Purpose

The authors examine the industrywise investment preferences of foreign portfolio investors (FPIs), domestic institutional investors (DIIs) and retail investors in the Indian context. They also investigate the factors influencing their preferences.

Design/methodology/approach

Using the quarterly shareholdings and returns data of the Indian market from March 31, 2009 to March 31, 2018, the authors employ analysis of variance to study investors' preferences and a random effect panel data model to examine the factors that influence these preferences.

Findings

FPIs hold proportionally more stocks in service-oriented industries and large-cap firms, DIIs hold proportionally large numbers of shares in paper industries and retail investors hold proportionally more shares in chemicals and textiles. FPIs prefer stocks with a high export-to-sales ratio and firms registered on a foreign stock market. Domestic investors, especially retail investors, prefer small-cap stocks and firms whose operations require local knowledge. In addition, industry heterogeneity determines investment decisions. Firm-specific and macroeconomic factors that influence investment decisions differ across industries. Finally, government policies and reforms also play a key role in attracting investors.

Practical implications

Policymakers can identify the key variables that influence investment, which can help direct and regulate investment in India and similar emerging markets.

Originality/value

This study fills a research gap by addressing how industry-level heterogeneity affects investors' preferences in terms of the industrywise preferences of different types of investors and the factors that influence their preferences.

中文翻译：

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业界观点：投资者的偏好和影响印度股市投资的因素

目的

作者考察了印度背景下外国证券投资商（FPI），国内机构投资者（DII）和散户投资者的行业投资偏好。他们还调查了影响他们偏好的因素。

设计/方法/方法

作者使用2009年3月31日至2018年3月31日的印度市场季度持股和回报数据，使用方差分析研究投资者的偏好，并使用随机效应面板数据模型来研究影响这些偏好的因素。

发现

FPI在服务型行业和大型公司中按比例持有更多股票，DII在造纸行业中按比例持有大量股票，而散户投资者在化学品和纺织品中按比例持有更多股票。FPI更喜欢出口与销售比率较高的股票以及在国外股票市场注册的公司。国内投资者，尤其是散户投资者，更喜欢那些需要本地知识的小型股票和公司。另外，行业异质性决定投资决策。影响行业投资决策的企业特定因素和宏观经济因素因行业而异。最后，政府的政策和改革在吸引投资者方面也起着关键作用。

实际影响

政策制定者可以确定影响投资的关键变量，从而有助于指导和规范对印度及类似新兴市场的投资。

创意/价值

这项研究通过解决行业水平异质性如何影响不同类型投资者的行业偏好以及影响其偏好的因素，填补了研究空白。