ادراک ریسک، سوگیریهای رفتاری و تصمیم‌‌های سرمایهگذاری
محورهای موضوعی : پژوهش های مالی و رفتاری در حسابداری
هانیه جابری
1
,
سید جواد دلاوری
2
,
سامان محمدی
3
1 - گروه حسابداری، دانشکده اقتصاد و حسابداری، دانشگاه رازی، کرمانشاه، ایران
2 - گروه حسابداری، دانشگاه رازی کرمانشاه، ایران
3 - گروه حسابداری، دانشکده اقتصاد و کارآفرینی، دانشگاه رازی، کرمانشاه، ایران
کلید واژه: سوگیری رفتاری, تصمیم‌‌های سرمایهگذاری, اثر تمایل, رفتار گله‌ای, ادراک ریسک,
چکیده مقاله :
مالی رفتاری از جمله موضوعات کلیدی در حوزه مالی و اقتصاد است که جذابیت ویژه‌ای برای پژوهش‌های علمی دارد. یکی از عوامل تعیین‌کننده حرکات بازار، احساسات سرمایه‌گذاران است. در این زمینه مطالعه نقش سوگیریهای رفتاری در شکل دادن به تصمیم‌‌های سرمایه‌گذاران و تاثیر آن بر کارایی بازار حائز اهمیت است. پژوهش حاضر به دنبال یافتن تاثیر مهم‌ترین سوگیریهای رفتاری شامل اثر تمایل و رفتار گله‌ای با در نظر گرفتن عامل ادراک ریسک بر تصمیم‌‌های سرمایه‌گذاران است. داده‌های این پژوهش از طریق پرسشنامه که بین 384 سرمایه‌گذار بازار بورس توزیع شد جمع‌آوری شد، همچنین برای تحلیل داده‌ها از روش حداقل مربعات جزئی (PLS) استفاده شد. نتایج نشان داد که اثر تمایل، رفتار گله‌ای و ادراک ریسک بر تصمیم‌‌های سرمایهگذاری تاثیر مثبت و معناداری دارد. همچنین، رابطه منفی و معناداری بین اثر تمایل و ادراک ریسک وجود دارد، در نهایت مشخص شد که رفتار گله‌ای نیز بر ادراک ریسک تأثیر معناداری دارد. به طور کلی، این نتایج تأکید می‌کند که عوامل رفتاری و ادراکی تاثیر مهمی بر تصمیم‌‌های سرمایهگذاری دارد و این نکته می‌تواند در تحلیل و پیش‌بینی رفتارهای مالی و سرمایهگذاری به کار گرفته شود.
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.
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