بررسی نقش شخصیت سرمایه‌گذاران، سواد مالی و ویژگی‌های جمعیت شناختی بر ریسک‌پذیری در بازار سرمایه
محورهای موضوعی : پژوهش های مالی و رفتاری در حسابداری
حمید عباسی
1
,
امیر محمدزاده
2
*
,
محسن ترابیان
3
1 - دانشجوی دکتری مهندسی مالی ، دانشگاه آزاد اسلامی واحد قزوین
2 - دانشیار و عضو هئیت علمی دانشگاه آزاد قزوین
3 - استادیار گروه ریاضی دانشگاه آزاد اسلامی واحد قزوین
کلید واژه: ریسک‌پذیری, ویژگی‌های شخصیتی, سواد مالی, عوامل جمعیت شناختی, مالی رفتاری,
چکیده مقاله :
در پژوهش حاضر، تأثیر شخصیت بر رفتار معاملاتی سرمایه‌گذاران حقیقی در بورس اوراق بهادار تهران با بهره‌گیری از مدل پنج عاملی شخصیت موردبررسی قرارگرفته است. همچنین، سواد مالی و عوامل جمعیت شناختی نظیر سن، جنسیت، تحصیلات، درآمد و تجربه در بورس به‌عنوان متغیرهای تأثیرگذار لحاظ شده‌اند. این تحقیق به‌عنوان یک مطالعه توصیفی و پیمایشی و از نوع کاربردی تلقی می‌شود و جامعه آماری آن شامل 280 نفر از سرمایه‌گذاران فعال در بازار بورس اوراق بهادار تهران است که به‌صورت آنلاین پرسشنامه محقق ساخته را تکمیل کرده‌اند.ابزار تحلیلی مورداستفاده شامل معادلات ساختاری SEM و نرم‌افزار Smart PLS4 می‌باشد که پس از تأیید روایی و پایایی ، فرضیات تحقیق آزمون گردیده‌اند.نتایج این تحقیق حاکی از آن است که سواد مالی تأثیر مثبت و معناداری بر ریسک‌پذیری سرمایه‌گذاران دارد و نشان می‌دهد که دانش مالی می‌تواند به اتخاذ تصمیمات بهتر در حوزه سرمایه‌گذاری منجر شود. از سوی دیگر، در قالب مدل پنج عاملی شخصیت، دو بعد گشودگی به تجربیات و برون‌گرایی تأثیر معناداری بر ریسک‌پذیری داشته‌اند، درحالی‌که سایر ابعاد این مدل شامل انطباق‌پذیری، مسئولیت‌پذیری و روان رنجوری از خود تأثیر معناداری نشان نداده‌اند. علاوه بر این، عوامل جمعیت شناختی نظیر جنسیت، تحصیلات و تجربه در بورس نیز تأثیرات معناداری بر ریسک‌پذیری سرمایه‌گذاران داشته‌اند، درحالی‌که سایر عوامل مانند سن، درآمد و شغل تأثیر قابل‌توجهی ندارند. به‌طورکلی، یافته‌ها نشان می‌دهند که ویژگی‌های شخصیتی، سواد مالی و عوامل جمعیت شناختی به‌طور معناداری حدود 8/69 درصد از رفتار ریسک‌پذیری را پیش‌بینی می‌کنند که توجه به این عوامل می‌تواند به بهبود و افزایش بازده سرمایه‌گذاری‌ها کمک نماید.
In the present study, the effect of personality on the trading behavior of real investors in the Tehran Stock Exchange was investigated using the five-factor personality model. Also, financial literacy and demographic factors such as age, gender, education, income, and experience in the stock exchange were considered as influential variables. This study is considered a descriptive and survey study of an applied type, and its statistical population includes 280 active investors in the Tehran Stock Exchange market who completed a researcher-made questionnaire online. The analytical tools used include SEM structural equations and Smart PLS4 software, which were used to test the research hypotheses after confirming validity and reliability. The results of this study indicate that financial literacy has a positive and significant effect on investors' risk-taking and show that financial knowledge can lead to better investment decisions. On the other hand, in the five-factor personality model, the two dimensions of openness to experience and extraversion had a significant effect on risk-taking, while other dimensions of this model, including adaptability, conscientiousness, and neuroticism, did not show a significant effect. In addition, demographic factors such as gender, education, and experience in the stock market also had a significant effect on investors' risk-taking, while other factors such as age, income, and occupation did not have a significant effect. Overall, the findings show that personality traits, financial literacy, and demographic factors significantly predict about 69.8 percent of risk-taking behavior. these factors can help improve investment returns.
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