تأثیر برونگرایی و روانرنجوری بر نگرش ریسک، درک ریسک و انتظارات بازده سرمایهگذاران
الموضوعات : Corporate Finance
رحمان خانی گنبد
1
,
منصور گرکز
2
,
خدیجه اسلامی
3
,
علیرضا معطوفی
4
,
علی خوزین
5
1 - گروه حسابداری، واحد گرگان، دانشگاه آزاد اسلامی، گرگان، ایران.
2 - گروه حسابداری، واحد گرگان، دانشگاه آزاد اسلامی، گرگان، ایران.
3 - گروه حسابداری، واحد بندر گز، دانشگاه آزاد اسلامی، بندر گز، ایران.
4 - گروه حسابداری، واحد گرگان، دانشگاه آزاد اسلامی، گرگان، ایران.
5 - گروه حسابداری، واحد علیآباد کتول، دانشگاه آزاد اسلامی، علیآباد کتول، ایران.
الکلمات المفتاحية: انتظارات بازده سرمایهگذاران, برونگرایی, بورس اوراق بهادار تهران, درک ریسک, روانرنجوری, نگرش ریسک,
ملخص المقالة :
هدف: هدف پژوهش حاضر بررسی تأثیر برونگرایی و روانرنجوری بر نگرش ریسک، درک ریسک و انتظارات بازده سرمایهگذاران در بورس اوراق بهادار تهران بوده است. این پژوهش در بازه زمانی مهرماه تا آذرماه 1402 انجام شده است. پژوهش انجام یافته کاربردی بوده و ماهیت پژوهش توصیفی، از نگاه نوع رویکرد، قیاسی از دید محیط انجام پژوهش از نوع میدانی است.
روششناسی پژوهش: پژوهش حاضر از نظر روش انجام، پژوهشی از نظر مطالعه، پیمایشی از نظر واحد تجزیهوتحلیل، افراد و از نظر افق زمانی انجام پژوهش از نوع مقطعی میباشد. جامعه آماری پژوهش حاضر سرمایهگذاران سازمان بورس اوراق بهادار تهران است. نمونهگیری به کمک روش نمونهگیری تصادفی انجام شد و حجم نمونه با استفاده از فرمول کوکران به تعداد ۳۸۴ نفر مشخص شد.
یافتهها: نتایج نشان داد برونگرایی و روانرنجوری بر درک ریسک، نگرش ریسک و انتظارات بازده سرمایهگذاران در بورس اوراق بهادار تهران تأثیر معناداری دارد.
اصالت / ارزشافزوده علمی: باتوجهبه نتایج این پژوهش، هم سرمایهگذاران بالفعل و بالقوه بورس اوراق بهادار تهران و هم فعالان بازار سرمایه میتوانند بر نتایج این پژوهش تکیه کرده و از مزایای آن برخوردار شوند. برایناساس، مدل رفتاری و همچنین عقلانیت سرمایهگذاران با نگرش به احساسات سرمایهگذار و ریسک بهبود یافت.
Ahmad, F. (2020). Personality traits as predictor of cognitive biases: moderating role of risk-attitude. Qualitative Research in Financial Markets, 12(4), 465-484.
Ahmadi, E., Mohammadi, P., Rafei, F. M., & Sana, S. S. (2025). Behavioral factors and capital structure: identification and prioritization of influential factors. Data Science in Finance and Economics, 5(1), 76-104.
Ahmed, Z., Rasool, S., Saleem, Q., Khan, M. A., & Kanwal, S. (2022). Mediating role of risk perception between behavioral biases and investor’s investment decisions. Sage Open, 12(2), 21582440221097394.
Babaee, M., Rajaei, Y., Rahimzadeh, A., & Dalmanpour, M. (2024). Behavioral factors affecting the decisions of foreign investors in Iran. Financial Economics, 18(66), 303-338. [In Persian]
Babaei, H., Rezaei, N., Pakmaram, A., & Abdi, R. (2025). Identifying Behavioral Financial Components Using Emotional-Cognitive Dimensions and its Role in the Capital Market Crisis. Iranian Journal of Accounting, Auditing and Finance, 9(3), 53-80.
Bahaghighat, E., & Esmailzadeh Moqri, A. (2021). The effect of investors' emotional behavior with the moderating role of public confidence in stock prices. Financial Accounting and Auditing Research, 13(51), 21-40. [In Persian]
Becker, A., Deckers, T., Dohmen, T., Falk, A., & Kosse, F. (2012). The relationship between economic preferences and psychological personality measures. Annual Review of Economics, 4(1), 453-478.
Davari, A., & Rezazadeh, A. (2013). Structural equation modeling with PLS software. Johad Daneshgahi Publications. [In Persian]
Deck, C., Lee, J., & Reyes, J. (2014). Investing versus gambling: experimental evidence of multi-domain risk attitudes. Applied economics letters, 21(1), 19-23.
Dehnad, K., Boostani, A., & Ghandi, H. (2023). Study of the Knowledge and Content Flows of Articles in the Journal of Advances in Finance and Investment. Journal of Advances in Finance and Investment, 4(1), 167-190. [In Persian]
Durand, R. B., Newby, R., & Sanghani, J. (2008). An intimate portrait of the individual investor. The Journal of Behavioral Finance, 9(4), 193-208.
Ebrahimi, K., Dastgir, M., & Latifi, Z. (2016). The effect of personality characteristics of capital market analysts on investment trends, risk and return of their performance. International Journal of Finance & Managerial Accounting, 1(2), 25-35.
Fallah Poor, S., & Abdollahi, G. (2011). Determining and Prioritizing Behavior Biases of Investors in Tehran Stock Exchange Market: a Fuzzy AHP Approach. Financial Research Journal, 13(31), 99-120. [In Persian]
Fisher, K. L., & Statman, M. (1997). The mean–variance-optimization puzzle: Security portfolios and food portfolios. Financial Analysts Journal, 53(4), 41-50.
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of marketing research, 18(1), 39-50.
Hijroudi, F., Doustar, M., & Moradi, M. (2018). Analysis of the role of five factor model of personality on the The effect of financial information acquisition on behavior of investors in the Tehran Stock Exchange. Journal of Investment Knowledge, 7(25), 39-60. [In Persian]
John, O. P., & Srivastava, S. (1999). The Big-Five trait taxonomy: History, measurement, and theoretical perspectives. Berkeley.
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 363-391.
Laalbar, A., Mirzayi, M., & Khankesh, N. (2024). Investigating the role of psychological characteristics in the relationship between investor personality and investment performance. Financial and Behavioral Researches in Accounting, 3(4), 23-42. [In Persian]
Magner, N., Welker, R. B., & Campbell, T. L. (1996). Testing a model of cognitive budgetary participation processes in a latent variable structural equations framework. Accounting and Business Research, 27(1), 41-50.
Mayfield, C., Perdue, G., & Wooten, K. (2008). Investment management and personality type. Financial services review, 17(3).
Mirbozorgi, S. P., Hematfat, M., & Janani, M. (2022). Explaining the Appropriate Model of Investors Risk Power Based on Personality Characteristics. Financial Accounting and Auditing Research, 14(53), 135-162. [In Persian]
Moazen, F., Pourali, M. R., Maranjory, M., & Alikhani, R. (2024). The effect of individual Moods on auditors' ethical orientation. Financial Economics, 18(67), 423-442. [In Persian]
Moradzadeh, M., Kord, B., Ghasemi, M., Yaghoubi, N. M., & Rigi Koteh, B. (2024). Presenting an Investment Decision Model and Solving The Problem of Emotional Behavior of Novice Investors in Tehran Stock Exchange. Financial Accounting and Auditing Research, 16(62), 25-50. [In Persian]
Nategh Golestan, A., & Zeinabi, N. (2021). The Impact of Personality Characteristics on Risk Perception of stock exchange Investors; Analyzing the Risk Intermediation Role. Journal of Advances in Finance and Investment, 2(4), 33-54. [In Persian]
Nayebmohseni, S., Khalifehsultani, S. A., & Hejazi, R. (2022). Developing a Behavioral Model of Individual Investors’ Decision-making in the Iranian Capital Market. Financial Research Journal, 23(4), 625-652. [In Persian]
Nguyen, L. T., Gallery, G., & Newton, C. (2016). The influence of financial risk tolerance on investment decision-making in a financial advice context. Australasian Accounting, Business and Finance Journal, 10(3).
Nicholson, N., Soane, E., Fenton‐O'Creevy, M., & Willman, P. (2005). Personality and domain‐specific risk taking. Journal of Risk Research, 8(2), 157-176.
Oehler, A., & Wedlich, F. (2018). The relationship of extraversion and neuroticism with risk attitude, risk perception, and return expectations. Journal of Neuroscience, Psychology, and Economics, 11(2), 63-92.
Pan, C. H., & Statman, M. (2013). Investor personality in investor questionnaires. Journal of Investment Consulting, 14(1), 48-56.
Park, J., Choi, E. K., & Choi, M. (2025). Longitudinal analysis of adolescents at high risk of depression: Prediction models. Applied Nursing Research, 82, 151927.
Pavlíček, A., Hintošová, A. B., & Sudzina, F. (2021). Impact of Personality Traits and Demographic Factors on Risk Attitude. SAGE OPEN, 11(4).
Rahnamay Roodposhti, F., Nategh Golestan, A., & Yaghoobnezhad, A. (2014). Investigation of risk perception mental model of investors of Tehran Stock Exchange. Journal of Investment Knowledge, 4(13), 195-216. [In Persian]
Rehman, M. A., Finance, M. H., Ali, M., & Ahmad, M. (2025). Behavioral Finance and Market Inefficiencies: Analyzing the Influence of Investor Psychology, Heuristics, and Biases on Stock Market Anomalies and Investment Decision-Making. Advance Journal of Econometrics and Finance, 3(2), 54-67.
Rezaei, E., & Ansari, M. J. (2016). International Journal of Finance and Management Accounting. The first conference on accounting, management and economics with a dynamic approach to the national economy. [In Persian]
Ryu, D., Kim, H., & Yang, H. (2017). Investor sentiment, trading behavior and stock returns. Applied Economics Letters, 24(12), 826-830.
Shaheen, H., Safdar, M. J., Abdullah, M., Naseem, A., & Khan, M. M. (2025). Personality Traits and Investment Decisions: A Study of the Big Five Personality Traits and Investors Behavior. ASSAJ, 3(02), 910-926.
Tehran Stock Exchange. (2024). Capital Market Status Report. Tehran Stock Exchange. [In Persian]
Treerotchananon, A., Changchit, C., Cutshall, R., Lonkani, R., & Prasertsoontorn, T. (2024). The Influence of Personality Traits on Stock Investment Retention: Insights from Thai Investors. Journal of Risk and Financial Management, 17(11).
Weber, E. U., Anderson, C. J., & Birnbaum, M. H. (1992). A theory of perceived risk and attractiveness. Organizational Behavior and Human Decision Processes, 52(3), 492-523.
Weber, M., Weber, E. U., & Nosić, A. (2013). Who takes risks when and why: Determinants of changes in investor risk taking. Review of Finance, 17(3), 847-883.
Zare Bahnamiri, M. J., & Hasankhani, F. (2021). Auditor Characteristics and Audit Report Lag: A Meta-Analysis. Accounting and Auditing Review, 28(4), 664-690. [In Persian]
