دانش سرمایه‌گذاری

دانش سرمایه‌گذاری

بررسی مدل رفتار توده وار در تصمیم گیری سرمایه گذاری در بازارهای نوظهور

نوع مقاله : مقاله پژوهشی

نویسندگان
1 دانشجوی دکترای حسابداری، دانشکده علوم انسانی، واحد بندرعباس، دانشگاه آزاد اسلامی، بندرعباس، ایران.
2 استادیار گروه حسابداری، دانشکده علوم انسانی، واحد بندرعباس، دانشگاه آزاد اسلامی، بندرعباس، ایران.
10.30495/jik.2024.76927.4475
چکیده
تصمیمات سرمایه گذاران در بازار سهام نقش مهمی در تعیین روند بازار ایفا میکنند، که از آن پس بر اقتصاد تاثیر میگذارد. واکنش بازار سهام زمانی رخ میدهد که قیمت سهام از ارزشهای اساسی دور شود، آنگاه قیمتها به تدریج به ارزشهای اساسی رجوع می کنند. روندهای شتاب کوتاه مدت قیمت بعد از اعلان درآمدها و معکوس کردنهای قیمت بلند مدت پس از روندهای درآمد توضیح میدهد که چگونه رفتار نامعقول سرمایه گذار قیمت سهام را از مقادیر اساسی دور می کند. بنابراین متغیرهای رفتار سرمایه گذار واکنشهای بازار سهام را توضیح می دهند تا مشخص کنند که آیا فرصتهای سود به دلیل واکنش بازار سهام براساس الگوهای پیش بینی پذیری بازده وجود دارد. هدف این تحقیق بررسی مدل رفتار توده وار سرمایه گذاران در تصمیم گیری های سرمایه گذاری در بازار سرمایه است که تحت تأثیر اثرات اجتماعی و اطلاعاتی موثر بر ارزش دفتری هر سهم (BVPS) می باشد. جدیدترین شرایط بازار سهام نشان می‌دهد که اکثر سرمایه‌گذاران در تصمیمات سرمایه‌گذاری که منجر به زیان می‌شود، اشتباهات یکسانی از خود بروز می دهند. این مطالعه شامل دو متغیر مستقل، یعنی اطلاعات در مورد ارزش دفتری و تاثیر اجتماعی است. در این مطالعه از روش تجربی طرح عاملی 2×2 استفاده شد. برای آزمون تاثیر متغیر مستقل بر روی متغیر وابسته از ابزار آماری آنالیز واریانس دو طرفه تک متغیره (ANOVA) استفاده شد.تحقیق نشان داد که تأثیر اجتماعی ناشی از سرمایه‌گذاران خبره بیشتر از تاثیر اطلاعات ارزش دفتری هر سهم بر رفتار سرمایه‌گذاران توده ای در تصمیم‌گیری سرمایه‌گذاری تأثیرگذار است.
کلیدواژه‌ها

عنوان مقاله English

Survey of the Herding behavior model in investment decision on emerging markets

نویسندگان English

milad morshedi 1
hamid rostami jaz 2
1 PhD student in accounting, Faculty of Humanities, Bandar Abbas Branch, Islamic Azad University, Bandar Abbas, Iran.
2 Assistant Professor, Department of Accounting, Faculty of Humanities, Bandar Abbas Branch, Islamic Azad University, Bandar Abbas, Iran.
چکیده English

Investors' decisions in the stock market play an important role in determining market trends, which then affect the economy. Stock market reaction occurs when stock prices move away from fundamental values, then prices gradually return to fundamental values. Short-term price acceleration trends following earnings announcements and long-term price reversals following earnings trends explain how capital naming behavior may drive stock prices away from fundamentals. Reasons for capital behavior explain stock market reactions to determine whether profit opportunities exist due to market reactions to predictable patterns of returns.The purpose of this research is to investigate the Herding behavior model of investors in capital market investment decisions, which is influenced by the social and informational effects affecting the book value of each share (BVPS). The latest stock market conditions show that most investors make the same mistakes in investment decisions that lead to losses. This study includes two independent variables, namely information about book value and social impact. This study includes two independent variables, namely information about book value and social impact. In this study, the experimental method of 2x2 factorial design was used. To test the effect of the independent variable on the dependent variable, two-way univariate analysis of variance (ANOVA) was used. The results of the research showed that the social impact caused by expert investors is more influential than the impact of book value information of each share on the behavior of Herding investors in making investment decisions.

کلیدواژه‌ها English

Herding
investment decision
social effects
book value
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