The Role of Structured and Efficient Market Factors in Determining the Individual Investor's Satisfaction: Evidence from Pakistan
This study examines the impact of structured and efficient market factors such as fundamental analysis, transaction processing system, information processing system and risk management on Pakistan stock exchange's investor satisfaction. We used descriptive statistics, confirmatory factor analysis, and structural equation modeling technique to test the proposed model. Our findings reveal that all the components of the structured and efficient market (S&EM) positively impact the individual investor's satisfaction (IIS) level. However, the individual investor's education and trading experience signicantly moderate the impact of S&EM and IIS model. We suggest that provision of quality trading facilities with low cost guiding investors; ensure a friendly market environment which can protect the retail investor's interest. Further, we highlighted that the availability of quality information, transparent transaction process at low fees & commissions, unbiased brokerage services and strict compliance of SOPs could enhance the investor's level of satisfaction and their investment decisions.