Investment decisions

Background: Many investment decisions are not only affected by economic indicators and rationality, but also categories such as work experience, social responsibility, risk, investor self-confidence, etc. affect investor’s behavior and their decisions. The main purpose of this study is to present a financial behavior model based on psychological and moral factors. Method: The present study was mixed. In the qualitative part, the Delphi technique was used. The statistical population of all experts and managers of brokerages, investment funds, investment portfolios, traders and analysts had professional qualifications and high experience, of which 12 people were considered as snowball technique as a sample. It was an interview tool and finally the data were analyzed by fuzzy Delphi method. In a small part, the descriptive-survey method was used. 287 members of the investor community were considered as a sample. A questionnaire was used to collect data. Finally, using AMOS software, confirmatory factor analysis and structural equation design were investigated. Results: Finally, the analysis model in this study was approved. Based on the importance of investors' behavior and the importance of moral and psychological characteristics in the capital market, it was shown that the expected return formed has a direct effect on the psychological characteristics of optimism, distrust, risk aversion and emotion, as well as ethics. It was also shown that psychological and moral characteristics affected turnover, trading volume, risk sharing, risk appetite. In addition, one of the most important results is a combination of behavioral factors (optimism, overconfidence, emotion, risk aversion and ethics) and market efficiency (trading volume, turnover, risk appetite and risk sharing). Conclusion: The obtained results indicate the effect of emotional and psychological and moral characteristics and characteristics on the behavior of investors and is important to drive the market towards rationality and on the other hand as a basis for designing investment strategies for investment managers.

Personality is one of the most important study structures in organizational behavior that can play an important role in predicting human behavior. To describe the differences in personality, emotional, and social behavior, researchers have proposed the theory of five personality factors, known as the Big Five. One of the decisions investors make is to allocate wealth to financial and non-financial assets. The importance of this decision is especially evident in financial assets due to their nature and the need for more knowledge and expertise in this field because the mistakes of investors in this regard can create many risks and challenges for them. The main purpose of this study is to explain the effect of personality traits and demographic features on the risk-taking behavior of investors in the Tehran Stock Exchange. The present research is applied research in terms of goals and descriptive-survey research from the method view. The statistical sample of this research includes 358 investors of the Tehran Stock Exchange during 2019 and 2020. Research data were collected based on Sivarjan's (2018) questionnaire. The results of data analysis using the structural equation modeling method indicate that personality traits including neuroticism, extraversion, openness, agreeableness, and conscientiousness have a positive and significant effect on risk-taking behavior. Still, demographic characteristics including gender, age, marital status, and education do not have a significant effect on risk-taking behavior.

Dividend policy has been an influential factor in corporate investment decisions and has been an issue in recent years. The monetary policy began with the creation of economic organizations and free trade markets during the financial crisis. These were the first examples of capital controls in the history of the European Union and had different effects on the financial position of companies. Since the Central Bank, the monetary policy council or any other monetary committee will change the volume of money by declaring and implementing monetary policies, we try to use a sample of the Middle East countries to distinguish between economic austerity and capital control and to assess the effects of the dividend on corporate capital decisions. All sample countries have a common financial reporting framework (International Financial Reporting Standards - IFRS), and some have a range of measures, from low-tight measures such as tax increases to more stringent measures such as enforcing capital controls. They implemented in order to stabilize their economy. To do this, we will specifically use two factors that determine information asymmetry in accounting: conditional conservatism and the level of revenue management