بررسی اثر بازده‌های درک‌شده گذشته بر سرمایه‌گذاری در سهام پرریسک با درنظر‌گرفتن نقش میانجی‌گری اثر شترمرغ

الموضوعات :

محمدمهدی امینی‌زاده ¹ , احمد خدامی‌پور ² , امید پورحیدری ³

1 - گروه حسابداری، واحد کرمان، دانشگاه آزاد اسلامی، کرمان، ایران.
2 - گروه حسابداری، دانشگاه شهید باهنر کرمان، کرمان، ایران.
3 - گروه حسابداری، دانشگاه شهید باهنر کرمان، کرمان، ایران.

تاريخ الإرسال : 24 الأربعاء , ربيع الثاني, 1445 تاريخ التأكيد : 04 السبت , شوال, 1445 تاريخ الإصدار : 27 الثلاثاء , ذو القعدة, 1445

الکلمات المفتاحية: اثر شترمرغ, بازده‌های درک‌شده گذشته, سرمایه‌گذاری در سهام پرریسک,

ملخص المقالة :

هدف: بحران‌های مالی اخیر و پیامد‌های آن، پرسش‌هایی را دررابطه‌با رفتارهای پر‌خطر و عواملی که باعث تغییرات در ریسک‌پذیری افراد می‌شود ایجاد می‌کند؛ بنابراین شناخت عوامل مؤثر بر تصمیمات سرمایه‌گذاری پرریسک و نقش پدیده‌های روان‌شناختی بر رفتار معاملاتی سرمایه‌گذاران در بازار سرمایه بسیار حائز اهمیت است. ازاین‌رو باتوجه‌به اهمیت این مسئله، در این پژوهش به بررسی تجربی نقش میانجی‌گری اثر شترمرغ بر توضیح رابطه بین بازده‌های درک‌شده گذشته و سرمایه‌گذاری در سهام پرریسک پرداخته شده است. روش‌شناسی پژوهش: پژوهش پیش رو از نظر هدف، کاربردی و از نظر راهبرد و نحوه جمع‌آوری و تحلیل اطلاعات پیمایشی - توصیفی است. به همین منظور تعداد 432 پرسش‌نامه در بهار سال 1402 بین سرمایه‌گذاران توزیع و از این تعداد 396 پرسش‌نامه مورد پذیرش قرار گرفت. تجزیه‌وتحلیل داده‌ها با استفاده از مدل معادلات ساختاری در نرم‌افزار آماری آیموس و به روش برآورد حداکثر درست‌نمایی صورت گرفت. یافته‌ها: نتایج نشان می‌دهد که بازده درک‌شده گذشته بر سرمایه‌گذاری در سهام پر‌ریسک و اثر شترمرغ تأثیر مثبت و معناداری دارد. همچنین اثر شترمرغ بر سرمایه‌گذاری در سهام پرریسک اثر مثبت و معناداری می‌گذارد. به‌صورت کلی یافته‌ها نشان می‌دهد که در رابطه بین بازده درک‌شده گذشته و سرمایه‌گذاری در سهام پرریسک، متغیر اثر شترمرغ نقش میانجی را ایفا می‌کند. اصالت / ارزش‌افزوده علمی: نتایج نشان داد که عمدتاً سرمایه‌گذاران تحت‌تأثیر باورهای ذهنی از تجربیات گذشته و تعصبات رفتاری که یک انحراف بالقوه از تصمیم‌گیری منطقی به نظر می‌رسد، تصمیمات سرمایه‌گذاری خود را اتخاذ می‌کنند که نتیجه آن خطر سقوط قیمت سهام و در نهایت بازدهی کمتر را برای سرمایه‌گذاران به دنبال خواهد داشت.

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