ﺗﺤﻠﯿﻞ ﻗﺼﺪ ﺳﺮﻣﺎﯾﻪ ﮔﺬاران ﺣﻘﯿﻘﯽ در ﺧﺼﻮص ﺳﺮﻣﺎﯾﻪ ﮔﺬاري ﻫﺎي ﻣﺒﺘﻨﯽ ﺑﺮ ﻣﺴﺌﻮﻟﯿﺖ ﭘﺬﯾﺮي اﺟﺘﻤﺎﻋﯽ: ﺗﺌﻮري ﻋﻤﻞ ﻣﻨﻄﻘﯽ ﺑﺴﻂ ﯾﺎﻓﺘﻪ

Analyzing the Intention of Individual Investors towards Socially Responsible Investment: Extended Theory of Reasoned Action

ﺳﺮﻣﺎﯾﻪ ﮔﺬاري ﻣﺒﺘﻨﯽ ﺑﺮ ﻣﺴﺌﻮﻟﯿﺖ ﭘﺬﯾﺮي اﺟﺘﻤﺎﻋﯽ ﺑﻪ ﻣﻌﻨﺎي ﺳﺮﻣﺎﯾﻪ ﮔﺬاري در ﺳﻬﺎم ﺷﺮﮐﺖ ﻫﺎﯾﯽ اﺳﺖ ﮐﻪ داراي ﮐﺎرﮐﺮدﻫﺎي اﺟﺘﻤﺎﻋﯽ ﻣﺜﺒﺘﯽ ﻫﺴﺘﻨﺪ. اﯾﻦ ﻧﻮع ﺳﺮﻣﺎﯾﻪ ﮔﺬاري، ﻣﮑﺎﻧﯿﺰﻣﯽ را در اﺧﺘﯿﺎر ﺳﺮﻣﺎﯾﻪ ﮔﺬاران ﻗﺮار ﻣﯽ دﻫﺪ ﺗﺎ ﺑﺘﻮاﻧﻨﺪ ﺗﻌﺎدﻟﯽ را ﺑﯿﻦ اﻋﺘﻘﺎدات و ارزش ﻫﺎي ﺷﺨﺼﯽ و اﻫﺪاف ﺳﺮﻣﺎﯾﻪ ﮔﺬاري ﺷﺎن اﯾﺠﺎد ﻧﻤﺎﯾﻨﺪ؛ ﺑﻨﺎﺑﺮاﯾﻦ ﻫﺪف ﭘﮋوﻫﺶ ﺣﺎﺿﺮ ﺗﺤﻠﯿﻞ ﻗﺼﺪ ﺳﺮﻣﺎﯾﻪ ﮔﺬاري ﻣﺒﺘﻨﯽ ﺑﺮ ﻣﺴﺌﻮﻟﯿﺖ ﭘﺬﯾﺮي اﺟﺘﻤﺎﻋﯽ ﺳﺮﻣﺎﯾﻪ ﮔﺬاران ﺣﻘﯿﻘﯽ ﺑﺎ اﺳﺘﻔﺎده از ﺗﺌﻮري ﻋﻤﻞ ﻣﻨﻄﻘﯽ ﺑﺴﻂ ﯾﺎﻓﺘﻪ ﻣﯽ ﺑﺎﺷﺪ. ﺟﺎﻣﻌﮥ آﻣﺎري ﭘﮋوﻫﺶ ﺣﺎﺿﺮ ﺳﺮﻣﺎﯾﻪ ﮔﺬاران ﺣﻘﯿﻘﯽ ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان ﺑﻮده و ﺣﺠﻢ ﻧﻤﻮﻧﻪ ﻧﯿﺰ 385 ﻧﻔﺮ اﺳﺖ. آزﻣﻮن ﻣﺪل ﻣﻔﻬﻮﻣﯽ ﭘﮋوﻫﺶ ﺑﺎ اﺳﺘﻔﺎده از ﻣﺪل ﺳﺎزي ﻣﻌﺎدﻻت ﺳﺎﺧﺘﺎري و از ﻃﺮﯾﻖ ﻧﺮم اﻓﺰار آﻣﻮس ﻧﺴﺨﮥ 24 اﻧﺠﺎم ﺷﺪه اﺳﺖ؛ ﻫﻤﭽﻨﯿﻦ از ﺗﺤﻠﯿﻞ ﻋﺎﻣﻠﯽ اﮐﺘﺸﺎﻓﯽ و ﺗﺄﯾﯿﺪي ﺑﺮاي اﻃﻤﯿﻨﺎن از وﺟﻮد ﺣﺪاﻗﻞ ﻫﺎي ﻣﻮرد ﻧﯿﺎز ﺑﺮاي اﻧﺠﺎم آزﻣﻮن ﻣﺪل ﻣﻔﻬﻮﻣﯽ ﭘﮋوﻫﺶ اﺳﺘﻔﺎده ﺷﺪه اﺳﺖ. ﻃﺒﻖ ﯾﺎﻓﺘﻪ ﻫﺎي ﭘﮋوﻫﺶ ﻣﺘﻐﯿﺮﻫﺎي ﻧﮕﺮش، ﻫﻨﺠﺎرﻫﺎي ذﻫﻨﯽ، ﻫﻨﺠﺎرﻫﺎي اﺧﻼﻗﯽ، دﻏﺪﻏﻪ ﻫﺎي زﯾﺴﺖ ﻣﺤﯿﻄﯽ، ﺳﻮاد ﻣﺎﻟﯽ و ﻋﻤﻠﮑﺮد ﻣﺎﻟﯽ ﺑﺮ ﻣﺘﻐﯿﺮ واﺑﺴﺘﻪ )ﻗﺼﺪ ﺳﺮﻣﺎﯾﻪ ﮔﺬاران ﻧﺴﺒﺖ ﺑﻪ ﺳﺮﻣﺎﯾﻪ ﮔﺬاري ﻣﺒﺘﻨﯽ ﺑﺮ ﻣﺴﺌﻮﻟﯿﺖ ﭘﺬﯾﺮي اﺟﺘﻤﺎﻋﯽ( داراي اﺛﺮ ﻣﺜﺒﺖ و ﻣﻌﻨﺎداري ﻣﯽ ﺑﺎﺷﻨﺪ؛ ﻫﻤﭽﻨﯿﻦ ﻣﺘﻐﯿﺮﻫﺎي ﻋﻤﻠﮑﺮد ﻣﺎﻟﯽ و دﻏﺪﻏﻪ ﻫﺎي زﯾﺴﺖ ﻣﺤﯿﻄﯽ ﺑﻪ ﺗﺮﺗﯿﺐ داراي ﺑﯿﺸﺘﺮﯾﻦ و ﮐﻤﺘﺮﯾﻦ ﺗﺄﺛﯿﺮ ﺑﺮ ﻣﺘﻐﯿﺮ واﺑﺴﺘﻪ ﻫﺴﺘﻨﺪ. از ﻣﯿﺎن ﺷﺶ ﻣﺘﻐﯿﺮ ﺟﻤﻌﯿﺖ ﺷﻨﺎﺧﺘﯽ )ﺟﻨﺴﯿﺖ، ﺳﻦ، ﺗﺤﺼﯿﻼت، درآﻣﺪ ﻣﺎﻫﯿﺎﻧﻪ، ﺷﻐﻞ و ﺗﺠﺮﺑﮥ ﺑﻮرﺳﯽ( ﺗﻨﻬﺎ ﻣﺘﻐﯿﺮ ﺳﻦ ﺑﺮ روي ﻣﺘﻐﯿﺮ واﺑﺴﺘﻪ ﺗﺄﺛﯿﺮﮔﺬار اﺳﺖ؛ ﺑﺪﯾﻦ ﻣﻌﻨﯽ ﮐﻪ ﺑﺎ اﻓﺰاﯾﺶ ﺳﻦ ﺳﺮﻣﺎﯾﻪ ﮔﺬاران ﻣﯿﺰان ﺗﻤﺎﯾﻞ آن ﻫﺎ ﺑﻪ ﺳﺮﻣﺎﯾﻪ ﮔﺬاري در ﺳﻬﺎم ﺷﺮﮐﺖ ﻫﺎي ﺑﺎ ﻣﺴﺌﻮﻟﯿﺖ اﺟﺘﻤﺎﻋﯽ اﻓﺰاﯾﺶ ﻣﯽ ﯾﺎﺑﺪ.

Socially responsible investment (SRI) means investing in the stocks of companies that have positive social functions. SRI provides a mechanism for investors to align personal values with investment objectives. Therefore, the purpose of this study is to analyze individual investors’ intention towards socially responsible investment using the extended theory of reasoned action. The population of this study are individual investors in Tehran Stock Exchange and the sample size is 385 people. The conceptual model is tested using structural equation modeling and through Amos software version 24. Exploratory and confirmatory factor analysis have also been used to ensure the existence of the minimum requirements to test the conceptual model. According to the research findings, the variables of attitude, subjective norms, moral norms, environmental concerns, financial literacy and financial performance have a positive and significant effect on the dependent variable (investors' intention towards SRI). Financial performance and environmental concerns variables have the highest and lowest effects on the dependent variable, respectively. Of the six demographic variables (gender, age, education, monthly income, occupation, and experience), only the age variable affects the dependent variable. This means that with getting older, the investors' willingness to invest in socially responsible companies increases.