Factors Affecting the Attractiveness of the Stock Market for Individuals to Invest

Transcription

1 Factors Affecting the Attractiveness of the Stock Market for Individuals to Invest Mohammad Reza Rashaki 1, Farahdokht Ebadi 2 1 MA, Department of Accounting, Zahedan Branch, Islamic Azad University, Iran 2 Assistant Professor, Department of Accounting, Zahedan Branch, Islamic Azad University, Iran Abstract: Stock market investing is one of the most thriving markets. This study examines the factors affecting the attractiveness of the stock market for individuals is to invest. The method used in this research is descriptive survey. The study population consisted of all investors and buyers of the stock exchange in the city of Zahedan in a three-month period from April to the end of June 1394 the stock market is referred Zahedan. Simple random sampling is available. Measuring the questionnaire, which consists of 39 items with 5-point Likert scale with options "very high (5), high (4), average (3), low (2) and very low (1)". Cronbach's alpha coefficient obtained from the questionnaire 846/0 which the credit is high. In order to analyze the data using the Wilcoxon test SPSS18 software package and ranking Friedman is used. The results of this study indicate that factors affecting the attractiveness of the stock market to invest in order of priority are: knowledge of participants in the stock market, advertising, market competition with other stock markets, economic factors, market transparency (availability of information) and the ease of trading stocks, among these factors, all factors except the factor of "ease of trading stock" of the stock market attractive for investment are natural persons. Keywords: attractive market, stock market, investment agents, investment I ntroduction One of the most important factors affecting the economy, investments and matters related to it. This is due to the factor of production, employment and mobilize the economic cycle, including issues is inevitable (Abazari et al., 2008: 139). Capital market as one of the most important investment options, is well positioned to raise funds to individual investors and institutional and taking into account the degree of risk and expected return, preferred stock choose their own. An investment which takes place in several ways, including investing in stocks through the stock exchange. As a result, the efficiency of capital markets should be sufficient to attract investors and financing and result in more efficient resource allocation for them. To get this performance it is necessary to market fluctuations in the market to be reasonable and based on fundamental factors. According to the efficient market hypothesis, changes in the value of the underlying asset can lead to price volatility. However, researchers have found that despite the absence of changes in underlying factors, significant changes in asset prices happen and many factors can affect the price (Shozorzi et al., 2013: 30). Stock Exchange by providing mechanisms for investment, in shares of companies that supply conditions of their shares to the people, can play a big role in the dynamics of companies and the economy; therefore, companies with shares through the Stock Exchange and investors by purchasing shares and investing in stocks, to participate in economic development has earned itself a component contributing to the economic development of our country. (Abzari et al., 2008: 139) The stock 93

2 exchange is a market where securities trading is official and permanent mechanism, however, it has a history of over 300 years. However, rapid growth and accelerating effect of the '80s has started. The economic and industrial growth of the industrial revolution in Europe and Japan after World Wars I and II provided backgrounds to grow such a device in industrialized countries as the economic development model. The importance of manufacturing and service exchange in a way that most reputable companies ranging from large, medium and small, in certain sectors that have been assigned to them in the stock exchange are present. Accepted in exchange for the use of patents now it is not only a way to gain credibility and recognition, but national and even global. Witness the fact that the majority of the world's largest companies in the world to offer its shares to various exchanges. (Arman, 1979: 53) One of the key findings of the efficient market hypothesis, according to which financial management is that securities prices reflect all available information about the securities. Accordingly, investors should expect normal returns from their stocks and companies should also expect to sell their shares to the intrinsic value (present value of future cash flows). According to this hypothesis earning abnormal returns in the market is impossible. According to their hypothesis, the labor market observed changes in the stock price should be uncorrelated. Because when a labor market, the stock price changes as a result of new information occurs when information for Evans points out. A labor market is that if, in the case of a speculative bubble means there must be a skewed distribution of returns, significant negative skewness means there will be bubbles. To test the bubble, the coefficient of skewness is calculated monthly and daily returns. (Shozvarzi et al., 1392: 30) Hence it can be said that in the context of behavioral science links with financial decisions, and builds a variety of factors that shape the behavior of investors are checked. The important thing is that the decision on the investment, economic indicators and rationality alone does not work, but issues such as investment horizon, size of risk acceptance, self-esteem and confidence to its investors and the investment options in the market, and the like are also positive effects on the behavior of investors and their decisions. Examine the role of behavioral science in financial issues, a new approach to research in the field of financial markets (Fallah Shams and Dehqan, 2008: 183). According to what was said in the context of exchange and investment, the research studies the factors affecting the attractiveness of investing in the stock market. Expressing the Issue Researchers have conducted studies that found that the determinants of the development of the financial sector has been the focus of much study. A large number of substrates legal financial markets and analyzes have been presented. They also discussed the relationship between the development of financial markets and macroeconomic variables, fiscal and other structural reconstruction of countries and relations between them have been studied as part of the financial system. More results indicate that financial markets tend to do this through measures such as the development and growth of per capita capital and financial restructuring pursued. Scholarships in particular have shown themselves to development and the development of the legal rights of minorities, particularly focused on the stock exchange (Larry, 2006: 5). Financial markets play a significant role in economic development and financial policymaker countries are also very interested to increase their attractiveness exchange security documents (Anvari Rostami and Semnan, 2004). Owners of capital will not be able to work independently produced wandering pay the same interest (interest) is low (mills and reputable companies also do not have enough raw materials, banks can use the people's savings, therefore, the benefit may be paid from public funds, the interest is exempt from tax) (Mireskanadari, 1989: 49). Iran stock exchange is one of the few places that allows the public to provide investment. In fact, people with their little capital can be factory owner, they benefit a small portion of it (Alimardanpour, 2006: 61). "The role of financial information in decision-making of investors in the Stock Exchange"; as a result of investors' decisions to buy and sell stock on the stock price of a specific pattern based on scientific and technical trades are not used. The lack of specialized knowledge, shortcomings and inconsistencies efficient system of information exchange and dissatisfaction with other investment income guarantee is that the stock market would have a negative 94

3 impact on investment decisions and do not follow the scientific method and analysis and according to statistics, these are adherents of others (Central Bank, 2010: 23). Many factors affect the attractiveness of the stock market. It is one of the factors in attracting the Securities and Exchange as well as the attractiveness of investment in it. The findings obtained that companies tend to be on the list of scholarship that are larger and smoother. The protection of shareholders against abuses managers largely by the country's laws and courts of the host exchange in the interpretation and implementation of the rules. Better judicial system, better known for the capital market and may also reduce the cost of capital. Various factors may affect it. Karolyi observed that stocks usually due to compete in new markets and to the placement on the list of bilateral experiences an increase in the total volume of trading and price range of a decline in sales in the local market (Carroll, 1997 ). Considering the fact that the stock market is one of the most booming investment markets in the world and this is a very important market, the study of cases it can be for people who are interested in buying stock, it will be useful. The present study examines the factors and parameters that affect the investment attractiveness of the stock market for the individuals. The importance and necessity of research Exchange and growing presence in the country economy is the reason for its importance and necessity because the economy cannot exist without it prosperity. Including the famous "exchange thermometer country's economy," the importance and necessity of exchange in the economy countries. This means that any positive or negative event that occurs in the economic situation of each country to its effect on the exchange rate reflected. In other words, the people of each country can be due to the general trend of its stock position to judge their overall economic situation of their country. In support of this claim, it is enough to look at what is happening in our countries (Fanaee, 2009: 76). In addition, stock exchanges and attractive features, relevance and effectiveness of non-exchange investments and attraction of the stock based on two main criteria "liquidity securities exchange" and "amount of capital at different times held by the companies in exchange" reviewed and analyzed (Anvari and Semnani, 2007: 179). The exchanges also seek to attract investment and Development Company established in the private sector are selfreinforcing. This objective is in line with the main economic objectives of governments. As capital markets become more integrated, companies can more easily and directly from your home country (the lights and Semnani, 2007: 180). It is therefore essential for a fully market liquidity of the securities market in which any value can be immediately converted to cash or other securities; so that the cost does not have any. (Harris, 1994) to take the necessary planning. Accordingly, this thesis examines the factors affecting the stock market's attractiveness. Research Objectives The main objective 1. Analysis of Factors affecting the attractiveness of the stock market for individuals to invest Secondary objectives 1. The Role of the ease of trading shares on the stock market attractive for investment 2. Examine the role of market transparency (availability of information) in the stock market attractive for investment 3. Examine the role of economic factors in the attractiveness of the stock market for investment 4. The Role of competition with other markets in the NYSE stock market attractive for investment 5. The Role of Advertising in the stock market attractive for investment 6. The Role of knowledge of participants in the stock market in the stock market attractive for investment Research Questions The main question 1. How various factors affect the attractiveness of the stock market? Sub questions 95

4 1. What is the role of easy trading of shares in the stock market for investment attraction? 2. What is the role of transparency of the market (availability of information) in the stock market for investment attraction? 3. What is the role of economic factors in the attractiveness of the stock market to invest there? 4. What is the role of compete with other markets in the stock market for investment attractiveness of the stock market? 5. What is the role of advertising in the attractiveness of the stock market for investment? 6. What is the role of knowledge of participants in the stock market in the stock market for investment attraction? Hypotheses The main hypothesis 1. Several factors have an impact on the attractiveness of the stock market Sub Hypotheses 1. Easy trading of shares contributes in the stock market attractive for investment. 2. Transparency of the market (availability of information) contributes in the attractiveness of the stock market for investment. 3. Economic factors contribute in the attractiveness of the stock market for investment. 4. Compete with other markets contribute in the attractiveness of the stock market for investment. 5. Advertising on the attractiveness of the stock market for investment involved. 6. Knowledge of participants contributes in the stock market for investment attractiveness of the stock market. Methodology Considering that the aim of the research is that the researcher ascertain what ways and means to make her adopt the more accurate, easier, faster and cheaper access to the answers or answers to questions or inquiries Survey. In the present study, the researcher tries to (what is) without any interference or inference of subjective and objective results report from its position (Saif Naraqi and a rare 1391: 302). It is expected that the research is descriptive. This event will be a detailed explanation of what has occurred in the formation and completion, without the slightest comment and commentary is written (Babaei Tillya Tepe, 1387: 79). The research survey determines its effectiveness and the certain views about the phenomenon (Al-e-Kajbaf, 2011: 310). The research method is a descriptive survey. Statistical Population Statistical population: population is called a collection of individuals or entities that have at least one common feature. In each study, the key people or things that the researcher is interested in generalizing the results to it (Hassanzadeh, 2006). The study population consisted of all investors and buyers of the stock exchange in the city of Zahedan in a three-month period from April to the end of June 1394 the stock market is referred Zahedan Questionnaire Variables Item questionnaire distributed variables are as follows: Table 1-3 questionnaire variables and its components in separate items Validity Validity is characterized by a tool or method of data collection by having the same issues will determine which is planned to determine the issues (Pasha Sharifi and Taleghani, 2011). Given that the questionnaire used in this study, the researcher is to determine the validity of the experiences of professors and experts and then with the help of supervisors in terms of content and face, 39 questions were approved. Determination of Reliability 96

5 The order of stability or reliability of the tests is that the results of the application will be uniform test evaluation study (Sarmad, businessman, Hejazi, 1383: 46). In other words, the reliability of the test is the same level of reliability. To calculate the validity of the sample questionnaire distributed 30 copies of SPSS statistical analysis software reliability, the Cronbach's alpha obtained which is equal to 0/846. Given that a significant amount of high-derived alpha, so this questionnaire can be run and trusts. Analysis of Information Descriptive statistics describing the current situation. Thus, the researcher from obtaining frequency, size of central tendency, dispersion indices, charts, etc., used in this study is described. The researcher has studied by inferential statistics, performance or between two or more variables or causal relationship. In other words, the researcher using inferential statistics, not only he finds what it is, but also he finds that if change one variable is changed, what will happen in the other variable. Based on data collected on a small group, inferences and generalizations about groups of equal or greater are achieved (Hassanzadeh, 2006). In the present study to analyze the data, descriptive and inferential statistical methods used in the descriptive statistical parameters such as mean, median, mode, frequency tables, graphs and indicators of dispersion, such as variance and standard deviation are used, and the statistics of Friedman and Wilcoxon ranking are used. Descriptive Analysis Due to the fact that the questionnaire used in the study of demographic questions such as gender, education, investment experience and investment in the stock exchange was raised, the second part of the fourth chapter describes the demographic data. The frequency and a histogram for these variables adapted. Descriptive Analysis Due to the fact that the questionnaire used in the study of demographic questions such as gender, education, investment experience and investment in the stock exchange was raised, the second part of the fourth chapter describes the demographic data. The frequency and a histogram for these variables adapted. 1. The Sample Survey Based on Gender Table 1-4 Distribution of the sample by gender Frequency Absolute Sex frequency Man Female no response Total 97

6 Figure 1-4. Distribution of the sample by gender Based on the charts and tables (4-1) on gender cases, 68.9% were male and 23.6% female. And 7.6 percent did not answer the question8therefore, most respondents were male8 2. The Sample Survey on Education Table 2-4. Distribution of the sample in education Absolute Frequency frequency Education Diploma and under diploma Associate Degree and Bachelor's Degree MA and Ph.D. no response Total 98

7 Figure 2-4. Distribution of the statistical sample in education Based on the charts and tables (4-2) on the subjects of education, 24.4 percent or high school diploma, 57.3 percent and 17.3 percent bachelor's degree and a master's degree and doctorate8 Also, 0.9 percent did not answer the question8therefore, a diploma and a bachelor's degree were more samples. 3. Review the history of investing in stock Table 3-4 Distribution of the sample in terms of investment in stock Frequency Absolute History of investments in stock frequency Less than two years Between two to five years More than five years no response Total Figure 4 3 Distribution of the sample according to a history of investing in stock Based on the charts and tables (4-3) in the case of investments samples in stock, we can say that 30.7% of the sample less than two years, 38.7% between two and five years and 29.8 percent more than five years of 99

8 experience investing in have stock. 0.9% of respondents also did not respond to this question. The history of investing more respondents in the exchange between two to five years8 4. The evaluation of the amount invested in stock Table 4-4 distribution of the sample based on the amount invested in stock The investment in stock Percent Frequency Less than 10 million USD Between 11 and 30 million USD More than 31 million USD no response Total Figure 4-4 Distribution of the sample according to the amount invested in stock Based on the charts and tables (4-4) on investments were in stocks, 38.2% less than 10 million USD, 44% between 11 and 30 million USD or 13.3 percent more than 31 million USD in stock investment8 Also, 4.4% of respondents did not answer the question. Therefore, most cases between 11 and 30 million USD were invested stock8 5. Descriptive indicators of the main variables Table (4-5) general information statistical variables (variables derived from the mean scores of questions each), including measures of central tendency and dispersion trend indicators are shown8 Table 4-5 descriptive statistics of the main variables Indicators of central Variable Indicators of dispersion trend tendency Standard variation Middle Mean 100

9 deviation range Ease in stock Market transparency (availability of information) Economic factors Competition with other markets stock market Advertising Knowledge of participants in the stock market Inferential analysis In this section we discuss hypotheses and test assumptions8 The first step is to choose the appropriate statistical test, the normality of the variables should be tested8 Kolmogorov-Smirnov test was used to test the normality of the results in table (4-6) is shown8 Test result Not normal Not normal Not normal Not normal Not normal Not normal Table 4-6. The results of Kolmogorov-Smirnov test Level of significance Test statistics Variable Ease in stock Market transparency (availability of information) Economic factors Competition with other markets stock market Advertising Knowledge of participants in the stock market According to Kolmogorov-Smirnov test, for all variables such as the level of significance is less than the level of 0.05 (0.05> p), resulting in a confidence level of 0.95 the claim that the normal distribution is rejected, and to test hypotheses associated with these variables, we need to use non-parametric tests8the main hypothesis: Several factors affect the attractiveness of the stock market8to test the hypothesis of the study, Friedman test was used. The results in Tables (4-7) and (4-8) are summarized8 Table 4-7 Friedman test 661 Number Chi-square test 1 Degrees of freedom Level of significance Table 4-8. The results of Ranking Factors affecting the attractiveness of the stock market 101

10 Average rating Factors affecting the attractiveness of the stock market Ease in stock Market transparency (availability of information) Economic factors Competition with other markets stock market Advertising Knowledge of participants in the stock market According to Friedman, the significance level obtained for the test (0.000) is less than acceptable error level (0.05), we conclude that the 95% confidence level factors affecting the attractiveness of the stock market with a significant difference Thus, according to the table (4-7) to the highest priority is the knowledge of participants in the stock market and the lowest priority is to easy stock trading. Sub Hypotheses The first hypothesis: Easy trading in stock does not contribute in investment attractiveness of the stock market. To test the first hypothesis, the Wilcoxon test (one-sided test with alternative hypothesis for larger) is used8the test results mean for ease of trading stocks compared with the average of the number 38If the hypothesis is more variable average listed number 3 is confirmed, the first hypothesis is confirmed8the results in table (4-9) are summarized. Level of significance Table 4-6. The first hypothesis test results Wilcoxon test estimated Middle Mean Variable Ease in stock As significance level is larger than 5% error, it could be noted that average variable is not significantly larger than the number 3. As a result, the fifth research hypothesis is confirmed, which means that easy trading in stock does not contribute in investment attractiveness of the stock market. The second hypothesis: The market resolution (accessibility of information) contributes in investment attractiveness of the stock market. To test the second hypothesis, the Wilcoxon test (one-sided test with alternative hypothesis for larger) is used8 The test results mean for market transparency compared with the average of the number 38 If the hypothesis is more variable average listed number 3 is approved, the second hypothesis is confirmed8 The results in Table (4-10) is summarized. Table The second hypothesis test results Level of estimated Variable Wilcoxon test Mean significance Middle Market transparency 102

11 As significance level is smaller than 5% error, it could be noted that average variable is significantly larger than the number 3. As a result, the fifth research hypothesis is confirmed, which means that the market resolution (accessibility of information) contributes in investment attractiveness of the stock market. The third hypothesis: The economic factors contributes in investment attractiveness of the stock market. To test the third hypothesis, the Wilcoxon test (one-sided test with alternative hypothesis for larger) is used8the test results mean for economic factors compared with the average of the number 38 If the hypothesis is more variable average listed number 3 is confirmed, the third hypothesis is confirmed8 The results in Table (4-11) is summarized. Table The third hypothesis test results Level of estimated Variable Wilcoxon test Mean significance Middle Economic factors As significance level is smaller than 5% error, it could be noted that average variable is significantly larger than the number 3. As a result, the fifth research hypothesis is confirmed, which means that the economic factors contributes in investment attractiveness of the stock market. The fourth hypothesis: Competition in the stock market with the other markets contributes in investment attractiveness of the stock market. To test the fourth hypothesis, the Wilcoxon test (one-sided test with alternative hypothesis for larger) is used8the test results mean for the stock market to compete with other markets, compared with the average of the number 38If the hypothesis is more variable average listed number 3 is approved, the fourth hypothesis is confirmed. The results in Table (4-12) is summarized8 Level of significance Table The fourth hypothesis test results Wilcoxon test estimated Variable Mean Middle 585. Competition of stock market with other markets As significance level is smaller than 5% error, it could be noted that average variable is significantly larger than the number 3. As a result, the fifth research hypothesis is confirmed, which means that competition in the stock market with the other markets contributes in investment attractiveness of the stock market. The fifth hypothesis: Advertisement contributes in investment attractiveness of the stock market. To test the fifth hypothesis, the Wilcoxon test (one-sided test with alternative hypothesis for larger) is used8 The average test results for advertising compared with the average of the number 38 If the hypothesis is more variable average listed number 3 is confirmed, the fifth hypothesis is confirmed8 The results in Table (4-13) is summarized8 Table 4-13 fifth hypothesis test results 103

12 Level of significance Wilcoxon test estimated Middle 5811 Mean 5822 Variable Advertising As significance level is smaller than 5% error, it could be noted that average variable is significantly larger than the number 3. As a result, the fifth research hypothesis is confirmed, which means that advertisement contributes in investment attractiveness of the stock market. The sixth hypothesis: Knowledge of participants in the stock market contributes in investment attractiveness of the stock market. To test the sixth research hypothesis, the Wilcoxon test (one-sided test with alternative hypothesis for larger) is used8 The average test results for the knowledge of participants in the stock market compared with the average of the number 38 If the hypothesis is more variable average listed number 3 is confirmed, the sixth hypothesis is confirmed. The results in Table (4-14) is summarized8 Level of significance Table The sixth hypothesis test results estimated Variable Wilcoxon test Mean Middle 5816 Knowledge of participants in the stock market As significance level is smaller than 5% error, it could be noted that average variable is significantly larger than the number 3. As a result, six research hypothesis is confirmed, which means that knowledge of participants in the stock market contributes in investment attractiveness of the stock market. Discussion and conclusion The main hypothesis of the study is that "many factors affect the attractiveness of the stock market" The results show that the factors affecting the attractiveness of the stock market with a significant difference and the highest priority to the knowledge of participants in the stock market is the lowest priority on ease of trading stocks8 The results of this study with the results Anvari et al entitled "examine the relationship and impact analysis of the investment attractiveness of investment in the Tehran Stock Exchange" showed that there is a significant correlation between investment in real assets (housing) and "liquidity. But the variable "capital formation" did not show a significant relationship; investment in bank deposits attractive variable significantly associated with both, and with the idea that release significant effects on parameters such bonds are not attractive, with compliance. In relation to the first research hypothesis that "ease of trading stocks on the stock market for investment attraction as well", the results show that the ease of trading stocks for investment attractiveness of the stock market has no effect and it is compatible with the results of this research8 In relation to the second research hypothesis that "transparency of the market (availability of information) in the stock market for investment attraction as well", the results show that the transparency of the market (availability of information) in the attractiveness of the stock market for investment involved8 The results of this study with the results Abzari are compatible and investment partners as factors affecting individuals on the stock exchange (Case Study: Isfahan Regional Stock Exchange) showed that various factors such as a history of profitability, shareholder culture groups reference, economic and political factors affect investment in the stock area of natural persons. Among these factors, political factors, culture and the influence of shareholders are as the most important factor. 104

13 In relation to the third research hypothesis that "economic factors play a role in the attractiveness of the stock market for investment", the results show that economic factors play a role in the attractiveness of the stock market for investment8 The results of the study are consistent with the results of Amiri Chavlh research entitled Factors affecting investment decisions in the Tehran Stock Exchange using AHP_FUZZ showed that of the first rank financial and economic, organizational, political, personal and psychological ranks second to fifth respectively in the attractiveness of the stock market8 In relation to the fourth research hypothesis that "competition in the stock market with other markets for investment attractiveness of the stock market plays", the results show that the competition of stock market with other markets involved in the attractiveness of the stock market investment8 The results of this research are consistent with the results of research group and co-workers as investment attractiveness index, which showed Europe's private equity investment protection and capital market a major factor in the attractiveness of the market8 In conjunction with the fifth research hypothesis that "advertising investment attractiveness of the stock market plays" The results show that advertising plays a role in the attractiveness of the stock market for investment8 The results of this study are consistent with the results Abzari and investment partners as factors affecting individuals on the stock exchange (Case Study: Isfahan Regional Stock Exchange) showed that various factors such as a history of profitability, shareholder culture groups reference, economic and political factors affect investment in the stock area of natural persons. Among these factors, political factors, culture and the influence of shareholders are as the most important factor. In conjunction with the sixth research hypothesis that "the knowledge of participants in the stock market for investment attractiveness of the stock market as well", the results show that knowledge of participants in the stock market for investment attractiveness of the stock market plays a role8 The results of the study are consistent with the results of Ale-Emran research entitled "evaluating changes in the Tehran stock exchange, securities analysis, financial knowledge" (financial studies) that showed the evolution and changes in the price index in the stock market to several factors such as financial knowledge and analysis of securities. Suggestions According to the results of the study hypothesis that factors affecting the attractiveness of the stock market with a significant difference And the highest priority to the knowledge of participants in the stock market and the lowest priority to ease in stock trading is recommended: 5. The relevant authorities by providing the necessary training people willing to buy shares than investment in other markets are higher8 2. People with knowledge of the characteristics of the stock market, investments tailored to their interests in this market perform8 According to the results of the study hypothesis that facilitate the trading of shares in the investment attractiveness of the stock market has no effect, it is suggested: 5. Try to perform transactions on the stock market, the instructions given to them8 6. The stock market is as clear to the investor information8 According to the results of the study hypothesis that market transparency (availability of information) in the attractiveness of the stock market for investment involved, it is suggested: 5. The necessary information for investors is available for transactions8 2. The information to be given to investors that the potential benefits of investing in stock is somewhat predictable8 According to the results of the third research hypothesis that economic factors play a role in the attractiveness of the stock market for investment, it is suggested: 1. The measures reflect the authorities with respect to investors to earn more profits to invest in the stock8 105

14 6. The economic benefits of investing in the stock market to be further analyzed8 According to the results of the fourth research hypothesis that competition with other markets in the stock market for investment attractiveness of the stock market plays a role, it is suggested: 5. Efforts to stock market investors prefer to other markets8 6. Raise the awareness of investors about the amount of interest in purchasing the shares is higher than other investments8 According to the results of the fifth research hypothesis that advertising plays a role in the attractiveness of the stock market for investment, it is suggested: 5. Advertising in the media in order to increase investment in the stock compared to other markets 6. The boom in the stock market through advertising be examined8 According to the results of the study hypothesis sixth that of the participants involved in the stock market attractive for investment, it is suggested: 5. Investors invest in the stock market with complete information8 2. Investors should be aware that having enough information increases investment in the stock market. References 1. Abzari, Mehdi. Teimouri, Hadi. Samadi saeid. (2008). Factors affecting investment in shares on the stock exchange (Case Study: Isfahan Regional Stock Exchange), Journal of Economic Essays, No. 10, pp Arman, Bahman. (1999). Stock market and capital, New Journal of Economics, 84, pp Anvari Rostami, AS. A. Freezing SEMNANI, b. (2007). The relationship between investment in bank deposits and bonds with investment attractiveness (Liquidity and capital formation) in the Tehran Stock Exchange, professor of Humanities, Volume 11, Number (row 55), pp Anvari Rostami, AS. A: Freezing SEMNANI, B. (2007). Its study and analysis of investments in the investment attractiveness of Ghyrbvrsy Tehran Stock Exchange, Economic Journal, Vol. 7, No. 4, pp Hejazi, Radwan. Fatemi, M. (2008). Value stocks and growth stocks, the auditor magazine, No. 42, pp Shozvarzi, MR. Ghavami, Hadi. Hosseinpur, Hamid. (2013). The relationship between the transparency of the capital market and asset price bubbles, financial Journal of Monetary Economics, serious period, the twentieth year, No. 5 (Science), pp Lymradpvr, d. (2005). Economy: one that does not attract capital, report, number 172 and 173, pp Fallah Shams, Mirfeizi. Farmer, Abdul. (2008). Psychological factors affecting investment in the stock exchange, economic and political magazine, No. 257 and 258, pp Larry Semnan, b. (2004). Factors affecting the absorption of securities in Tehran stock exchange, research and economic policies, # 32 (Scientific-extension), pp Mir-Eskandari, S.. D. (1989). Exchange, partnership and investment wandering, accountant, No. 61, pp