پیوندهای مفید
آمار
| تعداد نشریات | 30 |
| تعداد شماره‌ها | 467 |
| تعداد مقالات | 4,522 |
| تعداد مشاهده مقاله | 7,145,310 |
| تعداد دریافت فایل اصل مقاله | 5,334,972 |
تفاوت‌های شخصیتی و تصمیمات سرمایه‌گذاری - نقش میانجی باورها و اعتقادات، ترجیحات ریسک و تعاملات اجتماعی | ||
| پژوهشنامه مدیریت اجرایی | ||
| دوره 16، شماره 32، اسفند 1403، صفحه 27-58 اصل مقاله (913.39 K) | ||
| نوع مقاله: مدیریت استراتژیک (برنامه‌ها، تحلیل‌های استراتژیکی تولید، استراتژی‌های بازاریابی و مدیریت بازار، کسبوکار، سرمایه گذاری، منابع انسانی، مالی، رقابت، . . . ) | ||
| شناسه دیجیتال (DOI): 10.22080/jem.2024.23873.3766 | ||
| نویسندگان | ||
| یحیی کامیابی1؛ بهرام محسنی ملکی* 2 | ||
| 1استاد، گروه حسابداری، دانشکدۀ علوم اقتصادی و اداری، دانشگاه مازندران، بابلسر، ایران | ||
| 2استادیار، گروه حسابداری، دانشکدۀ علوم اقتصادی و اداری، دانشگاه مازندران، بابلسر، ایران | ||
| تاریخ دریافت: 27 تیر 1401، تاریخ بازنگری: 19 مرداد 1402، تاریخ پذیرش: 13 شهریور 1402 | ||
| چکیده | ||
| بر اساس دیدگاه روانشناسان، اگر چه ویژگی‌های شخصیتی هر فرد شامل توافق‌پذیری، وظیفه‌شناسی، روان‌رنجوری، برون‌گرایی، و گشودگی در بین افراد مختلف متفاوت است، اما در طول زمان نسبتا ثابت می‌ماند. بر این اساس این تنوع در تفاوت‌های فردی و ثبات آن در طول زمان، قادر به توصیف رفتار انسان در سناریوهای مختلف زندگی هستند. بنابراین در این پژوهش، تاثیر این پنج ویژگی شخصیتی بر تصمیم‌گیری درباره نحوه تخصیص سرمایه‌گذاری، از طریق متغیرهای باورها و اعتقادات، ترجیحات ریسک و تعاملات اجتماعی سرمایه‌گذاران بررسی شده است. برای دستیابی به این هدف، 264 پرسشنامه از سرمایه‌گذاران بورس اوراق بهادار تهران جمع آوری و با بهره‌گیری از مدل رگرسیون و نرم افزار ایویوز 8 مورد تجزیه و تحلیل قرار گرفت. نتایج نشان داد شخصیت‌های وظیفه‌مدار، برون‌گرا و روان‌رنجور عوامل تعیین‌کننده‌تری در تبیین باورها و اعتقادات مشارکت‌کنندگان بوده در حالی که شخصیت‌های برون‌گرا، روان‌رنجور و گشوده‌رو، تعاملات اجتماعی گسترده‌تری نسبت به سایر شخصیت‌ها دارند. علاوه بر این، یافته‌ها حاکی از ان است سرمایه‌گذاران گشوده‌رو و برون‌گرا، ریسک‌گریزی کمتری دارند، در حالی که سرمایه‌گذاران روان‌رنجور، ریسک‌گریزی بالاتری دارند. در نهایت، شخصیت‌های روان‌رنجور، برون‌گرا و گشوده‌رو، عوامل تعیین‌کننده‌تری در تخصیص دارایی مشارکت‌کنندگان هستند که این عوامل از طریق دیدگاه‌های باورها و اعتقادات، ترجیحات ریسک و تعاملات اجتماعی قابل تفسیر است. نتایج همچنین نشان داد متغیرهای جنسیت، سن و مدرک تحصیلی بر تصمیمات سرمایه‌گذاری افراد تاثیرگذار است. | ||
| کلیدواژه‌ها | ||
| تخصیص دارایی؛ تصمیمات سرمایه‌گذاری؛ تعاملات اجتماعی؛ ریسک؛ ویژگی‌های شخصیتی | ||
| عنوان مقاله [English] | ||
| Personality differences and investment decisions - The mediating role of beliefs, risk preferences and social interactions | ||
| نویسندگان [English] | ||
| Yahya Kamyabi1؛ Bahram Mohseni Maleki2 | ||
| 1Professor, Department of Accounting, Faculty of Economics and Administrative Sciences, University of Mazandaran, Babolsar, Iran | ||
| 2Assistant Professor, Department of Accounting, Faculty of Economics and Administrative Sciences, University of Mazandaran, Babolsar, Iran | ||
| چکیده [English] | ||
| According to the psychology perspective, although each person's personality traits including agreeableness, conscientiousness, neuroticism, extraversion, and openness vary among different people, they remain relatively constant over time. Based on this, this diversity in individual differences and its stability over time, are able to describe human behavior in different scenarios of life. Therefore, in this research, the impact of these five personality traits on the decision-making process of investment allocation has been investigated through the channels of beliefs, risk preferences and social interactions of investors. To achieve this goal, 264 questionnaires were collected from the investors of Tehran Stock Exchange and analyzed using the regression model using Eviuse 8 software. The results showed that conscientiousness, extraversion, and neuroticism personalities were more determining factors in explaining the participants' beliefs, while extraversion, neuroticism and openness personalities have broader social interactions than other personalities. In addition, the findings indicate that openness and extraversion investors have less risk aversion, while neuroticism investors have a higher risk aversion. Finally, neuroticism, extraversion, and openness personalities are more decisive factors in the allocation of participants' assets that these factors can be interpreted through the views of beliefs, risk preferences and social interactions. The results also showed that the variables of gender, age, and education have an impact on people's investment decisions. | ||
| کلیدواژه‌ها [English] | ||
| Asset Allocation, Investment Decisions, Social Interactions, Risk, Personality Traits | ||
| مراجع | ||
|
Almlund, M., Angela, L. D., James, H., & Tim, K. (2011). Personality psychology and economics, (in Handbook of the Economics of Education) Amirsoleimani, G., & Yousefi Asl, F. (2014). Dimensions of Mental Accounting,It\'s Roots and Applications. Journal of Accounting and Social Interests, 4(3), 139-158. doi: 10.22051/ijar.2015.511 An, L., Jiangze, B., Dong, L., & Donghui, Sh. (2019). Wealth redistribution in bubbles and crashes, Working paper. Ashton, M, C., Kibeom, L., Lewis, R, G., & Reinout, E, D. (2009). Higher order factors of personality: Do they exist? Personality and Social Psychology Review, 13, 79–91 Bailey, M., Ruiqing, C., Theresa, K., & Johannes, S. (2018). The economic effects of social networks: Evidence from the housing market, Journal of Political Economy, 126, 2224–2276. Barber, B, M., & Terrance, O. (2001). Boys will be boys: Gender, overconfidence, and common stock investment, Quarterly Journal of Economics, 116, 261–292. Barberis, N. & Thaler, R. (2001). A Survey of Behavioral Finance. HandBook of the Economics of Finance, North-Holland, Amesterdam. Barrick, M, R., & Michael, K, M. (1991). The big five personality dimensions and job performance: a meta-analysis, Personnel Psychology, 44, 1–26 Baziar, A., & Nazari, F, A. (2019). Investigating the impact of emotional and behavioral characteristics of investors on their rational decisions in Tehran Stock Exchange. The 7th National Conference of Modern Studies and Researches in the Field of Human Sciences, Management and Entrepreneurship of Iran, Tehran, https://civilica.com/doc/1028254. (In Persian) Becker, A., Thomas, D., Thomas, D., Armin, F., & Fabian, K. (2011). The relationship between economic preferences and psychological personality measures, Annual Review of Economics. Campbell, J, Y., Tarun, R., & Benjamin, R. (2019). Do the rich get richer in the stock market? Evidence from India, American Economic Review, Insights 1, 225–40 Chinco, A., Hartzmark, S, M., & Sussman, A, B. (2020). A New Test of Risk Factor Relevance, Journal of Finance, Forthcoming, Available at SSRN: https://ssrn.com/abstract=3487624 or http://dx.doi.org/10.2139/ssrn.3487624 Choi, J, J., & Robertson, A, Z. (2020). What Matters to Individual Investors? Evidence from the Horse’s Mouth, Journal of Finance, 75, 1775–2321. Cook, C., F. Heath, and R.L. Thompson. )2000(. A meta-analysis of response rates in web or internet-based surveys. Educational and Psychological Measurement 60, no. 6: 821–836. D’Acunto, F., Daniel, H., Maritta, P., & Michael, W. (2019). Human frictions in the transmission of economic policy, Working Paper Series in Economics 128, Karlsruhe Institute of Technology (KIT), Department of Economics and Management. Epper, T., Ernst, F., Helga, F., Claus, Th, K., David, D, L., Søren, L., & Gregers, N, R. (2020). Time Discounting and Wealth In- equality, American Economic Review, 110, 1177–1205. Fagereng, A., Luigi, G., Davide, M., & Luigi, P. (2020). Heterogeneity and persistence in returns to wealth, Econometrica, 88, 115-170 Fuller, R. (2000). Behavioral Finance and the Source of Alpha. Fuller & Thaler Asset Management. Giglio, S., Matteo, M., Johannes, S., & Stephen, U. 2021. Five Facts about Beliefs and Portfolios. American Economic Review, 111 (5): 1481-1522. Grow, I, D., Steven, N, K., Larcker, D, F., & Zakolyukina, A, A. (2016). CEO Personality and Firm Policies. 6th Miami Behavioral Finance Conference, Stanford University Graduate School of Business Research Paper No. 16-34. Gurjizadeh, D., & Khan Mohammadi, M. (2016). Investigating the effects of behavioral financial factors on the decisions of individual investors. Investment knowledge. 6(24), 275-292. (In Persian) Hijroudi, F., Dostar, M., & Moradi, M. (2017). Moderation analysis of the five-factor model of personality on the influence of obtaining financial information on the behavior of investors in the Tehran Stock Exchange. Investment Knowledge, 7(25), 39-60. (In Persian) Hirshleifer, D, A. (2020). Presidential Address: Social Transmission Bias in Economics and Finance, The Journal of Finance, 75(4), 1779-1831. Jamshidi, N., & Qalibaf Assal, H. (2017). Investigating the influence of investors' personality on their trading behavior and investment performance; Evidence from Tehran Stock Exchange. Financial Research, 20(1), 75-90. (In Persian) Karimi Nosrat, P., & Salehi Azad, R. (2018). A review of behavioral finance theories and investment psychology, 4th International Conference on Management, Accounting, Economics and Social Sciences, Hamedan, https://civilica.com/doc/1001724. (In Persian) Kelly, E. L., & Conley, J. J. (1987). Personality and compatibility: A prospective analysis of marital stability and marital satisfaction. Journal of Personality and Social Psychology, 52(1), 27-40. Kuhnen, C, M., Gregory, R, S., & Brian, K. (2013). Serotonergic genotypes, neuroticism, and financial choices, PloS one 8, e54632. Liu, H., C, P., Wei, A, X., & Wei, X. (2020). Resolving the excessive trading puzzle: An integrated approach based on surveys and transactions, Working paper / National Bureau of Economic Research, Inc.-New York, N.Y.:National Bureau of Economic Research, Inc., ISSN 0898-2937, ZDB-ID 1223905-7. - Vol. 26911 Markowitz, H. (1952). Portfolio selection, Journal of Finance, 7, 77–91. McCrae, R.R., & Costa, P.T. (1997). Personality trait structure as a human universal. The American psychologist,16, 509-525. McCrae, R. R. (1987). Creativity, divergent thinking, and openness to experience. Journal of Personality and Social Psychology, 52(6), 1258–1265. https://doi.org/10.1037/0022-3514.52.6.1258 McCrae, R, R., & Oliver, P, J. (1992). An introduction to the five-factor model and its applications, Journal of Personality, 60, 175–215 Malmendier, U., & Stefan, N. (2016). Learning from inflation experiences, Quarterly Journal of Economics, 131, 53–87 Meeuwis, M., Jonathan, A, P., Antoinette, S., & Duncan, , S. (2018). Belief disagreement and portfolio choice, NBER Working Papers 25108, National Bureau of Economic Research, Inc. Nagel, Stefan, and Zhengyang Xu. (2019). Asset pricing with fading memory, NBER Working Paper No. w26255. Ra'i, Reza., & Falah, S. (2004). Behavioral finance, a different approach in the financial field. Financial Research, 6(2). 77-106. (In Persian) Revelle, W., Dworak, E. M., & Condon, D. M. (2021). Exploring the persome: The power of the item in understanding personality structure. Personality and Individual Differences, 169, [109905]. https://doi.org/10.1016/j.paid.2020.109905 Saidi, A., & Farhanian, S,M,J. (2011). Basics of behavioral economics and finance. Tehran, Exchange Information and Services Company Publications. (In Persian) Sias, Richard W, Laura T Starks, and Harry J Turtle. (2020). Molecular Genetics, Risk Aversion, Return Perceptions, and Stock Market Participation, NBER Working Papers 27638, National Bureau of Economic Research, Inc. Srivastava, S., John, O. P., Gosling, S. D., & Potter, J. (2003). Development of personality in early and middle adulthood: Set like plaster or persistent change? Journal of Personality and Social Psychology, 84(5), 1041–1053. Van Rooij, M., Lusardi, A., Alessie, R. )2011(. Financial literacy and stock market participation. Journal of Financial Economics 101, 449–472. Zhengyang, J., Cameron, P., & Hongjun, Y. (2020). Personality Differences and Investment Decision-Making. Available at SSRN: https://ssrn.com/abstract=3580364 or http://dx.doi.org/10.2139/ssrn.3580364. Weston, S, J., Joe, J, G., Eileen, K, G., Daniel, K, M., & David, M, C. (2019). Who are the scrooges? Personality predictors of holiday spending, Social Psychological and Personality Science, 10, 775–782. | ||
|
آمار تعداد مشاهده مقاله: 62 تعداد دریافت فایل اصل مقاله: 127 |
||