Risk-taking and setting financial goals (short-term and long-term) for investors from a neurosocial perspective based on testosterone measurements

Document Type : Original Article

Authors
abdollah mousazadeh 1
mohammadhamed Khanmohammadi 2
1 PhD student, Department of Accounting, Damavand Branch, Islamic Azad University, Damavand, Iran.
2 Associate Professor,Department of Accounting, Damavand Branch, Islamic Azad University, Damavand, Iran.
10.30495/jik.2025.23668
Abstract
The purpose of this study was the effectiveness of investor behavior based on neural financial indicators in Iran. The research method is experimental with pre-test-post-test design with control group. In this plan, before the intervention, a pre-test was performed for the subjects to determine the behavior of investors (risk tolerance and financial goals), then testosterone was injected and four hours after the injection, a post-test was performed. The statistical population includes all accounting students of the Islamic Azad University of Tehran who have worked in the stock market for one year. Then, available at Azad University of Tehran, Markaz and Damavand Branches were selected as a sample and after screening, 80 people were selected as a sample and randomly assigned to two groups of 40 (experimental and control). Testosterone was injected intramuscularly for the experimental group and placebo (distilled water) was injected intramuscularly for the control group. The tool used to measure the behavior of investors is a researcher based on the research of Ramanojan and Silovarkomer (2018). The component of risk tolerance and financial goals (short-term and long-term) each had 8 items and the Likert scoring range is five degrees. In this paper, the extracted data were analyzed by analysis of covariance. The findings showed that testosterone increased investors' risk tolerance and made investors focus more on achievable (short-term) financial goals.
Keywords
Risk tolerance
Financial goals،Neural Financial Approach
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