Asian Research Journal of Business Management FACTORS INFLUENCING ONLINE TRADING ADOPTION: A STUDY ON INVESTORS ATTITUDE IN GREATER VISAKHAPATNAM CITY Dr. Krishna Mohan Vaddadi 1 & Merugu Pratima 2 * 1 Professor, DCMS, Andhra University, Visakhapatnam, Andhra Pradesh (India) 2 Assistant Professor, Srinivasa Institute of Management Studied (SIMS), Madhurawada, Visakhapatnam, Andhra Pradesh (India) Received: 19 October 2015; Revised: 3 November 2015; Accepted: 7 November 2015 Abstract: In a developing country like India, little is known and understood about the emergence of online trading even though this is now beginning to represent a major share in the stock market. Online/internet based share trading is a new service here, and so consumer acceptance and usage is still limited. The present research aims to provide a foundation of facts relating to behaviour of online investors by exploring the key determinants of investor s attitude and behaviour. A research framework was based on diffusion of innovation and decomposed theory of planned behaviour to identify factors that influence adoption process investors in online trading with reference to Visakhapatnam city. The research has the aim to develop a socio-demographic profile of online investors and examine its influence on online trading. Statistical techniques such as percentages and correlation have been used to uncover relationships among the variables. To study the dependency/independency of the factors, Chi-square test of independence of attributes was used to draw meaningful inferences. The key findings reveal factors like; age, gender, education and occupation influence investor s intention to adopt online trading. The findings also indicate that perceived usefulness, ease of use, compatibility, trust and reliability were influencing the investors attitude towards adoption process in online trading. Keywords: Stock Exchanges, Internet, Online Stock Trading, Attitude, Investor Behaviour, Investor Acceptance and Adoption. INTRODUCTION With the advancement in information and communication technology, the internet has become the driving force that influences the structure and strategies being employed by organizations around the world. The growing need for speed, convenience and transparency has made organizations to offer various online services such as online share trading in the stock markets. Online trading allows the investor to trade through an internet site where Banks and Demat Accounts are electronically integrated. Online trading improves the operations of stock market as transactions are carried out electronically and more efficiently, paving way for voluminous transactions per day. This new access by the trading public to low-cost transactions and cuttingedge real-time market information has opened up extraordinary new investment opportunities. 39
40 With the increase in online trading usage, the need to predict behavioural intentions of consumers has also increased. The study will provide clues and information on factors that influence and affect investor s intent to use online stock trading. REVIEW OF LITERATURE Sanjay GargJuly studied investor s preferences and satisfaction levels of on-line & off-line trading investors in Sriganganagar city. The findings of the study indicate that most of the investors perceive online trading to be unsafe and lacks transparency. [1] Kafeel Ahmed, examined the impact of online trading on the stock market. The study indicated that online trading has given customer benefits like real time access to account information, stock quotes, elaborated market research and interactive trading. [2] Murugan. V. G., studied the socio-economic profile of investors, their perceptions; and behaviour in respect to various investment avenues. The findings revealed that most of the investors generally have limited information about the developments in the securities market. [3] Puneet Bhushan & Yajulu Medury examined the ggender differences in investment behaviour among employeesthe. The study identified that women are more conservative and takes less risk and significant gender differences occur in investment preferences for health insurance, fixed deposits and market investments among employees. [4] V. Alagu Pandian, G. Thangadurai analysed the investors preference towards various investment avenues in Dehradun Districts. The study reported that most of the investors prefer bank deposits followed by gold investment. [5] Balaji C. examined investor s perceptions towards online trading. The study identified that Indian investors are more conservative, middle age, educated and have sufficient income base. [6] Rakesh H analysed the behaviour of individual investor in stock market, specifically their attitude and perception with respect to the stock market. The findings of the study indicated that annual income and annual saving are factors influencing investor s decision making. [7] RESEARCH GAP The success of Internet based securities trading depends on investors acceptance and adoption process. Though online trading was introduced more than a decade ago, it was not until recent, that online trading gained momentum, while some investors are early adopters, others are slow in technology adoption and tend to prefer, the traditional method of trading. The adoption of online trading depends on the attitude and behaviour of investors. Understanding investor s behaviour towards electronic financial services like online trading is a challenging subject in finance research especially in India where empirical studies on online investors behaviour are relatively less. The present research explores the key variables in investor decision making with regards to adoption of online trading and links them to the development of online trading
regulation in India. The purpose of this research is to study the decision making factors for the acceptance and adoption process in online trading by the investors. The paper also examines the socio-demographic profile of online investors, and identifies factors which influence online trading adoption process. NEED FOR THE STUDY While online trading in India began in 2001, its adoption rate has been lower than expected during the past decade. Obviously, online trading has experienced limited spread/use and suffered from relatively high levels of customer resistance in India. Understanding investor s behaviour towards electronic financial services like online trading is a challenging subject in finance research especially in India where empirical studies on online investors behaviour are relatively rare. In light of this, a comprehensive model describing the factors that drive customers to accept online trading would be useful for both academics and practitioners by helping them to better understand online investor behaviour in the emerging online transaction environment. In addition the result of the study could also serve as a guideline by online stock broking organizations in understanding the factors and program that need to be instilled to increase online stock trading adoption among potential investors. RESEARCH OBJECTIVES i. To study demographic profile of online investors in Visakhapatnam City ii. To analyse the impact of demographic factors on adoption process in online trading. iii. To examine the influence of trust and reliability as a determinate of investors attitude iv. To examine the influence of attitude on investors intention to adopt online trading. v. To suggest measures for expanding scope of online share trading. RESEARCH HYPOTHESIS Keeping in view the research objectives the following hypothesis is proposed. H1: Demographic factor like age, gender, education, occupation and intention to adopt Online trading is not independent H2: Perceived usefulness and attitude towards online trading are not independent H3: Perceived ease of use and attitude towards online trading are not independent. H4: Trust and attitude towards online trading are not independent H5: Compatibility and attitude towards online trading are not independent. H6: Social factors and intention to adopt online trading are not independent 41
RESEARCH METHODOLOGY For the purpose of the study of online investors a convenience sampling technique is used. A sample size of 500 online investors from five stock broking firms providing online trading services in Visakhapatnam city are covered in the study. The research is based on primary data. A questionnaire was developed for collecting primary data pertaining to online investors. PILOT STUDIES AND FINAL STUDY A pilot study was conducted where twenty investors participated to see where the questionnaire can be improved. Comments and suggestions received from the pilot test were incorporated into the final version of the questionnaire for the main study. In the main study, 500 useful responses received out of 600 questionnaires sent for the purpose, were used in the subsequent data analysis. SCOPE OF THE STUDY This study is concerned with an empirical investigation of predictors determining individuals attitude toward adoption of online Trading Service in Visakhapatnam city through applications of the conceptual model used in the present research. A Proposed Research Model: The research aims to develop new model based on Diffusion of Innovation and Decomposed Theory of Planned Behaviour (DTPB) by investigating the factors that encourage the investors to adopt Online Trading Service in Visakhapatnam city. Grounded in the Diffusion of Innovation theory and the Decomposed Version of Theory of Planned Behaviour, the research focuses on pre-adoption factors that influence adoption of online securities trading by investors. Some of the constructs or characteristics of beliefs based on Decomposed Theory of Planned Behaviour were modified. Figure -1 illustrates the proposed research model. It asserts that the intention to use online trading is a function of: attitude, social factors and demographic factors. The model further indicates that attitude mediates the Perceived usefulness, Perceived ease of use, compatibility and trust & reliability on intention to adopt online trading. The integration of Decomposed Theory of Planned Behaviour with other significant variables like demographical factors and trust for the present research framework provide a more comprehensive /holistic model to examine the acceptance and adoption of online trading in a developing country like India where the concept of online stock trading is still in its infancy stage. Table 1 outlines the constructs used in the model and Figure -1 illustrates the proposed model for adoption of online trading by investors. 42
Perceived Usefulness Demographic factors Perceived of use Trust and Reliability Ease ATTITUDE Intention to adopt online trading Compatibility Social Factors Fig. 1: A Proposed Model for Adoption of Online Trading by Investors Table 1: Construct Description Usage Behaviour A person s performance of a specific action/ an individual s decision to use an Internet Service(IS) Behavioural Intention (BI) A measure of the strength of intention to perform a specific action Attitude (A) Whether a person possesses positive or negative feelings toward the behaviour he or she performs Perceived Usefulness (PU) The degree to which a person believes that using a particular system would enhance his or her job performance or the person s subjective probability that using the IS will be of benefit in an organizational context. Perceived Ease Of Use The degree to which the person thinks that (PEOU) using the IS will be free of effort. Compatibility (C) The degree to which an innovation is perceived as being consistent with the existing values, needs and past experience of the potential adopters Trust & reliability (T&R) Investors trust the brokers/broking firms offering online trading services to behave ethically and in a socially acceptable manner Social factors (SF) Influence of significant referents like family, friends and peers /colleagues. Demographical factors Demographical factors like age. gender, education and occupation of the individual investor 43
RESULTS AND DISCUSSIONS Table-2 depicts the profile of the sample respondents in terms of socio-demographic characteristics like age, gender, education level, marital status, occupation and income. INFERENCES Age: As can be observed from Table -2, majority of the respondents constituting 32.4 per cent of the total sample belong to the age group of 26-35 years, while 13 percent of the sample are aged 18-25 years, this indicates that majority of the respondents constituting more than 45 percent of the sample are below 35 years of age. Table 2: Demographic Profile of the Respondents Particulars No of respondent Per cent AGE 18-25 65 13.0 26-35 162 32.4 36-45 97 19.4 46-55 85 17.0 56-65 51 10.2 More than 65 40 8.0 Total 500 100.0 GENDER Male 438 87.6 Female 62 12.4 Total 500 100.0 MARITAL STATUS Married 382 76.4 Unmarried 120 23.6 Total 500 100.0 EDUCATION SSC/Matrix 45 9.0 10+2/ Intermediate 38 7.6 Degree 162 32.4 P.G 148 29.6 Diploma 72 14.4 Others 35 7.0 Total 500 100.0 OCCUPATION Employee in Government 122 24.4 Service Employee In Private Service 165 33.0 Business/Self-Employed 91 18.2 Professionals 82 16.4 Retired 40 8.0 Total 500 100.0 44
Gender: With respect to gender distribution of respondents, it is observed that, majority of the respondents constituting 87.6 per cent of the sample were males while the remaining 12.4 per cent of the respondents were females. Marital Status: It can be observed from Table -2, that majority of the respondents are married representing 76.4 percent of the sample, while unmarried respondents constitute around 23.6 per cent of the sample. Education: Table -2 depicts the respondent s level of education. Majority of the respondents representing 32.4.per cent of the sample hold a bachelor s degree, while 29.6 per cent of respondents have a master s degree. Occupation: The occupation is also another determinant of investor s preferences and objectives. Majority of the respondents constituting 33 per cent of the sample are employees working in private companies followed by 24.4 per cent of the respondents are employees in government service. Demographic Variables and Intention to Adopt Online Trading: In order to examine the influence of demographic factors like age, gender, education and occupation on the individual s intention to adopt online trading the following hypothesis is proposed. H1: Demographic factor like age, gender, education, occupation and intention to adopt online trading are not independent H0: Demographic factor like age, gender, education, occupation and intention to adopt online trading are independent For better understanding each of the demographic factors like age, gender, education and occupation were examined individually as shown below from Table -3 to 6. AGE: Age of the investor plays an important role in the acceptance and adoption of new innovation like online trading. In order to examine the influence of age on the adoption of online trading by investors, the following hypothesis is proposed. Table 3: Chi-Square Tests- Age and Intention to Adopt Online Trading Value Pearson Chi-Square 35.599(a).000 Likelihood Ratio 36.682.000 Linear-by-Linear Association N of Valid Cases 500.837.360 Asymp. Sig. (2-sided) Since the Calculated value of Chi-square 35.599 is significant at 5 % level of significance with significance probability.000, the H0 is rejected, hence it can be concluded that age influences the intention to adopt online trading. 45
Gender: An adoption pattern across gender is worth making a note in a developing country like India where the concept of online investing is slowly gaining momentum In order to examine the influence of gender, the following hypothesis is proposed:. Table 4: Chi-Square Tests- Gender and Intention to Adopt Online Trading Value Pearson Chi-Square 14.352(a).006 Likelihood Ratio 15.065.005 Linear-by-Linear Association.371.542 N of Valid Cases 500 Asymp. Sig. (2-sided) The Calculated value of Chi-square 14.352 is significant at 5 % level of significance, with significant probability.000. The H0 is rejected, hence it can be concluded that gender influences the intention to adopt online trading Education: The level of education also plays an important role in the acceptance and adoption of new innovation like online trading, in order to examine the influence of level of education on the adoption of online trading by investors, the following hypothesis is proposed Table 5: Chi-Square Tests- Education and Intention to Adopt Online Trading Value Pearson Chi-Square 150.887(a).000 Likelihood Ratio 156.998.000 Linear-by-Linear Association 8.111.004 N of Valid Cases 500 Asymp. Sig. (2-sided) Since the Calculated value of Chi-square 150.887 is significant at 5 % level of significance with significant probability.000. The H0 is rejected, hence it can be concluded that level of education influences the intention to adopt online trading Occupation: In order to examine the influence of occupation status of the sample respondents on the decision to adopt online trading, the following hypothesis is proposed. Table 6: Chi-Square Tests- Occupation and Intention to Adopt Online Trading Value Asymp. Sig. (2-sided) Pearson Chi-Square 110.286(a).000 Likelihood Ratio 98.730.000 Linear-by-Linear.659.417 Association N of Valid Cases 500 46
Since the Calculated value of Chi-square 110.286 is significant at 5 % level of significance with significant probability.000. The H0 is rejected, hence it can be concluded that occupation of the online investor influences the adoption of online trading. Based on the research model, five factors Perceived Usefulness (PU), Perceived Ease of Use (PEU) compatibility (C) and Trust & Reliability (T&R) were selected as determinants of investors attitude toward adoption of online Trading Service. In order to examine the influence of the selected variables on the attitude of investors, Chi square test were conducted and the results of the analysis are presented in Tables -7 to 13 Perceived Usefulness: For the present study the significance of the perceived usefulness relies on the fact that it is one of the factors that influence the investors attitudes towards acceptance/ adaptation the new technology like online trading. Table -7 shows the correlation between perceived usefulness and attitude towards online trading. H 2: Perceived usefulness and attitude towards online trading are not independent H 0: Perceived usefulness and attitude towards online trading are independent. Table 7: Chi Square Values- Perceived Usefulness and Attitude towards Online Trading Perceived Pearson Asymp. Sig. (2- df Usefulness(variable) Chi-Square sided) PU -1 18.721(a) 4.001 PU -2 69.356(a) 4.000 PU -3 33.277(a) 4.000 PU -4 36.852(a) 4.000 From the Table-7, as can be noticed that provision of Educational and guidance material for online investors (.001) transparency (.000) online trading saves time and effort (.000) and userfriendly interface (.000) all have significant chi square values. Hence it can be concluded that there is association between attitude and perceived usefulness. Perceived Ease of Use: Perceived ease of use is considered as an important factor influencing adoption of online trading. Chi square test were conducted to examine the influence of perceived ease of use on the attitude of investors, and the results of the analysis are presented in Table-8 Table 8: Chi Square Values- Perceived- Ease of Use and Attitude towards Online Trading Perceived Ease of use (Variables) Pearson Chi-Square df Asymp. Sig. (2-sided) PEU -1 72.507(a) 4.000 PEU -2 20.816(a) 4.000 PEU -3 59.883(a) 4.000 PEU -4 45.783(a) 4.000 47
H3: Perceived ease of use and attitude towards online trading are not independent. H0: Perceived ease of use and attitude towards online trading are independent The resulted chi square values indicate that specification and customization of securities and in terms of volume (.000) Personal interaction with online trading services is clear and understandable (.000) accomplishment of trading tasks with ease and comfort (.000) and Learning to operate online trading website is easy (.000) have significant chi square values. Hence the findings indicate that there is association between attitude and perceived ease of use. Trust and Reliability: trust is also a direct influencer that determines people's attitudes toward online trading, the significance of trust as a determinant of investor s attitude towards adoption of online trading was analysed and the results of the analysis are presented in Table-9. H4: Trust and attitude towards online trading are not independent H0: Trust and attitude towards online trading are independent Table 9: Chi Square Values- Trust & Reliability and Attitude towards Online Trading Trust and Reliability (Variables) Pearson Chi-Square df Asymp. Sig. (2-sided) TR 1 120.529(a) 4.000 TR 2 60.355(a) 4.000 TR 3 50.834(a) 4.000 TR 4 68.519(a) 4.000 The resulted chi- square values indicate that Online Trading Services providers are reliable and trustworthy (0.000) protection of online investors privacy (0.000 ) assists investors in solving online problem occurred during trading (0.000) and maintenance of investors transactions confidential (0.000) all have significant chi square values. Hence it is safe to conclude that trust is an important factor that affects investors attitude towards online trading. Compatibility: It is expected that the more online stock trading matches with the values and beliefs of the investors, the more widely it will be accepted. To examine the influence of compatibility on the attitude of investors, chi - square tests were conducted and the results of the analysis are presented as follows. Therefore the following hypothesis is proposed. Table 10: Chi Square Values- Compatibility and Attitude towards Online Trading Compatibility (Variables) Pearson Chi-Square df Asymp. Sig. (2-sided) C 1 61.773(a) 4.000 C 2 50.066(a) 4.000 C 3 74.124(a) 4.000 C 4 48.465(a) 4.000 48
H5: Compatibility and attitude towards online trading are not independent. H0: Compatibility and attitude towards online trading are independent. It can be observed from Table 5.10, that past knowledge of the stock market (.000) Online trading system is more beneficial than phone based trading (.000), compatibility of online trading with investors life styles (.000) and work style (.000) all have significant chi square values. Social Factors: Individuals are affected by the referent groups that they identify with. Friends and family members are found to influence the adoption of IT applications. Therefore an attempt is made to examine the influence friends, colleagues and family on individual s decision to use the online stock trading in Visakhapatnam, Hence, the proposed hypotheses is: H6: Social factors and intention to adopt online trading are not independent H0: Social factors and intention to adopt online trading are independent To understand the feasibility of social factors on adoption of on-line trading, three statements depicting the influence of social factors were presented before the investors who were asked to rate it using a three point likert scale ranging from agree to disagree. The resulted chi square values are presented as follows Table 11: Chi Square Values- Social Factors and Intention to Adopt Online Trading Social factors (Variables) Pearson Chi-Square Value Asymp. Sig. (2-sided) SF - 1 5.775 0.000 SF 2 8.855 0.001 SF 3 7.180 0.000 The variables, influence of social factors like friends and family on the decision to adopt online trading (.000) influence of peer and colleagues on the decision to adopt online trading (.065) and advice to use online trading service (.000) have significance value less than.05. Since the calculated values are below the significant value.05, it is safe to conclude that social factors influence adoption of online trading. Therefore the H6 is accepted and H0 rejected. Attitude and Intention to Adopt Online Trading: In order to examine the influence of attitude on the intention to adopt online trading service, the following hypothesis is proposed. Correlation analysis was conducted and the results of the analysis are presented in Table -12 49
Table 12: Chi Square Values- Attitude And Intention to Adopt Online Trading Attitude (Variables) Pearson Chi-Square df Asymp. Sig. (2-sided) ATT-1 51.648(a) 4.000 ATT-2 64.025(a) 4.000 ATT-3 59.472(a) 4.000 ATT-4 72.183(a) 4.000 Table 13: Summery Of Hypotheses Variables Demographic factors influence attitude towards adoption of online trading. Influence significant Yes Hypothesis Rejected /Accepted Accepted Attitude influence adoption of online trading. Yes Accepted Social factors influence attitude towards adoption of online trading. Yes Accepted With regards to attitude dimensions, perceived usefulness, perceived ease of use compatibility and trust & reliability were crucial determinants to the ultimate adoption of online stock trading. Results of this study clearly indicated that attitude dimensions, social factors and demographic variables like age, gender, education and occupation contributed significantly in influencing intention to adopt online stock trading. MAJOR FINDINGS OF THE STUDY 1. The findings indicate that adopters of online trading service are males, constituting 87.6 per cent of the total sample, whereas female constitute 12.4 per cent of the total sample. The results conclude that users of online trading are mostly males. Indicating that online stock is dominated by male investors. 2. The findings indicate that around 45 per cent of the respondents are below 35 years, which is a relatively high proportion of users between the age group of 18-35 years. 3. The educational qualification of the respondents is very important in determining the respondent s interest in the stock market and management of investment online. The findings indicate that majority of online investors around 63 per cent of the sample are educated above graduation (Degree or P.G ) The findings establish that individuals engaged in online investing are highly educated holding a master degree. 50
4. Majority of the respondents representing around 58 per cent of the sample are salaried employees, while 18.2 per cent of the respondents belong to the category of businessmen /self-employed. The findings conclude that adopters of online trading in Visakhapatnam city are mostly salaried employees. 5. The findings of the study confirm that demographic factors such as gender, age education, occupation and influence individual s ability to own and use a technology like online trading. 6. Perceived usefulness was found to have a significant influence on investors attitude toward adoption and usage of online trading Service. Usefulness of online trading services in terms of information quality e.g. accuracy, updates, relevance, decision support, accessibility financial transitions over the Internet anytime and anywhere are considered components of the benefit dimensions. 7. Perceived ease of use was also found to have significant effect on attitude toward using of online Trading Service. These findings indicate that respondents who perceived the online trading as easy to use, have no difficulty accessing it from home or work were more likely to adopt the online trading. Hence, the perception of ease of use is a significant factor influencing attitude towards online trading adoption. 8. The finding shows that compatibility is another success factor that has significant effect on attitude toward using of online Trading Service This mean that the investors online Trading Service as new service as compatible with their existing values and their need, life style and work style. Therefore, a perception of compatibility of online trading is an influential factor in the adoption and usage of online trading 9. The findings indicate that adoption of online stock trading is influenced by social factors. In other words, opinions of friends, parents or colleagues are considered an important factor when deciding whether to adopt internet trading service. SUGGESTIONS Based on the research findings the following suggestions are proposed. 1. From the study it is found that among online investors women are comparatively fewer and hence steps must be taken to encourage more participation from female investors. 2. It is recommends that online investors analysis the investment options carefully using the Fundamental and technical analysis before making an investment decision. 3. It is suggested that awareness about IPO s s, debentures and commodities must be created among potential investors in view of its importance. 4. SEBI along with stock trading firms must undertake adequate measures to create awareness among general public about the benefits of online trading. 51
CONCLUSION The advent of online share trading offers investors and stock broking firms a new frontier of opportunities and challenges. An understanding of the demographic characteristics, trading habits and preferences of online investors will allow online stock broking firms to create solutions and marketing plans to attract new clients / investors to their services, thus enabling online stock broking firms to gain a greater share in the stock market. In a developing country like India, little is known and understood about the emergence of online trading even though this is now beginning to represent an important share of the stock market its potential is yet to be tapped. ANNEXURE-I Construct No of questions Description Perceived Usefulness Perceived of use Trust Reliability Compatibility Ease and PU -1 1 Online trading websites provide educational and guidance material PU -2 2 User friendly interface PU -3 3 All the transactions can be viewed through website and is transparent. PU -4 4 saves time and effort PEU -1 PEU -2 PEU -3 PEU-4 TR 1 1 customize the securities and volume is possible 2 online trading services is clear and understandable 3 Online trading website is easy and flexible to interact with. easy to accomplish trading tasks using online trading services 1 Internet Trading Service are reliable and trustworthy TR 2 2 Protection of investors privacy. TR 3 3 Assist investors to solve the online problems TR 4 C 1 C 2 4 Maintains your buy and sell order confidential 1 past knowledge in stock market will help to use online trading system effectively 2 Online trading is the same as call and trade system C 3 3 Online trading suits my life style. C 4 4 Online trading fits well with my work style 52
Social factors SF - 1 1 My decision to do online trading is influenced by my friends and family SF - 2 2 My colleagues /peers influence my decision to adopt online trading SF - 3 3 People who are important to me advise online trading. Attitude ATT-1 1 Using online Trading Service is a good idea Intention to trade ATT-2 2 I like using online Trading Service for stock trading ATT-3 3 Online trading Service services fits well with the way I like to manage my investment ATT-4 INT INT 4 Online trading Service enhances my efficiency 1 I intend to buy and sell my stocks through internet in future. 2 I think I will continue to use online trading services REFERENCES 1. S. Garg, Journal on Banking Financial Service and Insurance Research, 2011, 1(4). 2. K. Ahmed, Excel International Journal of Multidisciplinary Management Studies, 2012, 2(11). 3. V. G. Murugan, International Journal of Research in Commerce and Management, 2012, 3(3), 139-144. 4. P. Bhushan and Y. Medury, Asian Journal of Research in Business Economics and Management, 2013, 3(12), 147-157. 5. V. Alagu Pandian and G. Thangadurai, International Journal of Management and Social Sciences Research (IJMSSR) ISSN: 2319-4421, 2013, 2(4), 22-31. 6. C. Balaji, International Journal of Research in Commerce, IT & Management, 2014, 4(12). 7. H. M. Rakesh, International Journal in Management and Social Science, 2014, 2(2). Corresponding Author: Merugu Pratima, Assistant Professor, Srinivasa Institute of Management Studied (SIMS), Madhurawada, Visakhapatnam, Andhra Pradesh (India) 53