Designing a Model of Effective Personality and Behavioral Factors of Real Investors in the Tehran Stock Exchange: Meta-synthesis Method

Subject Areas : Management

َAzam Yaghoubi ¹ , Parviz Saeidi ² , Jomadoordi Gorganli Davaji ³ , Maryam Bokharaeian Khorasani ⁴

1 - Ph.D. Candidate Department Financial engineering, Ali Abad Katoul Branch, Islamic Azad University, Ali Abad Katoul, Iran
2 - Prof. Department of Finance and Accounting, Ali Abad Katoul Branch, Islamic Azad University, Ali Abad Katoul, Iran
3 - Assistant Prof. Department of Accounting, Ali Abad Katoul Branch, Islamic Azad University, Ali Abad Katoul, Iran
4 - Assistant Prof. Department of Accounting, Ali Abad Katoul Branch, Islamic Azad University, Ali Abad Katoul, Iran

Received: 2024-10-13 Accepted : 2025-05-08 Published : 2025-07-30

Keywords: Investor Personality, Investor Behavior, Behavioral Finance, Meta-synthesis Method.,

Abstract :

In this study, investors' personality and behavioral indicators and components were systematically identified, coded, and categorized using the meta-synthesis method. Then, a model for the effective personality and behavioral factors of real investors in the Tehran Stock Exchange was presented. Given the qualitative nature of the study, the validity of the conceptual framework was confirmed using the Delphi method, using snowball sampling and the opinions of experts, which included 15 faculty members and capital market experts. The statistical population of the study included all available sources and articles between 2014 and 2024, and 1393 to 1403. In this study, out of 379 evaluated articles, 328 articles were eliminated in several stages, and finally, 51 articles remained. The components extracted from the studied articles were coded and finally categorized into 9 main categories and 25 subcategories. The results showed that individual beliefs, behavioral attitudes, and internal perceptions lead to behavioral states, behavioral reactions, individual performance behaviors, individual interactions, emotional behaviors, and behavioral biases. These factors affecting information spaces, information dissemination, financial information perception, which on the one hand are individual personality factors, hereditary factors, creativity, awareness and knowledge, capabilities and acquired factors, and on the other hand, environmental factors, market strategies, social and economic factors are intervening factors, the consequences of which include investment culture, financial attitudes, financial risks and confidence levels

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