Providing Investor Behavior Model for Investment Portfolio Risk Management

Document Type : Original Article

Authors
Mohamadmahdi Rezazadeh Chari 1
Mohsen Hamidiyan 2
Roya Darabi 2
1 PhD student in financial engineering, Department of Finance, South Tehran Branch, Islamic Azad University, Tehran, Iran
2 Associate Professor, Department of Accounting, Faculty of Economics and Accounting, South Tehran Branch, Islamic Azad University, Tehran, Iran
10.30495/jik.2024.23770
Abstract
The current research was conducted with the aim of presenting the behavioral model of investors for risk management of investment portfolio. The method of the present research is exploratory and developmental in terms of its practical purpose and in terms of the type of research, as well as qualitative. The participants of the research were academic experts and specialists who are proficient in the subject of research in the field of investment risk in financial markets, especially in the behavioral field, and 20 people were selected as interviewees using the purposeful sampling method and saturation principle. In this research, structured interview was used to collect data. Also, the foundation data theory method was used to analyze the data. The results showed that the central phenomenon includes the components of the tendency to deviate from rational behavior, the tendency to take risks, the tendency to monopolize, and the tendency to misunderstand oneself. Also, the causal conditions include the components of social factors, technical factors, financial factors, psychological factors and legal factors. Finally, the consequences include the components of financial consequences and non-financial consequences.
Keywords
investment behavior
risk
portfolio risk
financial markets
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