A comprehensive Model Including Macro and Micro Factors Affecting Investment Motives in Stock Exchange Market

Subject Areas : Financial Knowledge of Securities Analysis

Ali Mohammadi ¹ , Firouzeh Setoudeh ²

1 - دانشیار گروه مدیریت دانشگاه شیراز
2 - دانشجوی دوره دکتری مدیریت سیستم ها، دانشگاه شیراز

Received: 2014-09-06 Accepted : 2014-10-23 Published : 2015-06-22

Keywords: investment motives, stock exchange market, macro and micro factors, structural equation,

Abstract :

As previous researches have shown, investors in stock exchange market are affectedby various factors. Therefore this research is aimed to identify and rank these influentialfactors. For this purpose a general model including macro (political and economical) andmicro (enterprise information, market information and psychological variables) factors isintroduced. Questionnaire was formed by a synthesis of existing constructs in relevantliterature. Reliability tests and statistical analyses were performed to confirm scalevalidity and reliability and to answer the research questions. Structural equation modelwas applied for this purpose. Statistical analyses revealed that, except for scientificanalysis (technical and fundamental) all the factors are positively and significantly relatedto investment motives. Also Friedman test showed that financial information, politicalfactors and trade information are most influential factors in investor’s motive. It worth tomention that this general model has been used for the first time and previous studies havebeen considered a part of these variables.