REVIEW OF RELATED LITERATURE
1.)
Fusilier, M., & Schaub, M. (2003) performed a study that seeks to determie !hat cliets
felt !ere brokers" brokers" stre#ths stre#ths ad !eake !eakesses sses i attaii attaii# # cliet cliet satisfac satisfactio tio based o data collected usi# a $uestioaire. %he results of the surey idicate that cliets" perceptios of brokers" hoesty, aptitude, ko!led#e ad serice to its customers are mai determiats of cliet satisfactio. %he eutral ad e#atie resposes to each of the $uestioaire items may help brokers to determie their !eakesses i keepi# cliets happy. 'lso, focusi# o the othe otherr sur surey ey item items, s, !her !here e brok broker ers s scor scored ed !ell !ell o aer aera# a#e, e, !ill !ill assi assist st the the brok broker ers s i rememberi# ad improi# o !hat they already do !ell. %he first step i buildi# cliet trust, is to be iterested i the perso, ot ust the sale. %his meas that the adiser must be !illi# to pass up a sale if heshe is ot able to address a cliet*s eed (Michaels, 2002). 2+3.) 2+3.)
esti esti# # moey may take take up arious arious forms. forms. estor estor ca put the moey moey i stocks stocks
throu throu#h #h broke brokerr or a#e a#ett ad ad this this perso perso !orks !orks o behal behalff of the the iest iestor or ad ad char# char#es es a commissio commissio o eery trasactio trasactio. . -roker -roker holds holds the shares by iesti iesti# # the iestmet iestmet i diersified portfolios ad the buys or sells i order to make a profit for the iestor (ha, M., & 'li /assa, /assa, '., '., 2013). 2013). -rokers !ho !ho sustai losses should should char#e hi#her fees fees to lo#+term lo#+term cliets for trades !here the broker merely receies a commissio. %his predictio is supported by a aalysis of brokera#e rates o the 'ustralia 'ustralia Stock cha#e. -y cotrast, market makers !ho make tradi# profits char#e lo!er a#ecy fees to lar#e, lo#+term cliets ('itke, M. ., arey, arey, . %., & S!a, 4. 5., 1667). 8.)
'$ui '$uio, o, 9. :. :. (200; (200;)) study study eami eamie es s the eff effici iciec ecy y of the the 4hili 4hilippi ppie e stoc stock k marke markett usi# usi#
stock price moemets duri# the period uly 16<= to May 2008. >haracteri?i# stock price moemet moemets s as a '9(1) process process !ith 5aplace residuals residuals rather rather that the ormal ormal distribu distributio tio usually usually assumed, assumed, the statistic statistical al eidece eidece supports supports the hypothe hypothesis sis that the 4hilippi 4hilippie e stock stock market is !eak+form efficiet. ' eamiatio of maor eets that could plausibly affect share price prices s ad ad lar#e lar#e price price moe moeme mets ts from from a ee eett study study persp perspect ectie ie idica idicates tes fairly fairly rapid rapid absorptio by the market of iformatio, ecept i cases of etreme stress caused by political ad ecoomic shocks. Furthermore, factors other tha iformatio about fudametals appear able to cause maor share price moemets. ie these, the support for the semistro#+form efficiecy of the stock market is mied.
7.)
'ccordi# to 49 @e!s!ire AS, o 'u#. 1, 2013 the -ak of the 4hilippie slads (-4)
ad -M (@BSC -M) si#ed a strate#ic partership a#reemet to outsource -4"s eisti# % ifrastructure serices to -M. Ader the a#reemet, -M !ill take oer -4"s % et!ork ad data ceter actiities. %his !ill allo! -4"s formatio Systems team to better cocetrate o the bak"s strate#ic iitiaties. -M is a eperieced % serice proider !ith a ecellet reputatio for lar#e scale systems ite#ratio ad systems maa#emet !ithi the baki# idustry. -M curretly serices seeral maor baks i the 'S'@ re#io. %his e#a#emet !ill help -4 focus o more strate#ic busiess areas !hile -M maa#es its day+to+day % operatios. ;.)
' dierse umber of olie stock brokers cotiue to ioate to #ather e! potetial
customers ad maitai the eisti# users. t also metios that re#ular ioatios i olie brokera#e hae helped brokers attract more customers ad retai their eisti# users. >ustomers assess ad ealuate their broker. %he assessmet !ill be a ital iformatio to the potetial iestors !ho !ould be looki# for e! broker ad #ie the perceptio o ho! the firms !as bei# coeyed by their curret cliets.
estors ca cosider the capability of
each top performi# firm to fid out !hether it !ould suit their eeds or it could pae !ay ito iestmet of stocks ad other securities. teractie -rokers such as %radei#, Da#uard -rokera#e, Scottrade ad Merrill d#e raked hi#hest o some cate#ories, mailyC lo! cost, as the primary cocer ad broker resposieess. Salomo Sredi, >E of %radeStatio emphasi?ed that customers !ated a turkey solutio, ad it !as the best !ay to moeti?e the platform they had. he they first started out, a lot of competitors !ere already there ad it !as hard to establish a e! platform sice they are ust e! i the field. %radeStatio scored hi#h i see cate#ories, icludi# trade reliability, e$uity tradi# tools, research tools ad educatioal resources . Subramaiam poited out that customers !at alue ad access !he they eed it. %his !as eideced by the recet data !hich sho!ed mobile trades at Fidelity rose 8;G from a year a#o (Subramaiam, as cited i Shree, 2013). =.)
/ua#*s, 4itsker*s, & %a*s (2012) article presets the follo!i#C raki# of olie discout
a ealuatio ad
stock brokera#e compaies i the A.S. as of
2012,
coducted by the publicatio. t discusses the ealuatio criteria used, !hich iclude the leel of fees ad other char#es, the scope of iformatio ad research aailable to users, ad $uality of customer serice ia phoe, e+mail, ad olie. (pp. 3<+81). /ua#, 4itsker, & %a (2012) foud that fees ad commissios, ra#e of iestmet optios,
research ad tools accessible to cliet, ad baki# serices are the si broad areas to be looked ito each firm. t has bee proed that the firm !as really cocetrati# o the improemet of their customer serice. 'ccordi# to /ua#, 4itsker, & %a (2012), Hit helps to be tied to a actual bak, but it"s ot re$uired.I (pp. 3<+81) <.)
9ahim*s (2012) study stated the follo!i#C %he democracy of olie tradi# is the key factor !hy the retail iestors prefer to trasact oer the iteret to their broker. %he use of olie brokera#e serices automates the process of buyi# ad selli# ad hece allo!s a reductio of commissio char#es. 'lso the commodity bei# traded is ita#ibleJ the o!ership of stocks ad shares ca be recorded electroically so that there is o re$uiremet for physical deliery. t is iferred that the maor problem faced by olie share traders is iade$uate aailability of techolo#y. Secod ad third problems are poor commuicatio et!ork, ad more chaces of fraud.
9isk of system
failure ad lack of trasparecy are the fourth ad fifth problems ad the least problem is lack of professioal maa#emet ad lack of sufficiet iformatio. ith a ie! to icreasi# the effectieess of olie share tradi#, particular attetio should be paid to the lo# K term strate#y. %he follo!i# su##estios ca be a #uided i this re#ard. Sice the olie share tradi# busiess depeds upo customer serice, techolo#ical ko!ho!, e! ioatios, ad efficiet maa#emet etc., the follo!i# measures i these areas hae to be take o priority basis to achiee success i olie share tradi# busiess. ade$uate techolo#y is the maor problem faced by olie share traders. %hese e#ies !ill obiate the eed for a broker to deelop his o! e#ie ad thus, result i capital iestmet sai#. /o!eer, a user ca lo# o to these e#ies, use the !ebsite of the broker ad trade electroically. %hese deelopmets are, therefore, epected to #ie a stro# fillip to the electroic brokera#e idustry i dia. 'pplicatio of superior techolo#y to cliets !ill be a key determiat of success. @e! tradi# mechaism ca be formed to allo! the tradi# of
stocks i the !orld*s #lobal
compaies. 5ack of professioal maa#emet is the secod maor problem faced by the iestors. %he olie share tradi# idustries must deelop e!
strate#ies for
!hat the customers pursue. %here is a ur#et eed for firms to place a e! emphasis o customer relatioship that combies selli# !ith persoal fiacial cosultatios to meet cliet*s specific eeds.
6.)
%his study implied that baks ca achiee a strate#ic maa#emet i usi# olie
tradi# serices, outsourci# ad e! maa#erial practices reco#i?ed !ith the lack of specific competecies by pursui# a appropriate sourci# of olie serices to decrease epeses ad obtai competitie adata#es. 'ccordi# to 9ossi#oli, Lardii, & >atoi (2013) C this article proides a i+depth aalysis of
olie tradi# serices offered i the talia baki# system. t represets
a respose to uderstad !hich are the e+tradi# serices offered by the talia baks. /ece, its purpose is to
aalyse the state of art of the talia baks. eelopi#
ade$uate iformatio systems to support customers" cha#i# behaiour #ies talia baks a importat opportuity to retai customers ad deelop their loyalty. particular, multichael strate#ies ca help baks combie i+ ad outsourci# solutios, lo!er their costs, ad substatially icrease busiess process ecellece ad ioatio throu#h collaboratie parterships. Elie stock brokers tied !ith the baks !hich offers are said to be a ed#e because it reduces costs, raises reliability ad #uaratees credibility.
10.)
%he mai itetio of this article is to ko! the coectio ad probable results of
olie tradi#, the illusio of ko!led#e ad cotrol, iformatio processi# cost, tradi# itetio, ad epected performace. estors* tradi# #oals may be further ehaced !ith the follo!i# factorsC lo! cost, eecutio speed, usefuless ad ease of use. Elie platforms o!adays are importat ehicles i preseti# back#roud ko!led#e associated !ith the updated stocks releat iformatio. ith the fast paced techolo#y today, olie iestors are epecti# more adaced platforms that !ould be easily accessible ad !ould be a #reater help i their decisio maki#. 'ccordi# to a# (2013), iestors should also stre#the their professioal fiacial ko!led#e as best as they ca, because doi# so ca ehace their aalytical ability to fid the correct olie iformatio, decrease the illusio of ko!led#e ad iformatio processi# cost, reduce their decisio errors i the decisio maki# process ad helps improe their actual iestmet performace. 11) Sice a olie tradi# portal is a % system, some models ad theories could be applied !ith re#ards to its usa#e. 'ccordi# to F. ais* %echolo#y 'cceptace Model (%'M), userNs decisio !hether to cotiue usi# a system or ot is predisposed by a persoal ud#met o t!o factors, amely, usefuless ad ease of use. Asefuless relates to the
capability of the system to improe the performace of the user !hile, ease of use cocers to miimal efforts re$uired to cotrol the system. >o ad ale supported this model throu#h a statistics that alidated ease of use as oe of the four $uality factors of a !ebsite. 'ccordi# to them, a system foud to be useful ad easy to use, !ill hae a #reat effect o cotiuous patroi?atio amo# its users. 12) 'ccordi# to Marifel u#o, a !ell+ko! authorJ as of 2013, there are10 olie brokers accredited by the 4hilippie Stock cha#e (4S). Eut of these 10 accredited olie brokers, oe of the most popular is the -4 Securities. 'ccordi# to her, choosi# a olie broker is importat for tradi# ad iesti# i the stock market. u#o said that choosi# a olie broker is like oe*s lie stock market area !hich follo!s that it is ery importat !herei oe #et comfortable ad feel a sese of security i the broker oe is trasacti# !ith. u#o also metioed that bei# part of a olie tradi# portal is relatiely easy ad closely similar to opei# a bak accout. 13) 2011, the -ak of the 4hilippie slads (-4) has itroduced the coutry*s first full+ serice olie iestmet platform !hich aimed to haress the teret to broade participatio of its iestors i its maa#ed fuds. lie !ith this, the -4 Securities >orporatio, a !holly+ o!ed subsidiary of the -ak of the 4hilippie slads (-4), lauched the -4 %rade. -4 %rade is a olie stock tradi# facility !here re#istered iestors ca buy ad sell stocks listed i the 4hilippie Stock cha#e (4S) throu#h the said olie portal. 18) today*s competitie eiromet $uality serice is a essetial elemet of success. %he $uality of serice helps icrease the market share of a certai compay if perceied $uality of serice is up to the mark, or lose it if the perceied $uality of serice is dire. >ustomer satisfactio is oly the base lie. %he aim of a compay should be a bit hi#her ad focused o #aii# customer loyalty throu#h ehaci# customer*s perceptio about $uality of serice (/u, ay, %haika, 2006). f the customer is satisfied ad eoys the serice eperiece the heshe is likely to retur to the proider ad may bri# alo# frieds ad collea#ues. E cotrary dissatisfied customer !ill share hisher eperiece !ith others ad !ould hae a e#atie effect o the or#ai?atio. %his is basically the failure of total customer satisfactio !hich i tur is the failure of product. a eer eoli# techolo#ical eiromet e! ad up#raded products !ith alue additios eed to be produced to meet the customer eeds ad #ro!i# epectatios (4orter, 16<7). %herefore, the ability to proide $uality serice is ery ecessary. 17) fiacial markets, may securities hae be#u proidi# olie tradi# serices for customers to improe the efficiecy of the tradi# process. %his study eplores the $uality of securities brokers* olie tradi# eb sites ad their relatioships !ith the acceptace itetios of users i mailad >hia ad %ai!a. -ased o the %echolo#y 'cceptace Model (%'M), this study selects eb site $uality (system, iformatio, ad serice) as a eteral ariable ad coducts multiple re#ressio models to test the hypotheses. %he results demostrate that eb site $uality (system, iformatio, ad serice) positiely affects perceied usefuless ad perceied ease of use, both of !hich are key factors i predicti# users* attitudes to!ards usa#e. %hese attitudes ca si#ificatly affect users* behaioral itetios to utili?e broker eb sites i mailad >hia ad %ai!a.
REFERENCES
Fusilier, M., & Schaub, M. (2003). -roker+cliet cotact ad cliet satisfactioC're cliet attitudes to!ards brokers bullish ad bearish !ith the stock marketO. oural Ef Fiacial Serices Marketi#, <(1), ;3. ha, M., & 'li /assa, '. (2013). ' idece of profitability i stocks throu#h the test of lo#ic. -' -usiess 9eie!, <(1), 38+71. 'itke, M. ., arey, . %., & S!a, 4. 5. (1667). /o! brokers facilitate trade for lo#+term cliets i competitie securities markets. oural Ef -usiess, ;<(1), 1+33. '$uio, 9. :. (200;). fficiecy of the philippie stock market. 'pplied coomics 5etters, 13(=), 8;3+8=0. doiC10.10<013708<7070036=83= 49, @. (2013, 'u#ust 1). -ak of the 4hilippie slads (-4) parters !ith -M to trasform baki# % operatios ad stre#the cliet serices. 49 @e!s!ire AS. Shree, .(2013, 12 2). -est olie brokersC !hich fits your iesti# styleO. estors -usiess aily. /ua#, @., 4itsker, ., %a, '. (2012, 11). %he -est of the olie brokers (coer story). ipli#er*s 4ersoal Fiace. ;;(11), 3<+81. 9ahim, '. (2013). 4roblems ad prospects of olie share tradi# practices i dia. teratioal oural of oural of Marketi#, Fiacial Serices & Maa#emet 9esearch, 2. 9ossi#oli, >., Lardii, '., >atoi, F. (2013, <). he customer behaiours cha#e, should baks" approaches to olie tradi# stay the sameO. oural of teret -aki# & >ommerce. 1<(2), 1+1;. a#, B. (2013, <). oes olie tradi# affect iestors* tradi# itetioO. teratioal oural of -usiess & Fiace 9esearch. <(7), =1+=6. >hua, >hristopher. 'ssessmet o the Ase of Elie %radi# 4ortal of Some estors i the 4hilippies. Journal of Industrial and Intelligent Information Dol. 2, @o. 3, September 2018 u#o, Marifel. (2013). List of Accredited Online Trading Brokers in the Philippines. 9etried from httpCphilpad.comlist+of+accredited+olie+tradi#+brokers+i+the+ philippies
/ussai, @a?im. -hatti, aheed 'kbar. ilai, '?har. ' mpirical 'alysisof 'fter Sales Serice ad >ustomer Satisfactio. Management & MarketingChallenges for the no!ledge "ociet# (2011) Dol. ;, @o. 8, pp. 7;1+7=2 umlao, oris. -4 offers olie iestmet serices. 4hilippie aily $uirer (4hilippies), May 1, 2011, Suday -i?, p. 3. 3pp Fe#a, %e+%ai. %ieb, >he#li. Fe#c, Lhi+Bua. 5aid, 4i+he eb Site :uality ad Elie %radi# flueces o >ustomer 'cceptace of Securities -rokers. Asia Pacific Management $e%ie! , March 2018. Dol. 16 ssue 1, p. 27+87, 21 p