The Relationship between Incentives and Opportunities of Investment (An Evidence from of the Based on Economic Psychological in Iran)

Abstract

The aims of this study was the survey of the relationship between investment incentives and opportunities to make a profit of the stock price based on economic psychological factors and advances behavioral finance in the capital market of Iran. The population in this study, including manufacturing and investment companies accepted in the Stock Exchange for the period of 2003 to 2013. The present study method according to the purpose has been application and also based on implementation method has been descriptive and correlation. As the population of the study was open-ended, to determine the sample size in this study is used of a random sample, according to Kerjsi and Morgan table were selected 384 people in level 95%. In this study, standard questionnaires investment incentives and standard questionnaire opportunities to profit share price is used based on economic psychological factors and new behavioral finance. For the validity used of the analysis of experts and get their opinions about the questionnaire, those experts have confirmed the questionnaire in terms of the validity. And reliability, each of the questionnaires is used of Cronbach's alpha. The reliability  is  in order for the questionnaire of investment incentives (QII),equal to (0.878), and the reliability of the questionnaire opportunities profit of  stock price (QOPSP),equal to (0.955). Also, given that hypothesis studied the effect of independent variables on the dependent variable, the result is used of a test, Pearson correlation and regression analysis ordinary last square (OLS). For data analysis using descriptive and inferential statistical methods and data analysis was used respectively statistical software packages include: (Excel, and SPSS). The Results of this study indicate that there are significant positive relationship between investment incentives and opportunities for profit stock price, according to new behavioral finance economic and psychological variables is among share holders the Tehran Stock Exchange and given the positive and significant coefficient of the regression line equation was estimated (αi,t), is confirmed the main hypothesis of research. Implies that investment incentives, opportunities, profits stock price based on economics psychological factors and new behavioral finance at the Tehran Stock Exchange are detected earlier, than other behavioral variables affecting investment in the Tehran stock market. The results of this study can be applied to all individuals and active investor in Tehran Stock Exchange.