بازخوانی نظام‌مند محرک‌ها و پیامدهای رفتار مخرب سرمایه‌گذاران نهادی: بازنمایی سیستمی و مدلسازی پویا
فصلنامه بورس اوراق بهادار

فصلنامه بورس اوراق بهادار

بازخوانی نظام‌مند محرک‌ها و پیامدهای رفتار مخرب سرمایه‌گذاران نهادی: بازنمایی سیستمی و مدلسازی پویا

نوع مقاله : مقاله پژوهشی

نویسندگان
سید عباس برهانی 1
روح الله جابری فردوئی 2
زهره حاجیها 3
مصطفی خواجه 4
1 گروه حسابداری، واحد قم، دانشگاه آزاد اسلامی ، قم، ایران
2 گروه حسابداری، واحد قم، دانشگاه آزاد اسلامی، قم، ایران
3 گروه حسابداری، واحد تهران جنوب، دانشگاه آزاد اسلامی، تهران، ایران
4 گروه مدیریت صنعتی، واحد قم، دانشگاه آزاد اسلامی، قم، ایران
10.22034/jse.2025.12491.2336
چکیده
رفتار سرمایه‌گذاران نهادی به‌مثابه حلقه‌ای اساسی در زنجیره‌ی تصمیم‌گیری‌های کلان اقتصادی، نقشی تعیین‌کننده ایفا می‌کند. این رفتارها، گاه از مرزهای عقلانیت اقتصادی فراتر رفته و به قلمروی رفتارهای مخرب وارد می‌شوند. فهم نظام‌مند محرک‌ها و پیامدهای این رفتارها، به‌مثابه کلیدی برای گشودن قفل معمای پیچیده‌ی تعاملات اقتصادی، ضرورتی اجتناب‌ناپذیر است.
این مطالعه باتوجه‌به رویکرد اکتشافی پژوهش و بهره‌گیری از رهیافت کیفی، از روش تحلیل مضمون استفاده شده است.
ادبیات رفتار مخرب سرمایه‌گذاران نهادی بررسی گردید. سپس از طریق مصاحبه با 15 نفر از خبرگان و اساتید دانشگاهی باتجربه حرفه‌ای در حوزه بازار سرمایه در سال 1402، داده‌های کیفی جمع‌آوری گردید. بعد از بررسی مصاحبه‌ها، داده‌های کیفی جمع‌آوری شده به روش تحلیل مضمون آتراید-استرلینگ و به کمک نرم‌افزار مکس کیودا کدگذاری تحلیل شدند و در بخش کمی، براساس مدل‌سازی بازنمایی سیستمی، محرک‌ها و پیامدهای رفتارهای مخرب سرمایه‌گذاران نهادی تعیین گردیدند.
نتایج پژوهش، نشان‌دهندة 2 مضمون فراگیر (رفتارهای مخرب قضاوتی و رفتارهای مخرب ادراکی)،10 مضمون سازمان‌دهنده (نقطه مرجع، خود بیش نگری، اتکا به تحلیل در روند معاملات بورس، کانون کنترل، تحلیل تک بعدی و اثرسوء، توجه محدود، فساد ساختاریافته، شوک روانی کوتاه‌مدت، رفتارهای قالبی و خودخدمتی) و 33 مضمون پایه بود. محرک‌ترین بعد رفتارمخرب سرمایه‌گذاران نهادی، فساد ساختاریافته است که برآمده از الگوی رفتارهای مخرب ادراکی قلمداد می‌شود و می‌تواند پیامد تحلیل تک‌بعدی و اثرسوء را به همراه داشته باشد. سرمایه‌گذاران نهادی می‌توانند با به‌کارگیری یافته‌های این پژوهش، رفتارهای خود را در چارچوبی نظام‌مند بازتعریف کنند.
کلیدواژه‌ها
رفتارهای مخرب قضاوتی
رفتارهای مخرب ادراکی
سرمایه گذاران نهادی
بازار سرمایه
موضوعات

عنوان مقاله English

A Systematic Reexamination of the Drivers and Consequences of Institutional Investor Destructive Behavior: System Representation and Dynamic Modeling

نویسندگان English

Seyyed abbas borhani 1
Rouhollah jaberi fordoei 2
Zohreh hajiha 3
Mostafa khaje 4
1 Department of Accounting ,QO.C, Islamic Azad University Qom ,Iran
2 Department of Accounting, ,QO.C,Islamic Azad University, Qom, Iran
3 Department of Accounting , ST.C., Islamic Azad University, Tehran, Iran
4 Department of Indusrial Managment, ,QO.C,, Islamic Azad University, Qom, Iran
چکیده English

Institutional investors' behavior, as a fundamental link in the chain of macroeconomic decision-making, plays a decisive role. These behaviors sometimes transcend the boundaries of economic rationality and enter the realm of destructive behaviors. A systematic understanding of the drivers and consequences of these behaviors is essential for unlocking the complex puzzle of economic interactions.

This study, considering its exploratory research approach and qualitative methodology, employs thematic analysis.

The literature on destructive behavior among institutional investors was reviewed. Then, qualitative data were collected through interviews with 15 experts and university professors with professional experience in the capital market in 2023. After analyzing the interviews, the collected qualitative data were coded and analyzed using the Attride-Stirling thematic analysis method and MAXQDA software. In the quantitative section, systemic representation modeling was used to determine the drivers and consequences of destructive behaviors among institutional investors.

The research findings identified two overarching themes (judgment-based destructive behaviors and perception-based destructive behaviors), 10 organizing themes (reference point, overconfidence, reliance on analysis in stock market transactions, locus of control, one-dimensional analysis and adverse effects, limited attention, structured corruption, short-term psychological shocks, stereotypical behaviors, and self-serving behaviors), and 33 basic themes.

The most influential driver of destructive behavior among institutional investors is structured corruption, which stems from the pattern of perception-based destructive behaviors and can lead to one-dimensional analysis and adverse effects. Institutional investors can utilize the findings of this study to systematically redefine their behaviors within a structured framework.

کلیدواژه‌ها English

Judgmental destructive behaviors
Perceptual destructive behaviors
Institutional investors
Capital market
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فصلنامه بورس اوراق بهادار
دوره 18، شماره 71
پاییز 1404
صفحه 143-184