ART, PERCEPTION, AND DECISION-MAKING: AN EXPLORATORY STUDY OF KNOWLEDGE AND INVESTOR BEHAVIORAL PATTERNS IN THE INDIAN CREATIVE ECONOMY

Anushka  Mamania; Jyoti  Singhal; Girish  Kirtani; Sonia  Gupta; Neha  Sharma

doi:10.29121/shodhkosh.v7.i4s.2026.7638

Authors

Anushka Mamania Research Scholar, Vijay Patil School of Management, D.Y. Patil University (Deemed University), Navi Mumbai, India
Dr. Jyoti Singhal Research Guide, Vijay Patil School of Management, D.Y. Patil University (Deemed University), Navi Mumbai, India
Girish Kirtani Assistant Professor, Vijay Patil School of Management, D Y Patil (Deemed University), Navi Mumbai, India
Dr. Sonia Gupta Assistant Professor, Bharati Vidyapeeth Institute of Management Studies and Research, Navi Mumbai, India
Dr. Neha Sharma Assistant Professor, Bharati Vidyapeeth (Deemed to be University), Department of Management Studies (Off Campus), Navi Mumbai, India

DOI:

https://doi.org/10.29121/shodhkosh.v7.i4s.2026.7638

Keywords:

Indian Capital Market, Investor Technical Knowledge, Technical Analysis, Investment Satisfaction

Abstract [English]

The Indian capital market has emerged as a vital platform for channelizing savings into productive investments; however, the effectiveness of investor participation largely depends on their level of technical understanding. The present study examines the relationship between investor technical knowledge, technical analysis knowledge, and satisfaction with investment decision-making in the Indian capital market. Using primary data collected from 140 investors through a structured questionnaire, the study analyzes demographic characteristics, investment behavior, and knowledge dimensions to assess their influence on satisfaction. Statistical tools such as Pearson correlation, multiple regression analysis, ANOVA, and Structural Equation Modeling (SEM) were employed to test the formulated hypotheses and evaluate the explanatory power of the model.

The findings reveal that while technical analysis knowledge has a positive but relatively weak relationship with investor satisfaction, overall technical knowledge exhibits a strong and statistically significant impact on satisfaction levels. The regression and SEM results confirm that broader technical understanding of market mechanisms and investment processes plays a more dominant role in enhancing investor confidence and perceived decision quality. The study concludes that improving investor technical knowledge can significantly enhance satisfaction and lead to more informed and effective participation in the Indian capital market, highlighting the need for targeted investor education and awareness programs.

References

Agrawal, P., and Kannaujiya, R. (2024). Technological Influences on Retail Investors’ Investment Decisions with Special Reference to Prayagraj District. International Journal of Research and Analytical Reviews, 11(1), 45–52.

Baker, H. K., Kumar, S., Goyal, N., and Gaur, V. (2019). How Financial Literacy and Demographic Variables Relate to Behavioral Biases. Managerial Finance, 45(1), 124–139. https://doi.org/10.1108/MF-01-2018-0003 DOI: https://doi.org/10.1108/MF-01-2018-0003

Bhushan, P., and Medury, Y. (2014). Financial Literacy and its Determinants. International Journal of Engineering, Business and Enterprise Applications, 4(2), 155–160.

Gupta, S. (2025). Financial Literacy as a Moderator in Behavioral Biases and Investment Decisions. International Journal of Financial Studies, 13(2), 112–125. https://doi.org/10.3390/ijfs13020112 DOI: https://doi.org/10.3390/ijfs13020112

Klapper, L., Lusardi, A., and van Oudheusden, P. (2015). Financial Literacy Around the World: Insights from the Standard & Poor’s Ratings Services Global Financial Literacy Survey. Journal of Consumer Affairs, 49(1), 1–28. https://doi.org/10.1111/joca.12044 DOI: https://doi.org/10.1111/joca.12044

Lusardi, A., and Mitchell, O. S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5 DOI: https://doi.org/10.1257/jel.52.1.5

Mishra, P. K. (2018). Financial Literacy, Risk Tolerance and Stock Market Participation. International Journal of Emerging Markets, 13(5), 1289–1308. https://doi.org/10.1108/IJoEM-11-2016-0308

Nag, S., and Prathap, G. (2025). Financial Literacy and Investor Satisfaction: A Behavioral Study Among Retail Investors in Karnataka. Journal of Behavioral Finance, 26(1), 78–92.

Narasaraju, Y. (2025). Behavioral Biases and Investment Decision-Making in the Indian stock markets. International Journal of Economics and Financial Issues, 15(1), 96–104.

Patil, S., and Bagodi, V. (2021). A Study of Factors Affecting Investment Decisions in India: The KANO way. *Journal of Management Research and Analysis, 8(2), 65–73. DOI: https://doi.org/10.1016/j.apmrv.2021.02.004

Prasad, R. (2025). A Study of Evaluating Investor Technical Knowledge of Mutual Funds and Satisfaction of Decision Making. International Journal of Commerce and Management Research, 11(1), 23–29.

Raut, R. K. (2020). Past Behaviour, Financial Literacy and Investment Decision-Making Process of Individual Investors. International Journal of Emerging Markets, 15(6), 1243–1263. https://doi.org/10.1108/IJOEM-07-2018-0379 DOI: https://doi.org/10.1108/IJOEM-07-2018-0379

Sehrawat, M., and Giri, A. K. (2015). Financial Literacy and Financial Inclusion: Evidence from India. International Journal of Social Economics, 42(8), 676–699. https://doi.org/10.1108/IJSE-02-2013-0030 DOI: https://doi.org/10.1108/IJSE-09-2013-0208

Singh, A., and Gupta, S. (2021). The Impact of Financial Literacy on Investor Attitudes and Decision-Making: An Empirical Analysis. Journal of Finance and Accountancy, 25(1), 1–15.

Subnani, M., and Todwal, R. (2024). Investor Education and Decision-Making in the Indian Stock Market: Empowering Users for informed trading. Asian Journal of Economics and Banking, 8(3), 210–225. https://doi.org/10.1108/AJEB-02-2024-0021