Determinants of Investors Financial Behavior in Tehran Stock Exchange

Mahmood Yahyazadehfar (), Mohammad Reza Zali and Hooman Shababi
Additional contact information
Mahmood Yahyazadehfar: Assistant professor of finance Faculty of Economics and administrative sciences Mazandaran University, Babolsar, Iran
Mohammad Reza Zali: Assistant professor of management Faculty of Economics and administrative sciences Mazandaran University, Babolsar, Iran
Hooman Shababi: Lecturer of Management Rahedanesh institute of higher education, Babol, Iran

Iranian Economic Review (IER), 2009, vol. 14, issue 1, 61-77

Abstract: Decision making and investors’ behavior are affected by various factors in Tehran stock exchange. Based on theoretical perspective; investors collect the key information of decision making by study of the macro and micro levels of investment environments. In order to analyze the research data, path analysis and LISREL software are used. The results indicate that political factors with 62%, psychological factors with 53%, economic factors with 47% and internal factors with 31% are the most important factors that affect the stocks trading in Tehran Stock Exchange. Not only political and psychological factors have direct effect, but also they affect the investor's financial decision making indirectly (through intended interest rate) 16% and 11%, respectively. Total effect of political and psychological factors on investors financial decision making are 79% and 64%, respectively.

Keywords: Decision making; behavioral finance; Tehran Stock Exchange (TSE); Expected Return (search for similar items in EconPapers)
Date: 2009
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
ftp://80.66.179.253/eut/journl/20091-4.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eut:journl:v:14:y:2009:i:1:p:61

Access Statistics for this article

Iranian Economic Review (IER) is currently edited by Dr.Hossien Abbasinejad

More articles in Iranian Economic Review (IER) from Faculty of Economics,University of Tehran.Tehran,Iran Contact information at EDIRC.
Bibliographic data for series maintained by [z.rahimalipour] ().