نوع مقاله : مقاله پژوهشی
نویسندگان
1 استادیار، گروه حسابداری، واحد تهران جنوب، دانشگاه آزاد اسلامی، تهران، ایران.
2 کارشناس ارشد حسابداری، گروه حسابداری، واحد تهران جنوب، دانشگاه آزاد اسلامی، تهران، ایران
چکیده
کلیدواژه‌ها
عنوان مقاله [English]
نویسندگان [English]
Objective: Based on traditional financial theory, investors always make rational decisions based on complete information; however, behavioral finance argues that investors are influenced by their emotions, biases, and cognitive limitations. Therefore, grounded in this rationale, the objective of the present research is to investigate the impact of behavioral financial factors on corporate investment decisions, with the moderating role of financial risk perception.
Method: The method of this research is of the survey-descriptive type. The statistical population consists of individual investors in public joint-stock companies during the fiscal year 1402 (2023-2024). The Cochran formula was used for sample selection, and a structured questionnaire was employed for data collection. The collected data were then analyzed using SPSS software. The investor conditions were as follows: first, they must have been shareholders during the fiscal year 1402 to provide responses regarding one-year returns; second, they must be active shareholders, meaning they engaged in at least four stock purchases and sales within one year. Given the population size of 1,500 investors in this research, based on the Morgan table, the sample size comprises 306 investors. In this study, 415 questionnaires were distributed in the main stock exchange hall and several brokerage firms, serving as the basis for the research. Of these, 306 questionnaires were received completely and correctly by the researcher.
Findings: The research findings indicate that investors' herding behavior influences their financial risk perception and investment decisions. Additionally, financial risk plays a moderating role in the relationship between investors' herding behavior and investment decisions. On the other hand, the results show that investors' behavioral biases have a direct effect on their financial risk perception and investment decisions. Finally, the moderating role of financial risk perception on the relationship between behavioral biases and investment decisions can be confirmed.
Conclusion: In the framework of behavioral finance, traditional financial hypotheses such as market efficiency and complete investor rationality are challenged. This approach posits that financial decision-making, particularly at the corporate level, is influenced by psychological, cognitive, and emotional factors, leading to deviations from optimal behaviors. Behavioral financial factors, such as overconfidence, herding effect, and disposition effect, can steer corporate investment decisions toward irrational choices, such as over-investment in high-risk projects or delaying the sale of loss-making assets. However, financial risk perception—as a subjective assessment of the probability and severity of financial risks—can play a moderating role, altering the intensity of these factors' impact on investment decisions.
Innovation: The innovation of this topic lies in creating an integrated framework for understanding the dynamic interactions between behavioral factors, risk perception, and corporate decisions, which shifts the literature from a focus on mediation toward moderation. This approach not only fills theoretical gaps but also offers practical implications for improving corporate performance during periods of uncertainty.
کلیدواژه‌ها [English]
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