Identification and screening of psychological factors affecting the financial behavior of investors for providing a structural model: A capital efficiency approach

Dehestani, Mohammad Ali; Ghodrati Ghzaani, Hasaan; Arabzadeh, Meysam; Panahian, Hossein; Alipour, Mohammad

doi:10.22075/ijnaa.2022.27500.3625

اداره چاپ و انتشارات دانشگاه سمنان

تعداد نشریات	21
تعداد شماره‌ها	610
تعداد مقالات	9,027
تعداد مشاهده مقاله	67,082,815
تعداد دریافت فایل اصل مقاله	7,656,333

	Identification and screening of psychological factors affecting the financial behavior of investors for providing a structural model: A capital efficiency approach
International Journal of Nonlinear Analysis and Applications
مقاله 227، دوره 14، شماره 1، فروردین 2023، صفحه 2901-2914 اصل مقاله (782.19 K)
نوع مقاله: Research Paper
شناسه دیجیتال (DOI): 10.22075/ijnaa.2022.27500.3625
نویسندگان
Mohammad Ali Dehestani¹؛ Hasaan Ghodrati Ghzaani^* ¹؛ Meysam Arabzadeh¹؛ Hossein Panahian¹؛ Mohammad Alipour²
¹Department of Accounting, Kashan Branch, Islamic Azad University, Kashan, Iran
²Department of Accounting, Khalkhal Branch, Islamic Azad University, Khalkhal, Iran
تاریخ دریافت: 25 فروردین 1401، تاریخ بازنگری: 24 خرداد 1401، تاریخ پذیرش: 06 تیر 1401
چکیده
In this article, based on the content analysis technique and using an interview tool, we identified the factors affecting the financial behavior model based on psychological factors with the approach of capital efficiency. The identified agents were screened using the fuzzy Delphi technique. Finally, the relevant structural model was presented. The statistical population includes professors and experts in the field of accounting, of which 12 people were sampled through the snowball technique. To collect data, the field method was used with the help of specialized interviews with experts and the fuzzy Delphi questionnaire. Data were analyzed by theme analysis method using MAXQDA software. Based on the library studies of scientific articles and books and reflection on past research, it seems that two categories of internal and external factors (dimensions) can affect the behavioral process of individual investors in the stock market. Three economic, political, and psychological components in the external dimension and two components of the stock market and company conditions were expressed as factors of the internal dimension. Accordingly, it seems that these are the main influencing factors. Psychological characteristics (optimism, overconfidence, risk aversion, and emotion) were identified in this section. The Personality factor was added to the model based on theoretical foundations and studies. According to modern behavioral finance theories, many behavioral issues are involved in investors' decision-making, the most important of which are psychological and Personality factors. People do not always act rationally and often behave unexpectedly and unpredictably. Personal characteristics play an important role in decision-making.
کلیدواژه‌ها
Financial Behavior؛ Psychological Factors؛ Capital Efficiency؛ Content Analysis؛ Fuzzy Delphi

مراجع
[1] S. Aghasi, E. Aghasi and S. Biglary, Examine the relationship between financial risk tolerance and investment properties (financial intelligence, skills, financial management, and wealth) based on native donald-case study of the Tehran Stock Exchange, Secur. Anal. J. 9 (2016), no. 31, 21–33. [2] S. Aydemir and S. Aren, Do the effects of individual factors on financial risk-taking behavior diversify with financial literacy?, Emerlad Pub. Limited 281 (2017), 368–492. [3] A. Bucaro, Enhancing auditors’ critical thinking in audits of complex estimates, Account. Organ. Soc. 73 (2019), 35–49. [4] K.D. Daniel, D. Hirshleifer and A. Subrahmanyam, Overconfidence, arbitrage, and equilibrium asset pricing, J. Finance 56 (2001), no. 3, 921–965. [5] W.P.M. De Bondt, Betting on trends: intuitive forecasts of financial risk and return, Int. J. Forecast. 9 (1993), no. 3, 355-371. [6] K. Ebrahimi, M. Dastgir and Z. Latifi, Evaluate capital market analyst’s personality traits as a third dimension to their success, Invest. Knowledge 6 (2017), no. 22, 87–100. [7] L. Fiksenbaum, Z. Marijovanic and E. Greenglass, Financial threat and individuals’ willingness to change financial behavior, Rev. Behav. Financ. 9 (2017), 290–331. [8] Y. Ganzach, Parents’ education, cognitive ability, educational expectations and educational attainment: interactive effects, Br. J. Educ. Psycho. 70 (2000), no. 3, 419–441. [9] S. Gervais and T. Odean, Learning to be overconfident, Rev. Financ. Stud. 14 (2001), no. 1, 1–27. [10] M. Glaser and M. Weber, Overconfidence and trading volume, Geneva Risk Insurance Rev. 32 (2007), no. 1, 1–36. [11] E. Greenglass, Z. Marjanovic and L. Fiksenbaum, The impact of the recession and its aftermath on individual health and well-being, Psycho. Recession Workplace, Edward Elgar Publishing, 2013, pp. 42–58. [12] M.S. Guo and R.E. Wood, Unpacking mental models through laboratory experiments, Syst. Dynamics Rev. 32 (2017), no. 2, 101–129. [13] C. Ham, N. Seybert and S. Wang, Narcissism is a bad sign: CEO signature size, investment, and performance, Rev. Account. Stud. 23 (2018), no. 1, 234–264. [14] Y. Hassas-Yeganeh, M.H. Ebrahimi-Sarvolia, S. Ghazinouri and A. Afkhami, Angel investors: Examining behavioral finance factors influencing investment selection, Sci. J. Financ. Knowledge Secur. Anal. 12 (2019), no. 43, 41–58. [15] F. Hijroudi, M. Doustar and M. Moradi, Analysis of the role of five factor model of personality on the effect of financial information acquisition on behavior of investors in the Tehran Stock Exchange, Invest. Knowledge 7 (2018), no. 25, 39–59. [16] A.O.I. Hoffmann and T. Post, How return and risk experiences shape investor beliefs and preferences, Account. Finance 57 (2015), no. 3, 759–788. [17] M. Jahangiri Rad, M. Marfou and M.J. Salimi, Investigation of herding behavior in Tehran Stock Exchange, J. Manag. Account. School 11 (2014), no. 42, 139–156. [18] N. Jamshidi and H. Ghalibaf Asl, Studying the effect of investors’ personality on their business behavior and investment performance, evidences from Tehran Stock Exchange, Financ. Res. J. 20 (2018), no. 1, 75–90. [19] M.T.I. Khan, S.H. Tan and L.L. Chong, How past perceived portfolio returns affect financial behaviors–The underlying psychological mechanism, Res. Int. Bus. Financ. 42 (2017), 1478–1488. [20] C. Merkle, Financial overconfidence over time: Foresight, hindsight, and insight of investors, J. Bank. Finance 84 (2017), 68–87. [21] C. Newton, K. Irving and D. Thomas, The value of financial planning advice: process and outcome effects on consumer well-being, Bus. School 2 (2015), 1–12. [22] L. Nguyen, The influence of financial risk tolerance and risk perception on individual investment decision-making in a financial advice context, Master Thesis, Australian Research Council, 2015. [23] A. Nosic and M. Weber, How riskily do I invest? The role of risk attitudes, risk perceptions, and overconfidence, Decision Anal. 7 (2010), no. 3, 282–301. [24] S. Patel, Economic optimism, information uncertainty and future investment decisions: evidence from the mutual fund industry, Information Uncertainty and Future Investment Decisions: Evidence from the Mutual Fund Industry, 2012. [25] W. Pech and M. Milan, Behavioral economics and the economics of Keynes, Journal of Socio-Economics, 38 (2009), no. 6, 891–902. [26] M. Richardson and A. Prinz, Behavioral dynamics of tax evasion–a survey, J. Econ. Psycho. Behav. 40 (2014), 1–19.
آمار تعداد مشاهده مقاله: 17,349 تعداد دریافت فایل اصل مقاله: 520

سامانه مدیریت نشریات علمی. قدرت گرفته از سیناوب

پیوندهای مفید

پیوندهای مفید

آمار

Identification and screening of psychological factors affecting the financial behavior of investors for providing a structural model: A capital efficiency approach