Identifying the Effective Factors on Investors' Behavior and Developing a Measurement Model
الموضوعات :Eslam Shafeie noghlebari 1 , Seyed mozaffar Mirbargkar 2 , Ebrahim Chirani 3 , mohamad Reza vatanparast 4
1 - Department of Management and Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran
2 - Department of Management and Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran
3 - Department of Management and Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran
4 - Department of Management and Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran
الکلمات المفتاحية: financial literacy, investment, first and second order confirmatory factor analysis, Investors' behavior,
ملخص المقالة :
Objective: To identify the components affecting the behavior of investors and to develop a measurement model using a confirmatory factor analysis approach.Method: This is a correlational paper to identifythe dimensions and structures affecting investor behavior first using TOPSIS technique and then with first-order confirmatory factor analysis and second-order factor analysis. The statistical population includes people who have been active in the Tehran Stock Exchange for at least two years with asample of 327. The sampling method is convenience nonprobability sampling. The data was collected through a researcher-made questionnaire. The expert approval and Cronbach's alpha coefficient were used to assess the content validity. Findings: the current paperidentified seven factors as effective factors on investor behavior according to the theoretical literature and research background using TOPSIS technique. In the next stage, the research findings using the confirmatory factor analysis approach indicate that the two factors of investor financial literacy and investor personality traits have the most effective role in investor behavior. Also, the factors of higher expected returns, rules and regulations, security, profitability, position and location of investment are the next effective priorities on the behavior of investors.
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