Neurotransmitters, Emotional Intelligence, Personality Traits, and the Behavior and Decisions of Individual Investors
Subject Areas : Finance
mohammad nazaripour
1
,
babak zakizadeh
2
1 - دانشیار، گروه حسابداری، دانشگاه حضرت معصومه (س)، قم، ایران
2 - کارشناسی ارشد مدیریت بازرگانی، گروه مدیریت، دانشگاه آزاد اسلامی واحد سنندج، سنندج، ایران
Keywords: Neurotransmitters, Emotional Intelligence, Personality Traits, Individual Investors, Tehran Stock Exchange ,
Abstract :
Purpose: Neurotransmitters, emotional intelligence, and personality traits are the key factors that affect the behavior and decisions of individual investors. This study aimed to investigate the effects of neurotransmitters, emotional intelligence, and personality traits on the behavior and decisions of individual investors simultaneously, in the Tehran stock exchange.
Design/methodology/approach: In terms of purpose, the current research was practical. In terms of method, it was a descriptive survey research. In terms of time, it was a cross-sectional research. The research data were collected through a questionnaire and convenience sampling method. The sample size was 212 individual investors. Composite reliability, average variance extracted, convergent validity and divergent validity were used to measure the validity and reliability of the questionnaire. Data were analyzed using structural equation modeling.
Findings: This study includes 19 constructs (variables). These constructs include dopamine, serotonin, norepinephrine, and epinephrine (neurotransmitters); Self-appraisal of emotions, other’s emotion appraisal, use of emotion and regulation of emotion (emotional intelligence); extraversion, neuroticism, openness, conscientiousness, and agreeableness (personality traits); investment horizon, risk attitude, personalization of loss, confidence, and control (investors' behavior); and investors' decisions. The current study includes six main hypotheses and 78 sub-hypotheses. The research findings showed that neurotransmitters, emotional intelligence, and personality traits affect the investors' behavior and decisions.
Originality/value: The findings of this study showed that the neurofinance and behavioral finance have a key role in decision making of policymakers and investors. Finally, the findings of this study would provide new horizons in neurofinance and behavioral finance.
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