Analysis of investor financial behavior based on Behavioral fluctuations with Delphi approach

Document Type : Original Article


1 Ph.D candidate of Accounting, Qazvin Branch, Islamic Azad University, bander anzali, Iran

2 Assistant professor, Department of Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran

3 Department of Management, Lahijan Branch, Islamic Azad University, Lahijan, Iran

4 Assistant professor, Department of Accounting, lahijan Branch, Islamic Azad University, Rasht, Iran.


Traditional financial theories describe investors as rationalist entities but the speculations experienced cannot be explained by existing theories. Behavioral finance argues that individual investors do not make rational financial decisions and that they are affected by their prejudices while making financial decisions. The aim of this study is to identify the components that effect on financial behavior of investors. Delphi was used to achieve the research goal. In this method, the financial and behavioral components of investors were examined by asking questions among the qualitative researches. To achieve the goal of the research, after reviewing the literature in both domestic and foreign domains, a semi-structured interview was conducted with experts using Delphi method and the components affecting investors' financial behavioral fluctuations in four Delphi periods were identified such as optimistic behavior, overconfidence behavior, risk aversion behavior and emotional behavior. In this study, we tried to use Delphi's approach to gain better knowledge and finally for dimension with forty components were introduced.