managerial confidence and economic sentiments Index design for Tehran Stock Exchange companies managers

The current financial literature examines business cycles based on a retrospective approach and emphasizes the rational assumption of human in evaluating managerial confidence models.In the present study, the main purpose is to design an index that describes the collective belief of managers towards the economic outlook of companies and economic sectors and the overall level of the economy and represents the economic sentiments and managerial confidence of managers of companies listed on the Tehran Stock Exchange.The present study includes qualitative and quantitative steps. In the qualitative step of data collection, content analysis and the Delphi method were used, respectively. according to the Delphi method, these topics were assigned to experts active in the capital market and academic elites for approval, and they were asked to express their views on each of the factors based on the Likert scale. The results of using confirmatory factor analysis to evaluate the adequacy of the sample showed that the coefficient obtained from the Bartlett test is significant in all industries. In the explanation of variance by a latent factor, there are more than 60% of variance by a latent factor in all industries. Therefore, the factor structure of the questionnaire can be confirmed.Applying the combined index designed to describe the managerial confidence and economic beliefs of the company's managers listed on the Tehran Stock Exchange has the necessary competence. And it can be used by analysts, investors, and rulers to determine the attitude of business people towards the future of the economy.