Investigating the impact of neuro-financial indicators on the behavior of capital market investors

Subject Areas : Journal of Capital Market Analysis

Ahmad Arian Tabar ¹ , maryam Bokhareian Khorasani ^{2 *} , Parviz Saeedi ³ , Maryam Nouraei ⁴

1 - Department of Finance, Aliabad Katoul Branch, Islamic Azad University, Aliabad Katoul, Iran.
2 - Department of Accounting, Aliabad Katul Branch, Islamic Azad University, Aliabad Katul, Iran.
3 - Department of Management and Accounting, Aliabad Katoul Branch, Islamic AzadUniversity, Aliabad Katoul, Iran.
4 - Department of Accounting, Kermanshah Branch, Islamic Azad University, Kermanshah, Iran

Received: 2024-08-29 Accepted : 2025-02-23 Published : 2025-06-21

Keywords: risk-taking, optimism, neurofinance, Testosterone, Cortisol,

Abstract :

The main goal of this research is to investigate the risk-taking and optimism of capital market investors based on measuring hormones with a neurofinancial approach. One of the most important behavioral factors of investors is risk-taking and optimism; Therefore, these two behavioral characteristics and the level of hormones affecting them have been studied based on the age and gender of investors in the capital market. The statistical sample of the research includes 77 professional investors of the capital market, in order to collect data in this research, a standard questionnaire and a clinical test were used. Hormonal measurement (testosterone and cortisol at 8 AM) was done by serum method by blood test method and data analysis was done with smart pls software version 3. This research is cross-sectional in terms of time and experimental in terms of its basic purpose. The results showed that both hormones have a significant relationship with risk-taking and optimism. Testosterone hormone level has a significant and direct effect on risk tolerance and optimism; But the change of cortisol hormone at 8 am has an inverse relationship with risk tolerance and optimism. The inclusion of the gender variable in the relationship shows that this relationship is si gnificant for men, but no significant relationship is observed for women;

Therefore, the gender variable moderates. On the other hand, the inclusion of the age variable in the relationship shows that the age of the studied subjects moderates the relationship. shows that this relationship is significant for men, but for women, no significant relationship is observed and the gender variable moderates.

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