Investigating Various Levels of Financial Literacy with Behavioral Trends of Investors
Publish place: International Journal of Management, Accounting and Economics (IJMAE)، Vol: 11، Issue: 4
Publish Year: 1403
نوع سند: مقاله ژورنالی
زبان: English
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شناسه ملی سند علمی:
JR_IJMAE-11-4_006
تاریخ نمایه سازی: 17 اردیبهشت 1403
Abstract:
Understanding the factors that contribute to decreased financial literacy and increased behavioral biases can suggest solutions for risk management and improving decision-making processes. On the other hand, investors make financial decisions based on their levels of financial literacy and behavioral biases. The main goal of this research is to examine the various levels of financial literacy with investors' behavioral biases, and understanding this relationship can help us recommend the best strategies to encourage investors to make better-informed decisions. The research population includes all investors in the Tehran Stock Exchange. A sample, calculated using Cochran's formula, ultimately collected ۳۹۰ questionnaires manually and online, and necessary pretests were conducted to confirm the validity and reliability. Descriptive statistics, including the demographic characteristics of respondents and the frequency of responses to each question, were performed in this study. Then, structural equation modeling was used to test hypotheses. The results of hypothesis testing showed that professional financial literacy has an inverse effect on overconfidence behavioral bias. It was also found that professional financial literacy has a significantly positive effect on risk tolerance. Finally, it was determined that there is a significant negative relationship between professional financial literacy and self-documentary and risk aversion biases. On the other hand, it was revealed that investors with low levels of financial literacy have a positive relationship with the mentioned behavioral biases. Based on the research results, it can be claimed that as the level of financial literacy decreases among investors, they will become more involved in behavioral biases.
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Authors
Alireza Azarberahman
Accounting department, Shandiz institute of higher education, Mashhad, Iran
Ali Lalbar
Department of Accounting & Finance, Islamic Azad University, Arak Branch, Arak, Iran
Malihe Tohidinia
Department of Accounting & Finance, Islamic Azad University, Arak Branch, Arak, Iran
Zahra Ghorbanpoor
Department of Accounting, Shandiz Institute of Higher Education, Mashhad, Iran
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