Examining the role of psychological, behavioral, technical and political variables on the decision making of shareholders in the stock market

In this research, psychological, behavioral, technical and political variables that influence the decision making of shareholders in the stock market were identified and analyzed. To achieve this goal, psychological, behavioral, technical and political factors and variables affecting the Iranian stock market were first identified and ranked using the fuzzy Delphi technique. In the following, the impact of the mentioned variables on the stock market was analyzed quantitatively in terms of shape, size and direction within the framework of Structural Equation Modeling (SEM). The required information was collected through a survey and by designing a questionnaire from investors, experts and experts active in the stock market of Iran for the year 1402.In addition, among the technical and political factors, the three variables of internal political developments, technical analyzes and political relations with other countries have had the greatest impact on the decision of shareholders to invest in the Iranian stock market. Based on the results of the SEM model, mass behavior variables, official and unofficial news from company assemblies, unofficial news from company meetings and programs, rumors and news published on internet sites, the opinion of brokers and investment consulting companies, and the recommendation of friends and acquaintances are psychological and behavioral variables. which have a positive and significant effect on the stock prices of companies in the Iranian stock market.

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