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Open Access Article
1 - Designing the behavioral bias pattern of investors with theme analysis and fuzzy interpretive-Delphi structural approach
Arezo Jabari Khouzani Allah Karam Salehi Ahmad, Kaab Omeir Soheila Zarinjooy AlvarPurpose: The purpose of the current research is to design the behavioral bias pattern of investors with theme analysis and fuzzy interpretative-Delphi structural approach.Methodology: This research is one of the mixed researches with qualitative and quantitative approac MorePurpose: The purpose of the current research is to design the behavioral bias pattern of investors with theme analysis and fuzzy interpretative-Delphi structural approach.Methodology: This research is one of the mixed researches with qualitative and quantitative approach that was carried out in the period of 2020-2021. The statistical population of the research consists of managers and experts in the field of capital market and academic experts, and 16 of them were selected as sample members using the principle of theoretical adequacy and the snowball sampling method. In the qualitative part of the research, the method of theme analysis was used to identify the influencing factors on behavioral bias and to collect data, a semi-structured (in-depth) interview was used. Also, in the quantitative section, a questionnaire was used to collect information, and interpretive structural analysis and MICMAC analysis were used to determine the most effective components.Findings: The findings in the qualitative part using thematic analysis showed that the factors affecting the behavior biases of investors in Iran is consist of personality traits, perceptual and behavioral traps, customer journey map, emergence of collective mind, revelatory behavior theory, perspective theory, market theory and cognitive alignment.Originality / Value: The results of the research include the identification and prioritization of the most important factors influencing the behavior of investors, and finally, 8 main components and 33 determining themes were identified according to experts, which can be used to clarify the investors decisions, better analyze and improve the capital market efficiency. Manuscript profile -
Open Access Article
2 - Evaluation of the optimal portfolio portfolio using market criteria using multi-criteria decision criteria under conditions of uncertanty in the Iranian capital market
Kamran Taghizadeh Saber Mullah Alizadeh Zavardehi Allah Karam Salehi Ali Mahmoudi RadPurpose: The present study was formed with the aim of evaluating the optimal portfolio portfolio using market criteria using multi-criteria decision criteria under conditions of uncertainty in the Iranian capital market.Methodology: This study was a combination of quali MorePurpose: The present study was formed with the aim of evaluating the optimal portfolio portfolio using market criteria using multi-criteria decision criteria under conditions of uncertainty in the Iranian capital market.Methodology: This study was a combination of qualitative and quantitative research and its population in the qualitative section included 20 managers of Tehran Stock Exchange companies and university professors and in the quantitative statistical sample section, 30 managers and experts of listed companies. Which were purposefully selected and participated in the research.Findings: The results of the qualitative section based on the data method of the foundation showed that the effective criteria for evaluating the optimal capital portfolio include 5 market criteria. Market criteria include country risk; Systematic risk; Devaluation of the market; Devaluation of the equity market; Decreasing market profits. The results of the quantitative section were ranked using multi-criteria decision making methods. Based on this, first the general market components criteria were ranked based on AHP, which have the first to fifth rank criteria of country risk, reduction of company profit, reduction of growth opportunities, reduction of equity market and systematic risk in the market segment. Also, to electrify the sub-criteria (propositions), the method of electrification and topsis were used. Based on the Electra method in the foreign exchange market segment, sanctions and the risk of increasing the ratio of materials and products and sanctions were ranked first to third, respectively. Which showed the consistency of the ranking results in both methods.Originality / Value: Research findings can be effective in optimizing the portfolio portfolio and can also be effective in the current favorable market conditions in the Iranian capital market. Manuscript profile -
Open Access Article
3 - winner stock momentum in Iran
Mehdi Elhaei Sahar Rezvan Hejazi Allah Karam Salehi Hossein MoltafetLately, the anomalies in capital markets have severely challenged the efficient hypothesis. The winner stock momentum is one of the anomalies called the unexplained short-term return by Fama and French (1996). The current study attempts for explaining the winner stock m MoreLately, the anomalies in capital markets have severely challenged the efficient hypothesis. The winner stock momentum is one of the anomalies called the unexplained short-term return by Fama and French (1996). The current study attempts for explaining the winner stock momentum in the Iranian capital market. The grounded theory method was used to explain wining stock momentum. To this end, in-depth interviews were held with 32 specialists working in the professional and academic grounds in 2018. The collected data were encoded in three stages, and the results were presented as a conceptual paradigm. Then, to quantify the model by the fuzzy analytic hierarchy process, a pairwise comparison questionnaire was distributed among the specialists. The research results are presented as a qualitative-quantitative model and the story extracted by grounded theory.The study discoveries recognized the momentum causal factors in the behavioral level, the background factors in the social, macroeconomics, and market levels, the intervening factors in the global economics, macroeconomics, market, and company levels, and the strategies in the social, macroeconomics, market, the investment and finances institutions, and consequences factors in market level.The study results propose that the winner stock momentum phenomenon must not be considered a speculation opportunity. Rather, it is an anomaly that has to be controlled with the suggested strategies. Manuscript profile -
Open Access Article
4 - Investigating the contrarian trading strategy performance in the Tehran stock exchange based on the firm's risk criteria
Ebrahim Qashqai Allah Karam Salehi ali mahmoodiradPurpose: In traditional financial theory, the efficient market hypothesis states that market efficiency prevails in every stock exchange. However, evidence of market anomalies such as momentum effect and reversal effect exists. The aim of this study is to examine the pe MorePurpose: In traditional financial theory, the efficient market hypothesis states that market efficiency prevails in every stock exchange. However, evidence of market anomalies such as momentum effect and reversal effect exists. The aim of this study is to examine the performance of the reverse trading strategy under risk measures. To achieve this objective, four hypotheses were proposed.Methodology: This research employs a descriptive correlational method. The population of the study consists of all listed companies in the Tehran Stock Exchange during the period from 2013 to 2020. A systematic sampling technique was used to select a sample of 118 companies. Reverse profit is considered as the dependent variable, while systematic risk, liquidity risk, credit risk, and financial leverage are considered as explanatory variables.Findings: The findings indicate that systematic risk has a positive effect on reverse profit in all holding and formation periods. Liquidity risk does not have a significant impact on reverse profit. Credit risk and financial leverage have a positive effect on reverse profit. Furthermore, the results show that the influence of systematic risk, credit risk, and financial leverage on reverse profit is greater in the 24-month period compared to the 12-month and 36-month periods.Originality / Value: The results of this study provide valuable insights for portfolio investors and managers to consider company risks when investing through the reverse trading strategy. Additionally, market participants should focus on high levels of systematic risk, credit risk, and financial leverage when utilizing the reverse trading strategy, as these risk dimensions present opportunities for them to achieve extraordinary returns. Manuscript profile -
Open Access Article
5 - Presenting the development model of technological start-ups in companies admitted to the Tehran Stock Exchange for the dynamics of extra-organizational management mechanisms
Pezhman Hajatpoor saber Mollaalizadeh Zavardehi Allah Karam SalehiPurpose: Organizations today operate in an uncertain, complex, and rapidly changing environment that necessitates the development of capabilities and capacities for competitive advantage. The aim of this research is to present a model for the development of technologica MorePurpose: Organizations today operate in an uncertain, complex, and rapidly changing environment that necessitates the development of capabilities and capacities for competitive advantage. The aim of this research is to present a model for the development of technological startups to enhance the dynamics of extra-organizational navigation mechanisms. Methodology: The research adopts an exploratory objective and a mixed-method approach (qualitative-quantitative). The qualitative research population consists of experts and top managers of industrial companies listed on the stock exchange, with 20 purposively selected participants, and sampling continued until theoretical saturation was achieved.Within the quantitative segment, the sample comprises 500 individuals drawn from the academic faculty, senior executives, middle managers, and industry experts associated with firms listed on the Tehran Stock Exchange. The sample size of 217 individuals was determined using Cochran's formula for the period spanning 2012 to 2022. Findings: The results indicate that constraints on financial resources (research and development budgets) and risk-sharing, the transition towards the digital economy synchronized with regional and global developments, market penetration processes, increasing competitiveness, and the formation of an economic scale for product development, as well as social and cultural transformations such as the emergence of an educated middle class, underscore the necessity of strategic thinking in organizations commensurate with changes in the operating environment as key factors in the development of startups. Moreover, contextual and intervening factors include 10 and 5 categories, respectively, comprising macroeconomic conditions and constraints in attracting foreign investment, and the inherent complexity of innovation and commercialization, especially in advanced technology domains. Furthermore, strategies encompassing 16 components, including adopting an agile startup approach and risk-taking and crisis management. Additionally, consequential categories include creating value for businesses following a market-oriented approach through resource integration and product development. In the quantitative section, the conceptual research model was tested, and the research hypothesis was confirmed. Originality/Scientific Contribution: The research findings can contribute to enhancing competition among companies listed on the stock exchange, and it is expected that the establishment of extra-organizational navigation mechanisms will effectively assist in the implementation of the board of directors' tasks and compliance with legal requirements. Manuscript profile -
Open Access Article
6 - Designing a wisdom model in promoting crowd decision-making in the capital market
Azizollah Askarzadeh Allah Karam Salehi saber Molla-Alizadeh-Zavardehi Reza TehraniObjective: This research was presented with the aim of designing a model of wisdom in promoting crowd decision-making in the capital market.Method: In terms of exploratory purpose and in terms of results, this research is part of developmental research and in terms of d MoreObjective: This research was presented with the aim of designing a model of wisdom in promoting crowd decision-making in the capital market.Method: In terms of exploratory purpose and in terms of results, this research is part of developmental research and in terms of data type it is part of mixed research. In the qualitative part, it has attempted to provide a wise model in order to promote crowd decision-making in the capital market using the theoretical analysis approach of the database, through interviews with 22 experts in the field of industrial and financial management, including university managers and professors. Then, in the quantitative part, with the participation of 80 professors, doctoral students, managers of different levels of the top 50 capital market companies, the qualitative model designed using structural equation modeling was evaluated.Findings: The results show that the wisdom of managers in line with the pluralism the values of shareholders and beneficiaries, affected by the risk caused by multiple information sources, in the field of cost-oriented components, like facilitating the access to organizational financial resources, market-oriented components, like facilitating the access to extra-organizational financial resources And in bio-based components, the global economy's turn towards circular economy is affected.Originality/scientific added : results show that the implementation of wise strategies to promote pluralistic social values can lead to increasing the legitimacy of the decision from the point of view of the stakeholders, the effectiveness of the competition, reducing the conflict of interest in decision-making and emphasizing the social dimensions Manuscript profile
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