تبیین تاثیر ویژگی های شخصیتی بر سوگیری های رفتاری متخصصان مالی در ایران
محورهای موضوعی : پژوهش های مالی و رفتاری در حسابداری
حمید رستمی جاز
1
(عضو هیئت علمی دانشگاه ازاد بندرعباس)
مرتضی باوقار
2
(عضو هیات علمی دانشگاه آزاد اسلامی)
لیلا رئیسی
3
(دانشجو دکتری حسابداری دانشگاه آزاد)
کلید واژه: ویژگی های شخصیتی, سوگیری های رفتاری, رفتار تحمل ریسک,
چکیده مقاله :
عوامل روانی و رفتاری تصمیمات مالی را هدایت می کنند امور مالی رفتاری توضیح می دهد که چگونه عوامل روانی بر ادراک، رفتار، تصمیم گیری و عملکرد بازار متعاقب سرمایه گذاران تأثیر می گذارد. تصمیم گیری سرمایه گذار شامل عوامل روانشناختی، بیولوژیکی و جامعه شناختی است. جمعیت شناسی سرمایه گذاران ممکن است بر توانایی های تصمیم گیری ادراک و نگرش ریسک و ویژگی های شخصی آنها تأثیر بگذارد. شخصیت یک فرد نقش مهمی در تصمیم گیری دارد که پیامدهای مختلفی را برای تصمیم گیرندگان بخصوص متخصصان مالی در ایران داشته باشد. از این رو پژوهش حاضر سعی دارد با بررسی چگونگی تأثیر عوامل شخصیتی بر سوگیری های رفتاری، به نظریه چشم انداز کمک کند. روش تحقيق حاضر، بر اساس هدف از نوع تحقيق كاربردي است و بر اساس نحوه‌ي گردآوري داده‌ها از نوع روش توصيفي از شاخه پيمايشي محسوب مي‌شود. بر اين اساس با طراحی و توزیع پرسشنامه میان 132 نفر از متخصصان مالی در سطح شهر تهران که به روش تصادفی ساده انتخاب شدند به مطالعه میدانی پرداخته شده است. داده ها پس از گردآوری با استفاده از تکنیک مدلسازی معادلات ساختاری بکمک نرم افزار لیزرل مورد تجزیه و تحلیل قرار گرفتند. نتایج تحلیل ها در مجموع نشان داد ویژگی های شخصیتی و مولفه های آن (روان رنجوری، برون گرایی، گشودگی، وجدان و قابلیت سازگاری) بر سوگیری های رفتاری تاثیر مثبت و معنی داری داشته اند.
Psychological and Behavioral Factors Drive Financial Decisions Behavioral finance explains how psychological factors influence investors' perceptions, behavior, and decision-making, and subsequent market performance. Investor decision-making includes psychological, biological and sociological factors. Investors' demographics may influence their decision-making abilities, risk perception and attitude, and their personal characteristics. A person's personality plays an important role in making decisions that have different consequences for decision makers, especially financial professionals in Iran. Therefore, the present research tries to contribute to the perspective theory by examining how personality factors affect behavioral biases. The present research method is based on the purpose of applied research and based on the method of data collection, it is considered a descriptive method of the survey branch. Based on this, a field study was conducted by designing and distributing a questionnaire among 132 financial professionals in Tehran city, who were selected by simple random method. After collecting the data, they were analyzed using the structural equation modeling technique with the help of Laserl software. The results of the analysis showed that personality traits and its components (neuroticism, extroversion, openness, conscientiousness and adaptability) had a positive and significant effect on behavioral biases
Adil, M., Singh, Y., & Ansari, M. S. (2022). Does financial literacy affect investor's planned behavior as a moderator? Managerial Finance, 48(9/10), 1372-1390.
Ahmad, F. (2020). Personality traits as predictor of cognitive biases: moderating role of risk-attitude. Qualitative Research in Financial Markets, 12(4), 465-484..
Ahmad, F. (2020). Personality traits as predictor of cognitive biases: moderating role of risk-attitude. Qualitative Research in Financial Markets, 12(4), 465-484.
Akhtar, F., Thyagaraj, K. S., & Das, N. (2018). Perceived investment performance of individual investors is related to the big-five and the general factor of personality (GPF). Global Business Review, 19(2), 342-356.
Baker, H. K., Kumar, S., & Goyal, N. (2021). Personality traits and investor sentiment. Review of Behavioral Finance, 13(4), 354-369.
Baker, H. K., Kumar, S., & Goyal, N. (2021). Personality traits and investor sentiment. Review of Behavioral Finance, 13(4), 354-369 .
Bashir, T., Azam, N., Butt, A. A., Javed, A., & Tanvir, A. (2013). Are behavioral biases influenced by demographic characteristics & personality traits? Evidence from Pakistan. European Scientific Journal, 9(29).
Brooks, C., & Williams, L. (2021). The impact of personality traits on attitude to financial risk. Research in International Business and Finance, 58, 101501. Bucciol, A., & Zarri, L. (2015). Does investors' personality influence their portfolios?
Ceschi, A., Costantini, A., Scalco, A., Charkhabi, M., & Sartori, R. (2016). The relationship between the big five personality traits and job performance in business workers and employees’ perception. International Journal of Business Research, 16(2), 63-76.
Chavali, K., & Mohanraj, M. P. (2016). Impact of demographic variables and risk tolerance on investment decisions–an empirical analysis. International journal of economics and financial issues, 6(1), 169-175.
Crysel, L. C., Crosier, B. S., & Webster, G. D. (2013). The Dark Triad and risk behavior. Personality and individual differences, 54(1), 35-40.
Durand, R. B., Fung, L., & Limkriangkrai, M. (2019). Myopic loss aversion, personality, and gender. Journal of Behavioral Finance, 20(3), 339-353.
Emami, A., Welsh, D. H., Ramadani, V., & Davari, A. (2020). The impact of judgment and framing on entrepreneurs’ decision-making. Journal of Small Business & Entrepreneurship, 32(1), 79-100.
Ferreira, S. J. (2019, October). Is financial risk tolerance influenced by personality traits?. In Proceedings of Economics and Finance Conferences (No. 9511451). International Institute of Social and Economic Sciences.
Howell, R. T., Ksendzova, M., Nestingen, E., Yerahian, C., & Iyer, R. (2017). Your personality on a good day: How trait and state personality predict daily well-being. Journal of Research in Personality, 69, 250-263.
Ishfaq, M., Nazir, M. S., Qamar, M. A. J., & Usman, M. (2020). Cognitive bias and the extraversion personality shaping the behavior of investors. Frontiers in psychology, 11, 556506.
Kahneman, D., & Tversky, A. (2013). Prospect theory: An analysis of decision under risk. In Handbook of the fundamentals of financial decision making: Part I (pp. 99-127).
Karimi, K. & rahnamaroodposhti, F. (2015). Behavioral biasess and earning management. Ph.D. thesis. Oloom Tahghighat University. Tehran. .
Koesrindartoto, D. P., Aaron, A., Yusgiantoro, I., Dharma, W. A., & Arroisi, A. (2020). Who moves the stock market in an emerging country–Institutional or retail investors?. Research in International Business and Finance, 51, 101061.
Kumar, S., & Goyal, N. (2015). Behavioural biases in investment decision making–a systematic literature review. Qualitative Research in financial markets, 7(1), 88-108. .
Kumar, V., Dudani, R., & K, L. (2023). The big five personality traits and psychological biases: an exploratory study. Current Psychology, 42(8), 6587-6597. .
Lim, S., Donkers, B., van Dijl, P., & Dellaert, B. G. (2021). Digital customization of consumer investments in multiple funds: virtual integration improves risk–return decisions. Journal of the Academy of Marketing Science, 49(4), 723-742. .
Liu, J., Jin, X., Wang, T., & Yuan, Y. (2015). Robust multi-period portfolio model based on prospect theory and ALMV-PSO algorithm. Expert Systems with Applications, 42(20), 7252-7262. .
Madaan, G., & Singh, S. (2019). An analysis of behavioral biases in investment decision-making. International Journal of Financial Research, 10(4), 55-67. .
Magoon, M., & Hursh, S. R. (2011). The behavioral economics of transportation travel time, mode choice and carbon impact. In 5th annual Behavior, Energy and Climate Change Conference (BECC). Washington, DC. Available at: http://www. Stanford. Edu/group/peec/cgi-bin/docs/events/2011/becc/presentations/9% 20The (Vol. 20). .
Guerard Jr, J. B. (2011). Harry Markowitz. In Profiles in Operations Research: Pioneers and Innovators (pp. 643-658). Boston, MA: Springer US. .
Menyeh, B. O. (2021). Financing electricity access in Africa: A choice experiment study of household investor preferences for renewable energy investments in Ghana. Renewable and Sustainable Energy Reviews, 146, 111132. .
Mertzanis, C., & Allam, N. (2018). Political instability and herding behaviour: Evidence from Egypt’s stock market. Journal of Emerging Market Finance, 17(1), 29-59. .
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American economic review, 48(3), 261-297. Mushinada, V. N. C., & Veluri, V. S. S. (2018). Investor’s overconfidence behaviour at Bombay stock exchange. International Journal of Managerial Finance, 14(5), 613-632. .
Ng, W., Russell Kua, W. S., & Kang, S. H. (2019). The relative importance of personality, financial satisfaction, and autonomy for different subjective well-being facets. The Journal of psychology, 153(7), 680-700. .
Niehaus, G., & Shrider, D. (2014). Framing and the disposition effect: Evidence from mutual fund investor redemption behaviour. Quantitative Finance, 14(4), 683-697. .
Oehler, A., Wendt, S., Wedlich, F., & Horn, M. (2018). Investors' personality influences investment decisions: Experimental evidence on extraversion and neuroticism. Journal of Behavioral Finance, 19(1), 30-48. .
Oehler, A., Wendt, S., Wedlich, F., & Horn, M. (2018). Investors' personality influences investment decisions: Experimental evidence on extraversion and neuroticism. Journal of Behavioral Finance, 19(1), 30-48. .
Özmen, O., & Sümer, Z. H. (2011). Predictors of risk-taking behaviors among Turkish adolescents. Personality and Individual Differences, 50(1), 4-9. .
Pompian, M. M. (2012). Behavioral finance and investor types: managing behavior to make better investment decisions. John Wiley & Sons. .
Qawi, R. B. (2010). Behavioral Finance: Is Investor Psyche Driving Market Performance? The IUP Journal of Behavioral Finance, VII (4), 7-20. .
Razek, Y. H. A. (2011). An Overview of Behavioral Finance and Revisiting the Behavioral Life Cycle Hypothesis. IUP Journal of Behavioral Finance, 8(3). Rehan, R., & Umer, I. (2017). Behavioural biases and investor decisions. Market Forces, 12(2). .
Rockenbach, B. (2004). The behavioral relevance of mental accounting for the pricing of financial options. Journal of economic behavior & organization, 53(4), 513-527. .
Rzeszutek, M. (2015). Personality traits and susceptibility to behavioral biases among a sample of polish stock market investors. International Journal of Management and Economics, 47(1), 71-81. .
Sadi, R., ASL, H. G., Rostami, M. R., Gholipour, A., & Gholipour, F. (2011). Behavioral finance: The explanation of investors’ personality and perceptual biases effects on financial decisions. International journal of economics and finance, 3(5), 234-241. .
Shafi, M. (2014). Determinants influencing individual investor behavior in stock market: a cross country research survey. Nigerian Chapters Arab Journal of Business and Management Review, 62(1100), 1-12. .
Shah, S. Z. A., Ahmad, M., & Mahmood, F. (2018). Heuristic biases in investment decision-making and perceived market efficiency: A survey at the Pakistan stock exchange. Qualitative Research in Financial Markets, 10(1), 85-110. .
Shefrin, H. (2001). Some new evidence on eva companies. Journal of Applied Corporate Finance, 22(1), 32-Shin, H., & Park, S. (2018). Do foreign investors mitigate anchoring bias in stock market? Evidence based on post-earnings announcement drift. Pacific-Basin Finance Journal, 48, 224-240. .
Singh, S., & Nag, A. (2016). The role of behavioral finance in modern age investment. Journal of Management and Science, 6(1), 135-149. .
Tharp, D. T., Seay, M. C., Carswell, A. T., & MacDonald, M. (2020). Big Five personality traits, dispositional affect, and financial satisfaction among older adults. Personality and Individual Differences, 166, 110211. .
Yang, J., & Qiu, W. (2005). A measure of risk and a decision-making model based on expected utility and entropy. European Journal of Operational Research, 164(3), 792-799. .
Yu, H., Dan, M., Ma, Q., & Jin, J. (2018). They all do it, will you? Event-related potential evidence of herding behavior in online peer-to-peer lending. Neuroscience letters, 681, 1-5.