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Determinants of investors' financial behaviour in Tehran Stock Exchange

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  • Mahmood Yahyazadehfar
  • Mohammad Reza Zali
  • Hooman Shababi
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    Abstract

    Decision-making and investors' behaviours are affected by various factors in Tehran Stock Exchange. Based on theoretical perspective, investors collect the key information of decision-making by the study of macro- and micro-levels of investment environments. To analyse the research data, path analysis and Linear Structural Relationships (LISREL) software are used. The results indicate that political factors with 62%, psychological factors with 53%, economic factors with 47% and internal factors with 31% are the most important factors that affect the stocks trading in Tehran Stock Exchange. Political and psychological factors not only have direct effect but also affect the investors' financial decision-making indirectly (through intended interest rate) 16 and 11%, respectively. The total effect of political and psychological factors on investors' financial decision-making is 79 and 64%, respectively.

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    File URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003781416&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5
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    Bibliographic Info

    Article provided by Taylor and Francis Journals in its journal Applied Economics Letters.

    Volume (Year): 18 (2011)
    Issue (Month): 7 ()
    Pages: 647-654

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    Handle: RePEc:taf:apeclt:v:18:y:2011:i:7:p:647-654

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