تبیین مدل قضاوت و تصمیم گیری سرمایه گذاران بر مبنای اطلاعات حسابداری
فصلنامه بورس اوراق بهادار

فصلنامه بورس اوراق بهادار

تبیین مدل قضاوت و تصمیم گیری سرمایه گذاران بر مبنای اطلاعات حسابداری

نوع مقاله : مقاله پژوهشی

نویسندگان
1 استاد، گروه حسابداری، دانشکده مدیریت و اقتصاد، دانشگاه تربیت مدرس، تهران، ایران
2 دانشجوی دکتری، گروه حسابداری، دانشکده مدیریت و اقتصاد، دانشگاه تربیت مدرس، تهران، ایران
3 دانشیار، گروه حسابداری، دانشکده مدیریت و اقتصاد، دانشگاه تربیت مدرس، تهران، ایران
چکیده
علیرغم آن‌که محتوای اطلاعات حسابداری از معاملات اقتصادی نشأت می‌گیرد و از طریق صورت‌‌های مالی منتشر می‌شود، لیکن تفسیر و استفاده از این اطلاعات تحت‌تأثیر ویژگی‌های فردی سرمایه‌گذاران و محیط سرمایه‌گذاری قرار دارد. در پژوهش پیش‌رو به ارائه مدلی به منظور تبیین فرایند قضاوت و تصمیم‌گیری سرمایه‌گذاران بر مبنای اطلاعات حسابداری با استفاده از شیوه طرح ترکیبی اکتشافی پرداخته شده است. بدین منظور درگام نخست با هدف تعیین چارچوب فرایند قضاوت و تصمیم‌گیری سرمایه‌گذاران به بررسی ادبیات پژوهش پرداخته شده؛ پس از آن، با استفاده از روش تحقیق دلفی، نظر خبرگان جمع آوری و نهایتاً برای تعیین روابط داده‌های کیفی، از داده‌های کمی برگرفته از پرسشنامه محقق‌ساخته استفاده شد. جامعه آماری پژوهش نیز سرمایه-گذاران حقیقی در بورس اوراق بهادار تهران در پاییز و زمستان سال 1400 هستند.
یافته‌های پژوهش بیانگر تاثیر ویژ‌گی‌‌های فردی، روان‌شناختی و محیط سرمایه‌گذاری بر فرایند قضاوت و سرمایه‌گذاران است. بر اساس نتایج بدست آمده سبک تصمیم‌گیری، سوگیری‌های رفتاری، هوش هیجانی و پردازش تحلیلی سرمایه‌گذار بر قضاوت وی از اطلاعات حسابداری شرکت و شرایط بازار تاثیر معنادار دارد، همچنین تصمیم سرمایه‌گذار نیز تحت تأثیر قضاوت، ریسک‌پذیری و برداشت وی از محیط سرمایه‌گذاری است. نتایج این پژوهش منجر به درک جامع-تری از قضاوت و تصمیم‌گیری سرمایه‌گذاران شده و می‌تواند جهت نوآوری در بازار سرمایه، نحوه ارائه اطلاعات به سهامداران و ارایه خدمات سرمایه‌گذاری مورد استفاده قرار بگیرد.
واژه‌های کلیدی: قضاوت، تصمیم‌گیری،پردازش اطلاعات، ویژگی‌های فردی و روان‌شناختی
طبقه‌بندی موضوعی:M41 ,G14
کلیدواژه‌ها
موضوعات

عنوان مقاله English

Investors’ Judgment and Decision making Model Based On Accounting Information

نویسندگان English

Hosein Etemadi 1
azadeh adibi 2
sahar sepasi 3
1 Professor, Department of accounting, Faculty of Management & Economics, Tarbiat Modares University, Tehran, Iran
2 Ph.D student, Department of accountingFaculty of Management & Economics, Tarbiat Modares University, Tehran, Iran
3 Associate Professor, Department of accounting, Faculty of Management & Economics Tarbiat Modares University, Tehran, Iran
چکیده English

The content of financial statements are derived from economic transactions but the interpretation is influenced by the investor's characteristics. The fact that investors have different choices even in facing of the same information shows the difference in the JDM processes of them. This research focuses on the influence of investors’ perceptual processes on their JDM choices when they are presented with Financial accounting information. The main objective of this study is to extract a model for explaining the JDM of investors based on accounting information. A sample from a survey of individual investors, was used to investigate the validity of the model. A Partial Least Squares Structural Equation Modeling (PLS-SEM) of the investor's JDM process was examined through measures designed to test the proposed conceptual model. The results indicated that personality and psychological traits of investors and their judgments of investment environment influence investors’JDM process. The results of this study lead to a more comprehensive understanding of investor's JDM process and can be used to, provide information to investors and investment services companies. The relative usefulness of the conceptual model was discussed, and general suggestions for future research on JDM process and goal attainment were offered.
Keywords: JDM (judgment and decision making),information processing Individual and psychological traits
JEL Classification: M41 ,G14

کلیدواژه‌ها English

judgment
decision making
psychological traits.information processing
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