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  3. Investigating the effect of extra-organizational non-financial variables on attracting capital from real people in the Qom regional stock exchange

Investigating the effect of extra-organizational non-financial variables on attracting capital from real people in the Qom regional stock exchange

Number of pages: 126 File Format: word File Code: 31211
Year: 2013 University Degree: Master's degree Category: Management
Tags/Keywords: Capital attraction - Capital attraction of real people - Capital of real people - External non-financial variables - Investment - stock - stock exchange - stock market
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  • Summary of Investigating the effect of extra-organizational non-financial variables on attracting capital from real people in the Qom regional stock exchange

    Dissertation for receiving the master degree "M.A."

    Financial Management

    Abstract:

    One of the most important factors affecting the economy of countries is investment and related matters. This issue is one of the inevitable issues because it is a factor for production, employment and moving the economic wheels of any country. Investment is made in various ways, one of which is investing in company shares through the stock exchange. Since most of the transactions of the stock exchange and the funds available in it belong to natural persons, in the present study, the issue of the factors affecting the attraction of capital of natural persons in the stock exchange has been addressed. This research is applied in terms of purpose and descriptive in nature and correlational type. The statistical population of the research is made up of all stock buyers in the regional stock exchange of Qom province, and since the number of these people is unlimited, according to Morgan's table, the number of samples was considered to be 385 people, and the sampling method is also available in the form of random sampling. In the collection of research data, library and field methods were used (researcher-made questionnaire tool, which was tested for reliability (alpha 0.86) and validity). In the data analysis, inferential statistics (Pearson's correlation coefficient tests, independent t test, analysis of variance, Tukey's post hoc test and Friedman test) were used. The findings showed that investment security, shareholder culture, reference groups, location of the stock exchange, non-stock investments, political and economic risk, satisfaction of current shareholders and transparency of the stock exchange have a significant relationship with the investment of real people in the stock exchange.

    Key words: stock exchange, investment, capital attraction, real people, Qom province.

    Chapter First

    Overview of the research

     

    1-1) Research introduction

    During the last two decades, technological advances and the liberalization of capital flows have reduced the obstacles that existed in the way of local stock markets. Companies can operate better and more easily abroad and are seeking to reach these markets so that they can grow and realize their conventional goals. On the other hand, the stock exchanges also seek to attract capital and develop, establish companies and strengthen the private sector (Anwari Rostami and Lari Semnani, 2016). Today, one of the most important factors affecting the economy of countries is investment and related matters. This issue is one of the inevitable issues because it is a factor for production, employment and moving the economic wheels of any country. Investment is made in various ways, one of which is investing in company shares through the stock exchange. The stock exchange can play a great role in the dynamics of companies and the economy by providing the necessary mechanism for investing in the shares of companies that have the conditions to offer their shares to the public. Therefore, by offering shares through the stock exchange and investors by buying shares and investing in the companies' shares, they have gained the opportunity to participate in economic development, and they consider themselves to be part of the contribution to the development and progress of the country's economy (Abzari et al., 2017).

    Given the high sensitivity of capital attraction and the vital need of the country's current society for this economic issue to move towards growth and development, in the current research, the issue of factors affecting the attraction of real people's capital in the stock exchange The stock is paid. Since a major part of the stock exchange transactions and the funds in it belong to natural persons, using the findings of this study can play a constructive role in increasing the ability of the stock market to attract capital. In this chapter, the generalities of the research and issues such as the statement of the problem, necessity and importance of the research, hypotheses, scope of the research and definitions of key words and terms are discussed.

    1-2) Statement of the research problem

    Investment plays an important and key role in economic growth and development. Many studies have proven the relationship between economic growth and development and investment. Investment leads to better and more efficient use of resources, but investment is very sensitive to changes and developments and reacts quickly.Many factors affect investment, but their effect is not the same in all times and places (Yousfi and Aziznejad, 2008, p. 80). Investment is one of the most basic topics of economy and industry; Without it, production will not take place and wealth will not be realized. Justice and proper distribution of wealth have meaning when wealth is created. Of course, the primary sources of natural wealth take precedence over production and investment (Darwish Mutoli et al., 2011, p. 76). The capital market in a country is one of the main sources of financing for companies and governments, and in countries like Iran, which seek to attract foreign companies for direct investment and the prosperity of their stock market, strengthening it and knowing the factors related to securities transactions can increase the motivation of domestic and foreign companies to enter the field of activity and investment development, in a way that also provides the appropriate realization of the major goals of the financial and economic development of the government (Anvarrostami and Lari Semnani, 2016, p. 2).

    One of the central issues and problems of growth and development programs has always been how to allocate resources. Therefore, determining the amount and criteria for determining investment priorities is one of the basic issues of societies, especially underdeveloped countries; Because in underdeveloped societies, due to the lack of capital, any lack of optimal allocation of resources can have unfortunate consequences (Babajani et al., 2008, p. 22). The importance and degree of reliability of various financial and non-financial information for various stakeholder decisions in today's world is clear to everyone. The point that should be noted is that the information needs of the users of financial and non-financial information are diverse and each group of them pay attention to specific information according to the scope of their activities and interests (Nobukht, 2013, p. 2).

    Wherever and whenever confidence and trust are provided for investment and the credit of the investor is taken seriously, the speed of investment increases (Darwish Mutoli et al., 2011, p. 76). Having a shareholding culture can be defined in a specific way, the institutionalization of the need to allocate a part of household investment to investing in the stock exchange, and it can be considered as one of the effective factors in persuading people to invest. Also, the people of the reference groups have authority and leave a lot of influence on people's decisions. The establishment of the stock exchange hall in a suitable place with facilities for easy access of people inclined to invest in the stock exchange can be considered as a promoting or hindering factor in encouraging people to invest in the stock exchange (Abzari et al., 2015, p. 117). Non-stock investments can be considered among the investments outside the framework of the stock exchange, which in some way complement or even compete with the stock exchange and may affect the attractiveness of the stock exchange (Anvarrostami and Lari Semnani, 2016, p. 183). high political and economic risk; Dissatisfaction of current investors and the lack of accurate, timely, transparent and comprehensive information are among the obstacles that prevent the attraction of funds (Darwish Mutoli et al., 2013, p. 76).

    In this research, the general goal is to identify the non-financial environmental variables that affect the attraction of real people's capital in the stock exchange, according to the previous studies that were mentioned, from concepts such as investment security, shareholder culture, reference groups, location of the stock exchange, capital Non-stock investments, political and economic risk, the satisfaction of current shareholders and the transparency of the stock market are used to determine the goals and hypothesis of the research. Based on this, the main problem of the current research is whether there is a relationship between external non-financial variables and the attraction of real people's capital in the Qom Regional Stock Exchange?

    1-3) The importance and necessity of the research:

    The widespread and increasing need for various financial and non-financial information for any decision in the field of investment, on the one hand, and the need to create understanding in the relations between administrative and economic units and those who deal with them, on the other hand, the necessity of using common measurement scales and concepts intensify the meaning; As a result, it is necessary to prepare and compile regular and relevant principles for non-financial variables in the financial market.

    Every year in all parts of the world witness fundamental developments in various economic, political, social and other fields.

  • Contents & References of Investigating the effect of extra-organizational non-financial variables on attracting capital from real people in the Qom regional stock exchange

    List:

    Abstract .. 1

    Chapter One: Research Overview

    1-1) Introduction to the research. 3

    1-2) Statement of the research problem. 4

    1-3) Importance and necessity of research. 6

    1-4) research objectives. 7

    1-5) research hypotheses. 7

    1-6) Research scope. 9

    1-6-1) Subject area. 9

    1-6-2) spatial territory. 9

    1-6-3) Time domain. 9

    1-7) Application of research results. 9

    1-8) Definition of words and terms. 10

    Summary.. 10

    Chapter Two: Literature and research background

    2-1) Introduction. 13

    2-2) First part: Investment. 14

    2-2-1) Nature of investment. 14

    2-2-2) Investment definitions. 15

    2-2-3) Importance of investment. 16

    2-2-4) Investors. 17

    2-2-4-1) Investor information. 18

    2-2-5) decision-making steps in the investment process. 19

    2-2-6) investment decision process. 21

    2-2-6-1) Factors affecting investment decisions. 21

    2-2-7) characteristics of investors. 25

    2-2-7-1) Behavior of investors. 28

    2-2-8) Economic uncertainty. 30

    2-2-8-1) Factors causing and aggravating economic uncertainty. 30

    2-2-8-2) The impact of uncertainty on brokers' decisions. 31

    2-2-9) perceptual errors of investment decisions. 32

    2-2-9-1) Overconfidence error. 33

    2-2-9-2) Access error. 33

    2-2-9-3) error of escalation of obligation. 34

    2-2-9-4) error of randomness. 34

    2-2-9-5) post nasal error. 35

    2-2-10) The role of personality in investment decisions. 35

    2-2-10-1) behavioral distortions. 36

    2-3) Second part: financial markets. 38

    2-3-1) Importance of financial markets. 38

    2-3-2) Development of financial markets. 40

    2-3-3) Classification of financial markets. 41

    2-3-4) Capital market in Iran. 41

    2-4) Third part: Stock Exchange. 42

    2-4-1) The history of the stock exchange. 43

    2-4-2) The role of the stock exchange in the society's economy. 44

    2-4-3) History of Tehran Stock Exchange. 46

    2-4-4) Periods of stock exchange activity in Iran. 47

    2-4-5) The development of the securities market and the factors affecting it. 50

    2-4-6) Benefits of stock exchange for companies. 52

    2-4-7) Regional branches of the stock exchange. 53

    2-5) Part IV: Research background (review of past studies)                  54

    2-5-1) Review of studies conducted inside the country. 54

    2-5-2) An overview of the research conducted abroad. 57

    6-2) The fifth part: The theoretical framework of the research. 60

    Summary.. 64

    Chapter three: Research implementation method

    1-3) Introduction. 67

    3-2) Type of research. 67

    3-3) Research implementation stages. 67

    3-4) Statistical population, sample and sampling method. 68

    3-5) Data collection method. 68

    3-6) Data collection tools. 69

    3-6-1) Questionnaire components. 69

    3-6-2) validity of the questionnaire. 70

    3-6-3) Questionnaire reliability. 70

    3-6-4) Scoring method in the measurement tool. 71

    3-7) research variables. 72

    3-8) statistical methods and tests. 72

    Summary. 75

    4-1-2) Age. 76

    4-1-3) Education. 76

    4-1-4) field of study. 77

    4-1-5) Stock purchase record. 77

    4-2) Research hypothesis testing. 78

    4-2-1) The first hypothesis. 78

    4-2-2) The second hypothesis. 80

    4-2-3) The third hypothesis. 81

    4-2-4) The fourth hypothesis. 82

    4-2-5) The fifth hypothesis. 83

    4-2-6) The sixth hypothesis. 84

    4-2-7) The seventh hypothesis. 85

    4-2-8) The eighth hypothesis. 86

    4-3) Side findings of the research. 87

    4-3-1) Examining respondents' opinions according to gender. 87

    4-3-2) Examining respondents' opinions according to their age. 88

    4-3-3) Examining the opinions of the respondents according to their education 89

    4-3-4) Examining the opinions of the respondents according to the field of study 91

    4-3-5) Examining the opinions of the respondents according to the history of buying shares 92

    4-3-6) Ranking of the factors88

    4-3-3) Examining the opinions of the respondents according to their education 89

    4-3-4) Examining the opinions of the respondents according to the field of study 91

    4-3-5) Examining the opinions of the respondents according to the history of buying shares 92

    4-3-6) Rating of the investigated factors. 94

    Summary. 95

    Chapter Five: Conclusions and Suggestions

    Introduction. 97

    5-1) Summary and conclusion. 97

    5-1-1) Findings from the general characteristics of stock buyers. 98

    5-1-2) Results of statistical research tests. 99

    5-1-3) Side findings. 103

    5-2) research limitations. 106

    5-3) Suggestions. 107

    5-3-1) Practical research suggestions. 107

    5-3-2) Recommendations for future researchers. 109

    Summary. 110

    Sources and sources. 111

    Attachments and appendices. 117

    Questionnaire. 118

    SPSS software output from tests and research data analysis 121

    Latin abstract. 163

     

    Source:

    Mr. Mohammad Ali. and Mukhtarian, Omid. (2013). Investigating factors affecting investors' decisions in Tehran Stock Exchange, Accounting and Auditing Reviews, Year 11, Number 36, pp. 3-25.

    Abzari, Mehdi.; Samadi, Saeed. and Safari, Ali. (2015). Factors affecting the attraction of real people's capital in the stock exchange (case study: Isfahan Regional Stock Exchange), Isfahan University Research Journal, Volume 21, Number 2, pp. 113-131.

    Anwari Rostami, Ali Asghar. and Lari Semnani, Behrouz. (2016). Examining the relationship and analysis of the effects of selected non-stock investments on the investment attractiveness of the Tehran Stock Exchange, Modares Humanities Quarterly (special issue of management), pp. 1-29.

    Babajani, Arzoo.; Hosseini, Seyyed Mahmoud.; Sohaili, Kiyomarth. and Dell Najian, Sohrab. (2008). Determining factors affecting capital attraction in industrial cooperatives of Kermanshah province, Cooperative Magazine, 20th year, number 204-205, pp. 21-39.

    Tehrani, Reza.(2009). Financial Management, Tehran: Negah Danesh Publications, pp. 577-1.

    Tehrani, Reza. and Hesazadeh, Reza. (1388). The effect of cash flows and financing restrictions on over-investment and under-investment, Accounting Research, No. 3, pp. 50-66.

    Jaafari, Saeed. (2016). Examining the impact of non-financial variables on investors' decision making in Tehran Stock Exchange, master's thesis in business administration, financial orientation, Islamic Azad University of Babol, Babol.

    Khorshidi, Gholamhossein. (1375). Executive considerations in the analysis of investment plans, financial research, third year, numbers 9 and 10, pp. 26-40.

    Khushnoud Mehdi. (1383). Identification and ranking of groups influencing the decision-making of individual and institutional investors in the Tehran Stock Exchange, Master's thesis in financial management, University of Tehran, Tehran. Salarieh, Mehdi. and Qadiri Javan, Hossamuddin. (2012). Identification and ranking of factors influencing the attraction of investors in the economic and industrial areas of Firuzkoh using the AHP multi-indicator decision-making technique, Researcher (Management Quarterly), ninth year, special issue, pp. 75-90.

    Raei, Reza. and Telangi, Ahmed. (2013). Advanced Investment Management, Tehran, Samit Publications.

    Ramazani, Nasreen. (2012). Investigating the relationship between free floating shares, size and financial leverage with dividend policy in companies in the Tehran Stock Exchange, master's thesis in financial management, Islamic Azad University, Department of Science, Research and Technology, Tehran.

    Zalnejad, Seyed Sejad. A study of the factors affecting the dividend policy of companies in the Mazandaran regional stock exchange, master's thesis in public administration, financial orientation, Islamic Azad University, Chalus Branch, Chalus. Zahedi, Shams Al Sadat.; Alwani, Seyyed Mehdi. and Faqihi, Abul Hasan. (1379). Comprehensive management culture, Tehran: Allameh Tabatabai University Press.

    Saadi, Rasul.; Qalipour, Arin. and Qalipour, Fataneh. (1389). Investigating the effects of investors' personality and perception errors in their investment in Tehran Stock Exchange, Financial Research, Volume 12, Number 29, pp. 58-4. 

    Shahrabadi, Abulfazl. and Yousefi, Rahela. (1386). Introductions to Behavioral Finance, Bors Monthly, No. 69, pp. 51-70.

    Safari, Ali. (1384). Investigating the factors affecting the capital attraction of natural persons in the stock exchange (case study: Isfahan Regional Stock Exchange), Master's Thesis of Business Administration, University of Isfahan, Isfahan.

    Abbasi, Ebrahim. and Ebrahimzadeh Rahimlou, Behrouz. (1388). Investigating factors affecting the level of investment in Tehran Stock Exchange companies.

Investigating the effect of extra-organizational non-financial variables on attracting capital from real people in the Qom regional stock exchange
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