Investigating the effect of Individual and psychological factors affecting investors' decision making except for investing in the stock exchange using Dematel method

Document Type : Research Paper


1 Department of Accounting, Semnan Branch, Islamic Azad University, Semnan, Iran

2 Department of Accounting, Islamic Azad University, Semnan Branch, Semnan, Iran


This study examines the individual and psychological factors influencing investor decision-making except in the stock market. For this purpose, first, by using the meta-combined method, the factors affecting investment decisions are extracted from previous research and then, using two Delphi techniques, the identified factors were evaluated and approved by experts. Then, using the Dematel method, the relationships between the factors analyzed and the effect of each factor on each other were determined. Based on the results obtained from this method, among individual factors, the type of job has the greatest effect and having education and financial literacy has the least effect on other factors. Income level and savings level are the most affected. Among psychological factors, mass behavior has the most influential factor and representative intuition has the least effect on other factors. And risk-taking, empowerment and optimism are the most affected by other factors, respectively.


Volume 14, Issue 1
January 2023
Pages 109-119
  • Receive Date: 14 September 2021
  • Revise Date: 27 October 2021
  • Accept Date: 04 November 2021