Determinants of investors' financial behaviour in Tehran Stock Exchange

Mahmood Yahyazadehfar, Mohammad Reza Zali and Hooman Shababi

Applied Economics Letters, 2011, vol. 18, issue 7, 647-654

Abstract: Decision-making and investors' behaviours are affected by various factors in Tehran Stock Exchange. Based on theoretical perspective, investors collect the key information of decision-making by the study of macro- and micro-levels of investment environments. To analyse the research data, path analysis and Linear Structural Relationships (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. Political and psychological factors not only have direct effect but also affect the investors' financial decision-making indirectly (through intended interest rate) 16 and 11%, respectively. The total effect of political and psychological factors on investors' financial decision-making is 79 and 64%, respectively.

Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:taf:apeclt:v:18:y:2011:i:7:p:647-654

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DOI: 10.1080/13504851003781416

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