Investigating the effect of culture on the Investor's financial bias according to the role of attitude toward money

Bias is an important issue in behavioral finance and it reduces market efficiency. Previous studies have been mainly conducted in order to investigate the presence or absence of types of bias among market investors, but the present research has investigated the relationship between the investor's individual culture, monetary attitude and financial biases. The statistical population of the study is the investors of Tehran Stock Exchange and the sample size is 384. A questionnaire was used to collect information and the obtained data were analyzed with regression analysis methods. 6 groups of hypotheses were examined. The results showed that power distance has a significant effect on conservatism and availability. Effort/ability has a (full) mediating role between the long-term orientation and conservatism and between the extremism and conservatism. Power distance with money obsession and gaining power ambiguity aversion with inadequacy, long-term orientation with money retention and effort/ability, patriarchy with money retention and inadequacy, has a direct relationship. Individualism has an inverse relationship with inadequacy and a direct relationship with effort/ability, effort/ability has a direct relationship with conservatism, and power distance has a direct relationship with conservatism and availability. There is a significant difference in regret aversion between women and men, in loss aversion between age groups, in the illusion of control between different employment situations, and in loss aversion between different amounts of monthly allocation to buy stocks. According to the findings, it is suggested to take action in the field of shareholder training and providing financial advice according to personality type.