Designing and explaining the decision-making model of shareholders with a comparative approach to classical finance and behavioral finance in the capital market

The title of the present study is designing and explaining the decision-making model of shareholders with a comparative approach to classical finance and behavioral finance in the capital market. The traditional finance viewpoint assumes that people make rational decisions to maximize wealth at a certain level of risk or minimize risk at a certain level of wealth. Such an approach, which states "how people should behave," is called norm. In this study, in the first stage, based on the literature review and using the previous related studies, a complete list of fifty-seven factors affecting the decision-making model of shareholders was provided to the members of the experts’ panel in the form of a questionnaire for the sake of weighting. The DANP technique was then used. The results show that political factors, economic factors, market psychological factors, cognitive factors, emotional factors, and finally financial factors have the highest effect at the company level.