investment decisions

Open Access Article

1 - Investigation Effect of Financial Reporting Quality on Impact of Dividend on Investment Decisions
Mahdi Arabsalehi Ahmad Googerdchian Majid Hashemi

In recent years, dividend policy, as a factor of influencing decision investment, drawlots of attention in financial literature. Many economic decisions are made based oninformation, which is taken from the accounting information systems. Due to the qualityof informatio More

In recent years, dividend policy, as a factor of influencing decision investment, drawlots of attention in financial literature. Many economic decisions are made based oninformation, which is taken from the accounting information systems. Due to the qualityof information provided to users is necessary and increasing quality of data can be moreefficient investment copmanneis and to maintain and develop their resousces. The aim ofthis study is the investigation effect of financial reporting quality on impact of dividendon investment decisions. Then, the impact of financial reporting quality on thisrelationship has been investigated. Also for evaluating the financial reporting quality, theworking capital accruals quality model was used. Target sample includes 109 of listedcompanies in Tehran Stock Exchange(TSE) during 1385-1391.To analyze the data andhypothesis testing a multiple regression model based on compound data was used. Theresults of the study show that dividend have negative and significant effect on investmentdecisions. Also financial reporting quality mitigates the impact of dividend on investmentdecisions Manuscript profile

Open Access Article

2 - The consequences of financial literacy on investment decisions and investment performance
Saman Rahmani Esfanyar Mohammadi

Due to the dynamic changes in the economic environment, particularly in financial markets, to improve the financial knowledge of investors, financial literacy is a necessity leading to informed financial decisions. This study aimed to identify the consequences of financ More

Due to the dynamic changes in the economic environment, particularly in financial markets, to improve the financial knowledge of investors, financial literacy is a necessity leading to informed financial decisions. This study aimed to identify the consequences of financial literacy on investors' decisions and investment performance in Tehran Stock Exchange. In this field study, a standardized questionnaire was used for data collection. The population was composed of individual investors in the Tehran Stock Exchange, and of this population, 344 investors were selected by simple random sampling and were analyzed using Cochran formula. The structural equation modeling and LISREL software were used to assess the relationships between variables. The results of goodness of fit indices such as RMSEA, GFI and AGFI represented the good fit of the model and the utility of results. The results indicated that the impact of the financial attitude and behavior on financial investment decisions was significantly positive. The investment decision also had a significantly positive effect on investment performance Manuscript profile

Open Access Article

3 - the Effect of Behavioral Biases of Investors on their Decision in Investing at Stocks, Exchange and Fixed Premium Sheets and Bank Deposits
narges yazdanian mohammadreza saeidi

The aim of this study was to evaluate the effect of behavioral biases of investors on their decision in investing at stocks, exchange and fixed income securities. This study was a descriptive-correlation based on gathering information and an applied research based on it More

The aim of this study was to evaluate the effect of behavioral biases of investors on their decision in investing at stocks, exchange and fixed income securities. This study was a descriptive-correlation based on gathering information and an applied research based on its porpuse. The statistical population of research consists of all investors in stock market, exchange market and fixed premium sheets and bank deposits investors in an undefined number. Referring to Cochran sampling formula a number of 513 individuals were selected in a random way and validated questionnaires of study distributed among them. Data of research was analyzed by structural equation models. Findings showed that cognitive and emotional biases have direct and significant effect on the investor’s attitude to investment in each of stocks, exchange and fixed premium sheets and bank deposits assets. The results showed that investor’s attitude to investment in risky assets such as stocks and exchange, is more affected by their emotional biases, while investment in non risky assets such as fixed income securities is more affected by investor’s cognitive biases. Manuscript profile

Open Access Article

4 - Investigating the Relationship between Financial Reporting Quality andCorporate Investment Decisions with an Emphasis on Accounting Information Governance Role
Mahmoud Karimi ali eshaghzade Mohammad Salehifar

This research investigates the relationship between financial reporting quality and corporate investment decisions in terms of the role of accounting information governance in Tehran Stock Exchange. Although researches has been conducted on the quality of corporate fina More

This research investigates the relationship between financial reporting quality and corporate investment decisions in terms of the role of accounting information governance in Tehran Stock Exchange. Although researches has been conducted on the quality of corporate finance reporting and investment, none of them have addressed the role that accounting and financial reporting information plays in strengthening corporate governance. The present research is a descriptive-correlative research aim in terms of development. The statistical population of this research are the listed companies in Tehran Stock Exchange from 2012 to 2016. After systematic screening and deletion, 105 companies were sampled and analyzed using Spearman correlation coefficient. The results showed that high-quality accounting information by playing a role of governance would help investors identify inefficient investments and, by adopting buy-and-sell positions in relation to company stocks, would focus management on the core business of the company. As a result, efficiency in the allocation of capital is enhanced and the capital is absorbed into the core of the business of the company (not interests of the managers). Manuscript profile

Open Access Article

5 - Behavioral biases and decisions of real and legal investors under conditions of uncertainty in Tehran Stock Exchange
mohammad zeynivand mohammad hasan janani mahmod hematfar mohammad reza setayesh

In this study, the behavioral biases and decisions of real and legal investors under conditions of uncertainty in the Tehran Stock Exchange were investigated. For this purpose, two market conditions including uncertainty due to uptrend without resistance and uncertainty More

In this study, the behavioral biases and decisions of real and legal investors under conditions of uncertainty in the Tehran Stock Exchange were investigated. For this purpose, two market conditions including uncertainty due to uptrend without resistance and uncertainty due to downtrend without support are studied as conditions of uncertainty in investment decisions and the effect of 15 behavioral biases of investors in two groups of investors. Real and legal were tested on financial decisions based on buying, selling or not taking action for the transaction. The statistical population of the study included real and legal investors in the Tehran Stock Exchange, of which 385 real investors and 100 legal investors were selected by available sampling method and research questionnaires were provided to them. In order to analyze the data obtained from the distribution of the questionnaire, the fitting of polynomial logistic regression models was used and the results showed that the behavioral biases of real and legal investors had different effects on their investment decisions and also the type of influence of each. Behavioral biases on a variety of investment decisions have varied due to market uncertainty. Finally, models were proposed to predict the investment decisions of both groups of real and legal investors using their behavioral biases. Manuscript profile

Open Access Article

6 - Present the Model of the relationship between financial intelligence behavioral trends and their impact on investors decisions based on the theory of planned behavior
Zahra Bineshian Farhad Dehdar

In this study we present a modle to show the impact of financial intelligence and behaviors tendencies of invester`s decisions based on the theory of planned behavior. statistical community in this research is Tehran stock exchange.the data collected through Standardize More

In this study we present a modle to show the impact of financial intelligence and behaviors tendencies of invester`s decisions based on the theory of planned behavior. statistical community in this research is Tehran stock exchange.the data collected through Standardized questionnaire including,investment decisions that distributed among  active investors in Tehran stock exchange in the second half of the 1395 were distributed.analysis of data is based on t-test and using spss 23 , smart pls3.to assess normality we use the kolmogrof-smirnof test.the results show that variables such rational behavior,the behavior of the messes,reaction,behavior based on experience and trial and error behavorial based on behavorial and attitudinal trends,norm behaivior perceived behavior control based on financial intelligence and eventually effect investment decisions. The impact of behavioral tendencies 0.822 and  financial intelligence was 0.810 and behavior tendency to have a greater impact on investment decisions is financial intelligence.     Manuscript profile

Open Access Article

7 - 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
Azadeh Fooladi Sedigheh Tootian Esfahani Hossein Eslami Mofid Abadi

10.30486/fbra.2022.1950412.1068

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 popula More

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. Manuscript profile

Open Access Article

8 - The Impact Of Heuristic Biases In Investment Decision-Making And Perceived Market Efficiency A Survey At The Tehran Stock Exchange
Mohammad Sayrani Moharram razmjoy Raheleh Samari

10.30486/fbra.2023.1987550.1199

After the global crisis of 2008 and the severe fluctuations of financial markets around the world, the study of investor behavior has received more attention in the field of behavioral finance, and investors' emotions have been one of the key factors determining market More

After the global crisis of 2008 and the severe fluctuations of financial markets around the world, the study of investor behavior has received more attention in the field of behavioral finance, and investors' emotions have been one of the key factors determining market movements. Behavioral finance is an evolving field that studies how and what. In this context, it seems important to study the role of emotions such as fear, greed, expectation, as well as the impact of the unconscious mind and beliefs in shaping investment decisions and its impact on market efficiency. This thesis seeks to find an important impact. The most behavioral financial concepts (or cognitive biases) such as overconfidence, stereotypes, familiarity and reliance on individual investors' decisions and market efficiency in Tehran Stock Exchange.The primary data for testing the research model was collected by distributing a structured questionnaire among 400 individual investors active in the Tehran Stock Exchange, and the data of 386 investors was used as the basis for processing. Also, structural equation modeling or partial least squares method was used for data analysis.The findings of this research show that there is a positive and significant relationship between overconfidence biases and representation with the perceived efficiency of the market and investors' decisions, as well as a negative and significant relationship between familiarity with market efficiency and investors' decisions. Yes, but the significance of the relationship between these two variables with reliance bias was not confirmed. Manuscript profile

Open Access Article

9 - The Moderating Role of Media Financial Literacy on the Relationship Between Behavioral Orientation and Investment Decisions with a Focus on Individuals' Gender
Hadiseh Darvish Mohsen Hashemi Gohar Khalil Shekasteh Band

10.30486/fbra.2023.2000227.1240

The purpose of this research is to investigate the moderating role of media financial literacy on the relationship between behavioral orientation and investment decisions, emphasizing the gender of individuals. The current research is applied in terms of purpose and des More

The purpose of this research is to investigate the moderating role of media financial literacy on the relationship between behavioral orientation and investment decisions, emphasizing the gender of individuals. The current research is applied in terms of purpose and descriptive-correlation in terms of data collection. A standard questionnaire was used to collect information, and the statistical population is all people working in the profession of auditing and accounting with all their job levels and working in the private and public sector in 1402. Using Cochran's formula, the statistical sample of the research was 384 people and sampling was also done by simple random sampling. By using structural equations by Smart Pls3 software, the validity of the research hypotheses was checked and the results of the hypothesis test showed that overconfidence, herd behavior, mood, risk aversion and media financial literacy influence investment decisions in investors. Mr. and Mrs. is the work. Also, the results showed that media financial literacy moderates the relationship between overconfidence, herd behavior, mood and risk aversion with the investment decisions of male and female investors. Manuscript profile

Open Access Article

10 - Exploring The Effect of Personality and Demographic Characteristics on the Risk-Taking Behavior of Investors
rasoul goshtasbi maharlooi Mohammad Khodaei Valahzaqrd Abdollahi Kiwani . Seyed Mohammad Ali Saeedi

10.30495/jsm.2022.1966338.1681

Manuscript profile

Open Access Article

11 - Evaluation the Effect of life Cycle, Growth Option and Financial Reporting Quality in Mitigating the Constraining Effects of Dividend on Investment Decisions
Ali Naderi Mohsen Dastgir Farzad Karimi

In full capital market there is no relationship between dividend policy and investment decisions. However, frictions of capital market result in the appearance of negative effect of dividend on investment decisions. On way to modify this negative effect is qualified fin More

In full capital market there is no relationship between dividend policy and investment decisions. However, frictions of capital market result in the appearance of negative effect of dividend on investment decisions. On way to modify this negative effect is qualified financial reporting. This modifying effect is more prominent among adolescent firms and firms with high level of investment opportunities. Therefore, the final goal of this research is to investigate modifying effect of life cycle (adolescent firms) and growth opportunities on the negative relationship between dividend and investment decisions.Four hypotheses are considered for answering the above goal. In this way a sample consist of 105 firms listed in Tehran stock exchange were selected to test hypotheses. For estimating regression models, combined data were used during 1390 to 1398. The findings show that dividend has negative effect on the level of firm investment and this effect can be modified by high level of financial reporting quality. This modification effect is more prominent among adolescent firms and firms with high level of investment opportunities. According to these findings, the modifying effect of life cycle and growth opportunities on the modifying effect of financial reporting quality are confirmed empirically. Manuscript profile

Open Access Article

12 - Identifying the Effective Factors of Corporate Investment in the R & D Department
Meghdad Haji Mohammadalijahromi Soleyman Allah VirdiCalhory

The main objective of this paper is to investigate the factors influencing the investment of companies in the research and development sector. The factors considered in this study as independent variables include tangible resources, intangible resources, financial facto More

The main objective of this paper is to investigate the factors influencing the investment of companies in the research and development sector. The factors considered in this study as independent variables include tangible resources, intangible resources, financial factors, market factors, as well as the presence of international companies in the country as an intermediary variable. The research method in this research is applied in terms of applied and descriptive-survey nature and the statistical population selected in this study is all active companies in Takestan industrial towns. The results show that market factors (intensity of competition, complexity of the environment), tangible resources (size of organization and structural capital), intangible resources (manpower, reputation and business resources), and ultimately financial factors (financial independence and profitability of the company) The title of effective factors is the key to deciding on investment in research and development. The results show that the presence of international companies in Iran after the imposition of sanctions and the elimination of sanctions as a mediating variable in terms of intensity of competition does not have a significant effect on directors' decision making on investing in research and development, but the effect of this mediator variable is Then, the impact of environmental complexity on investment decisions on research and development is meaningful. Manuscript profile

Open Access Article

13 - Macroeconomic Uncertainty and Investment Decisions of Banks
حافظ نیکخو تیمور رحمانی فرزانه خلیلی

10.30495/fed.2022.691021

AbstractIn times of uncertainty, the planning, decision-making and policy-making process in all sectors of the economy is disrupted due to the impossibility of predicting the future. The present study seeks to investigate the uncertainty effects of macroeconomics on inv More

AbstractIn times of uncertainty, the planning, decision-making and policy-making process in all sectors of the economy is disrupted due to the impossibility of predicting the future. The present study seeks to investigate the uncertainty effects of macroeconomics on investment decisions of Iranian banks over a 15-year period (2004-2018) using the seasonal data of 15 domestic banks experimentally. For this purpose, first the generalized conditional variance of inflation, exchange rate, economic growth rate and oil price indicators is estimated and then the effect of their average weight as an uncertainty indicator of macroeconomics on banks' investment decisions is identified by panel data method. Our empirical results show a significant relationship between banks' credit portfolio variation and macroeconomic uncertainty. In other words, as the macroeconomic uncertainty and banks' inability to predict their rate of returns on different assets increase, they allocate less resources to risky assets and more resources to safe assets. Also, there is a significant relationship between bank's specific risk and its investment decision. In other words, as the variance of bank's specific indices increase, the dispersion of risky assets in bank's portfolio increases.  Manuscript profile

Open Access Article

14 - Evaluation the Effect of Life Cycle and Expand Option on Regulator Role of Financial Reporting Quality in Mitigating the Constraining Effect of Divide
علی نادری محسن دستگیر فرزاد کریمی

This Research Investigates the Role of Financial Reporting Quality inMitigating the Constraining Effect of Dividend Policy on Investment Decisions with regard to general price index. In this way 107 firms were by systematic elimination and data were modified by general More

This Research Investigates the Role of Financial Reporting Quality inMitigating the Constraining Effect of Dividend Policy on Investment Decisions with regard to general price index. In this way 107 firms were by systematic elimination and data were modified by general price index. We used multiple regression for structuring and testing hypothesis in the pattern of combined data with respect to the effect of life cycle on the structure of expenses, sales and profitability. We classified firms in to the growth, maturity, and decline period. Accordingly the effect of financial reporting quality in the growth and maturity period were evaluated significant and therefore it can be said the different firm characteristics are effective in this phases. In evaluating expand option, the role of Financial Reporting Quality in high expand option firms was significant. Besides The Role of Financial Reporting Quality among firms with high and low financial Reporting Quality were evaluated significant. Default theoretical basis about the restriction of dividend policy decisions on investment, among firm in different phases of life cycle, different level of expand option were confirmed.    Manuscript profile

Open Access Article

15 - Analysis the Effect of Heuristic Biases on Investment Decisions and Market Efficiency for future policy making
Shahriar Shirooyehpour Rohullah Bayat Ali Moafi

The Behavioral finance literature states that human beings in practice behave differently from what modern financial theories portray as rational human beings, so the assumption of rationality of investors and the belief in the efficiency of stock markets has been criti More

The Behavioral finance literature states that human beings in practice behave differently from what modern financial theories portray as rational human beings, so the assumption of rationality of investors and the belief in the efficiency of stock markets has been criticized. Accordingly, the present study examines the impact of investor behavioral biases on how to make decisions and market efficiency simultaneously, which has not been addressed so far. It also highlights the importance of understanding the process and the role of behavioral factors in investor decisions and market efficiency for future capital market policymakers and regulators. The present study is applied in terms of type of use and descriptive-correlational research. The target population of this study was real investors in Tehran Stock Exchange and Available purposive sampling method was used. Structural equation modeling were used to analyze the data and test the conceptual model of the research. The research findings show that biases of overconfidence, representation, availability and anchoring and adjustment have a significant effect on market efficiency. Findings also showed that overconfidence bias, anchoring and adjustment have a significant effect on investment decisions. Behavioral biases among investors are inevitable that these biases can affect investors' decisions and market efficiency. Manuscript profile

Open Access Article

16 - Risk perception, behavioral biases and investment decisions
Hanieh Jaberi Seyed Javad dellavari@razi.ac.ir Saman Mohamadi

10.30486/FBRA.1402.1103170

Behavioral finance is one of the key topics in the field of finance and economics, which has a special attraction for scientific research. One of the determining factors of market movements is the sentiments of investors. In this context, it is important to study the ro More

Behavioral finance is one of the key topics in the field of finance and economics, which has a special attraction for scientific research. One of the determining factors of market movements is the sentiments of investors. In this context, it is important to study the role of behavioral biases in shaping investors' decisions and its impact on market efficiency. The current research seeks to find the effect of the most important behavioral biases, the effect of tendency and herd behavior, considering the factor of risk perception on investors' decisions. The data of this research was collected through a questionnaire that was distributed among 384 stock market investors, also partial least square (PLS) method was used to analyze the data. The results showed that the effect of desire, herd behavior and risk perception have a positive and significant effect on investment decisions. Also, there is a negative and significant relationship between the effect of willingness and risk perception, finally it was found that herd behavior also has a significant effect on risk perception. In general, these results emphasize that behavioral and cognitive factors have an important impact on investment decisions. Manuscript profile

Open Access Article

17 - The effect of personality traits on investment decisions with the mediating role of risk tolerance
Arezou Pouresgandar Raziabad Alireza Fazlzadeh Vahid Ahmadian Sajad Naghdi

Purpose: The aim of this research was to investigate the effect of personality traits on investment decisions with the mediating role of risk tolerance in the Tehran Stock Exchange. Research Methodology: This research was conducted in 2022 and is of an applied nature, More

Purpose: The aim of this research was to investigate the effect of personality traits on investment decisions with the mediating role of risk tolerance in the Tehran Stock Exchange. Research Methodology: This research was conducted in 2022 and is of an applied nature, employing a descriptive-survey methodology. The statistical population of this research includes all individual investors in the Tehran Stock Exchange. The sample size in this study is 386 individuals. Data collection was carried out using a standard Likert scale questionnaire. The validity of the questionnaire was confirmed through content validity, and its reliability was verified using Cronbach's alpha. Data analysis was performed using Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) approach, facilitated by SPSS and SMARTPLS software. Findings: The results showed that personality traits significantly affect investment decisions and risk tolerance. Furthermore, risk tolerance significantly impacts investment decisions and mediates the relationship between personality traits and investment decisions. Originality / Value: The scientific contribution of this research lies in using risk tolerance as a mediating variable to examine the effect of personality traits on investment decisions. Additionally, the use of structural modeling with the Partial Least Squares approach, aided by SMARTPLS software, is highlighted. Manuscript profile

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