Presentation a model for Identifying Human Influencing Investors' Behavior in the Iranian Capital Market

Subject Areas : Journal of Investment Knowledge

Arzoo  Khosravani ¹ (Department of accounting kish International branch Islamic. Azad university kish Island Iran.)
Ghodratallah  Talebnia ² (Department of accounting sciences research branch Islamic Azad University Tehran Iran)
fatemeh  sarraf ³ (Department of accounting south Tehran branch Islamic Azad University Tehran Iran.)

Received: 2021-04-15 Accepted : 2021-05-05 Published : 2021-12-22

Keywords: Keywords: Investor behavior, market investment, capital market performance, Financial Literacy, business intelligence,

Abstract :

ABSTRACTConsidering the importance of capital market as a source of financing for Iranian industries in this research, it is attempted to identify, classify and model factors affecting investors' behavior in Iranian capital market using qualitative research method. Accordingly, by interviewing thirty senior experts, 16 key themes were identified based on a paradigm model and structured in six dimensions: motivation, personality, and attitude as "causal conditions"., Media as "interventionist", self-esteem, social status, and financial literacy as "context", social interactions, mental accounting, business intelligence, emotional intelligence, foresight and risk tolerance as "interactive dimension", behavior Investors as the "pivotal phenomenon" and the amount of market investment and capital market performance as the "consequence dimension". The quantitative part of the model was tested by structural equation modeling and the status of the variables was tested by one sample t-test. The capital market is inappropriate. It also found that financial literacy, business intelligence, and futures were the most important factors influencing investor behavior.

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