Investigating the effect of personality traits and individual motivation on the tendency of investors' herd behavior with the moderating role of experience and financial knowledge in Tehran Stock Exchange

Subject Areas : Financial and Behavioral Researches in Accounting

mohammad salimi ¹ , marzieh ebrahimi shaghaghi ² , saeed mashayekhi fard ³

1 - Department of Accounting and Management, Shahriar Branch, Islamic Azad University, Shahriar, Iran
2 - Assistant Professor of Accounting and Management, Islamic Azad University, Shahriar Branch
3 - assistance professor at Islamic azad university,firoozkooh branch,firoozkooh.iran

Received: 2021-11-29 Accepted : 2021-12-19 Published : 2021-11-22

Keywords: Personality traits, individual motivation, herd behavior,

Abstract :

The purpose of this study was to investigate the effect of personality traits and individual motivation on the tendency of investors' herd behavior with the moderating role of experience and financial knowledge in the Tehran Stock Exchange. The scope of the present study is April to September 2021. The statistical population of the present study was all investors in the Tehran Stock Exchange and based on a simple random sampling method and according to Morgan table, the statistical sample size of 322 people was selected. A questionnaire was distributed among them. The variable of Personality types were considered as consistent, aggressive and serious, and individual motivation variable, emotional factors, cognitive capability and social factors were considered based on Horney's theory. Data were analyzed using descriptive statistics indices and inferential analysis in the form of research hypotheses. The results showed that there was a significant relationship between all variables of personality traits and herd behavior. Also, investors with adaptive or consistent personality types are more affected by herd behavior. The two variables of experience and financial knowledge have a significant effect on the relationship between personality types and motivational factors with herd behavior.

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