Women and the capital market: study on the profile of brazilian female investors
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 decision...
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| Published in | Revista de administração da UFSM Vol. 18; no. 1; p. e9 |
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| Main Authors | , , , |
| Format | Journal Article |
| Language | English Portuguese |
| Published |
Universidade Federal de Santa Maria
06.06.2025
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| Subjects | |
| Online Access | Get full text |
| ISSN | 1983-4659 1983-4659 |
| DOI | 10.5902/1983465989670 |
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| Abstract | 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. |
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| AbstractList | ABSTRACT 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. 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. |
| Author | Wiedenhöft, Guilherme Costa Vieira, Flávia Mônaco Pires, Vanessa Martins Schneider, Luis Carlos |
| AuthorAffiliation | Universidade Federal do Rio Grande Hospital de Clínicas de Porto Alegre |
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| Author_xml | – sequence: 1 givenname: Flávia Mônaco orcidid: 0000-0003-0851-6506 surname: Vieira fullname: Vieira, Flávia Mônaco – sequence: 2 givenname: Vanessa Martins orcidid: 0000-0002-1220-2254 surname: Pires fullname: Pires, Vanessa Martins – sequence: 3 givenname: Luis Carlos orcidid: 0000-0003-4099-7311 surname: Schneider fullname: Schneider, Luis Carlos – sequence: 4 givenname: Guilherme Costa orcidid: 0000-0003-2426-4396 surname: Wiedenhöft fullname: Wiedenhöft, Guilherme Costa |
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| Cites_doi | 10.1016/j.heliyon.2021.e06495 10.2139/ssrn.1969375 10.1257/jel.52.1.5 10.1111/j.1540-6261.2008.01408.x 10.15282/ijim.12.1.2021.6753 10.1257/jel.20160995 10.15210/reat.v15i1.19877 10.1111/j.1540-6261.1952.tb01525.x 10.7213/rpa.v27i58.19849 10.1016/j.jfineco.2011.03.006 10.31994/rvs.v11i2.694 10.1590/S0034-71402010000300002 10.9770/jssi.2020.9.4(18) 10.15549/jeecar.v10i2.1032 10.34293/commerce.v10iS1-Oct.6148 |
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| Keywords | Women Mercado de capitais Finanças pessoais Personal finance Investments Sociodemographic factors Mulheres Fatores sociodemográficos Capital market Investimentos |
| Language | English Portuguese |
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