Women and the capital market: study on the profile of brazilian female investors
DOI:
https://doi.org/10.5902/1983465989670Palabras clave:
Personal finance, Investments, Women, Capital market, Sociodemografic factorsResumen
Purpose: The growing participation of women in the Brazilian capital market contrasts with the limited knowledge about the profile of these investors. To fill this gap, this study aims to understand the profile of Brazilian female investors, analyzing factors that influence their investment decisions, such as education, age, social class, family background and geographic region.
Methodology: To test the research hypotheses, a quantitative approach was used with the aid of the Sider® tool and libraries in Python, NumPy for numerical operations, SciPy for statistical tests such as Chi-square, Statsmodels for advanced analysis and Matplotlib/Seaborn for data visualization. Clustering techniques with the K-Means algorithm were applied to identify the profiles of the investors, based on sociodemographic factors.
Findings: Factors such as education, economic class and family background significantly influence investment intention. Although most investors have a conservative profile, focused on low-risk assets, investors with higher income and education tend to diversify their portfolios, including more sophisticated assets. Three investor profiles were identified: experienced and financially stable (Cluster 1), young investors seeking to build wealth (Cluster 2) and young investors just starting out on their financial journeys (Cluster 3).
Originality: The research contributes to the literature on personal finance by understanding the profile of Brazilian female investors based on sociodemographic factors, given the low density of studies on this subject. The results of the research allow for various applications, supporting the creation of public policies on financial education and aimed at building a more inclusive capital market.
Descargas
Citas
Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais [ANBIMA]. (2023). Raio X do investidor brasileiro (6th ed.). https://www.anbima.com.br/pt_br/especial/raio-x-do-investidor-2023.htm
Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais. [ANBIMA]. (2021). Suitability: entenda por que considerar seu perfil de investidor ao investir. https://comoinvestir.anbima.com.br/noticia/suitability-entenda-perfil-investidor/
Bardin, L. (2009). Análise de conteúdo. Lisboa: Edições 70.
Berk, J., DeMarzo, P., & Harford, J. (2010). Fundamentos de finanças empresariais. Bookman.
Brasil, Bolsa, Balcão [B3]. (2024a). Mulheres investidoras: Um panorama dos investimentos das mulheres no Brasil. https://www.b3.com.br/data/files/30/A6/6B/46/D3E1E810066AFDD8AC094EA8/Mulheres%20Investidoras%20v3%20-%20site.pdf
Brasil, Bolsa, Balcão [B3]. (2024b). Uma análise da evolução dos investidores na B3. https://www.b3.com.br/data/files/E8/53/50/73/74EB19104FE62719AC094EA8/Book%20Pessoa%20Fisica%20-%202T2024%20_final_.pdf
Blau, F. D., & Kahn, L. M. (2017). The gender wage gap: Extent, trends, and explanations. Journal of Economic Literature, 55(3), 789-865. DOI: https://doi.org/10.1257/jel.20160995
Bunyamin, M., & Wahab, N. A. (2021). Factors influencing financial risk tolerance: A review. International Journal of Industrial Management, 12, 296-305. https://doi.org/10.15282/ijim.12.1.2021.6753 DOI: https://doi.org/10.15282/ijim.12.1.2021.6753
Cardoso, T. T. M., Modesto, N. L. P., Magalhães, N. P., Fonseca, R. V.S., & Policarpo, R. V. S. (2019). Análise do Perfil de Investidores Brasileiros. In: Proceedings of the IX Congresso Brasileiro de Engenharia de Produção, Ponta Grossa-Paraná, Brazil, 4-6. https://aprepro.org.br/conbrepro/2019/anais/
Carmona, C. U. M. (2009). Finanças corporativas e mercados. Atlas.
Carota, J. C. (2021). Educação Financeira: Orçamento Pessoal e Investimentos. Freitas Bastos Editora.
Comissão de Valores Mobiliários [CVM]. (2018). Programa bem-estar financeiro. In: Capítulo 6 Introdução aos investimentos. https://www.investidor.gov.br/portaldoinvestidor/export/sites/portaldoinvestidor/menu/Menu_Academico/Programa_Bem-Estar_Financeiro/Apostilas/apostila_06-bef-investimentos.pdf
Doan, H., & Yeasmin, S. (2024). The impact of demographic factors on financial risk tolerance: A replication study. [Master’s Thesis, Uppsala Universität]. https://uu.diva-portal.org/smash/record.jsf?pid=diva2%3A1891472&dswid=-5525
Fajardo, J., & Blanco, S. (2010). Interação social e o comportamento da investidora brasileira. Revista Brasileira de Economia, 64, 245-260. https://doi.org/10.1590/S0034-71402010000300002. DOI: https://doi.org/10.1590/S0034-71402010000300002
Fidelity Investments®. (2021). Women and investing study. https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/about-fidelity/FidelityInvestmentsWomen&InvestingStudy2021.pdf
Financial Industry Regulatory Authority [FINRA]. (2020). Female Investors Lag Behind Male Counterparts in Investment Knowledge and Confidence. https://www.finra.org/media-center/newsreleases/2020/finra-foundation-news-new-research-female-investors-lag-investment
Financial Industry Regulatory Authority [FINRA]. (2022) Investor in the United States: the changing landscape. https://www.finrafoundation.org/sites/finrafoundation/files/NFCS-Investor-Report-Changing-Landscape.pdf
Gil, A. C. (2017). Como elaborar projetos de pesquisa (6th ed.). Atlas.
Gitman, L. J. & Joehnk, M. D. (2005). Princípios de investimentos. Pearson Addison Wesley.
Globo. (2024). Panorama das Classes ABCDE. https://gente.globo.com/infografico-pesquisa-panorama-das-classes-abcde/
Gonzalez-Igual, M., Santamaria, T. C., & Vieites, A. R. (2021). Impact of Education, age, gender on investor’s sentiment: A survey of praticioners. Heliyon, (7). https://doi.org/10.1016/j.heliyon.2021.e06495 DOI: https://doi.org/10.1016/j.heliyon.2021.e06495
Guiso, L., Sapienza, P., & Zingales, L. (2008). Trusting the stock market. The Journal of Finance, 63(6), 2557-2600. https://doi.org/10.1111/j.1540-6261.2008.01408.x DOI: https://doi.org/10.1111/j.1540-6261.2008.01408.x
Hair Jr., J. F., Black, W. C., Babin, B. J., Anderson, R. E., & Tatham, R. L. (2009). Análise multivariada de dados (6th ed.). Bookman.
Instituto Brasileiro de Geografia e Estatística [IBGE]. (2020). Síntese de indicadores sociais: uma análise das condições de vida da população brasileira. IBGE. https://www.ibge.gov.br/estatisticas/sociais/trabalho/9221-sintese-de-indicadores-sociais.html
Instituto Brasileiro de Geografia e Estatística [IBGE]. (2022). Produto Interno Bruto - PIB. https://www.ibge.gov.br/explica/pib.php
Instituto Brasileiro de Geografia e Estatística [IBGE]. (2023). Pesquisa Nacional por Amostra de Domicílios Contínua anual: Tabela 6788 - Domicílios, por sexo do responsável e espécie da unidade doméstica. IBGE. https://sidra.ibge.gov.br/tabela/6788
Jain, R. (2014). An analysis of income and investment pattern of working women in the city of Ahmedabad. International Journal of Research in Management & Technology, 4(6), 138-146.
Larkin, C., Lucey, B. M., & Mulholland, M. (2013). Risk tolerance and demographic characteristics: Preliminary Irish evidence. Financial Services Review, 22(1), 77-91. http://dx.doi.org/10.2139/ssrn.1969375 DOI: https://doi.org/10.2139/ssrn.1969375
Lipovetsky, G. (2000). A terceira mulher: Permanência e revolução do feminino. Companhia das Letras.
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. American Economic Journal: Journal of Economic Literature, 52(1), 5-44. http://dx.doi.org/10.1257/jel.52.1.5 DOI: https://doi.org/10.1257/jel.52.1.5
Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7(1), 77-91. DOI: https://doi.org/10.1111/j.1540-6261.1952.tb01525.x
Market Business News [MBN]. (2023). What is an investor? (n.d.). https://marketbusinessnews.com/financial-glossary/investor/
Nosita, F., Pirzada, K., Lestari, T., & Cahyono, R.(2020). Impact of demographic factors on risk tolerance. Journal of Security & Sustainability Issues, 9(4), 1327-1336. https://doi.org/10.9770/jssi.2020.9.4(18) DOI: https://doi.org/10.9770/jssi.2020.9.4(18)
Organisation for Economic Co-operation and Development (OECD). (2005). Recomendação sobre os princípios e as boas práticas de educação e conscientização financeira. https://www.oecd.org/daf/fin/financial-education/%5BPT%5D%20Recomenda%C3%A7%C3%A3o%20Princ%C3%ADpios%20de%20Educa%C3%A7%C3%A3o%20Financeira%202005%20.pdf
P., U., Joy, N., & Babu, G. (2022). Study on factors influencing women investors in capital market. ComFin Research, 10(S1), 47-53. https://doi.org/10.34293/commerce.v10is1-oct.6148 DOI: https://doi.org/10.34293/commerce.v10iS1-Oct.6148
Paiva, R. T., Silva, H. A., Souza, J. C. M. de, Novôa, N. F., & Pereira, C. M. M. de A. (2020). O perfil do investidor individual no mercado financeiro. Revista Vianna Sapiens, 11(2), 30. https://doi.org/10.31994/rvs.v11i2.694 DOI: https://doi.org/10.31994/rvs.v11i2.694
Pew Research Center. (2023). The enduring grip of the gender pay gap. https://www.pewresearch.org/social-trends/2023/03/01/the-enduring-grip-of-the-gender-pay-gap/
Quang, L. T., Linh, N. D., Van Nguyen, D., & Khoa, D. D. (2023). Behavioral factors influencing individual investors' decision making in Vietnam market. Journal of Eastern European and Central Asian Research (JEECAR), 10(2), 264-280.https://doi.org/10.15549/jeecar.v10i2.1032 DOI: https://doi.org/10.15549/jeecar.v10i2.1032
Schneider, L. C., Pires, V. M., & Regert, L. S. B. (2021). Factors leading women to leave the labor market after the birth of their first child. ReAT, 15(1), 1-26. https://periodicos.ufpel.edu.br/index.php/AT/article/view/19877/13172 DOI: https://doi.org/10.15210/reat.v15i1.19877
Smeha, L. N., & Calvano, L. (2009). O que completa uma mulher? Um estudo sobre a relação entre não-maternidade e vida profissional. Psicologia Argumento, 27(58), 207-217. https://periodicos.pucpr.br/psicologiaargumento/article/view/19849 DOI: https://doi.org/10.7213/rpa.v27i58.19849
Van Rooij, M., Lusardi, A., & Alessie, R. (2011). Financial literacy and stock market participation. Journal of Financial Economics, 101(2), 449-472. https://doi.org/10.1016/j.jfineco.2011.03.006 DOI: https://doi.org/10.1016/j.jfineco.2011.03.006
Vieira, F. M., Lolatto, D., Souza, T. L. de, Mello, M. C. de, Nagai, R. A., Ferreira, J. H. L., & Faria, N. C. (2022). Mercado de renda fixa e derivativos [recurso eletrônico]. SAGAH.
Zanotelli, M. V. D. A. (2021). Uma análise do perfil conservador do investidor brasileiro pessoa física. [Dissertação de mestrado, Universidade Federal do Ceará]. Repositório Institucional da UFC. http://repositorio.ufc.br/handle/riufc/59314
Descargas
Publicado
Cómo citar
Número
Sección
Licencia
Derechos de autor 2025 Flávia Mônaco Vieira, Vanessa Martins Pires, Luis Carlos Schneider, Guilherme Costa Wiedenhöft
Esta obra está bajo una licencia internacional Creative Commons Atribución 4.0.
Hasta 2023, los derechos de autor fueron transferidos por los autores a ReA/UFSM. A partir de 2024, los autores de artículos publicados por ReA/UFSM conservan los derechos de autor de sus obras.
La revista adopta la licencia Creative Commons (CC-BY 4.0), que permite reutilizar y distribuir los artículos sin restricciones, siempre que se cite adecuadamente el trabajo original.
