Improve Investment Efficiency Based on Cognitive Behavioral Biases CEO by Gray Vikor & Rough Theory Analysis
Quarterly Journal of Securities Exchange

Quarterly Journal of Securities Exchange

Improve Investment Efficiency Based on Cognitive Behavioral Biases CEO by Gray Vikor & Rough Theory Analysis

Document Type : Original Article

Authors
Hajar Fallah 1
Mohsen Hamidiyan 2
Nurooz Noroolahzadeh 2
1 Department of Accounting, Kish International Branch, Islamic Azad University, Kish Island, Iran
2 Department of Accounting, South Tehran Branch, Islamic Azad University, Tehran, Iran
10.22034/jse.2021.11209
Abstract
Sustainable growth and development of capital markets has always been considered as one of the strategies of countries for economic stability. But the existence of behavioral bias in decision making in the capital market has made the market especially less effective in developing countries, and problems such as inefficient investment in the macro level and the presence of financial constraints on the micro level in the competitive market. The Purpose of this research is Improve Investment Efficiency Based on Cognitive Behavioral Biases Managers by Rough Theory Analysis. The methodology of this research was a mix method of which, in the first step, in order to identify the components of investment efficiency, financing constraints and behavioral bias of managers, a further analysis was carried out with the participation of 18 university specialists. Then through the Delphi analysis identified factors were identified from a total of 38 criteria's, 21 criteria's were finalized. In Rough's analysis, the identified components of managerial behavioral bias on investment performance indicators were examined and it was found that recognizing managerial behavioral bias can increase the effectiveness of investment efficiency.
Keywords
Investment Efficiency
Cognitive Behavioral
Biases CEO
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Quarterly Journal of Securities Exchange
Volume 14, Issue 53
Spring 2021
Pages 5-40