Document Type : Research Paper
Authors
Abstract
ABSTRACT—Today, given the atmosphere of the Iran & world's capital markets, analyzing behavioral factors that influence on the decisions of investors, is very important. This applied study, to evaluate the effect of behavioral factors (biorhythm mode, self-esteem, prestige & rational behavior) and so the kind of information (public & financial) and transparency of information on the investor's behavior, on a random sample of 292 shareholders & investors in the Ahvaz stock exchange. Collecting data is through the questionnaires and method of data analysis, modeling structural equation using by SPSS & SMART PLS software. The results show that the kind of information and behavioral factors, influence on the behavior of individuals to invest in the stock market significantly. But, significant relationship between transparency of information and investor's behavior was not confirmed.
Keywords
Admati, A. & Pfleiderer, P. (2000). Forcing Firm to Talk: Financial Disclosure Regulation and Externalities. Review of Financial Studies,13(3): 479-519. ## Al-Tamimi, A. H. (2006). Factors Influencing Individual Investor Behavior: An Empirical study of the UAE Financial Markets. The Business Review, Cambridge, 5(2): 225-232. ## Asadollahi, T. (2010). The Effect of Financial Information Transparency on Investors Behavior in Tehran Stock Market, Thesis of Msc in Management, Tehran, faculty of management & Accounting, Allameh University. ## Cheung, Y.L. P. Jiang & W. Tan. (2010). A transparency Disclosure Index measuring disclosures: Chinese listed companies, Journal of Accounting & Public Policy, 29(3): 259–280. ## Davari, A. & A. Rezazadeh. (2013). Structural Equation Modeling by PLS Software. First edition, JahadDaneshgahi Press. ## Dawar, G. & C. Wadhwa. (2011). Factors Influencing Investor Behavior: An Empirical Study In Punjab. International Journal of Research in Commerce, Economics and Management, 1(3): 125-130. ## Dehghan, A. (2008). Psychological Factorsin fluencing on Intent of Investment in Stock Market, Tadbir, 196: 60-63. ## Fadaeinezhad, A. & Z. Nobakht. (2005). The Cocept of Transparency In Corporate. BOURSE Monthly, (49): 47-54. ## Fallah Shams, M. & Sh. Azizi. (2007). Examination of Effective Factors on Intent of Individual Investment Intehran Stock Exchange. The Economic Research, 8(4): 1-20. ## Ganji, H. (2014). Work Psychology. Tehran, 14 Edition, Savalan Press. ## Hooman, H. A. (2012). Structural Equation Modelingusing LISREL Software, 5th Edition. Tehran, Samt Press. ## Hsiu, J.F. (2006). Effect of Financial Information Transparency on Investor Behavior in Taiwan Stock Market. Thesis Dissertation (Ph.D.), Lynn University, ProQuest Database, 16(3): 6-22. ## Javaher Dashti, R. (2000). Management of Human Physiologic Behaviors. Tadbir, (109): 58-60. ## Kim, K. & J. Nofsinger. (2008). Behavioral Finance in Asia. Pacific-Basin Finance Journal, 16(1 -2): 1–7. ## Merilkas, A. & D. Prasad. (2003). Factor Influencing Greek Investor Behavior on the Athens Stock Exchange, Paper Presented at the Annual Meeting of Academy of Financial services, Colorado. ## Newman, M. R. (2009). An Investigation of the Impact of Publicly Available Accounting Data, Other Publicly Available Information and Management Guidance on Buy-Side Analysts' Stock Investment Recommendations. Dissertation Presented to The Faculty of the C. T. Bauer College of Business University of Houston. ## Rajabi Ghiri, A. (2011). Determination of Effective Factors & Psychological Consequences of Investor's Perception from Risk in Isfahan Stock Exchange. Thesis of Msc in Management, Isfahan, faculty of Administrative Sciences & Economic, University of Isfahan. ## Samimi Abyaneh, A. (2011). Evaluation of Corporate Trans Patency & its Relation to the Behavior of Investors in Listed Companies in Tehran Stock Exchange. Thesis of MSc in Management, University of Qom. ## Sarmad, Z. Bazargan, A. & E. Hejazi. (2012). Research Methods in the Behavioral Sciences, 19 Edition. Tehran, Agah Press. ## Shabani Naeini, A. (2010). Analysis of Effective Factors on Investors' th Behavior in Isfahan Stock Exchange. Thesis of MSc in Management, Isfahan, faculty of Administrative Sciences & Economic, University of Isfahan. ## Shajari, H. & S. Sadat Emam. (2012). Identification and analysis Of Effective Factors on Investment Decision in Tehran Stock Exchange. Commercialsurvey, (53):1-13. ## Sridharan U.V., L. Dickes & W.R. Caines. (2002). The Social Impact of Business Failure: Enron. Mid-American Journal of Business, 17(2): 11-21. ## Talebnia, Gh. &S. Jalili. (2011). Comparison of the Effect of Financial & NonFinancial Information on Investment Decisions of Firms & Individual Investors in The Stock Exchange. Accounting Knowledge & Research, 7(24):6-11. ## Tehrani, R. & M. Ebrahimi meimand. (2011). The Impact of Various Information and its Honesty on Investment Companies Analyst Decision Making. Quarterly Journal of Securities Exchange, 4(15):5-25. ## Vishwanath, T. & D. Kaufmann. (2001). Toward Transparency: New Approaches and their Application to Financial. The World Bank ResearchObserver, 16(1): 41-57. ## Zoghami, F. &H. Matoussi. (2009). A Survey of Tunisians Investors Behavior. International Research Journal of Finance and Economics, 31: 66-82.
)