Document Type : Original Article
Authors
1
PhD student, Department of Financial Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran
2
Assistant Professor, Department of Management, Faculty of Social Sciences and Economics, Al-Zahra University, Tehran, Iran.
3
Associate Professor, Department of Financial Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran
10.22034/jik.2026.24002
Abstract
In recent years, many researches have been conducted in the field of behavioral finance. The findings can be used to better understand the decision-making process in dynamic and volatile environments in relation to high risk. Traditional theories have always placed decision-making processes on the basis of rationality, although practical research and evidence prove otherwise. Since then, the field of behavioral finance studies has matured and has made it possible to describe the conditions and characteristics related to financial investment decision-making, which ultimately explains stock price fluctuations better. Therefore, the purpose of this research is to design a model of stock price fluctuations and investors affected by cognitive biases, and considering that until now the effects of cognitive biases of transformation avoidance, aversion to change, representative, Perception and mental accounting on stock price fluctuations have not been done simultaneously and separately. The mentioned aspect has innovation. The statistical population of this research is experts, managers, consultants and experts in financial affairs and the statistical sample includes 160 people. This research is practical in terms of purpose, and in terms of working method, it is a type of survey research. The data of this research have been analyzed using SmartPLS software. The results obtained from the research showed that the cognitive bias, aversion to change, representative, Perception and mental accounting have an effect on the fluctuations of the stock prices of companies.
Keywords