پیوندهای مفید
آمار
| تعداد نشریات | 21 |
| تعداد شمارهها | 687 |
| تعداد مقالات | 9,985 |
| تعداد مشاهده مقاله | 70,957,066 |
| تعداد دریافت فایل اصل مقاله | 62,422,382 |
Effect of financial literacy and risk aversion on the relationship between self-control and financial security of individual investors in Tehran Stock Exchange | ||
| International Journal of Nonlinear Analysis and Applications | ||
| مقاله 167، دوره 13، شماره 1، خرداد 2022، صفحه 2015-2024 اصل مقاله (433.6 K) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22075/ijnaa.2021.24417.2738 | ||
| نویسندگان | ||
| Manizheh Mohammadi؛ Arash Naderian* ؛ Majid Ashrafi؛ Jamadori Gorganli Doji | ||
| Department of Accounting, Aliabad Katoul Branch, Islamic Azad University, Aliabad Katoul, Iran | ||
| تاریخ دریافت: 10 مرداد 1400، تاریخ بازنگری: 21 مهر 1400، تاریخ پذیرش: 29 مهر 1400 | ||
| چکیده | ||
| Capital markets play an important role in the economy and naturally, the proper functioning of the capital market will play a key role in ensuring economic growth. So, if capital markets are efficient, economic development will be ensured. On the other hand, since the Iranian stock market is currently very popular among investors, it is undoubtedly important to examine the behavioral biases of individual investors. Therefore, in this study, the effect of positive self-control behavioral bias on financial security was investigated with the moderating role of financial literacy and risk aversion of individual investors. For this purpose, the statistical population consisted of individual investors, traders and brokers of Tehran Stock Exchange who are directly participating in the market. Also, the statistical sample was calculated to be 421 using Cochran’s formula. A structural equation model using PLS method was used to analyze the data. The results showed that the self-control variable has a significant positive effect on risk aversion and financial security. Also, by using the financial literacy variable as a moderating variable, the intensity of the relationship between self-control and financial security of individual investors increases; that is, the financial literacy of individual stock market investors intensifies the positive relationship between self-control and security of their financial behavior. In addition, by using risk aversion as moderating variable, the intensity of the relationship between self-control and financial security of individual investors is reduced. This means that the risk aversion of individual stock market investors reduces the positive relationship between self-control and the security of their financial behavior. | ||
| کلیدواژهها | ||
| Behavioral finance؛ self-control؛ financial security؛ financial literacy؛ risk aversion | ||
| مراجع | ||
|
[1] N. Aktas, C. Louca and D. Petmezas, CEO overconfidence and the value of corporate cash holdings, J. Corporate Finance 54 (2019) 85–106. [2] F. Asadbeigi, The Effect of Investors’ Behavioral Errors on Risk-Taking Capacity and Behavioral Distortions of Managers Investing in Tehran Stock Exchange, M.Sc. Thesis, Faculty of Economics, Payame Noor University of Tehran, 2016. [3] A. Azar, A. Saranj, A.A. Sadeghi Moghadam, A. Rajabzadeh and H. Moazzez, Factor-oriented modeling of shareholder behavior in the Iranian capital market, Finan. Res. 20(2) (2019) 150–130. [4] S. Babajani Mohammadi, S. Mortazavi, Y. Maharati and R. Tehrani, Identifying the main biases of investors in the Iranian capital market using meta-analysis, Iran. Assoc. Manag. Sci. 12(46) (2017) 80–61. [5] J.G. Birnberg, M.D. Shields and S.M. Young, The case for multiple methods in empirical accounting research (with an illustration from budget setting), J. Manage. Acc. Res. 2 (1990) 33–66. [6] G.O. Candiya Bongomin, J.M. Ntayi, J.C. Munene and I. Nkote Nabeta, Social capital: Mediator of financial literacy and financial inclusion in rural Uganda, Rev. Int. Business Strategy 26(2) (2016) 291–312. [7] A. Eskandarian, The Relationship Between the Occurrence of Behavioral Bias and Risk-Taking Capacity with the Personality of Investors, Master Thesis, Faculty of Management, Islamic Azad University, Central Tehran Branch, 2011. [8] M.I. Fada’i Nejad, M.R. Mayely and M. Imam Doost, The impact of behavioral factors and the reflection of delayed bias in investors Trans. Behav. 4(14) (2015) 4–15. [9] S. Fallahpour and G. Abdullahi, Identifying and weighting the behavioral biases of investors in the Tehran Stock Exchange, J. Financ. Res. 13(31) (2011) 1200–1299. [10] K. Ghalmegh, A. Yaqubnejad and M. Fallah Shams, The effect of financial literacy on the behavioral biases of Tehran Stock Exchange investors, Financ. Manag. Perspective 16 (2016) 94–75. [11] S. Gill, M.K. Khurshid, S. Mahmood and Ali, Factors effecting investment decision making behavior: The mediating role of information searches, European Online J. Natural Social Sci. 7(4) (2018) 758–767. [12] A. Hayat and W. Anwar, Impact of Behavioral Biases on Investment Decision; Moderating Role of Financial Literacy, Working Paper, Department of Business Administration, International Islamic University Islamabad Pakistan, 2016. [13] J. Jain, N. Walia and S. Gupta, Evaluation of behavioral biases affecting investment decision making of individual equity investors by fuzzy analytic hierarchy process, Rev. Behavioral Finance 12(3) (2019). [14] D. Kahneman, Risk, ambiguity, and the savage axioms, Quart. J. Econom. 75 (1961) 643–669. [15] G. Karami and A. Hassani, The effect of investors’ behavioral bias on the return on initial public offering and the role of profit quality in reducing this effect, Financ. Res. 19(4) (2017) 614–595. [16] J. Mohammadi and H. Fakhari, The impact of self-control and religious commitment of financial managers on the information disclosure quality, Value Behav. Account. 1(2) (2016) 41–63. [17] M. Moinuddin, M. Kazemi Aliabadi and F. Hirani, Self-control, financial literacy and over-debt of consumers (Case study of employees of Yazd Rubber Industries Complex), J. Invest. Knowledge 9(33) (2020) 371–351. [18] M.M. Pompian, Behavioral Finance and Wealth Management, Published by Jon Wiley & Sons, Inc., Hoboken, New Jersey 2006. [19] F. Rahnama Roodposhti and V. Zandieh, Behavioral Finance and Neural Finance (New Financial Paradigm from Theory to Practice), Islamic Azad University Press, 2012. [20] Z. Shirazian, The role of financial literacy and money management on personal financial management of investors of Tehran Stock Exchange, Quart. J. Finan. Knowledge Secur. Anal. 11(38) (2019) 163–145. [21] S. Co¸skuner, Linking financial management practices to financial literacy: Evidence from Turkey, Int. J. Sci. Engin. Res. 8(12) (2017) 1214–1221. [22] C. Stromback, T. Lind, K. Skagerlund, G. Vastfjall and D. Tingh¨og, Does self-control predict financial behavior and financial well-being?, J. Behav. Exper. Finance 14 (2017) 30–38. [23] G. Talebnia and N. Takhtai, Evaluating the relationship between financial information and investors’ behavior when buying and selling stocks, Account. Knowledge Res. 9(36) (2014) 1–10. | ||
|
آمار تعداد مشاهده مقاله: 16,742 تعداد دریافت فایل اصل مقاله: 10,143 |
||