Designing paradigmatic model of investors' behavior at the capital market with an emphasis on local indicators

Subject Areas : Investments

Morteza Maryami Yaghoubian ¹ , Ali Najafi Moghaddam ² , Farideh Haghshenas Kashani ³ , Bita Nasrollahi ⁴

1 - Department of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran.
2 - Department of Accounting, South Tehran Branch, Islamic Azad University, Tehran, Iran.
3 - Department of Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran.
4 - Department of Psychology, Science and Research Branch, Islamic Azad University, Tehran, Iran.

Received: 2023-01-30 Accepted : 2023-05-29 Published : 2023-08-23

Keywords: Local pattern, Paradigm Model, Investors’ Behavior,

Abstract :

Purpose: The general goal of this research is to provide a model to explain the behavior of real investors in the Iranian capital market with an emphasis on local indicators.Methodology: The research is done using applied and qualitative method based on grounded data theory technique. Data were collected through semi-structured interviews and theoretical sampling continued until the categories were saturated. Then, based on the theoretical systematic approach of Strauss and Corbin in the three main steps of open, central and selective coding, the paradigm model of investors' behavior was presented with emphasis on local indicators.Findings: The findings showed that the central category of the paradigm model and the causal conditions affecting the behavior of investors, in terms of background and involved factors, are placed in two main groups: behavioral-psychological and demographic factors, which are 19 categories of behavioral and psychological factors and demographic factors. 5 categories have the most importance on the behavior of investors.Originality / Value: In many studies, only the semi-conscious aspect of the mind and with medical equipment has been addressed. While in this study, the conscious and alert aspects of investors' minds have been analyzed.

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