ارایه مدلی برای بررسی تاثیرات ترکیبی ریسک پذیری، ویژگی های فردی و فرهنگی بر بروز رفتار توده وار سرمایه گذاران در بورس اوراق بهادار تهران

نوع مقاله : علمی - پژوهشی

نویسندگان

1 دانشجوی دکتری تخصصی مدیریت مالی، گروه مدیریت مالی، واحد قزوین، دانشگاه آزاد اسلامی، قزوین، ایران.

2 دانشیار، گروه مدیریت مالی، واحد قزوین، دانشگاه آزاد اسلامی، قزوین، ایران

3 استادیار، گروه مدیریت و حسابداری، موسسه آموزش عالی غیر انتفاعی و غیر دولتی مهر آستان، گیلان، ایران.

4 استادیار، گروه ریاضی، واحد تهران جنوب، دانشگاه آزاد اسلامی، تهران، ایران.

چکیده

شواهد نشان می دهد که سرمایه گذاران در بورس اوراق بهادار تهران برای تعیین ارزش سهام علاوه بر روش های کمی، از قضاوت هایی مبتنی بر تصورات ذهنی، اطلاعات غیرعلمی، شایعات و پیروی کورکورانه از عده معدودی از مشارکت کنندگان در بازار سرمایه که از آن با عنوان رفتار جمعی، رمه ای و توده وار نیز یاد می شود، استفاده می کنند. هدف از این پژوهش معرفی مدلی برای بررسی ترکیب عوامل موثر بر بروز رفتار توده وار سرمایه گذاران در بورس اوراق بهادار تهران، بر مبنای پیشینه ی مطالعات مربوط در این زمینه است. این پژوهش از نوع آمیخته بوده که به لحاظ هدف کاربردی و از نوع توصیفی، پیمایشی می باشد. در این پژوهش تعداد 190 سرمایه گذار به عنوان نمونه در دسترس پرسشنامه برخط را تکمیل نموده و آزمون فرضیه ها با استفاده از نرم افزار SPSS22 و AMOS18 و در چارچوب روش معادلات ساختاری مورد ارزیابی قرار گرفته و مدل پژوهش ترسیم گردیده است. نتایج پژوهش نشان می دهد که مدل ارایه شده از برازش مطلوبی برای بیان ارتباط عوامل موثر بر بروز رفتار توده وار سرمایه گذاران برخوردار است و می تواند ارتباطات و اثرات میانجی بین ویژگی های فردی و فرهنگی، ریسک پذیری و رفتار توده وار را در سرمایه گذاران مشخص نماید.

کلیدواژه‌ها

عنوان مقاله [English]

A Model for Syntactic Investigation between Risk taking, Personal and Cultural properties on Herding Behavior in Tehran Stock Exchange.

نویسندگان [English]

  • Seyed Amirhossein Mirhasheminasab 1
  • Amir Mohamadzadeh 2
  • Mohsen Mohammadnoorbakhsh Langaroodi 3
  • Nasrin Akhoondi 4
1 Ph.D. Student in Financial Management, Qazvin Branch, Islamic Azad University, Qazvin, Iran.
2 Associate prof, Department of Management, Qazvin Branch, Islamic Azad University, Qazvin, Iran
3 Assistant prof, Department of Management and Accounting, Mehre Astan institution, Guilan, Iran.
4 Assistant prof, Mathematics Department, South Tehran Branch, Islamic Azad University, Tehran, Iran.
چکیده [English]

Literature review shows that investors in Tehran Stock Exchange behave on murmur, unscientific information and confirm on few members in market that called Herding behavior in addition to on mathematical method. This research aims to present a model to introduce and quality and quantity variables on herding behavior in Tehran stock exchange depend on literature review. This research is exploratory by descriptive and survey method. We choose 190 investors in this market for example and they answered to online questionnaire. The answers analyzed by SPSS22 and AMOS18 in SEM method. The results showed our model have eligible practice to delineate relationship between variables and specified that there are significant direct and mediator relationship between personalities, cultural variables, risk taking and herding behavior.

کلیدواژه‌ها [English]

  • Behavioral Finance
  • Herd Behavior
  • Personalities
  • Risk Taking
  • Cultural Variables

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