ارائه مدلی برای تبیین رفتارهای مالی سرمایه‏گذاران در فعالیت های زیست محیطی بر مبنای ادراک از بازده پورتفوی سهام و مکانیزم های روانشناختی در بورس اوراق بهادارتهران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشجوی دکتری،گروه حسابداری،واحدنیشابور، دانشگاه آزاد اسلامی ، نیشابور، ایران

2 دانشیار گروه حسابداری، واحد نیشابور ،دانشگاه آزاد اسلامی ، نیشابور ، ایران(نویسنده مسئول)

3 استادیار گروه حسابداری، واحد سبزوار ،دانشگاه آزاد اسلامی ، سبزوار ، ایران

4 استادیار گروه حسابداری، واحد نیشابور ،دانشگاه آزاد اسلامی ، نیشابور ، ایران

چکیده

کانون توجه و هدف پژوهش حاضر ارائه مدلی برای تبیین رفتارهای مالی سرمایه‏گذاران در بورس اوراق بهادار تهران در قالب شناسایی عوامل رفتاری تاثیرگذار و اعتبارسنجی الگوی رفتاری است.داده های حاصل از مصاحبه ها با استفاده از روش تحلیل محتوا مورد تحلیل قرار گرفت که 22 مولفه در 6 مقوله شناسایی و بر اساس آن پرسشنامه بخش کمی طراحی و با بهره گیری از استراتژی پیمایش، تعداد300 پرسشنامه به صورت نمونه گیری غیر تصادفی دردسترس توزیع که 287 پرسشنامه تکمیل و جمع آوری گردید. معیارهای روایی محتوایی و سازه و آلفای کرونباخ نشان دهنده اعتبار بالای پرسشنامه بود. نتایج استخراج شده با روشهای مدل یابی معادلات ساختاری و با استفاده از نرم افزار Spss و Amos مورد تجزیه و تحلیل قرار گرفت. قلمرو زمانی پژوهش بین سالهای1397 تا 1398 می باشد.نتایج نشان داد که تمام تورش های رفتاری بر روی تصمیم گیری سرمایه گذاران تاثیر مستقیم و معنی دار دارند. و این نشان می دهد که سوگیری های شناختی مقدم بر سوگیری های احساسی هستندکه در کنار تاثیر عوامل فرهنگی ، موجب بروز رفتارهای توده وار در تصمیم گیری سرمایه گذاران می شود.

کلیدواژه‌ها


عنوان مقاله [English]

A Model for Explaining Investors' Financial Behaviors Based in Environmental Activities Based on Perceptions of Stock Portfolio Returns and Psychological Mechanisms in Tehran Stock Exchange

نویسندگان [English]

  • amirmasoud jahani 1
  • Mohammad Reza Shourvarzi 2
  • Abolghasem Masih Abadi 3
  • Alireza Mehrazin 4
1 Ph.D Student in Accounting,Department of Accounting, Neyshabur Branch , Islamic Azad University, Neyshabur , Iran
2 Iran Associate Professor ,Department of Accounting, Neyshabur Branch , Islamic Azad University, Neyshabur , Iran
3 Assistant Professor ,Department of Accounting, Sabzevar Branch , Islamic Azad University, Sabzevar , Iran
4 Assistant Professor ,Department of Accounting, Neyshabur Branch , Islamic Azad University, Neyshabur , Iran
چکیده [English]

Behavioral finance refers to how people make decisions under uncertainty conditions. The purpose of this study is to present a model for explaining financial behaviors of investors in Tehran Stock Exchange in the form of identifying influential behavioral factors and validating behavioral model. Data from the interviews are analyzed using content analysis method, resulting in the identification of 22 components grouped under 6 categories, according to which the questionnaire is designed. At this stage, the survey strategy is conducted, and then 300 questionnaires are distributed as available sampling method and 287 completed questionnaires are collected. Validity and reliability indicators show the high credit of the questionnaire. The results of this study indicate that cognitive biases are former than emotional biases, which besides the cultural influences and personality form investor’s decision making that lead to herding behavior. Results derived from questionnaires have been analyzed using descriptive and deductive statistics method (Structural Equation Modeling) and SPSS and AMOS software. Results from the study show that all behavioral biases directly and significantly influence the decision making of investors.

کلیدواژه‌ها [English]

  • Behavioral biases
  • Investors
  • Behavioral finance
  • Psychological mechanisms
  • Momentum
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