Identifying and Prioritizing the Factors Affecting the Behavioral Noise of Investors (Case Study: Tehran Stock Exchange)

Abstract

The aim of this research was to identify and prioritize the effective factors of investors' behavioral changes. The research method is applied and correlational. The statistical population includes all stock market investors who were determined by simple random method and Cochran's formula as a sample size of 384 people. To collect data, a questionnaire was used, which was valid with experts' opinions and reliable with alpha. Cronbach's 0.87 was obtained and confirmed. For data analysis, regression test and VIKOR method and SPSS version 25 software were used. The results showed that there is a significant relationship between investors' emotions, investors' emotions, investors' personality traits and investors' behavioral stability and their behavioral noises, and the ranking results showed that the first variable of investors' personality traits with a value of (1), the second variable of investors' emotions with a value of ( 0.840), was the third variable of investors' feelings (0.74) and the fourth variable of investors' behavioral stability was ranked last with a value of (0.594).