THE SURVEY FACTORS AFFECTING WISDOM INVESTORS DECISION MAKING OF STOCK MARKET IN THE CONDITIONS OF SEVERE INFLATIONARY RECESSION

Abstract

The current study is to examine the effective factors on decisions of small investors of stock market in an intense inflation and recession. All investors who have been attended in Tehran stock exchange were selected as statistical population during 2011 to 2012. 415 investors are statistical sample of this research. Hence, The decisions of small investors are regarded as the dependent variable and uncertainty about future condition, advice of people, friends and brokers, risk aversion of small investors, risk taking of small investors, reduction of investment in Initial Public Offering companies and reduction of new investments in the stock market are
independent Variable respectively.
The current research uses one sample t-test to confirm or reject each hypotheses and SPSS 19 software is applied to test them and confirmatory factor analysis for Validity of research and Friedman test was used to prioritize hypotheses. The research's results indicate that uncertainty about future condition, advice of people, friends and brokers, risk aversion of small investors, risk taking of small investors, reduction of investment in Initial Public Offering of companies and reduction in new investments in the stock
market, are Respectively, the Effective Factors, driving private investors in stock market, under stagflation conditions, in their decision making.