# Analysis of the structural model behavior of financial investors in capital markets using structural equation modeling (SEM)

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3 decisions is discussed. In this study, factors such as demographic factors and social factors influencing investment behavior characteristics is studied. 5. Conceptual Model Fig. 1: Conceptual Model (Resource: Bennet E and Selva M, 2013) 6. Methodology The purpose of the study and application of the method, the cross - is a survey. The purpose of this study is the analytical description of a situation or a series of circumstances. Data collected from the survey, the methods used descriptive and inferential statistics. To study the frequency and distribution characteristics of statistical data and to define variables and plotting graphs and tables etc., as well as descriptive statistics for testing hypotheses and examine relationships between variables, correlation tests and comparative and other tests are needed to help inferential statistics using SPSS statistical analysis software was used. The population studied in this research, financial investors is active in the Tehran Stock Exchange. The cluster random sampling method was used, so that the selection of the cluster that is eligible, random sampling is done. 239 is the number of samples in this study. In this study, the method of taking tool with is a library of available primary and secondary sources (books, articles, websites, etc.) a questionnaire collect information from the field of action. Since the fiveitem Likert scale range is used for this option to be scored from 1 to 5 were considered. 7. The results To ensure the quality of information in the field method, the reliability of the 36-person limit was assessed by Cronbach's alpha and the alpha value was estimated to be which represents a component of the internal consistency of the questionnaire was the distribution of the questionnaire was conducted in the community. Before testing the hypotheses and investigate the correlation between test the normality of the data was performed and is based on the results obtained, the abnormal distribution of data and spatial data, the Spearman correlation test was evaluated. Following the results of hypothesis tests are presented and examined separately. Table 1: The first hypothesis test results: there is a significant relationship between behavior of financial investors familiar with the company and its performance. 239 Spearman Accept Hypothesis 235

4 Spearman test, the amount of Sig = respectively. Because the value of 0.05 Sig <, therefore, the null hypothesis is rejected and the other will be accepted. The relationship between the behavior of financial investors and familiarity with corporate and income from shares there because of the test and the Spearman correlation coefficient was 0.236, this type of relationship is positive. Thus, the first hypothesis is confirmed by the 95%. According to the results of the analysis showed that the behavior of investors in the investment information or sale of shares by the company and the location of cognitive capital, or acquired. Obviously, the knowledge and familiarity with the company and reduce the risk of investing the proceeds from equity investment these two factors have a direct relationship with each other that their relationship was confirmed in this study. It seems to be due to this factor when investing in the stock market is more important. Table 2: The second hypothesis test results: there was a significant relationship between the behavior of financial investors and financial analysis. 239 Spearman Accept Hypothesis Spearman test, the amount of Sig = respectively. Because the value of 0.05 Sig <is, therefore, the null hypothesis is rejected and the other will be accepted. The relationship between the behavior of financial investors and financial ratios and analysis; because of the test and the Spearman correlation coefficient was 0.235, this type of relationship is positive. Thus, the second hypothesis is confirmed by the 95%. It is based on the findings of investors investing in or the buying and selling of shares, affected by the financial and technical analysis, investors and financial analysts. Investors should be clear and rational behavior more dependent on the financial analysis of corporate performance is in this study, the relationship between these two factors was approved at a high confidence level. Seems to be the most important factor in the behavior of investors, especially professional investors and financial analysts, the company's performance and financial analysis, the importance of this factor further consideration should be financial investors. Table 3: The third hypothesis test results: there was a significant relationship between the behaviors of financial investors with psychological factors. 239 Spearman Accept Hypothesis Since the Spearman correlation coefficient was for the test, the amount of 0.05 Sig <is this type of relationship is positive and significant. Thus, the third hypothesis is confirmed also present in 95%. According to the results of hypothesis testing, the behavior of investors in the investment or buy and sell shares will be affected by psychological factors. Psychological factors can change the rumors about stock prices, interest rates, etc., or some advice and predicted that because there is reasonable cause but the behavior and effective investment decisions. The most common cause of investors does not apply and most of the risk incurred by the issue will be on them. Table 4: The fourth hypothesis test results: there is a significant relationship between management the behavior of financial investors with quality and efficiency. 239 Spearman Accept Hypothesis The Spearman correlation coefficient was for the test, the amount of 0.05 Sig <is this type of relationship is positive and significant. Thus, 95% of research in the fourth hypothesis is confirmed. Fourth hypothesis test showed that the behavior of investors in the investment or purchase and sale of shares, subject to performance management and how their decisions will be on board. Investors when deciding on a stock's performance and behavior management are analyzed, this analysis of how decisions about stock prices, dividends, or internal performance compared to competitors and the Management Company or industry. Obviously, performance management to improve the attitude of investors in selecting stocks for investors will participated. Table 5: The fifth hypothesis test results: there is a significant relationship between the behaviors of financial investors with an expected value of the stock. 239 Spearman Accept Hypothesis The Spearman correlation coefficient was for the test, the amount of 0.05 Sig <. Accordingly, the relationship is positive and significant. Thus, 95% of research in the fifth hypothesis is confirmed. One of the most important factors in the decision purchase and investment among financial investors 236

5 is the expected value of the stock. Since the purpose of investment gains and income investors, it is obvious that the expected value of the shares to be used as an important factor in their analyzed. It is often carried out on a contingency basis and sometimes affect the behavior of investors, but what seems to be the purchase and sale of shares in the stock market depends on the investor's analysis of the expected value of the shares is done. Table 6: The sixth hypothesis test results: there was a significant relationship between the behaviors of financial investors with financial experts. 239 Spearman Accept Hypothesis The Spearman correlation coefficient was for the test, the amount of 0.05 Sig <. Accordingly, the relationship is positive and significant. Thus, 95% of research in the sixth hypothesis is confirmed. Behavior of most investors when investing in or the buying and selling of shares, will be dependent on the advice of financial experts. Since all investors, especially investors and stock market conditions are not normally be analyzed and sometimes do not have access to the required information, in its decision on the purchase and sale of shares and investments, financial experts and brokers use and sometimes all the options and sell their shares to leave them. Table 7: The seventh hypothesis: test results showed there is a significant relationship between financial investors to predict individual behavior and related factors. 239 Spearman Accept Hypothesis The Spearman correlation coefficient was for the test, the amount of 0.05 Sig < this type of relationship is positive and significant. Thus, the seventh research hypothesis is confirmed by the 95%. Each of individuals with regard to the analysis of financial and non-financial and financial experts and other investors, can predict the future changes in the capital markets and speculation has its own arc according to take the decision to buy or sell, in principle, cannot be defined for these logical backing and much will depend on how people feel about the coming changes. Table 8: The eighth hypothesis test results: there is a significant relationship between the behaviors of financial investors with the desires of the customer. 239 Spearman Accept Hypothesis The Spearman correlation coefficient was for the test, value of 0.05 Sig <, it is a significant and positive relationship. Thus, eight research hypotheses are confirmed in 95%. Based on the findings, the behavior of investors when investing in or the buying and selling of shares, will be influenced by the behavior of other investors. The correction factor, which is also the title of herding behavior or behavioral bias, more in times of financial crisis or the lack of stability and confidence to show that in the current situation investor sentiment somewhat dependent interactions and the interactions of other investors. Table 9: The ninth hypothesis: test results shown there is a significant correlation between the behavior of financial investors in history price and performance. 239 Spearman Accept Hypothesis The Spearman correlation coefficient was for the test, the amount of 0.05 Sig <is, This type of relationship is positive and significant. Thus, 95% of research in the ninth hypothesis is confirmed. One of the factors influencing the behavior of financial investment in the sales and financial transactions is the price change and the change curve. Judging by the rate of change of the price curve at different times can be expected to anticipate changes and decisions. As expected, this factor as one of the factors influencing the investment decision will be effective. One of the scientific methods study the internal structure of a set of indicators and measures of validity, using structural equation modeling the estimated loadings and the relationships between a set of indicators. To examine the research model and demonstrate the correlation between the variables, the relationships based on structural equation modeling was used. Based on the results obtained from the analysis of the data, the model fit indices indicated. The fit of the model fit indices in good condition; because of the degree of freedom chi-square (χ2 / df)) is equal to 2.281, which is less than the allowable level 3 and RMSEA value equal to 058. Which is less than the allowable value is The results of the structural model assumptions are shown in the following tables. 237

6 Table 10: Confirmatory factor analysis and path analysis Factor Analysis Path analysis Questions (items) T- Path T- factor statisti Variable coeffici statisti Load cs ent cs Results Stock return Learn about the products and services Cognitive Rejected Earnings per share Cash flow per share Current assets to current liabilities Turnover ratio (accounts receivable, accounts payable) Financial Ratio Analysis Accepted Interest coverage ratio Debt-to-equity ratio Quality assets and return on assets Recommendation of friends Psychologica Emotions Investors l factors Accepted The industry and industry-related stock Quality and Manager, Administrator and expertise Performance Quality Management Management Book value The The expected value of shares expected value of the The potential to achieve the target shares Accepted Accepted Recommendations based on the analysis and investigation reports Comments of Financial Recommended brokers experts Recommendations stock market operators Purchase based on their emotions Predict individual Buy based on the choice of major and companies and institutions emotional factors Past performance share prices History and Dramatic changes and market shares stock price performance The decision to buy based on the Sentiment purchasing market and the Purchasing decision regarding the other buyers purchase of professional investors Accepted Accepted Accepted Accepted Qualitative indicators are shown to fit the model suggests that the validity of redundancy or redundancy (CV Red) any later version, and also sharing credit index (CV Com) has a positive value, so the measurement model and the structural model is of good quality. R2 values of the model are also quite a bit more than 0.3. The results show that the independent variables have the ability to estimate 30% of the variability Table 11: Before fitting the parameters of the relationship between variables Variable CV Red. CV Com. R Square Meet the Company Financial Analysis Ratio Psychological factors affecting Quality and Performance Management The expected value of the shares Financial experts comment Predict individual and crew Tendencies and trends Buyers History and price performance Behavior and investment decisions Construct Crossvalidated Redundancy Construct Crossvalidated Communality 238

8 predict the market and pick stocks in the Tehran Stock Exchange, 2009, Journal of Scientific Address, sixteenth-course New Year, No. 35 Teimouri, Hadi, factors affecting investments in financial products (shares) on the stock exchange in 2006, Master's thesis, Dankshdh Administrative Sciences and Economics, 2007 Thomas Robin, Michel Bierlaire, Modeling the investors behavior,international Choice Modeling Conference 2011, volume 7, issue

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