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Amity Global Business ReviewPatron-In-ChiefDr. Ashok K. ChauhanFounder President, RBEF Chairman, AKC Group of CompaniesPatronDr. Atul ChauhanPresident RBEF Chancellor, Amity University, Uttar PradeshEditor-In-ChiefProf. (Dr.) Gurinder SinghAmity Group Vice Chancellor, Amity University, Uttar PradeshSenior EditorProf. Bhawna KumarVice President - RBEF (Amity Education Group), Amity University, Uttar PradeshEditorsMs. ChitraAmity International Business School, Amity University, Uttar PradeshMs. Richa GoelAmity International Business School, Amity University, Uttar PradeshChief AdvisorsProf. Dr. P. K. KapoorAmity International Business School, Amity University, Uttar PradeshDr. Ramanjeet SinghDirector, Amity Directorate of Management & Allied Areas Amity , Uttar PradeshEditorial and Advisory BoardAjay Kapoor Swinburne University of Technology, Hawthorn,AustraliaNick Petford University of Northampton, UKGioia Pescetto University of Portsmouth, UKPal Ahluwalia University of Portsmouth, UKProf. MamdouhShoukri York University, CanadaAlan Rudolf Colorado State University, USARoseannO’reilly Runte Carleton University, CanadaPradeepKhanna University of Illinois, USAIan Brooks University of Northampton, UKMarry Watson University of Northampton, UKRaj Echambadi University of Illinois, USARobert J Hauser University of Illinois, USAW Selvamurthy Amity Science, Technology and Innovation Foundation,AUUP, NoidaMarcello Fantoni Kent State University, USAProfessor Adam Tickell University of Birmingham, UKIlesamiadeseda University of Illinois, USASital Kalantry Cornell Law School, USAHarvey Skinner York University, CanadaVipin Gupta Presidio Graduate School, USATatiana Karmanova California State University - San Bernardino, USASunil SaigalNew Jersey Institute of Technology (NJIT), NewarkCollege of Engineering, USA

Jerry Mac Arthur Hultin NYU Poly, USAKeith Taylor University of Gannon, USALisa Macfarlane University of New Hampshire, Durham, USACynthia A Hornberger Washburn University, USAAlbert K. Karnig California State University, USAMichael Jay Jedel Georgia State University, USASusan Price Leeds Metropolitan University, UKEarl H. Potter, Iii St. Cloud State University, USALes Ebdon University of Bedfordshire, UKChris Rowley Cass Business School, City University, London, UKRamesh Garg Eastern Michigan University, USAMark K. BrewerNorthumbria University, Newcastle Business School,Northumbria Law School, UKDarrell Burrell Florida Institute of Technology, USATanmay Panda University of Guelph-Humber, Toronto, ON, CanadaTripthi Mathew Alpha & Omega Healthcare Management Consulting,Greater New York City, USASanjeev Chaturvedi Narsee Monjee University, MumbaiGurunathan Al. Buraimi University College, Oman.Review BoardMegha Jain Middlesex University, DubaiJoffi Thomas IIM Kozhikode, KeralaKiran Sharma K.J.Somaiya Institute of Management Studies & Research,MumbaiBharti Ahuja Symbiosis International University, PuneR. Shashi Kumar Department of Economics, Bangalore University,BangaloreLokinder Kumar Tyagi, Bharati Vidyapeeth University, New DelhiNaseeb Ahmad Department of Commerce and Business Studies, JamiaMillia Islamia, New DelhiVishal Kumar School of Management, Maharaja Agrasen University,Himachal PradeshAnsuman Jena HDF School of Management, Cuttack, OdishaS.K.NagarajanTamilnadu Police Academy, Oonamacherry, ChennaiHardeep Singh Ferozepur College of Engineering & Technology (FCET),Ferozepur, PunjabSatish Ubale Matrix School of Management School, PuneG.V. Satya Sekhar GITAM University, VisakhapatnamJitender Sharma Jaipuria Institute of Management, NoidaAditi A. Mahajan Atharva Institute of Management Studies, Mumbai

AmityGlobal Business ReviewCopyright 2017 Amity University PressAll Rights ReservedAmity University Press holds the copyright to all articles contributed to its publications.No part of this publication may be reproduced or transmitted in any form or by any means electronic ormechanical including photocopy, recording or any information storage and retrieval system, without anyprior written permission ofAmity International Business School, Amity University.The views expressed in the articles are the personal views of the authors and do not represent thoseof the Amity International Business School, Amity UniversityAmity University PressAmity University Campus, E-2 BlockSector-125, NOIDA-201 303Tel: 91-120-4392592 - 97, Fax: 91-120-4392591Email:

From the Desk of the Editor-in-ChiefDear Readers,“Outcome” is the most important word which can change the fortunes, can create history and canbring the revolutionary innovations.Many times, we plan diligently, we take swift action, we invest lot of time in executing the projectbut somehow we don’t get the outcome which we thought we will achieve.Clear focus, right strategy and keeping outcome in mind every day, every hour, every minute canmake a difference.Great Leaders always think bit differently. Dr. Ashok K Chauhan, the Founder of Amity Group ofInstitutions Worldwide and amongst the most successful business leaders of the globe has given anew theorem which is now becoming famous as – Outcome Theorem.A new management style has been spelled out which concentrates on outcome rather than onlyon planning and execution.Keeping his new management thoughts and outcome theorem in mind, in our 17th World Summit,INBUSH ERA 2017, we are further deliberating on this issue and have hence kept a theme ofthis Conference as “Comprehension, Commitment, Courage & Collaboration (4 C’s): Convertingideas into logical outcomes for creating world class organizations”As a part of this Conference, we are also releasing three of our referred Journals - Amity GlobalBusiness Review, Amity Global HRM Review & Amity Case Research Journal.At Amity International Business School, our efforts have been to break the conventional methods ofimparting education and experiment with the bright minds by providing them the most innovativethoughts which can make our students and scholars the world class professionals and entrepreneurs.It is our privilege to present before you the pioneering works and innovative thoughts of eminentresearch scholars, academicians and industry professionals including senior representatives frominstitutes like: King Fahd University of Petroleum and Minerals Saudi Arabia, Taylor’s BusinessSchool Taylor’s University Malaysia, Graduate School of Business Universiti Sains Malaysia,University of Ilorin Nigeria, Aligarh Muslim University, ISM, Paris, Jamia Millia Islamia, Universityof Kashmir, Jawahar Lal Nehru Technical University, Central University of Kashmir, PanjabUniversity.This issue covers various areas of importance such as Investor Satisfaction with Brokerage Firms,Impact Assessment of Velocity Model of Efficiency on Employee Efficiency, Obstacle for Businessin Generating Electricity Through Solar Energy, An Evaluation of Factors Determining EarningsManagement In Nigeria, Impact of Sales Territory Design and Salesforce Performance on SalesOrganization Effectiveness, Rethinking Human Resources for Social Innovation in Business, The

Co-relational study of CSR and Consumer Behavior, Emotional Intelligence and Decision MakingEffectiveness, Does Sustainable ‘Economic Development Path’ Pair with ‘Climatic Mortification,Organizational Factors Effecting Attrition in Indian Information Technology (IT) Industry, WorkforceDiversity and Employee Performance, Emotional Intelligence and Life Satisfaction.The papers provide a glimpse & analytical assessment of the best practices &state of art in thesubjects.We are confident that the issue will immensely benefit the members of academia, managers,strategists, policy makers and vibrant students who are the bedrock of present day intelligentsia.We eagerly look forward to enrich this journal with enlightened critique and feedback as weendeavor to encapsulate even better ideas in most creative expression for the perpetual intellectualdelight of our readers.Prof. (Dr.) Gurinder SinghEditor-In-ChiefAmity Global Business Review

6Amity Global Business ReviewFebruaryContentsPagesInvestor Satisfaction with Brokerage Firms: a Study of The Stock Market in an Emerging CountryM. Sadiq Sohail, Department of Management and Marketing, King Fahd University of Petroleumand Minerals, Saudi Arabia & Majid F. Al-Otaibi, Financial Accounting Department,Saudi Aramco Dhahran Saudi Arabia07Impact Assessment of Velocity Model of Efficiency on Employee EfficiencyJugal Kishore Vashist & Preeti Dwivedi Road Railer division of Kirloskar Pneumatic Co. Ltd, India15Obstacle for Business in Generating Electricity Through Solar Energy- Insights from an IndustryK. Jayaraman, Taylor’s Business School, Taylor’s University, Malaysia & Choo Pao Ling,Graduate School of Business, Universiti Sains Malaysia,22An Evaluation of Factors Determining Earnings Management In NigeriaI.B. Abdullahi, Department of Finance, University of Ilorin, Nigeria & S.O. Ibrahim,Department of Accounting, University of Ilorin, Nigeria33Impact of Sales Territory Design and Salesforce Performance on Sales Organization Effectiveness:A Review of StudiesZoha Fatima, Department of Business Administration, Faculty of Management Studies andResearch, Aligarh Muslim University, Aligarh, India46Rethinking Human Resources for Social Innovation in Business: Trends–Leadership–Action PlanMaria Pressentin, ISM, Paris52The Co-relational study of CSR and Consumer Behavior: A Study of FMCG Sector in NCRMohammad Aslam Khan, Jamia Millia Islamia, Central University,Maulana Mohammad Ali Jauhar Marg Jamia Nagar, New Delhi, India74Emotional Intelligence and Decision Making Effectiveness: An Empirical Studyof Institutions of Higher LearningMubashir Majid Baba & .Mushtaq Ahmad Siddiqi, The Business School, University of Kashmir81Does Sustainable ‘Economic Development Path’ Pair with ‘Climatic Mortification’:Testimony from BRIC and other developing nationsMegha Jain, Faculty of Management Studies, University of Delhi, India90Organizational Factors Effecting Attrition in Indian Information Technology (IT) IndustryS K Sastry Akella & Arif A Waqif, School of Management and Training, JNIAS, JNTU-Hyderabad &K.Venketeswara Rao, IBS Hyderabad99Workforce Diversity and Employee Performance: An Empirical Study of Telecom OrganizationsUrsil Majid Makhdoomi & Fayaz Ahmad Nika, Dept. of Mgt. Studies, Central University of Kashmir107Emotional Intelligence and Life Satisfaction: An Empirical Study Among Managersin Indian Banking SectorMonica Bedi & Kirandeep Bedi, University Business School, Panjab University, Chandigarh.116An International Research Journal ofAmity International Business School

20177Investor Satisfaction with Brokerage Firms: A Study ofthe Stock Market in an Emerging Country*M. Sadiq Sohail **Majid F. Al-OtaibiIn the domain of marketing, research on customer satisfaction have been widely conducted. In terms ofpurchase decision-making process, stock investors are also engaged in significant portion of the processgiven the wide variety of products available in today’s financial markets. The aim of this study is toexamine the criteria used by retail investors’ in selecting brokerage firms and illustrates across differentsegments of investors. By having an understanding of investor behaviour, brokerage firms will be betterpositioned to serve customers and improve their quality of services. While studies on investor behaviourhave been conducted in the past, these have been mainly from perspective of financial analysts; the focushas been finance specific areas such as portfolio decision-making, the structure of the financial markets,and the movements of stock and bonds.Key words: Investor satisfaction, financial markets.1 IntroductionSince the dawn of 2000, the capital market in SaudiArabia, has recorded phenomenal growth. The maindriver of this has been reforms in the capital market.Growth has been taking place at an accelerated pace,resulting in transformation in both the primary andsecondary segments of the capital market. The majorbeneficiaries of the market developments have beenthe investors.On a more precautionary note, investors areconsiderably affected by investing in stocks, whichare considered as having risks (Murphy, 2004).Often, individuals who invest is stocks, face a lack ofprofessional skills, which hamper them in collectingappropriate information for managing theirinvestments (Wang et al, 2006). These retail investorsare susceptible to making errors resulting fromadverse valuations of financial and non-financialinvestment attributes (Hirshleifer, 2001). Comparedto the neo-classical market efficiency theories (Fama,1970), the behavioural finance theories (Hirshleifer,2001) argued that investors are largely illogicalwhen it comes to taking investment decisions.These illogical decisions are because they do nothave clear policies on investments and are unable toreact to regulatory intervention (Wang et al, 2006).Most retail investors take a short term perspective,and trade aggressively, which cause several socioeconomic consequences, most noticeable in thedeveloping economies (Solomon, 1999).In the domain of marketing, research on customersatisfaction have been widely conducted. In termsof purchase decision-making process, given a wideportfolio of products in the financial markets, retailinvestors have to get involved in the decision makingprocess of investment (Solomon, 1999). Severalfinancial as well as non-financial elements affect aretail investor’s decision to make stock investment(Potter, 1971). Past studies have concluded thatinvestors rely on their current trading experienceand personal inclinations, which leads to their levelof satisfaction (Murphy, 2004). While many studieshave examined several market theories and theirefficiency and to explain the impact of such availableinformation on asset pricing, yet, there is a gap inliterature. No comprehensive study has looked intothe availability and use of the information, whichcause frequent errors in judgment of investment(Schmeling, 2009).In the past, a retail investing in Saudi Arabia waslimited to visits to stock exchanges or brokeragehouses, limiting access to stock market trades.However, now, participation in market tradeis possible through many of the online tradingterminals. The different aspects of trade likedelivery and settlement takes place in an efficient,quick and transparent manner. Capital markethave thus attracted investors by offering enticingopportunities for getting good returns in the formof dividends and capital gains.*Professor of Marketing, King Fahd University of Petroleum and Minerals, Department of Management and Marketing, P.O Box 210, Dhahran 31261, SaudiArabia,** Financial Analyst, Financial Accounting Department, Saudi Aramco, Dhahran Saudi Arabia

8Amity Global Business ReviewA large number of retail investors use the servicesof brokerage firms. Ascertaining satisfaction ofbrokerage firms is necessary from the point ofview of customers as well as brokerage firms. Thisstudy examines the determinants of satisfaction ofinvestors on their brokerage firms in Saudi Arabia.The major objectives of the study are twofold. Firstis to determine the level of satisfaction on differentinvestor services. The second objective is to identifythe factors determining the investors’ satisfaction onthe brokerage firm.The aim of this study is to examine the criteria usedby retail investors’ in selecting brokerage firms andillustrates across different segments of investors.By having an understanding of investor behaviour,brokerage firms will be better positioned to servecustomers and improve their quality of services.While studies on investor behaviour have beenconducted in the past, these have been mainly fromperspective of financial analysts; the focus has beenfinance specific areas such as portfolio decisionmaking, the composition of the financial markets,and the exchange of stock and bonds (Shim et al ,2008). Other studies have examined the psychologyof investing in stocks. One such study examines therelationship between asset holdings and householdcharacteristics (Crockett and Friend, 1967). An earlierstudy by Bernstein (1980), made a first attempt toundertand the relationshiop of basic psychologicalconcepts to investment. However, a limitation ofthis study was that it was only a descriptive study,and needed further empirical support. Shiller (1987)studied the feelings and reactions of both Japaneseand US investors after the fall out of the crash ofworldwide stock market crash in October 1987. Theresults of this study concluded that events in the USwere the primary cause for the crash in the Japanesemarket, but that the process of crash of both marketsremained the same.However, there is a paucity of research in theunderstanding the process of how investors selectbrokerage firms. It appears that researchers ininvestor behaviour have neglected the importanceFebruaryof services provided by brokerage firms. Brokeragefirms provide some very valuable services, whichare of crucial importance, and leads to individualsmaking a successful investment and gaining returnsin stocks and commodities. For a brokerage firms,it is imperative to provide the right services inorder to achieve success (Thompson, et al, 1985).Therefore, the mix of the right portfolio of servicesand their quality is an important criteria, whichhelps individuals to select a brokerage firms. Asindividual investors have different needs of servicerequirement and evaluate quality on differentparameters, the selection criteria of brokerage firmscan be one of an effective basis for segmentinginvestors. Given that there are different segmentsof investors, it is of paramount importance todetermine the profile of investors in the differentsegments. This will lead to identifying the somedemographic and psychographic variables, whichwill be basis for describing and developing profilesof investors in the identified segments.2 An Overview of Capital Market In SaudiArabiaThe Saudi capital market has been consistentlyrecording growth. The total value of Shares tradedin Tadawul (the only Stock exchange in SaudiArabia) reached a figure of SR 1,929.32 billion inthe year 2012 (SR, is the local currency, Saudi Riyal;SR3.75 pegged at 1US at the time of study). 42.11million Transactions were executed during the sameperiod, which is 2012. At the end of the year 2012Tadawul All Share Index (TASI) closed at a level of6,801.22 points compared to 6,417.73 points for theprevious year, recording a gain of 383.49 points or5.98 percent. Further, the total market capitalizationby the end of the year 2012 rose to SR 1,400.34 billion(US 373.42 billion), which is an increase of 10.19%from the previous year.The top 10-brokerage firms serving investors arelisted in Table 1. This Table also shows the tradevolume and percentage of trade for each of thebrokerage firm.

*M. Sadiq Sohail **Majid F. Al-Otaibi20179Table 1: Top 10 Brokerage firms in Saudi ArabiaRankNameTrade volumein billionsPercentage oftotal trade (%)1AlJazira Capital50.3819.70%2Al Rajhi Financial Services Company41.9316.40%3NCB Capital31.7812.40%4SAMBA Capital & Investment Mgmt.25.229.80%5HSBC Saudi Arabia Ltd20.898.20%6Saudi Fransi Capital20.017.80%7Arab National Investment14.775.80%8Riyad Capital13.645.30%9Alistithmar Capital7.833.10%10Derayah Financial Corporation6.962.70%Source: www.tadawul.com3 Review of Literature and Developmentof Conceptual FrameworkA growing body of literature built in undertakenin recent times suggests that providing customersatisfaction leads to a firm’s success (Gronroos,1990; Eriksson and Vaghult, 2000).In a broadcontext, customer satisfaction is determined bydeveloping models of consumer satisfaction.Customer satisfaction begins by providing somevery rudimentary facilities (Venkitaraman andJaworski, 1993)

Amity International Business School, Amity University. Amity Global Business Review The views expressed in the articles are the personal views of the authors and do not represent those of the Amity International Business School, Amity University Amity University Press Amity University Campus, E-2 Block Sector-125, NOIDA-201 303 Tel: 91-120 .

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