Assessment of the importance of influencing factors on popular behavior in mutual investment funds and the relationships between them based on interpretive structural modeling

Document Type : Original Article

Authors
Alireza Borhanian Ghanad 1
Hasan Ghodrati Ghazaani 2
Hossein Jabbari 3
Hossein Panahian 4
1 PhD student, Department of management (Financial Engineering), Kashan Branch, Islamic Azad University, Kashan, Iran
2 Assistant Professor, Department of Management (Financial Engineering), Kashan Branch, Islamic Azad University, Kashan, Iran
3 Assistant Professor, Department of Accounting, Kashan Branch, Islamic Azad University, Kashan, Iran
4 Associate Professor, Department of Management (Financial Engineering), Kashan Branch, Islamic Azad University, Kashan, Iran
10.30495/jik.2024.73277.4282
Abstract
The present study deals with the importance of influencing factors on the popular behavior of individual investors in the Iranian capital market based on the interpretive structural modeling approach and its purpose is to help managers of stock exchange mutual funds in making correct financial decisions. It has been done by making them aware of these behavioral factors. In order to identify the factors affecting the popular behavior of individual investors, relevant experts, and professors have been used. The present study was an applied-research. The statistical population of this research is limited in refining the factors affecting this behavior, including experts, professors, and experts, as well as in choosing the optimal capital mix of investors in the Tehran Stock Exchange. The research method is based on the factors identified from research sources that have been approved by experts and experts using the fuzzy Delphi method, and they are introduced in the period from 2016 to 2021. The findings of the research showed that the fourth level, related to the exchange rate, has the greatest impact on the popular behavior of individual investors in the Iranian capital market. Based on the results, it can be said that due to the fact that investors know more about the more traded shares, the probability of this behavior in buying and selling these shares has decreased. In fact, conducting more transactions has caused the release of more information and this information has prevented the formation of popular-like behavior.
Keywords
Capital Market
Popular Behavior
Interpretive Structural Modeling

  •  

    • براری، شیروان، طالب نیا، قدرت الله، وکیلی فرد، حمیدرضا و ایزدی، حسین. (1399). مدل سازی رفتار سرمایه­گذاران با استفاده از متغیرهای روانشناختی با رویکرد مدل سازی ساختاری تفسیری به منظور شناخت خطاهای تصمیم­گیری در سرمایه­گذاری. فصلنامه مهندسی مالی و مدیریت اوراق بهادار، 11 (44). 153-133
    • کاشانی تبار, رهنمای رودپشتی, فلاح, میر فیض, چیرانی, & زمردیان. (2020). بررسی تاثیر سرریز نوسانات در بازارهای مالی و ویژگی های بازاری در پیش‌بینی ترکیدن حباب قیمت در بورس با رویکرد تلاطم‌های شرطی. فصلنامه مهندسی مالی و مدیریت اوراق بهادار, 11(44), 328-349.‎
    • محمدی, نادریان, اشرفی, گرگانلی دوجی, & جمادوردی. (2023). بررسی تأثیر سوگیری رفتاری خودکنترلی بر رفتار مالی و رفاه مالی از طریق نقش تعدیل‌گر سواد مالی در بورس اوراق بهادار تهران. فصلنامه تحلیل بازار سرمایه, 2(4), 27-46.‎
    • میرابی, & زارعی محمودآبادی. (2020). بهینه سازی انتخاب سبد سرمایه در شرایط ریسک با الگوریتم فراابتکاری ترکیبی ژنتیکGA) ) و بهینه سازی شیر (LOA). چشم انداز مدیریت مالی, 10(32), 33-56.‎

     

    • References

     

    • Adil, M., Singh, Y., & Ansari, M. S. (2022). How financial literacy moderate the association between behaviour biases and investment decision? Asian Journal of Accounting Research, 7(1), 17-30.
    • Aktas, N., Louca, C., & Petmezas, D. (2019). CEO overconfidence and the value of corporate cash holdings. Journal of Corporate Finance,54, 85-106.‏
    • Barary, S., Taleb Nia, G., Vakili fard, H., & Izadi, H. (2020). Modeling Investors' Behavior by Using Psychological Variables with Interpretive Structural Modeling Approach to Recognize Investment Decision Making Errors. 11(44), 133-153. [In Persian]
    • D'Arcangelisa, M., & Rotundo, G. (2019). “Popular in mutual funds: A complex network approach”. Jornal of Business Reasearch, https://doi.org/10.1016/j.jbusres.2019.11.016
    • De Bortoli, D., da Costa Jr, N., Goulart, M., & Campara, J. (2019). Personality traits and investor profile analysis: A behavioral finance study. PloS one, 14(3), e0214062.‏
    • Ghorbani Bejandi, S., & Shahverdiani, S. (2020). Behavioral factors affecting on investors behavior in Iran different cultures. Journal of Investment Knowledge, 9(35), 121-132.‏
    • Jain, J., Walia, N., & Gupta, S. (2020). Evaluation of behavioral biases affecting investment decision making of individual equity investors by fuzzy analytic hierarchy process. Rev. Behav. Finance 12, 297–314. doi: 10.1108. RBF-03-2019-00 44.‏
    • Jamshidi, N., & Ghalibaf Asl, H. (2019). Dynamics of the Behavior of Individual Investors in Tehran Stock Exchange.ـJournal of Financial Management Perspective,9(25), 101-120.‏
    • Zhang, T., Shen, Z., & Sun, Q. (2022). Product market advertising and stock price crash risk. Pacific-Basin Finance Journal, 71, 101684.
    • Zhang, X., Wang, Z., Hao, J., & Liu, J. (2022). Stock market entry timing and retail investors' disposition effect. International Review of Financial Analysis, 82, 102205.