publicly available news are marginal factors. The religious beliefs, the family background and advocates’ opinion do not influence while the content of the annual financial statements is less confident. Investors do not aim abnormal returns. The main influencing factors do not show gender, age and education differences.Singh & Yadav (2016) carried out a detailed scrutiny to find out the factors that have major influence on the share investment decisions. The study aimed to identify certainfactors that motivate the investors to invest in shares and to suggest strategies so that investors can optimize their return on investment. The study tried to find out the perception of male and female investors regarding various considerations to be kept inmind while investing in the equity market. It tried to cram the attitude of male and female investors towards variety of investment alternatives. A sample of 100 investorsin Moradabad city of Uttar Pradesh has been taken from which the researchers have selected 60 male investors and 40 female investors. The study used independent sample t-test and mean scores to test the hypothesis. The paper concluded that the investors (both male and female) had a significant relationship with advocate recommendation. It also concluded that information about past dividends and financial ratios also played a significant role in stock selection process. Theoretical frameworkThe study have taken the significance of accounting information, firm's image and advocate recommendation to find out which of the factors stated has the most effect on individuals decision while selecting the stock to invest. Refer to Figure 1for theoretical framework that has been depicted based on the theoretical review and review of empirical studies. Accounting information, advocate recommendation and
STOCK SELECTION PROCESS24firm's image factor are the independent variables under study and investor's stock decision is the dependent variable under study.Hypotheses of the studyAccording to this relationship, and consistent with the previous literature and empirical research, the following null hypotheses were developed to test the relationship between individual's stock decision and the independent variables. The following hypotheses are formulated for the study: H01: There is no significant difference on accounting information across gender.H02: There is no significant difference on firm's image across gender.H03: There is no significant difference on advocate recommendation across gender.H04:There is no significant difference on investment decision across gender.H05: There is no significant relationship between accounting information and investment decision.H06: There is no significant relationship between firm's image and investment decision.