because they think, all the others can not wrong

Intention is defined as individual perception towards probability to conduct behavior (Fishbein and Ajzen, 1975; Gopi and Ramayah, 2007) Individual investors’ intention towards

a typical instrument may be strongly impact by their attitudes about the perceived charateristics about this investing instrument Investors may be interested in investing in a particular instrument only when they have time and skill to evaluate the instrument and have money to invest Therefore, when forming an intention to invest, individual investors normally begin with evaluations of factors related to the investment instrument, as well as their emotional perceptions of such evaluations may come into effect as they are trying to justify their investing decisions Intention to invest in this research is the “will without force”, means that the individual making the decision is free of pressure from other people

Gold for investing in this research is defined as gold bar and other forms to investing in public (currently the “smooth ring”, the gold certificate, etc.) There are many studies about gold investment, but most of them pay attention on empirical research on gold prices and macro-related issues Until now, there are few research about investment behaviors toward gold Although there are also some researches that have been conducted in other countries about public acceptance of gold coin (Maheran, 2008) however, the investment aspect of this vehicle is not yet exploit

2.2 Factors affect intention to invest in gold

2.2.1 Economic benefits of investing

The tension of relationship between home country and other countries is also a motivation

factor for investor to choose gold as safe asset because of its global acceptance Recently, the

disputes in East Sea (globally called “China South Sea”) between Vietnam and China have cause some volatility in gold market The State Bank have to officially stabilize the market sentiment (Son, 2014)

In Vietnam, news about gold appear repeatedly in daily newspapers, this will motivate many small investors conducting speculation on gold (Phu, 2010) This media factor is effective in enhancing the awareness of potential investor to the product or services (Karrh et

al, 2003) Some investors are not aware of the investment alternative due to lack of information in the media channels

People choose gold investment as diversification instrument to reduce the risk of entire porfolio, its correlation with other type of assets is low (Baur and Lucey, 2010) In Vietnam, there are often four channels for individuals to invest their money: real estate, gold, stock, and saving deposits (Vy, 2014) Therefore, gold could be seen as investment vehicle for diversifing porfolio reason

High long-term return is one of attractive features when investing in gold Gold is an unrenewed commodity, lasting forever and often kept in chest rather than floating in circulation, hence the supply of gold is not sufficient for gold demand with increasing population in the future Like other assets in global market, gold price in short term often obtain high volatility, but in longer term, at least 6 months horizon investing in gold getting favoured return than other asset (Ronapat, 2007)

Tax-related issues in gold investment have not yet fulfilled, so until now there is not tax incurred when people selling their gold asset This is a big advantage of gold investment when compared to other investing vehicles (currently income tax is applied for stock and real estate trading)

2.2.2 Macroeconomic unexpected concern

There is an uncontroversial agreement that macroeconomic news and gold price is correlated strictly in global context There are so many evidence found that gold price is very sensitive to macroeconomic indicators (Roache and Marco, 2009)

There are many of macroeconomic indicators, but few of them are close to public knowledge According to Ruta and Anjali (2014) there are five economic indicator that have most impact investors in market, they are: price index, gross domestic product (gdp) growth, exchange rate, foreign investment and the money supply

One of the most important roles of gold is for inflation hedging In Vietnam, gold price and price index are strongly correlated, hence gold seems to be a good instrument for inflation defending (Cuc and Reza, 2013) Some studies show that investors choose gold as disinflation instrument because they believe in higher return of gold during inflation periods, they also have good characteristics to become effective hedge instead of purely financial assets like stocks and bonds (Worthington and Pahlavani, 2007; Lutter, 2008)

Exchange rate VND/USD consecutively depreciate in recent years, make domestic currency less attractive for saving of households In Vietnam, individuals are restricted to

purchase foreign currency for investment purposes, therefore in some circumstances, the investors will consider to choose gold as hedge against weaker domestic monetary value (World Gold Council, 2014)

Foreign investment boost economic performance of the country, so it will stabilize the gold price because it strengthen the belief in economic development Foreign investment also impact gold price through exchange rate channel because the more investment the more foreign currency that a country accumulate

Money supply changes make impact on inflation and exchange rate so it has relationship with gold price People often have negative reponse when government increase the money supply in economy because it’s a signal of uneffective monetary policy, and this result in a series of unfavored consequences

2.2.3 Perceived insecurity

In the gold market, there is a traditional wisdom “the rising insecurity is good for gold” But the concept of insecurity is difficult to make clear in simple term, as well as the term security According to Friedewald et al (2014) there are 7 perspectives of security when people facing:

 Physical security deals with someone feeling about safety of physical characteristics of themselves or the system, place or property

 Political security deals with the feeling of protection of personal rights including property right, license right, home rights or feeling to be protected by laws, policy, institutions

 Socio-economic security deals with the feeling that economic system operating right and stable, without crisis or foreseen failures

 Cultural security deals with feeling to be protect if someone have different cultural background such as language, religion, or birth sources area

 Environmental security deals with feeling to be safe with natural condition, weather disaster, or natural disaster caused by human or by chance

 Radical uncertainty security deals with “measures designed to provide safety from exceptional and rare violence/threats, which are not deliberately innated by an external or internal agent, but can still threaten drastically to degrade the quality of life”

 Information security deals with feeling to be safe with current information system such as free of hacker, virus or something to steal personal information and harm the information system

2.2.4 Convenience to invest

Why is there investment vehicle more popular and preferable, even if they are not profitable than others? One of main reason is that: the convenience to invest in that instrument According to Chang & Polonsky (2012) “convenience is the ability to reduce consumers’ non-monetary costs (i.e., time, energy and effort) when purchasing or using goods and services These are five types of convenience:

 Decision convenience is “important when consumers need to decide how to obtain

a particular service given that multiple providers and delivery options are usually available” This means that people prefer the goods or services that they have less choices than other, and of course make they think that their opportunity cost is less than other places Gold is adherent a best choice compared to other investment such as real estate or stocks(they have so many options to pick up)

 Access convenience involves the “perceived time and effort needed to initiate

service delivery”, that is people prefer the good and service with feature you-want”, with technology today company can provide goods and services around

“serve-as-the clock, 24/7, through telephone or internet-based system

 Transaction convenience influences consumers’ “when they need to secure a

service”, for example, a lot of people today fear of online shopping because they

worry about hacking through internet, so they suppose that direct shopping is more secured!

 Benefit convenience involves “consumers’ experience of the service”, or the extra

value they receive when they purchase good or services, for example, we prefer a gift store with extra packed services

 Post-benefit convenience relates to activities “after core interactions have

occurred” such as the good return policy, take care customer service or something

to keep long term relationship with buyer

Chapter 3: Method and Data

Intention to invest

in gold Macroeconomic Concern

Perceived economic benefits

Hypothesis 1 (H1): Perceived economic benefits have positively related to Intention to Investing gold

Hypothesis 2 (H2): Unexpected Macroeconomic Concern have positively related to Intention to Investing gold

Hypothesis 3 (H3): Perceived insecurity have positively related to Intention to Investing gold

Hypothesis 4 (H4): Convenience have positively related to Intention to Investing gold

3.3 Qualitative research

The purpose of qualitative research is to explore factors affecting intention to invest in gold of individuals and to confirm reliability of theoretical items in survey practice The interviews were organized in the place where the researcher and interviewee can talk comfortably about investing in gold Ten individuals, in which five is supposed to buy gold for investing and the rest is currently holding gold as their wealth

The interview was started with presenting the organization, the purpose of the research and how it make in simple terms to clarify the their role for interviewees The information was provided with attention to at least influence the views of respondents Before the interview was conduct, respondents were explained that their answers will be kept confidential

Some first questions is to be given expression in general terms such as “Glad to meet you, how are you today?” or “Your dress is fashionable, where did you buy it?” These questions often stimulate an interviewee to give opinions in more open environment, they will explain further their answers during the interview To avoid misleading answer, the author did not reveal opinions on the topics discussed Some question format was strictly used during interview such as: “Can you tell me about the gold in Vietnam?”, “Why do you choose gold as investment?”, “What do people think and feel to hear about purchasing gold?”

After having in-depth-interview with respondents, the sample questionnaire was presented

to clarify the understanding of people about the content of questions The questionnaire have to

be organized to clearly and consistent understanding through most of respondents In addition

to questions, respondents were also asked about the cover letter to make it more polite and comfortable

The vague and confusing words in questions is modified The results end up with final measurement items with have clearly content and easy to understand for interviewee The details of questionnaire is present in Appendix A

3.3 Measurement

This part present the measurement scales for factors to be used in this research

Perceived Economic Benefits based on Nik Maheran (2011)

Are you agree with the following: (1 Strongly disagree; 2 Disagree; 3 Disagree somewhat; 4 Neutral; 5 Agree somewhat; 6 Agree; 7 Strongly agree)

1 Gold have high liquidity compare with other investment

vehicles

ECO1

(*)Author’s addition

Macroeconomic Concern - based on Khaparde & Bhute (2014)

Are you agree with the following: (1 Strongly disagree; 2 Disagree; 3 Disagree somewhat; 4 Neutral; 5 Agree somewhat; 6 Agree; 7 Strongly agree)

3 The Vietnamese currency exchange rate with USD will MAC3

depreciate in the future

Perceived Insecurity – based on Friedewald et al (2014)

Do you worry about each of following (1 Strongly disagree; 2 Disagree; 3 Disagree somewhat; 4 Neutral; 5 Agree somewhat; 6 Agree; 7 Strongly agree)

Convenience – based on Chang & Polonsky (2012)

Are you agree with the following: (1 Strongly disagree; 2 Disagree; 3 Disagree somewhat; 4 Neutral; 5 Agree somewhat; 6 Agree; 7 Strongly agree)

3 I could use any method of payment as to buy/sell gold as I

want

CON3

5 If I change my mind after make purchase I could resell gold

without any difficulties

CON5

Intention to invest in gold - based on Dodds et al (1991)

Are you agree with the following: (1 Strongly disagree; 2 Disagree; 3 Disagree somewhat; 4 Neutral;5 Agree somewhat; 6 Agree; 7 Strongly agree)

3 I want to invest in gold in the next three month INT3

3.4 Sample

Hundal (2013) suggest at least 5 interviewee/ item In this study, we expect to have 28 valid variable, hence at least 140 individuals at HCMC will be targets of this study HCMC has two advantages for this study: firstly, the demographic structure of this city is diverse, means that the city has most of people from all over the countries; secondly, gold market in HCMC is very active and easy to access huge number of licensed institutions This study is conducted by questionnaire survey method to explore in-depth understanding of factors affecting decision to invest in gold of individuals There are 300 handouts of questionnaire are issue, the number of valid returned is 247 (82.3%), the data is collected from convenient sampling

3.5 Data Analysis steps

After checking for error and valid of raw data, the proposed procedures for this study is as follows:

Step 1 : Checking measurement reliability by Cronbach alpha criteria

Step 2 : Using Factor Analysis (EFA- Explatory Factor Analysis) for checking factor structure of data

Step 3: Appling multiple regression to explore the determinant weight of factors

Chapter 4: Data Analysis and Results

This part presents the descriptive statistics, the reliability and hypothesese testing The reliability of data will be assessed by using Cronbach’s alpha and EFA After that, the hypotheses and the effect of factors on investment intention will be tested by the collected data