The Impact of Behavioral Financial Characteristics on Investment Decisions by Emphasizing the Mediating Role of Individual and General Characteristics of Investors in Tehran Stock Exchange

Subject Areas : Financial and Behavioral Researches in Accounting

Azadeh Fooladi ¹ , Sedigheh Tootian Esfahani ² , Hossein Eslami Mofid Abadi ³

1 - Graduate of Business Administration, Financial management trends, Department of Management, Islamic Azad University, West Tehran Branch, Tehran, Iran
2 - Associate Prof. Department of Management, Faculty of Management, West-Tehran Branch, Islamic Azad University, Tehran, Iran
3 - Department of Accounting and Management, Shahryar Branch, Islamic Azad University, Shahryar, Iran,

Received: 2022-01-21 Accepted : 2022-03-02 Published : 2022-02-20

Keywords: Investment decisions, General and Individual Characteristics of Investors, Behavioral Finance,

Abstract :

The main purpose of this study was to investigate the effect of financial and behavioral characteristics on investment decisions by considering the mediating role of individual and general characteristics of investors in the Tehran Stock Exchange. The statistical population of this study includes active investors in Tehran Stock Exchange. The sample size obtained using the formula is 384 Cochrane. In order to measure the research variables, a questionnaire with 43 items and the dimensions of investors' behavioral biases, the decision to invest in stock equations, individual and general characteristics of investors have been used. The present study was descriptive-survey and applied in terms of purpose.In order to test and test the research hypotheses, descriptive and inferential statistical techniques and structural equation modeling methods have been used.Findings of this research showed that investors' behavioral biases have a significant effect on the decision to invest in stocks by mediating the individual and general characteristics of investors. Judgment biases have a significant effect on the decision of investors in stocks by mediating the individual and general characteristics of investors. Also, preferential bias has a significant effect on the decision to invest in stocks with the mediating role of individual and general characteristics of investors. However, the behavioral biases of investors do not have a significant effect on the decision to invest in stocks. But the individual and general characteristics of investors have a significant effect on the decision to invest in stocks.