Behavioral Decision Making Pattern for Individual Investors In Tehran Stock Exchange

Document Type : Original Article

Authors
M. Hossein Abdorrahimian 1
Taqi Torabi 2
S. Jalal Sadeghisharif 3
Roya Darabi 4
1 Ph.D.student, Deparment of Management, UA E Branch, Islamic Azad University, Dubai, United Arab Emirates
2 Associate Professor, Department of Economics, Sience and Research Branch, Islamic Azad University, Tehran, Iran(Corresponding Author)
3 Assistant Professor, Department ofFinancial Management and Accounting, Shahidbeheshti University, Tehran, Iran
4 Associate Professor, Department of Accounting, South Tehran Branch, Islamic Azad University, Tehran, Iran
Abstract
In accordance with the objectives, qualitative and quantitative composition was operated. The strategy also phenomenography in qualitative section, in-depth semi-structured interviews conducted with experts capital market and analyzed using content analysis methods that eighteen components were identified. Whit this components the questionnaire of quantitative sectin was designed. A total of 400 questionnaires were distributed into available non random sampling and 275 completed questionnaires were collected. Data from the questionnaire using factor analysis to investigate and research the major issues such as cultural factors, cognitive, emotional, and personality were identified. Moreover, data through software SPSS and Amos Graphic using path analysis were analyzed. The results indicate that the most fundamental factor for the behavior of investors is culture. Cognitive bias etc. are precedence over emotional bias etc. (schema theory) alongside influence of personality, cause herding behaviors in the decision making private investors.
 
Keywords
Behavioral Decision Making"
"Bounded Rationality"
"Cognitive Bias"
"Emotional Bias"
"Personalty
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