대세상승장에서 개인주자자와 대체주 전환의도 결정요인 = Determents of alternative stock switching intent during the equity market rally

다국어 초록 (Multilingual Abstract)

The objective of this paper lies in defining precedent variable that affect individual investors decision making process by which investors switching intention from index-linked shares into alternative ones when the stock market rallies. Concurrently, this paper attempts to examine the extent to which each prevailing decision variable play a part on investors selecting shares to purchase. This paper is based on the statistical analysis of survey results that were conducted to private/retail investor clients one-on-one. To save time and cost, we limited sample pool to clients of domestic securities companies that operate in Seoul. As a result, the hypothetical analysis on conversion factors show that degree of investment attractiveness and risk level of alternative shares as well as risk-taking tendencies and information seeking activities of individuals have statistically valid effect on investors decision to switch from index-linked shares to alternative ones, whereas diversification and growth -oriented do not. We also applied multi-regression analysis on the degree to which prevailing factors that investors take into account in purchasing shares play a role in investors decision to change which stocks to buy. The study revealed that technical analysis, financial statement analysis, market rumor and company disclosures have positive correlation with investors decision making process on a significant level. On the contrary, the growth expectation on companies, the equity market sentiment, and institutional investors movements have negative correlation.