scholarly journals Empirical Analysis of the Financial Behavior of Investors with Brand Approach (Case Study: Tehran Stock Exchange)

2017 ◽  
Vol 64 (1) ◽  
pp. 97-121
Author(s):  
Bagher Asgarnezhad Nouri ◽  
Samira Motamedi ◽  
Milad Soltani
Keyword(s):  
Social Factors ◽  
Perceived Risk ◽  
Positive Impact ◽  
Stock Exchange ◽  
Financial Behavior ◽  
Brand Awareness ◽  
The Impact ◽  
The Relationship ◽  
Positive Effect ◽  
Moderating Role

Abstract Behavioral science in the field of finance and investment is among new topics raised in recent years. The relationship between financial sciences and other fields of social sciences such as financial psychology has caused researchers to do many researches regarding the behavior of investors in the financial markets and their reactions to different situations. Based on the theories of financial behavior, shareholders’ decision to buy and sell stocks is under the influence of internal and external psychological factors. Through designing and experimental testing of the model of investors’ financial behavior in the Tehran Stock Exchange with an emphasis on brand, this study was an attempt to investigate the influence of these factors. To this end, financial, psychological and social factors were considered as the most important external factors influencing the behavior of investors and, considering the mediating role of brand awareness, their impact on perceived risk and perceived return as well as investment intention was tested. The research population consisted of all individual investors in the Tehran Stock Exchange. In order to determine the sample size, considering unlimited population, Cochran formula was used and hence the sample size was determined to be 145. For data collection, standard questionnaire was used. Confirmatory factor analysis was used to test the reliability of the questionnaire and the research hypotheses were tested using path analysis. The results showed that psychological factors have a positive impact on perceived risk and returns. Financial factors had a positive impact on perceived risk but no impact on perceived return. The impact of social factors on perceived risk and perceived return was not confirmed. Moreover, the results showed that brand awareness has a moderating role in the relationship between social factors and perceived risk and return. However, its moderating role was not confirmed in the relationship between the psychological and financial factors and perceived risk and return. Perceived risk had a positive effect on attitude toward the brand. However, the impact of perceived return on attitude toward the brand was not significant. Finally, the attitude toward the brand had a positive effect on shareholders’ investment intention.

scholarly journals Empirical Analysis of the Financial Behavior of Investors with Brand Approach (Case Study: Tehran Stock Exchange)

2017 ◽  
Vol 64 (1) ◽  
pp. 97-121 ◽  
Author(s):  
Bagher Asgarnezhad Nouri ◽  
Samira Motamedi ◽  
Milad Soltani
Keyword(s):  
Social Factors ◽  
Perceived Risk ◽  
Positive Impact ◽  
Stock Exchange ◽  
Financial Behavior ◽  
Brand Awareness ◽  
The Impact ◽  
The Relationship ◽  
Positive Effect ◽  
Moderating Role

Abstract Behavioral science in the field of finance and investment is among new topics raised in recent years. The relationship between financial sciences and other fields of social sciences such as financial psychology has caused researchers to do many researches regarding the behavior of investors in the financial markets and their reactions to different situations. Based on the theories of financial behavior, shareholders' decision to buy and sell stocks is under the influence of internal and external psychological factors. Through designing and experimental testing of the model of investors' financial behavior in the Tehran Stock Exchange with an emphasis on brand, this study was an attempt to investigate the influence of these factors. To this end, financial, psychological and social factors were considered as the most important external factors influencing the behavior of investors and, considering the mediating role of brand awareness, their impact on perceived risk and perceived return as well as investment intention was tested. The research population consisted of all individual investors in the Tehran Stock Exchange. In order to determine the sample size, considering unlimited population, Cochran formula was used and hence the sample size was determined to be 145. For data collection, standard questionnaire was used. Confirmatory factor analysis was used to test the reliability of the questionnaire and the research hypotheses were tested using path analysis. The results showed that psychological factors have a positive impact on perceived risk and returns. Financial factors had a positive impact on perceived risk but no impact on perceived return. The impact of social factors on perceived risk and perceived return was not confirmed. Moreover, the results showed that brand awareness has a moderating role in the relationship between social factors and perceived risk and return. However, its moderating role was not confirmed in the relationship between the psychological and financial factors and perceived risk and return. Perceived risk had a positive effect on attitude toward the brand. However, the impact of perceived return on attitude toward the brand was not significant. Finally, the attitude toward the brand had a positive effect on shareholders' investment intention.

scholarly journals Investigating online shopping behaviour on mobile and fixed devices: The impact of scarcity and popularity cues

2021 ◽  
Author(s):  
◽  
Tessa Hoffman
Keyword(s):  
Perceived Risk ◽  
Purchase Intention ◽  
Online Shopping ◽  
Purchase Intentions ◽  
Negative Effect ◽  
The Impact ◽  
The Relationship ◽  
Positive Effect ◽  
Moderating Role

<p>Smartphones have become ubiquitous in consumers’ lives and have been identified as an important online channel. However, consumers have indicated a preference for purchasing products through their fixed devices, such as computers, and few studies have investigated situations where consumers might indicate greater purchase intentions on their mobile devices. This research examines the influence of scarcity messages and popularity cues on purchase intention in the context of online shopping. Two experiments were conducted to evaluate the differences between consumers using mobile and fixed devices.  Study one was a 3 (scarcity: limited quantity vs limited time vs no scarcity) x 2 (device: fixed vs smartphone) between-subjects design (N = 236). Study one found that in an online shopping context, limited-quantity scarcity messages (e.g. limited stock available) had a negative effect on purchase intention regardless of the consumer’s device. Furthermore, a consumer’s scepticism of advertising moderated the relationship. Perceived risk of online shopping was found to moderate the relationship between device and purchase intention.  Study two was a 2 (scarcity: limited quantity vs no scarcity) x 2 (popularity: ranking vs no ranking) x 2 (device: fixed vs smartphone) between-subjects design (N = 244). The study showed that a popularity cue had a positive effect on purchase intention. However, scarcity had no effect on purchase intention. Consumers in the smartphone conditions also had lower purchase intentions but this was not impacted by the inclusion of a scarcity message or popularity cue. Interestingly, credibility of the content did not moderate the relationships between scarcity and purchase intention, or popularity ranking and purchase intention.  These findings suggest that online scarcity messages do not increase purchase intention, in contrast to previous offline studies. The moderating role of scepticism on the scarcity message and purchase intention relationship indicates that consumers are suspicious of scarcity messages in an online context. However, it appears popularity cues enhance consumer purchase intentions online. Neither a scarcity message or a popularity cue increased purchase intention on a smartphone. The research demonstrates that scarcity messages are not as effective online as they have been shown to be in an offline context and that further research is required to understand how to increase consumer purchase intentions when shopping on a smartphone.</p>

scholarly journals Investigating online shopping behaviour on mobile and fixed devices: The impact of scarcity and popularity cues

2021 ◽  
Author(s):  
◽  
Tessa Hoffman
Keyword(s):  
Perceived Risk ◽  
Purchase Intention ◽  
Online Shopping ◽  
Purchase Intentions ◽  
Negative Effect ◽  
The Impact ◽  
The Relationship ◽  
Positive Effect ◽  
Moderating Role

<p>Smartphones have become ubiquitous in consumers’ lives and have been identified as an important online channel. However, consumers have indicated a preference for purchasing products through their fixed devices, such as computers, and few studies have investigated situations where consumers might indicate greater purchase intentions on their mobile devices. This research examines the influence of scarcity messages and popularity cues on purchase intention in the context of online shopping. Two experiments were conducted to evaluate the differences between consumers using mobile and fixed devices.  Study one was a 3 (scarcity: limited quantity vs limited time vs no scarcity) x 2 (device: fixed vs smartphone) between-subjects design (N = 236). Study one found that in an online shopping context, limited-quantity scarcity messages (e.g. limited stock available) had a negative effect on purchase intention regardless of the consumer’s device. Furthermore, a consumer’s scepticism of advertising moderated the relationship. Perceived risk of online shopping was found to moderate the relationship between device and purchase intention.  Study two was a 2 (scarcity: limited quantity vs no scarcity) x 2 (popularity: ranking vs no ranking) x 2 (device: fixed vs smartphone) between-subjects design (N = 244). The study showed that a popularity cue had a positive effect on purchase intention. However, scarcity had no effect on purchase intention. Consumers in the smartphone conditions also had lower purchase intentions but this was not impacted by the inclusion of a scarcity message or popularity cue. Interestingly, credibility of the content did not moderate the relationships between scarcity and purchase intention, or popularity ranking and purchase intention.  These findings suggest that online scarcity messages do not increase purchase intention, in contrast to previous offline studies. The moderating role of scepticism on the scarcity message and purchase intention relationship indicates that consumers are suspicious of scarcity messages in an online context. However, it appears popularity cues enhance consumer purchase intentions online. Neither a scarcity message or a popularity cue increased purchase intention on a smartphone. The research demonstrates that scarcity messages are not as effective online as they have been shown to be in an offline context and that further research is required to understand how to increase consumer purchase intentions when shopping on a smartphone.</p>

scholarly journals Impact of Authoritative and Laissez-Faire Leadership on Thriving at Work: The Moderating Role of Conscientiousness

2021 ◽  
Vol 11 (3) ◽  
pp. 667-685
Author(s):  
Zulfiqar Ahmed Iqbal ◽  
Ghulam Abid ◽  
Muhammad Arshad ◽  
Fouzia Ashfaq ◽  
Muhammad Ahsan Athar ◽  
...  
Keyword(s):  
Leadership Style ◽  
Positive Impact ◽  
Work Relationship ◽  
Laissez Faire ◽  
Relationship Of ◽  
The Impact ◽  
The Relationship ◽  
Moderating Role ◽  
Thriving At Work

This study empirically investigates the less discussed catalytic effect of personality in the relationship of leadership style and employee thriving at work. The growth and sustainability of the organization is linked with the association of leadership style and employee thriving at the worplace. The objectives of this study are to explore the impact of authoritative and laissez-faire leadership styles and the moderating role of the personality trait of conscientiousness on thriving in the workplace. A sample of 312 participants was taken from a leading school system with its branches in Lahore and Islamabad, Pakistan. The participants either worked as managers, teachers in headquarters, or school campuses, respectively. The regression results of the study show that authoritative leadership and conscientiousness have a significantly positive impact on thriving at work. Furthermore, conscientiousness moderates the relationship between laissez-faire style of leadership and thriving at work relationship. The findings of this study have theoretical implications for authoritative and laissez-faire leadership, employee conscientiousness, and managerial applications for the practitioners.

scholarly journals The Value of Board Diversity in the Relationship of Corporate Governance and Investment Decisions of Pakistani Firms

2020 ◽  
Vol 6 (4) ◽  
pp. 146 ◽  
Author(s):  
Nauman Iqbal Mirza ◽  
Qaisar Ali Malik ◽  
Ch Kamran Mahmood
Keyword(s):  
Corporate Governance ◽  
Positive Impact ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Investment Decisions ◽  
Board Independence ◽  
Board Size ◽  
Board Diversity ◽  
The Impact ◽  
The Relationship

Inspired by the studies on the impact of diversity among decision-making groups, this study was carried out to examine whether the diversity of the members of the board of directors, encompassing gender, nationality, education, and experience, moderates the relationship between the corporate governance and investment decisions of listed companies of the Pakistan Stock Exchange. Furthermore, the determinants of investment decisions in the context of Pakistani firms’ are also explored. Panel data analysis techniques are used to gauge the cause and effect relationship among the variables. We find short-term liquidity and profitability are the determinants of Pakistani firms’ investment decisions, both having adverse relationships. Moreover, we explore board independence, and chief executive officer (CEO) duality has a significant positive impact on investment decisions. We further find that experience diversity strongly moderates the relationship between board independence and board size with investment decisions in the opposite direction. Education diversity moderates the relation of board size and investment decisions in the same direction. Foreign directors’ presence on the board also significantly moderates the relationship between board independence and investment decisions. The results of this empirical study confirm that board diversity moderates the relationship between corporate governance and investment decisions.

scholarly journals The impact of work passion on work performance: the moderating role of P-O fit and meaningfulness of work

2018 ◽  
Vol 1 (1) ◽  
pp. 26
Author(s):  
Ika Indriasari ◽  
Noni Setyorini
Keyword(s):  
Work Performance ◽  
Moderating Variables ◽  
Person Organization Fit ◽  
Relationship Of ◽  
The Impact ◽  
The Relationship ◽  
Positive Effect ◽  
Moderating Role ◽  
Work Passion

Our study aims to analyze the impact of auditor’s work passion on their performances, with meaningfulness of work and person organization fit (PO-fit) as moderating variables.  Auditor, as a profession associated with assurance of compliance with their clients, highly requires good work passion to increase their spirit, avoid them from work saturation and improve their work quality. Therefore, our study expected that work passion positively affect work performance. Furthermore, meaningfulnes work and PO-fit were also expected to have moderating effect on the relationship of work passion on work performance. The results of regression  and moderated regression analysis (MRA) on 87 samples collected from accoutants working in public accountant firm in Java, Indonesia, suggest that work passion has a positive effect on work performance. The result also shows that meaningfulnes was supported as a moderator on the relationship between work passion and work performance. However, our prediction that PO-fit could be a moderator in the effect of work passion on job performance of auditor was not supported.

scholarly journals The Impact of Financial Structure Towards Performance of Non-Financial Companies Listed on Amman Stock Exchange

2021 ◽  
Vol 20 (1) ◽  
pp. 61-83
Author(s):  
Laith Fouad Alshouha ◽  
◽  
Wan Nur Syahida Wan Ismail ◽  
Mohd Zulkifli Mokhtar ◽  
Nik Mohd Norfadzilah Nik Mohd Rashid ◽  
...  
Keyword(s):  
Firm Performance ◽  
Negative Impact ◽  
Positive Impact ◽  
Stock Exchange ◽  
Financial Structure ◽  
Managerial Ownership ◽  
Data Set ◽  
Amman Stock Exchange ◽  
The Impact ◽  
The Relationship

The purpose of the current study was to investigate the relationship between financial structure towards the financial performance of companies listed on Amman stock exchange (ASE) as one of the emerging economies. This paper adopted a panel data set of 88 non-financial companies listed on the ASE over a period of 10 years from 2009 to 2018. According to empirical results that there is significant evidence to support the fact that debt repaying ability (DRAB), managerial ownership (MANOW), and foreign ownership (FOROW) are positively related to firm performance. Otherwise, the findings revealed no evidence to support the impact of the financial structure ability (FSA) towards firm performance. Moreover, the findings support the fact that firm size (SIZ) has a positive impact on firm performance of companies listed on the ASE. On the other hand, (AGE) has a negative impact on firm performance, while (GROWTH) has no impact on firm performance. The current study encourages managers to maintain a good percentage of debt repaying ability and owners to grant shares as managers’ incentives, and also to attract foreign investors. Future studies, should try applying the current study on the financial sector.

scholarly journals Impact of Capital Structure on Profitability:An empirical analysis of listed firms in India

2018 ◽  
Vol 7 (2) ◽  
pp. 1-6
Author(s):  
Atif Ghayas ◽  
Javaid Akhter
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Short Term ◽  
Return On Equity ◽  
Listed Firms ◽  
Relationship Capital ◽  
The Impact ◽  
The Relationship ◽  
Positive Effect

This study aims to empirically examine and analyze the impact of capital structure decision on the firm’s profitability by using a sample of 35 Indian pharmaceutical companies listed on Bombay Stock Exchange (BSE) during the period of 5 years from 2012 to 2016. Regression Analysis is used to measure the extent and nature of the relationship. Capital structure variables used in the study are ratio of long-term debt to total assets (LDA), ratio of short-term debt to total assets (SDA) and ratio of Total debt to total assets (DA) while profitability has been measure by Return on Equity (ROE). Firms Size (SIZE)and Salesgrowth(GROW) are also used as control variables. Results reveal a positive effect of SDA and DA on ROE, while a weak-to-no effect was found of LDA on ROE.

scholarly journals Risk Profile, Secure Bond, and Bond Rating in Banking Industry

The Winners ◽  
2020 ◽  
Vol 21 (1) ◽  
pp. 49
Author(s):  
Erin Wijayanti ◽  
Indah Yuliana
Keyword(s):  
Banking Industry ◽  
Stock Exchange ◽  
Risk Profile ◽  
Partial Least Square ◽  
Least Square ◽  
Bond Ratings ◽  
Bond Rating ◽  
The Impact ◽  
The Relationship ◽  
Positive Effect

The research aimed to assess the impact of the Risk Profile on the banking industry bond ratings in Indonesia Stock Exchange (IDX) and have a rating for bonds at PT PEFINDO. Sampleswere selected by purposive sampling method. The population were banks listed on the Indonesia Stock Exchange in 2015-2018. The population was 44 banks and 16 banks were selected as samples. The analysis a used descriptive statistics and Partial Least Square (PLS) for testing structural and structural models. The results show that Non-Performing Loan (NPL)and Loan to Deposit Ratio (LDR) directly have a significant direct positive effect on bond ratings, and security directly do not have a significant effect on bond ratings, security strengthen risk relationships credit with a bond rating. However, security weakens the relationship between liquidity risk and the bond rating. The variables indicate that these variables can explain the bond rating of 44,4% while the remaining 55,6% is influenced by other variables not contained in the research model.

scholarly journals Impacts of Capital Structure and Dividend Policy on the Financial Performance of Listed Companies on Vietnamese Stocks Market

2021 ◽  
Author(s):  
Loan T. Vu ◽  
Anh T. H. Vu ◽  
Thao T. P. Nguyen
Keyword(s):  
Dividend Policy ◽  
Negative Impact ◽  
Positive Impact ◽  
Stock Exchange ◽  
Generalized Least Squares ◽  
Listed Companies ◽  
Dividend Yield ◽  
And Performance ◽  
The Impact ◽  
The Relationship

This study is taken to describe the relationship between the levels of debt, dividend policy and the performance of firms listed in Vietnamese stock market. The dividend policy is proxied by the dividend yield while firm’s performance is measured by ROE, ROA, and P/E. The total number of observations is 552, collecting from 92 listed companies on Hochiminh Stock Exchange during 2012 and 2019. The analysis results from generalized least squares (GLS) models report that the choice of firm’s performance proxy affects the relationship between firm’s performance and leverage as well as dividend policy. While leverage has positive impact on ROE and ROA, it has negative impact on P/E. In contrast, dividend yield ratio is negatively correlated with ROA and P/E but positively correlated with ROE. However, the impact of debt levels on firm’s performance is independent with the choice of leverage proxy. The findings of this research are expected to provide better understanding about the connection between debt, dividend and performance of the firm that can support the managers to make relevant decisions.

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