Examining the effect of perceived past returns on the psychological mechanisms of investors with emphasis on The moderating role of gender

Subject Areas : Financial Economics

mohammadmahdi aminizadeh ¹ , ahmad khodamipour ² , امید پور حیدری ³

1 - PhD Student, Department of Accounting, Kerman Branch, Islamic Azad University, Kerman, Iran
2 - Professor, Shahid Bahonar University of Kerman, Iran
3 - استاد، گروه حسابداری، دانشکاه شهید باهنر، کرمان، ایران

Received: 2023-02-27 Accepted : 2024-08-13 Published : 2024-09-11

Keywords: Perceived past performance, psychological mechanisms, gender.,

Abstract :

Psychological phenomena play an important role in determining the behavior of financial markets, so it is very important to know the factors affecting the psychological mechanisms of investors and the effect of gender on these behavioral errors in the capital market. Therefore, considering the importance of this issue, in this research, while investigating the effect of perceived past returns, the effects of investor gender on the psychological mechanisms of investors are studied as a moderating variable. The statistical population of the research is active investors in the Tehran Stock Exchange market. The research hypotheses were tested using data related to 347 questionnaires collected from investors in 1401. Data analysis was done using structural equation model in Amos software. The findings of the research show that past perceived returns significantly affect psychological mechanisms and gender moderates the relationship between past perceived returns and psychological mechanisms, in other words, gender is the relationship between past perceived returns and It strengthens psychological mechanisms. From the results of the research, it can be concluded that investors in the Tehran Stock Exchange often make decisions not based on fundamental and logical analysis, but based on emotions, mental shortcuts and emotions caused by behavioral biases.