The Specification and Ranking of Effective Behavioural Factors on Investors’ Trend in Iran's Stock Market Transactions Using Analytic Network Process Rezaei Maliheha, Salarzehi Habibollahb, Vafadar Miladc,* aMaster Student in Business Management-Financial, faculty of Management and Economics, University of sistan&Baluchestan, Zahedan, Iran bAssociated Professor in Public Administration, faculty of Management and Economics, University of sistan&Baluchestan, Zahedan, Iran cPhD Student in Management-Operation Research, Faculty of Management, University of Tehran, Tehran, Iran *Corresponding Author
Online published on 9 October, 2015. Abstract Stock exchange organization is a developing organization and it is considered as an important index for economic development of each country since it is a significant issue for production, entrepreneurship and consequently economic growth. Hence, Iran is encountered to two severe issues:low participation of people in the market and more important than that difference in the participation rates in different provinces of Iran, in such a way that the participation rate based on the transacted stocks is considerable in large and developed provinces of Iran, such as Fars and Isfahan Provinces but it is considerably low in less developed provinces such as South khorasan province and Sistan & Baluchestan province. to consider the abovementioned issues it is noteworthy to remind that economic growth and increase in public welfare is not possible without enough attention to investment and its effective factors. Therefore, this research tries to specify and rank the effective behavioural factors on the investors’ trends in South khorasan province and sistan & baluchestan province. In this research at the first step based on the related scientific articles and results and the interviews with capital market experts, the behavioural factor is specified and is distributed as the first questionnaire among 60 investors of the mentioned provinces.the results of the first questionnaire were studied by SPSS through One Sample t-Test, to select the most effective factors among the previously specified factors. Then on the next stage these effective factors were used to form the second questionnaire.later this questionnaire was distributed among the market experts of stock exchange and the results were analyzed by analytic network process (ANP) and by the application of Super Decision software to rank the effective factors. The results showed that the first rank is occupied by risk propensity factor in both the provinces and the second one is occupied by factor of decision-making power. Top Keywords Investment, Investors’ Trends, Behavioural Factors, Analytic Network Process (ANP). Top |