Neurotransmitters and the Behavior of Individual Investors: Exploratory and Confirmatory Factor Analysis
Publish place: Iranian Journal of Finance، Vol: 9، Issue: 2
Publish Year: 1404
Type: Journal paper
Language: English
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Document National Code:
JR_IJFIFSA-9-2_001
Index date: 5 March 2025
Neurotransmitters and the Behavior of Individual Investors: Exploratory and Confirmatory Factor Analysis abstract
Neurotransmitters are the chemical messengers nerve cells use to transmit signals to target cells. Neurotransmitters affect the behavioral aspects of investors' performance. Therefore, this study investigated neurotransmitters' effect on individual investors' behavior by using structural equation modeling. To achieve this goal, exploratory and confirmatory factor analysis has been used. The study is applied research and utilizes a survey methodology. The required data were collected through the distribution of questionnaires among 315 individual investors. This study was done in the Tehran stock exchange's second and third seasons of 2023. According to the research, neurotransmitters through eight components of adrenaline or epinephrine, noradrenaline or norepinephrine, dopamine, serotonin, GABA (gamma-aminobutyric add), acetylcholine, glutamate, and endorphins affect the behavior of individual investors. Based on the second-order confirmatory factor analysis, the GABA component (0.39) has the highest impact, and adrenaline or epinephrine (0.25) has the least effect on the behavior of individual investors. The findings indicate the necessity of redefining rationality and considering its effects on investors' decisions and behavior.
Neurotransmitters and the Behavior of Individual Investors: Exploratory and Confirmatory Factor Analysis Keywords:
Neurotransmitters and the Behavior of Individual Investors: Exploratory and Confirmatory Factor Analysis authors
Mohammad Nazaripour
Associate Prof., Department of Accounting, Hazrat-e Masoumeh University, Qom, Iran.
Babak Zakizadeh
MA in Business Management, Department of Management, Islamic Azad University, Sanandaj Branch, Sanandaj, Iran.
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