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Title: :  A MULTI-DIMENSIONAL ANALYSIS OF RISK–RETURN APPETITE OF RETAIL INVESTORS IN INDIA
PaperId: :  27696
Published in:   International Journal Of Advance Research And Innovative Ideas In Education
Publisher:   IJARIIE
e-ISSN:   2395-4396
Volume/Issue:    Volume 11 Issue 6 2025
DUI:    16.0415/IJARIIE-27696
Licence: :   IJARIIE is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Author NameAuthor Institute
Arshdeep Singh Bundelkhand University, Jhansi
Dr. Radhika Chaudhary Bundelkhand University, Jhansi

Abstract

Economics and Finance
-
India’s capital market has undergone profound structural change over the past three decades, reshaping how retail investors perceive risk and reward. Traditional models such as Modern Portfolio Theory and CAPM provided the earliest foundations for understanding investment behaviour; however, these rational frameworks proved insufficient to explain the consistently inconsistent, emotionally driven, and culturally influenced decisions of Indian investors. This paper presents a 360-degree review of the factors shaping retail investors’ risk–return appetite, integrating insights from more than 100 classical and behavioural studies conducted across India and other emerging economies. The review synthesises five major streams: (a) classical economic theories of portfolio choice, (b) psychological and behavioural biases, (c) demographic and socio-cultural determinants, (d) market structure, regulatory issues, and macroeconomic forces, and (e) digital-platform, media, and social-network influences. By combining these diverse strands, the study develops an integrated conceptual framework capturing India-specific investor behaviour, highlighting the unique interactions between culture, family systems, market accessibility, media narratives, and behavioural biases. The review concludes that Indian retail investors do not fit neatly into classical rational models; instead, they operate within a hybrid decision-making environment shaped by emotions, family influence, cultural rituals, incomplete information, technological gaps, and regulatory trust. The findings highlight the urgent need for inclusive financial literacy, behaviour-correcting interventions, and region-specific investment education to enable sustainable participation in the capital market.

Citations

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IJARIIE Arshdeep Singh , and Dr. Radhika Chaudhary . "A MULTI-DIMENSIONAL ANALYSIS OF RISK–RETURN APPETITE OF RETAIL INVESTORS IN INDIA" International Journal Of Advance Research And Innovative Ideas In Education Volume 11 Issue 6 2025 Page 489-512
MLA Arshdeep Singh , and Dr. Radhika Chaudhary . "A MULTI-DIMENSIONAL ANALYSIS OF RISK–RETURN APPETITE OF RETAIL INVESTORS IN INDIA." International Journal Of Advance Research And Innovative Ideas In Education 11.6(2025) : 489-512.
APA Arshdeep Singh , & Dr. Radhika Chaudhary . (2025). A MULTI-DIMENSIONAL ANALYSIS OF RISK–RETURN APPETITE OF RETAIL INVESTORS IN INDIA. International Journal Of Advance Research And Innovative Ideas In Education, 11(6), 489-512.
Chicago Arshdeep Singh , and Dr. Radhika Chaudhary . "A MULTI-DIMENSIONAL ANALYSIS OF RISK–RETURN APPETITE OF RETAIL INVESTORS IN INDIA." International Journal Of Advance Research And Innovative Ideas In Education 11, no. 6 (2025) : 489-512.
Oxford Arshdeep Singh , and Dr. Radhika Chaudhary . 'A MULTI-DIMENSIONAL ANALYSIS OF RISK–RETURN APPETITE OF RETAIL INVESTORS IN INDIA', International Journal Of Advance Research And Innovative Ideas In Education, vol. 11, no. 6, 2025, p. 489-512. Available from IJARIIE, http://ijariie.com/AdminUploadPdf/A_MULTI_DIMENSIONAL_ANALYSIS_OF_RISK–RETURN_APPETITE_OF_RETAIL_INVESTORS_IN_INDIA_ijariie27696.pdf (Accessed : ).
Harvard Arshdeep Singh , and Dr. Radhika Chaudhary . (2025) 'A MULTI-DIMENSIONAL ANALYSIS OF RISK–RETURN APPETITE OF RETAIL INVESTORS IN INDIA', International Journal Of Advance Research And Innovative Ideas In Education, 11(6), pp. 489-512IJARIIE [Online]. Available at: http://ijariie.com/AdminUploadPdf/A_MULTI_DIMENSIONAL_ANALYSIS_OF_RISK–RETURN_APPETITE_OF_RETAIL_INVESTORS_IN_INDIA_ijariie27696.pdf (Accessed : )
IEEE Arshdeep Singh , and Dr. Radhika Chaudhary , "A MULTI-DIMENSIONAL ANALYSIS OF RISK–RETURN APPETITE OF RETAIL INVESTORS IN INDIA," International Journal Of Advance Research And Innovative Ideas In Education, vol. 11, no. 6, pp. 489-512, Nov-Dec 2025. [Online]. Available: http://ijariie.com/AdminUploadPdf/A_MULTI_DIMENSIONAL_ANALYSIS_OF_RISK–RETURN_APPETITE_OF_RETAIL_INVESTORS_IN_INDIA_ijariie27696.pdf [Accessed : ].
Turabian Arshdeep Singh , and Dr. Radhika Chaudhary . "A MULTI-DIMENSIONAL ANALYSIS OF RISK–RETURN APPETITE OF RETAIL INVESTORS IN INDIA." International Journal Of Advance Research And Innovative Ideas In Education [Online]. volume 11 number 6 ().
Vancouver Arshdeep Singh , and Dr. Radhika Chaudhary . A MULTI-DIMENSIONAL ANALYSIS OF RISK–RETURN APPETITE OF RETAIL INVESTORS IN INDIA. International Journal Of Advance Research And Innovative Ideas In Education [Internet]. 2025 [Cited : ]; 11(6) : 489-512. Available from: http://ijariie.com/AdminUploadPdf/A_MULTI_DIMENSIONAL_ANALYSIS_OF_RISK–RETURN_APPETITE_OF_RETAIL_INVESTORS_IN_INDIA_ijariie27696.pdf
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