A study of cultural, social and psychological factors influencing individual investors’ behavior in Stock Exchange

This study has attempted to develop the scientific literature on cultural, social and psychological factors influencing individual investors’ behavior and offer a clarified strategy to know their decisions in Stock Exchange. Since our society is affected by cultural and social affairs, so studying these factors and its effects on individual investors’ behavior (which are accounted for amounting to %50 of Stock Exchange’s trading volume and %90 of number of trades respectively) can draw a framework for future modeling and clarify Stock Exchange atmosphere more. In this research, after study of the subject literature and theoretical background applying Meta syntheses, the theoretical saturation has been reached as well. Through applying Delphi research method in three rounds, the whole comments and ideas of experts collected and leads to required convenient questionnaire. This questionnaire has been distributed and collected among the four hundred people (as surveying stage) and the received data has been analyzed by using confirmatory factor analysis (CFA) and based on its results about dimensions, components and indexes, finally this study approved and measured the effect of these factors influencing individual investors’ decision making and suggested more convenient advises to control the Stock Exchange Market atmosphere as well.