Non-participation in the stock market by the investing public has become a matter of concern for people of academia as well as industry alike. This is a worldwide issue. Literature is full of studies to find out the reasons for limited participation of investors in the stock market. Mixed results have been reported in the literature and some results are on financial causes and others on non-financial causes of the non-participation. Discriminant analysis has been used in this paper to find out the reasons of non-participation. Two main reasons have been observed in this study which discriminate between participation and non-participation in the Stock Market. One reason is financial and the other reason is non-financial in nature. Key words: Stock market, Discriminant analysis, Investors, Equity capital, Non-participation
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