The Impact of Behavioral Biases on Investors' Decision-Making With the Mediating Role of Risk Perception and the Moderating Roles of Financial Literacy, Emotional Stability, and Market Segmentation Preferences

Subject Areas : Financial and Behavioral Researches in Accounting

Mohammad Reza Radfar ¹ , Elaheh Tavakoli ²

1 -
2 - Department of Financial Management, ST.C., Islamic Azad University, Tehran, Iran

Received: 2025-08-04 Accepted : 2025-09-12 Published : 2025-09-07

Keywords: Behavioral Biases, Investment Decision-Making, Financial Literacy, Emotional Stability, Risk Perception,

Abstract :

While the traditional financial perspective assumes that investors’ behavior is rational, behavioral finance argues that investors’ decisions are not solely based on logic but are also influenced by emotional factors and behavioral biases. These biases can lead to deviations in investors’ decision-making and cause anomalies in financial markets. This study examines the impact of behavioral biases on investors’ decision-making, considering the mediating role of risk perception and the moderating roles of financial literacy, emotional stability, and market segmentation preferences. The research is descriptive-survey in nature and categorized as applied research. The statistical population includes active investors in the Tehran Stock Exchange. Data were collected from 384 respondents using a questionnaire and analyzed through structural equation modeling with SmartPLS software. The results indicate that behavioral biases have a significant direct effect on investors’ decision-making. Furthermore, risk perception serves as a mediator in this relationship, while financial literacy and emotional stability act as significant moderators. However, the moderating role of market segmentation preferences in the relationship between behavioral biases and investors’ decision-making was not found to be significant. The findings of this study can assist financial policymakers, investment advisors, and educational institutions in better understanding the factors influencing decision-making and improving the quality of investment decisions.

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