Searching for financial and non-financial information, and managing emotions of anger and fear in investors

Purpose: In Iran's capital market, investors get the information they need to make decisions from various sources. On the other hand, people's decision-making is affected by different emotions, which is considered one of the most complex psychological issues. Investors' excitement has affected how they behave and make decisions, and their emotional behavior has caused the capital market to undergo an irrational process. The purpose of this research is to investigate investors' excitement and its effect on information search, with the role of emotion management ability as a moderating variable.

Method: From the point of view of the result of applied research, and its results can be used by researchers and investors, in terms of method, it is descriptive in terms of the implementation logic of deductive-inductive research, and finally, in terms of the time dimension, it is considered cross-sectional research. This research is quantitative in terms of the type of data, and the research was done by scenario writing method, and the data collection tool was standard questionnaires. Also, data analysis has been done using structural equation modeling and SPSS and Smart PLS software. The statistical population in this research consists of all the investors who are active in the country in 2022. The sampling method was purposeful and non-probability, and the sample people were selected from available investors. This research was done by scenario writing method, and data analysis was done using structural equation modeling and SPSS and Smart PLS software. The method of executing the scenario has been that in the first stage, the participants are asked to make a decision about investing in two different companies. After participants have been informed of two investment options, they are presented with information about the company in question, and asked to make an investment decision. Stock investment information includes a description of the company's operations, a summary of last year's financial information, and financial data for the first and second quarters of the current year, and analysts' consensus forecasts for the company's earnings per share for the next quarter and the current year.

Findings: The research findings show that the emotion of fear has a positive and significant effect on the behavior of investors when searching for information. On the other hand, evidence of the negative and significant effect of anger emotion on investors' behavior has been found when searching for information. Also, the results indicate the rejection of the moderating effect of emotion management on the relationship between the emotion of fear and the behavior of investors when searching for information, while the moderating effect of emotion management on the relationship between the emotion of anger and the behavior of investors when searching for information is positive and significant.

Conclusion: According to this research, it can be seen that the emotion of fear and anger of investors has an effect on the search for information. In fact, when a person is afraid of the subject of the decision, and its result, he needs additional information to gain more confidence, and so to speak, he makes a decision with more conservatism. On the other hand, investors who experience the excitement of anger are less inclined to demand new information than other people, and they process the obtained information less, and finally make hasty decisions.