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1 Stock Market Awareness and Stock Market Participation by Retail Investors in Kampala, Uganda by Minani Leodegard Mba/37145/121

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1 Stock Market Awareness and Stock Market Participation by Retail Investors in Kampala, Uganda by Minani Leodegard Mba/37145/121 STOCK MARKET AWARENESS AND STOCK MARKET PARTICIPATION BY RETAIL INVESTORS IN KAMPALA, UGANDA BY MINANI LEODEGARD MBA/37145/121/DU A RESEARCH THESIS SUBMITTED TO THE COLLEGE OF ECONOMICS AND MANAGEMENT IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF MASTERS IN BUSINESS ADMIN ISTRATION AT KAMPALA INTERNATIONAL UNIVERSITY March, 2019 1 DECLARATION "This thesis is my original work and has not been presented for a degree or any other academic award in any university or institution of learning". Signed Date Minani Leodegard ii APPROVAL "We confirm that the work reported in this thesis was carried out by the candidate under our supervision". Signed Date Dr. Kayongo Signed Date Dr. Joseph B. Kirabo iii DEDICATION To Kagibwami Godwin and Kagibwami Winnie. For the moral support. iv ACKNOWLEDGEMENT First of all, I would like to thank the Almighty God, for all the achievements, then for what I am, that He cares for and protects so dearly. This report to be what it is, it could not have been possible without the input of a huge number of people. It definitely requires some intellectual depth, professional assistance and guidance from various sides. Therefore, I would like to express my gratitude to my supervisor, Dr. Kayongo, whose intellectual property, expertise and experience were of great pillar and inspiration to this research project. Greater thanks to the department of KIU-CHDR, in conjunction with different education management authorities, for the provision of academic guiding material they provided to masters students, including me. The researcher would like also to sincerely thank the department of business administration, KIU post graduate, for the harmonization of all activities to fulfill this research project. In a special consideration, I would like to thank all KIU, MBA lecturers and students, in their solidarity, for the material package they provided to me. The researcher also thanks KIU owner(s), managers, staff, and other stakeholders involved in running KIU routine activities, for their joint efforts in putting in place the system that allowed him to achieve this level of a master’s degree. Importantly, I would like to thank all those respondents who provided their contribution to this research project by answering questionnaires and interviews. The information they provided contributed a lot in achieving the objectives of this research project. Lastly but not the least, I do recognize all those, in one way or another, contributed in accomplishing this research project. v LIST OF ABBREVIATIONS AIMS Alternative investment market segment ANOVA One way analysis of variance BOU Bank of Uganda CAPM Capital asset pricing model CMA Capital Market Authority CVI Content Validity Index DFI Direct foreign investment PhD Doctor of Philosophy DV Dependent variable FISS Fixed income securities segment FSD Financial system development GDP Gross Domestic Product GTZ Germany technical cooperation IPO Initial Public Offer IV Independent variable MOF Ministry of Education MBA Master of business administration MIMS Main investment market segment NSE Nairobi Stock Exchange PLCC Pearson linear correlation coefficient REPO Repurchase agreement SPSS Statistical Package for Social Sciences SRS Simple random sampling USE Uganda Securities Exchange. vi LIST OF FIGURE Figure 2. 1: Conceptual framework ...................................................................................... 10 vii LIST OF TABLES Table 3. 1: Reliability testing ................................................................................................ 31 Table 3. 2: Likert table: for the level of financial literacy and stock market participation .. 32 Table 4. 1: Respondents rate ................................................................................................. 34 Table 4. 2: Presentation of respondent’s gender ................................................................... 34 Table 4. 3: Presentation of respondent’s age groups ............................................................ 35 Table 4. 4: Presentation of respondents educational level .................................................... 35 Table 4. 5: Questionnaire on effect of print media awareness on stock market participation ............................................................................................................................................... 37 Table 4. 6: Relationship between print media awareness and stock market participation ... 38 Table 4. 7: Questionnaire on effect of electronic media awareness on stock market participation .......................................................................................................................... 39 Table 4. 8: Relationship between electronic media awareness and stock market participation ............................................................................................................................................... 40 Table 4. 9: Questionnaire on effect of social media awareness on stock market participation ............................................................................................................................................... 40 Table 4. 10: Relationship between social media awareness and stock market participation 41 Table 4. 11: Regression analysis model Summary ............................................................... 42 Table 4. 12: Summary of One-Way ANOVA results ........................................................... 43 Table 4. 13: Coefficients of Determination .......................................................................... 43 viii TABLE OF CONTENTS DECLARATION.................................................................................................................... i APPROVAL ........................................................................................................................ iii DEDICATION...................................................................................................................... iv ACKNOWLEDGEMENT .................................................................................................... v LIST OF ABBREVIATIONS ............................................................................................. vi LIST OF FIGURE .............................................................................................................. vii LIST OF TABLES ............................................................................................................ viii TABLE OF CONTENTS .................................................................................................... ix ABSTRACT ......................................................................................................................... xii CHAPTER ONE ................................................................................................................... 1 INTRODUCTION................................................................................................................. 1 1.0 Introduction ....................................................................................................................... 1 1.1 Background to the Study ................................................................................................... 1 1.1.1 Historical perspective ..................................................................................................... 1 1.1.2 Theoretical perspective .................................................................................................. 3 1.1.3 Conceptual Perspective .................................................................................................. 3 1.1.3.1 Financial literacy ......................................................................................................... 3 1.1.3.2 Stock market participation .......................................................................................... 4 1.1.4 Contextual Perspective................................................................................................... 4 1.2 Statement of the Problem .................................................................................................. 5 1.3 Purpose of the study .......................................................................................................... 6 1.4 Research Objectives .......................................................................................................... 6 1.5 Research Questions ........................................................................................................... 6 1.6 Research hypotheses ......................................................................................................... 6 1.7 Scope of the study ............................................................................................................. 6 1.7.1 Geographical scope ........................................................................................................ 6 1.7.2 Time scope ..................................................................................................................... 6 1.8 Significance of the Study .................................................................................................. 7 1.9 Operational definition of key terms .................................................................................. 7 1.9.1 Stock market .................................................................................................................. 7 1.9.2
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