Effect of financial literacy on the relationship between self-control and financial behavior and financial well-beingof individual investors in Tehran Stock Exchange
Subject Areas : Journal of Capital Market Analysis
manizheh mohammadi
1
,
arash naderian
2
,
Majid Ashrafi
3
,
Jomadoordi Gorganli davaji
4
1 - student
2 - faculty
3 - Faculty
4 - Faculty member
Keywords: Behavioral Finance, Self-Control, financial literacy, , financial behavior, financial well-being,
Abstract :
Capital markets have an important role in the economy, so their proper performance will be a key factor in ensuring economic growth, so if capital markets are efficient, economic development will be realized. On the other hand, since currently the country's capital market has been welcomed by investors, it is undoubtedly very important to examine the behavior patterns of investors. Therefore, in this study, the effect of self-control behavioral bias on financial behavior and financial well-being was investigated through the moderating role of investors' financial literacy. For this purpose, the statistical population included individual investors, traders and brokers of Tehran Stock Exchange who were directly active in the market. Also, the statistical sample was determined using Cochran's formula of 421 people. To analyze the data, the PLS structural equation model was used. The results showed that the self-control variable has a significant positive effect on financial behavior, financial well-being and In the sense that with the increase of self-control of stock market investors, their financial behavior and financial well-being will increase. Also, by introducing the variable of financial literacy as a moderating variable, the intensity of the relationship between self-control and behavior and financial well-being increases. In the sense that the financial literacy of individual stock market investors increases the positive relationship between self-control and their behavior and financial well-being.
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