اثر تعدیلی ویژگی‌های شخصیتی سرمایه‌گذاران بر رابطه بین استفاده از مشاورۀ مالی و رفتار معاملاتی

نوع مقاله : مقاله علمی پژوهشی

نویسندگان

1 استادیار، گروه حسابداری، دانشگاه حضرت معصومه (س)، قم، ایران.

2 کارشناسی ارشد، گروه مدیریت بازرگانی، واحد آبادان، دانشگاه آزاد اسلامی، آبادان، ایران.

چکیده

هدف: ویژگی‌های شخصیتی سرمایه‌گذاران، در میزان موفقیت آنان در بازار سرمایه نقش بسزایی دارد. در همین راستا، پژوهش حاضر تلاش دارد که اثر تعدیلی ویژگی‌های شخصیتی بر رابطه بین استفاده از خدمات مشاوره مالی و رفتار معاملاتی سرمایه‌گذاران را بررسی کند.
روش: این پژوهش به‌لحاظ هدف، کاربردی و به‌لحاظ روش گردآوری داده‌ها، توصیفی ـ پیمایشی از نوع هم‌بستگی است. داده‌های پژوهش حاضر از طریق توزیع پرسش‌نامه بین 267 سرمایه‌گذار جمع‌آوری ‌شده است. دوره زمانی پژوهش حاضر، نیمه اول سال 1400 است. در فرایند تحلیل داده‌های پژوهش، ابتدا از طریق تحلیل عاملی اکتشافی، ویژگی‌های شخصیتی سرمایه‌گذاران با استفاده از مدل پنج‌عاملی شخصیت شناسایی شد؛ سپس با استفاده از تحلیل عاملی تأییدی از اندازه‌گیری صحیح آن‌ها اطمینان به‌دست آمد. در ادامه، مدل رگرسیونی پژوهش آزمون شد.
یافته‌ها: طبق نتایج مدل رگرسیونی، علاوه‌بر متغیر مستقل (مشاوره مالی) متغیرهای جنسیت، وضعیت تأهل، درآمد ماهیانه، تجربه فعالیت در بورس، ریسک‌گریزی و سواد مالی بر متغیر وابسته (رفتار معاملاتی سرمایه‌گذاران) تأثیرگذار بودند. در مقابل، متغیرهای سن و تحصیلات بر متغیر وابسته تأثیرگذار نبودند. بعد از این مرحله، اثر تعدیلی ویژگی‌های شخصیتی سرمایه‌گذاران بر رابطه بین متغیر مستقل و متغیر وابسته بررسی شد. سه ویژگی تجربه‌پذیری، وظیفه‌شناسی و توافق‌پذیری، باعث تقویت و ویژگی روان‌رنجوری باعث تضعیف رابطه بین متغیر مستقل و وابسته می‌شود. ویژگی برون‌گرایی بر این رابطه تأثیرگذار نبود. در نهایت، از متغیر ابزاری برای رفع مشکل درون‌زایی متغیر مستقل استفاده شد. این کار با استفاده رگرسیون حداقل مربعات دومرحله‌ای انجام شد.
نتیجه‌گیری: ویژگی‌های شخصیتی، از جمله عواملی است که بر رفتار معاملاتی سرمایه‌گذاران تأثیر می‌گذارد و نقش آن در استفاده از خدمات مشاوره مالی انکارناپذیر است.

کلیدواژه‌ها

عنوان مقاله [English]

The Moderating Effects of Investors' Personality on the Relationship between the Use of Financial Advice Service and Trading

نویسندگان [English]

  • Mohammad Nazaripour 1
  • Babak Zakizadeh 2
1 Assistant Prof., Department of Accounting, Hazrat_e Masoumeh University (HMU), Qom, Iran.
2 MSc., Department of Business Management, Abadan Branch, Islamic Azad University, Abadan, Iran.
چکیده [English]

Objective: Investors' personality traits play an important role in their success in the capital market. In this regard, this study attempts to investigate the moderating effects of personality traits on the relationship between the use of financial advisory services and investor trading behaviors.
Methods: The present research is practical in nature and can be considered a descriptive-exploratory and correlational study. The required data were collected through the distribution of questionnaires among 267 investors. The study was conducted in the second and third seasons of the year 2021. The gathered data was initially analyzed through Exploratory Factor Analysis (EFA), the investors' personality traits were identified using the five-factor model of personality, and then, using Confirmatory Factor Analysis (CFA), their correct measurement was ensured. The regression model was tested afterward.
Results: According to the regression analysis results, in addition to the independent variable (financial advice service), the variables of gender, marital status, monthly income, stock market experience, risk aversion, and financial literacy affected the dependent variable (investors’ trading behavior). In contrast, age and education level did not influence the dependent variable. After this stage, the moderating effects of investors' personality traits on the relationship between the independent variable and the dependent variable were studied. The three traits of openness to experience, conscientiousness, and agreeableness strengthened the relationship, while neuroticism debilitated it. The extraversion personality trait did not affect this relationship. Finally, the instrumental variable was used to solve the problem of the endogenous explanatory variable. This was done using two-stage least squares (2SLS) regression analysis.
Conclusion: Personality traits are among the factors influencing the trading behaviors of investors. Therefore their role in using financial advisors is undeniable.

کلیدواژه‌ها [English]

  • Investors' trading behavior
  • Financial advice
  • Big five personality traits
  • Instrumental variable
  • Two Stage Least Squares (2SLS) regression

مراجع

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جمشیدی، ناصر و قالیباف اصل، حسن (1397). بررسی تأثیر شخصیت سرمایه‏گذاران بر رفتار معاملاتی و عملکرد سرمایه‏گذاری آنان؛ شواهدی از بورس اوراق بهادار تهران. تحقیقات مالی، 20(1)، 75-90.
جمشیدی، ناصر؛ قالیباف اصل، حسن و فدایی نژاد، محمد اسماعیل (1398). بررسی سوگیری‏های رفتاری و عملکرد سرمایه‏گذاران حقیقی بورس اوراق بهادار تهران. تحقیقات مالی، 21(2)، 143-164.
نایب محسنی، شیدا؛ خلیفه سلطانی، سید احمد و حجازی، رضوان (1400). تدوین مدل رفتاری تصمیم‏گیری سرمایه‏گذاران فردی در بازار سرمایه ایران. تحقیقات مالی، 23(4)، 625-652.
 
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تحقیقات مالی
دوره 24، شماره 4
1401
صفحه 655-678

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