GENDER ISSUES AND INVESTMENT DECISIONS: AN EXPLORATORY STUDY FOR THE BRAZILIAN FINANCIAL MARKET

Purpose: The objective of the paper is to assess the behavioural of female investors in Brazilian financial market, taking into consideration the following dimensions: risk tolerance; confidence level; financial literacy; herd behaviour; and return on investment.   Theoretical framework: According to the literature, when compared to men, women tend to have a lower tolerance for financial risk, a lower confidence level, less financial knowledge, and a greater level of herd behaviour.   Methodology: It is used a quantitative method based on a questionnaire survey made up of 33 questions. There were collected 305 answers.   Findings: When compared to men, Brazilian female investors have a lower tolerance for risk, a lower level of confidence, less financial knowledge and a greater propensity to herd behaviour, results that are in line with those previously established in the literature. However, there are no significant differences between the returns obtained by both genders.   Research Implications: By analysing the relationship between sociodemographic variables, particularly gender, and behavioural issues, the work provides useful indications for financial institutions in Brazil and promotes research in the field of behavioural finance.   Originality/Value: To our knowledge, this is the first study on gender differences in the Brazilian financial market to involve such a wide range of variables. Therefore, it may be of interest to academics, investors and financial institutions themselves.