ﺑﺮرﺳﯽ ﺗﺄﺛﯿﺮ ﻫﻮش ﻫﯿﺠﺎﻧﯽ ﺑﺮ ﺗﺼﻤﯿﻢ ﮔﯿﺮي ﻣﺎﻟﯽ ﺑﺎ ﻧﻘﺶ ﻣﯿﺎﻧﺠﯽ ﮔﺮي ﺧﻠﻖ وﺧﻮي ﺳﺮﻣﺎﯾﻪ ﮔﺬاران در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان

Investigating the Effect of Emotional Intelligence on Financial Decision Making with the Mediating Role of Investors' Mood in the Stock Market

ﺳﺮﻣﺎﯾﻪ ﮔﺬاران در ﺗﺼﻤﯿﻢ ﮔﯿﺮي ﻣﺎﻟﯽ ﺑﺎ ﻣﺴﺌﻠﻪ ﻫﺎﯾﯽ ﻣﻮاﺟﻪ ﻫﺴﺘﻨﺪ. اﻓﺮادي ﮐﻪ ﮐﻨﺘﺮل اﺣﺴﺎﺳﺎت ﺧﻮد را ﻧﺪارﻧﺪ دﺳﺖ ﺑﻪ ﺗﺼﻤﯿﻤﺎت ﻏﯿﺮﻣﻨﻄﻘﯽ ﻣﯽ زﻧﻨﺪ، از ﻃﺮف دﯾﮕﺮ ﺧﻠﻖ وﺧﻮﻫﺎي روزاﻧﻪ ﻫﻢ ﺗﺄﺛﯿﺮ ﺑﺴﯿﺎري ﺑﺮ ﺗﺼﻤﯿﻢ ﮔﯿﺮي ﻣﺎﻟﯽ دارد. در اﯾﻦ ﭘﮋوﻫﺶ ﺑﻪ ﺗﺄﺛﯿﺮ ﻣﺘﻐﯿﺮﻫﺎي روان ﺷﻨﺎﺧﺘﯽ ﻫﻮش ﻫﯿﺠﺎﻧﯽ ﺑﺎ ﻣﯿﺎﻧﺠﯽ ﮔﯿﺮي ﺧﻠﻖ وﺧﻮ ﺑﺮ ﺗﺼﻤﯿﻢ ﮔﯿﺮي ﺳﺮﻣﺎﯾﻪ ﮔﺬاران ﭘﺮداﺧﺘﻪ ﺷﺪه اﺳﺖ. روش ﭘﮋوﻫﺶ از ﻧﻈﺮ ﻫﺪف، ﮐﺎرﺑﺮدي و از ﻟﺤﺎظ ﻣﺎﻫﯿﺖ، ﺗﻮﺻﯿﻔﯽ و ﭘﯿﻤﺎﯾﺸﯽ اﺳﺖ. ﺟﺎﻣﻌﮥ آﻣﺎري ﺳﺮﻣﺎﯾﻪ ﮔﺬاراﻧﯽ در ﺷﻬﺮ ﻫﻤﺪان اﺳﺖ. اﺑﺰار ﺟﻤﻊ آوري اﻃﻼﻋﺎت در اﯾﻦ ﭘﮋوﻫﺶ ﻣﺒﺘﻨﯽ ﺑﺮ ﭘﺮﺳﺶ ﻧﺎﻣﻪ اﺳﺖ. ﭘﺮﺳﺶ ﻧﺎﻣﮥ ﻫﻮش ﻫﯿﺠﺎﻧﯽ ﺑﺎرآن ﺑﺎ 90 ﺳﻨﺠﻪ، ﭘﺮﺳﺶ ﻧﺎﻣﮥ ﭘﺎﻧﺎس ﺑﺮاي ﺳﻨﺠﺶ ﻣﺘﻐﯿﺮ ﺧﻠﻖ وﺧﻮ ﺑﺎ 20 ﺳﻨﺠﻪ و ﭘﺮﺳﺶ ﻧﺎﻣﮥ ﺗﺼﻤﯿﻢ ﮔﯿﺮي ﺑﺮوس و اﺳﮑﺎت ﺑﺎ 25 ﺳﻨﺠﻪ ﺑﻪ ﮐﺎر رﻓﺖ. ﺑﺮاي ﺗﺄﯾﯿﺪ اﻋﺘﺒﺎر اﯾﻦ ﭘﺮﺳﺶ ﻧﺎﻣﻪ ﻋﻼوه ﺑﺮاي ﺗﺄﯾﯿﺪ رواﯾﯽ ﺻﻮري و ﻣﺤﺘﻮاﯾﯽ از رواﯾﯽ ﺳﺎزه اﺳﺘﻔﺎده ﺷﺪ. ﺗﺠﺰﯾﻪ و ﺗﺤﻠﯿﻞ داده ﻫﺎ ﻧﯿﺰ ﺑﺎ آزﻣﻮن ﻫﺎي رﮔﺮﺳﯿﻮن ﺧﻄﯽ اﻧﺠﺎم ﮔﺸﺖ. ﻧﺘﯿﺠﻪ ﺑﻪ دﺳﺖ آﻣﺪ ﮐﻪ راﺑﻄﻪ اي ﺑﯿﻦ ﻫﻮش ﻫﯿﺠﺎﻧﯽ و ﺗﺼﻤﯿﻢ ﮔﯿﺮي ﻣﺎﻟﯽ وﺟﻮد دارد از ﻧﺘﺎﯾﺞ ﺟﺰﯾﯽ ﻧﺒﻮد راﺑﻄﮥ ﺑﯿﻦ ﻫﻮش ﻫﯿﺠﺎﻧﯽ و ﺗﺼﻤﯿﻢ ﮔﯿﺮي ﺷﻬﻮدي اﺳﺖ و راﺑﻄﮥ ﻣﻨﻔﯽ ﻫﻮش ﻋﺎﻃﻔﯽ ﺑﺎ ﺗﺼﻤﯿﻢ ﮔﯿﺮي ﻋﻘﻼﯾﯽ اﺳﺖ؛ اﻣﺎ ﻫﻮش ﻫﯿﺠﺎﻧﯽ ﺑﺎ ﺳﻪ ﺳﺒﮏ واﺑﺴﺘﮕﯽ، آﻧﯽ و اﺟﺘﻨﺎﺑﯽ راﺑﻄﮥ ﻣﺴﺘﻘﯿﻢ دارد. از ﻧﺘﺎﯾﺞ دﯾﮕﺮ اﯾﻨﮑﻪ ﺧﻠﻖ وﺧﻮي ﻣﺜﺒﺖ ﻣﺎﻧﻨﺪ ﻣﺸﺘﺎق، ﻓﻌﺎل، ﻫﻮﺷﯿﺎر ﺑﺎ ﺗﺼﻤﯿﻢ ﮔﯿﺮي ﺷﻬﻮدي راﺑﻄﻪ ﻧﺪارد و ﺑﺎ ﺳﺒﮏ ﺗﺼﻤﯿﻢ ﮔﯿﺮي ﻋﻘﻼﯾﯽ، آﻧﯽ و اﺟﺘﻨﺎﺑﯽ راﺑﻄﮥ ﻣﺜﺒﺖ و ﺑﺎ ﺳﺒﮏ ﺗﺼﻤﯿﻢ ﮔﯿﺮي واﺑﺴﺘﮕﯽ راﺑﻄﮥ ﻣﻨﻔﯽ دارد.

Investors face problems in making financial decisions. People who have no control over their emotions make irrational decisions. On the other hand, daily moods have a great impact on financial decisions. In this study, the effect of psychological variables of emotional intelligence mediated by mood on investors' decision making has been investigated. The research method is applied in terms of purpose and descriptive and survey in terms of nature. The statistical population is investors in the city of Hamedan. The data collection tool in this study is based on a questionnaire. The Baron Emotional Intelligence Questionnaire with 90 scores, the Panas Questionnaire with 20 scores are used to measure the mood variable and the Bruce and Scott Decision Making Scale with 25 scales. In order to confirm the validity of this questionnaire, in addition to confirming the face and content validity, construct validity is used. Data analysis is performed by linear regression tests. It is concluded that there is a relationship between emotional intelligence and financial decision making. One of the minor results is the lack of relationship between emotional intelligence and intuitive decision making and the negative relationship between emotional intelligence and rational decision making but emotional intelligence is directly related to three styles of dependence, instant and avoidance. But the other result is that positive mood such as enthusiastic, active, alert is not related to intuitive decision making and is positively related to rational, instantaneous and avoidant decision-making style and negatively related to dependent decision-making style.