اولویت‌بندی باورهای سرمایه‌گذاران و عوامل اثرگذار بر آن باورها در بازار سرمایه ایران با استفاده از روش‌های تصمیم‌گیری چندمعیاره

نوع مقاله : علمی - پژوهشی

نویسندگان

1 دانشجوی دکتری حسابداری، دانشگاه اصفهان، اصفهان، ایران.

2 دانشیار گروه حسابداری، دانشگاه اصفهان، اصفهان، ایران

3 استادیار گروه اقتصاد، دانشگاه اصفهان، اصفهان، ایران.

چکیده

     مسائل مالی و سرمایه‌گذاری یکی از حیطه­های اساسی زندگی هر فرد است که انسان را وادار به اتخاذ تصمیم‌های متعدد در شرایط مختلف می­کند و این باورهای هر فرد است که زمینه‌ساز اتخاذ تصمیم­ها و شکل‌دهنده رفتار او در عرصه‌های مالی است. با توجه به نبود پژوهش عمیق و تا حد امکان، جامع در این خصوص در بستر ایران، بررسی دقیق عوامل مؤثر بر باور سرمایه‌گذاران و میزان اهمیت هر عامل در انجام سرمایه‌گذاری ضروری به نظر می‌رسد. به این منظور پس از شناسایی باورهای سرمایه‌گذاران خُرد و عوامل مؤثر بر آنان از طریق مصاحبه، از فرآیند تحلیل سلسله­مراتبی (AHP) برای اولویت‌بندی باورهای شناخته‌شده و از تکنیک دیمتل به‌منظور رتبه‌بندی عوامل مؤثر بر آنان استفاده‌شده ‌است. پس از مصاحبه عمیق با 24 فعال بازار سرمایه و استخراج باورها و عوامل علّی از طریق کدگذاری، پرسشنامه‌ای به‌منظور اولویت‌بندی عوامل شناسایی‌شده تهیه و توسط خبرگانی که علاوه برداشتن دانش کافی در زمینه رفتار سرمایه‌گذار با بازار سرمایه ایران نیز آشنایی مطلوبی داشتند، تکمیل شد. بر اساس یافته‌های پژوهش مشخص شد از میان 14 باور شناخته‌شده توسط خبرگان، به ترتیب باورهای بیش اطمینانی، زیان‌گریزی، خود اسنادی، کوتاه نگری و پشیمان گریزی، شاخص‌ترین باورهای مشاهده­شده در بازار سرمایه ایران هستند. از میان 6 عامل علّی شناسایی­شده، احساسات، محدودیت ظرفیت ذهنی سرمایه‌گذار برای پردازش اطلاعات موجود و نا­آگاهی آن­ها نسبت به مسائل بنیادی اقتصاد و سرمایه‌گذاری به­عنوان مهم­ترین عوامل اثر­گذار بر باورهای سرمایه‌گذاران شناخته شدند.

کلیدواژه‌ها

عنوان مقاله [English]

The moderating role of external monitoring in Prioritizing Investors' Beliefs and Factors Influencing Those Beliefs in the Iran Capital Market Using Multi-Criteria Decision Making Methods

نویسندگان [English]

  • Samaneh Bari 1
  • Dariush Foroughi 2
  • Abdolhamid Moarefi Mohammadi 3
1 Ph.D. Candidate in Accounting, University of Isfahan, Isfahan, Iran.
2 Associate Prof, Department of Accounting, University of Isfahan, Isfahan, Iran
3 Assistant Prof, Department of Economics, University of Isfahan, Isfahan, Iran.
چکیده [English]

     Financial and investment issues are one of the essential areas of every person's life that make one makes many decisions in different situations and it is the beliefs of the individual that make the decisions and shape their behavior in the financial arena. Referring to the lack of in-depth and, as far as possible, comprehensive research in this regard in the Iran context, a careful examination of the factors influencing investor beliefs and the importance of each factor in making an investment seems necessary. To this end, after identifying the beliefs of investors and the factors affecting them by interview, the hierarchical analysis process (AHP) and the DEMATEL technique have been used to prioritizing investors' beliefs and ranking the factors affecting them, respectively. Following a deep interview with 24 experts and the collection of beliefs and causal factors through coding, a questionnaire was prepared to prioritize the identified factors and was completed by experts who, in addition to having sufficient knowledge about investor's behavior were well acquainted with Iran capital market. Based on the findings of the research, it was found that among the 14 beliefs known by the experts, over confidence, loss aversion, self- attribution, self-control and regret – aversion are the most significant beliefs observed in the Iran capital market. In addition, among the six causal factors identified, emotions, investor capacity limitations for processing existing information and their lack of awareness of the fundamental issues of economy and investment were identified as the most important factors influencing investors' beliefs .

کلیدواژه‌ها [English]

  • Belief
  • Individual Investors
  • Analytic Hierarchy Process (AHP)
  • DEMATELTechnique

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