شناسایی و اولویت‌بندی عوامل تعیین‌کننده در تصمیم‌های مالی و سرمایه‌گذاری (مورد مطالعه: سرمایه‌گذاران نسل زِد)

نوع مقاله : علمی - پژوهشی

نویسندگان

1 دانشجوی دکتری مدیریت بازاریابی، دانشکده مدیریت و اقتصاد، دانشگاه تربیت مدرس، تهران، ایران

2 استاد گروه مدیریت دانشکده مدیریت و اقتصاد دانشگاه تربیت مدرس، تهران، ایران

3 استاد گروه مدیریت بازرگانی دانشکده مدیریت و اقتصاد دانشگاه تربیت مدرس

4 دانشیار گروه مدیریت دانشکده مدیریت و اقتصاد دانشگاه تربیت مدرس، تهران، ایران

10.48308/jbmp.2025.232989.1542

چکیده

هدف: این پژوهش با هدف شناسایی و اولویت‌بندی عوامل مؤثر بر تصمیم‌های مالی و سرمایه‌گذاری نسل زد، بر اساس نظریه مالی رفتاری انجام شده است. این نظریه تأکید دارد که رفتار سرمایه‌گذاران تنها تحت تأثیر عوامل عقلانی نیست، بلکه ابعاد شناختی، عاطفی و اجتماعی نیز نقش کلیدی ایفا می‌کنند.
روش: پژوهش حاضر به روش آمیخته (کیفی-کمی) انجام شده است. در فاز کیفی، با 23 خبره حوزه مالی و سرمایه‌گذاری مصاحبه شد و تحلیل مضمون داده‌ها، 26 مضمون پایه و 9 مضمون سازمان‌دهنده را آشکار کرد. در فاز کمی، پرسشنامه‌ای مبتنی بر یافته‌های کیفی طراحی و پس از اعتبارسنجی توسط متخصصان، بین 384 سرمایه‌گذار نسل زد توزیع شد. تحلیل داده‌های گردآوری‌شده با نرم‌افزارهای SPSS و با استفاده از آمار توصیفی و آزمون t تک‌گروهی انجام گرفت.
یافته‌ها: بر اساس یافته‌های پژوهش، مهمترین عوامل تعیین‌کننده در تصمیم‌های مالی و سرمایه‌گذاری سرمایه‌گذاران نسل زد به ترتیب عبارتند از؛ امنیت و پشتوانه، سود بیشتر، راحتی در سرمایه‌گذاری، پیروی از تجربیات گذشته، شناخت و آگاهی، پیروی از دیگران، و جو تبلیغاتی.
نتیجه‌گیری: نسل زد به عنوان سرمایه‌گذاران نوظهور و دیجیتال‌زاده، نیازمند رویکردی متفاوت در جذب و هدایت هستند. یافته‌ها نشان می‌دهد درک این نسل از محرک‌های تصمیم‌گیری، با پیش‌فرض‌های رایج در حوزه مالی و سرمایه‌گذاری متفاوت است. این پژوهش گامی اولیه برای شناخت رفتار مالی این نسل و طراحی راهبردهای متناسب با ویژگی‌های آنان است.

کلیدواژه‌ها

موضوعات

عنوان مقاله [English]

Identification and Prioritization of Factors Affecting Financial and Investment Decisions (Case Study: Generation Z Investors)

نویسندگان [English]

  • Mohammad Hossein Pouraskari 1
  • Seyed Hamid Khodadad Hosseini 2
  • Asadollah Kordnaeij 3
  • Fereshteh Mansouri Moayyed 4
1 Ph.D. Candidate in Marketing Management, Faculty of Management & Economics, Tarbiat Modares University, Tehran, Iran
2 Prof., Faculty of Management & Economics, Tarbiat Modares University, Tehran, Iran
3 Professor in Business Management, Faculty of Management and Economics, Tarbiat Modares University
4 Associate Prof., Faculty of Management & Economics, Tarbiat Modares University, Tehran, Iran
چکیده [English]

Objective: This study aimed to identify and prioritize the factors influencing the financial and investment decisions of Generation Z, based on behavioral finance theory. This theory emphasizes that investor behavior is not solely driven by rational factors but is also significantly influenced by cognitive, emotional, and social dimensions.
Method: This research employed a mixed-methods approach (qualitative-quantitative). In the qualitative phase, interviews were conducted with 23 financial and investment experts, and thematic analysis of the data revealed 26 basic themes and 9 organizing themes. In the quantitative phase, a questionnaire based on the qualitative findings was designed and, after validation by experts, distributed among 384 Generation Z investors. Data analysis was performed using SPSS and Excel software, employing descriptive statistics and one-sample t-tests.
Findings: The study findings showed that the most important factors affecting the financial and investment decisions of Generation Z investors are security and support, profitability, ease of investment, following past experiences, knowledge and awareness, following others, and advertising atmosphere.
Conclusion: As emerging digital-native investors, Generation Z requires a distinct approach to engagement and guidance. The findings indicate that this generation's decision-making drivers differ from conventional assumptions in finance. This study serves as an initial step toward understanding their financial behavior and designing strategies tailored to their characteristics

کلیدواژه‌ها [English]

  • Financial decision
  • Financial behavior
  • Generation Z
  • Investment

مراجع

Arbuthnott, K. D. (2009). Education for sustainable development beyond attitude change. International Journal of Sustainability in Higher Education, 10(2),152-163. https://doi.org/10.1108/14676370910945954
Ayaa, M. M. & Peprah, W. K. (2021). Gender Difference in Investment Decision-making: Evidence from Ghana. International Journal of Economics, Commerce and Management, 9(7), 415-424.
Babiarz, P. & Robb, C. A. (2014). Financial Literacy and Emergency Saving. Journal of Family and Economic Issues, 35(1), 40-50. https://doi.org/10.1007/s10834-013-9369-9
Barari, S., Talebnia, Q., Vakilifard, H & Izadi, H. (2020). Modeling Investors' Behavior by Using Psychological Variables with Interpretive Structural Modeling Approach to Recognize Investment Decision-making Errors. Journal of Financial Engineering and Securities Management, 11 (44), 133-153. https://sid.ir/paper/406697/fa .(in Persian).
Bartholomae, S. & Fox, J.J. (2021). A Decade Review of Research on College Student Financial Behavior and Well-Being. Journal of Family and Economic Issues, 42(1), 154–177. https://doi.org/10.1007/s10834-021-09756-6
Bernaola, D.M.V., Willows, G.D. & West, D. (2021). The relevance of anger, anxiety, gender and race in investment decisions. Mind & Society, 20(1), 1–21. https://doi.org/10.1007/s11299-020-00263-z
Byrne, K. (2005). How do consumers evaluate risk in fi nancial products? Journal of Financial Services Marketing, 10 (1), 21-36. https://doi.org/10.1057/palgrave.fsm.4770171
Cal, B., and lambkin, M. (2017). Brand equity of stock exchange as a mediator in financial decisions. Journal of Financial Services Marketing, 22(1), 14-23. https://doi.org/10.1057/s41264-017-0016-7
Chaudary, S. (2019). Does salience matter in investment decision? Differences between individual and professional investors, Kybernetes, 48(8), 1894-1912. https://doi.org/10.1108/K-09-2018-0490
Chen, C. L., & Dosinta, N. F. (2023). The investment decision on Generation Z in Pontianak. Journal Management, Business, and Accounting, 22 (2), 263–279. https://doi.org/10.33557/mbia.v22i2.2477
Creswell, J. W. and Plano Clark, V. L. (2011). Designing and Conducting Mixed Methods Research. Second Edition. SAGE Publications, Inc.
Duclos, R., Wan, E. W., & Jiang, Y. (2013). Show me the honey! Effects of social exclusion on financial risk-taking. Journal of Consumer Research, 40(1), 122-135. https://doi.org/10.1086/668900
Farrell, L., Fry, T. R.L. and Risse, L. (2016). The significance of financial self-efficacy in explaining women’s personal finance behavior. Journal of Economic Psychology, 54(1), 85-99. https://doi.org/10.1016/j.joep.2015.07.001
Fehrenbacher, D., Roetzel, P.G. and Pedell, B. (2018), The influence of culture and framing on investment decision-making: The case of Vietnam and Germany. Cross Cultural & Strategic Management, 25(4), 763-780. https://doi.org/10.1108/CCSM-10-2017-0139
Fox, J., Bartholomae, S., & Lee, J. (2005). Building the case for financial education. Journal of consumer affairs, 39(1), 195-214. https://doi.org/10.1111/j.1745-6606.2005.00009.x
Frydman, C., & Camerer, C. F. (2016). The psychology and neuroscience of financial decision making. Trends in Cognitive Sciences, 20(9), pp. 661–675. https://doi.org/10.1016/j.tics.2016.07.003
Go, C., Karen, V., Tina, E., & Wilson, P. (2012). Money Savvy Youth: Evaluating the Effectiveness of Financial Education for Fourth and Fifth Graders. San Francisco: Federal Reserve Bank of San Francisco Working Paper, No. 2012-02.
Grohmann, A. (2018). Financial literacy and financial behavior: Evidence from the emerging Asian middle class. Pacific-Basin Finance Journal, 48(1),129-143. https://doi.org/10.1016/j.pacfin.2018.01.007
Haritha, P.H., and Uchil, R. (2020). Influence of investor sentiment and its antecedent on investment decision-making using partial least square technique, Management Research Review, 43(11), 1441-1459. https://doi.org/10.1108/MRR-06-2019-0254
Harrison, T., Waite, K. and White, P. (2006). Analysis by paralysis: The pension purchase decision process. International Journal of Bank Marketing, 24 (1), 5-23. https://doi.org/10.1108/02652320610642317
Hassanzadeh, A., Dehghan, A & Alikhani, H. (2019). Effect of Financial Literacy and Risk Perception on Investment Choices in Tehran Stock Exchange. Journal of Financial Engineering and Securities Management, 10 (41), 90-108. https://sid.ir/paper/367260/fa .(in Persian).
Hejroudi, F., Doustar, M., & Moradi, M. (2018). Moderating analysis of the five-factor personality model on the impact of financial information acquisition on investor behavior in the Tehran Stock Exchange. Investment Knowledge Quarterly, 7(25), 39-59. https://www.magiran.com/p1815179 . (in Persian).
Jain, J., Walia, N. and Gupta, S. (2020). Evaluation of behavioral biases affecting investment decision making of individual equity investors by fuzzy analytic hierarchy process, Review of Behavioral Finance, 12(3), 297-314. https://doi.org/10.1108/RBF-03-2019-0044
Jaiyeoba, H.B. and Haron, R. (2016). A qualitative inquiry into the investment decision behaviour of the Malaysian stock market investors, Qualitative Research in Financial Markets, 8(3), 246-267. https://doi.org/10.1108/QRFM-07-2015-0027
Khan, I., Afeef, M., Jan, S. and Ihsan, A. (2021). The impact of heuristic biases on investors’ investment decision in Pakistan stock market: moderating role of long-term orientation, Qualitative Research in Financial Markets, 13(2), 252-274. https://doi.org/10.1108/QRFM-03-2020-0028
Kim, J. H., & Torquati, J. (2019). Financial socialization of college students: Domain-general and domain-specific perspectives. Journal of Family and Economic Issues, 40(2), 226–236. https://doi.org/10.1007/s10834-018-9590-7
Klapper, L., Lusardi, A., and Panos, G. A. (2013). Financial literacy and its consequences: Evidence from Russia during the financial crisis. Journal of Banking & Finance, 37(10), 3904-3923. https://doi.org/10.1016/j.jbankfin.2013.07.014
Kurniadi, A. C., & Herdinata, C. (2024). Factors affecting investment decisions on millennials and Gen Z. Jurnal Manajemen, 28 (3), 477–494. https://doi.org/10.24912/jm.v28i3.2009
Lim, K. li., Soutar, G. N., Lee, J. A. (2013). Factors affecting investment intentions: A consumer behaviour perspective. Journal of Financial Services Marketing, 18(4), 301-315. https://doi.org/10.1057/fsm.2013.23
Lindner, F., Kirchler, M., Rosenkranz, S., Weitzel U. (2021). Social Motives and Risk-Taking in Investment Decisions, Journal of Economic Dynamics and Control, 127(1), 1-16. https://doi.org/10.1016/j.jedc.2021.104116
Mandell, L. (2005). The connection between saving and financial literacy. National Credit Union Youth Week, 17-23.
McNeill, L. S., & Turner, L. (2013). Parental financial role modelling and fiscal behaviour of young home leavers. Young Consumers, 14(2), 122–138. https://doi.org/10.1108/17473611311325537
Milkman, K. L., Chugh, D., and Bazerman, M. H. (2009). How can decision making be improved? Perspectives on Psychological Science, 4 (4), 379-383. https://doi.org/10.1111/j.1745-6924.2009.01142.x
Mishra, K.C., and Metilda, M. J. (2015). A study on the impact of investment experience, gender, and level of education on overconfidence and self-attribution bias. IIMB Management Review, 27(4), 228–239. https://doi.org/10.1016/j.iimb.2015.09.001
Moradi, M., Aminzadegan, S & Marandi, Z. (2018). Role of Individual and Behavioral Characteristics on Demand for Financial Services. Journal of Investment Knowledge, 7 (25), 149-165. https://sid.ir/paper/187971/fa .(in Persian).
Nag, A. K., & Shah, J. (2022). An empirical study on the impact of Gen Z investors' financial literacy to invest in the Indian stock market. Indian Journal of Finance, 16(10), 43–59. http://dx.doi.org/10.17010/ijf%2F2022%2Fv16i10%2F172387
Narang, R. Trivedi, A., (2021). Impact Of Emotional Intelligence on Investment Planning and Decision Making. Qualitative And Quantitative Research Review, 6(1), 46-55.
Naveed, M., Ali, S., Iqbal, K. and Sohail, M.K. (2020). Role of financial and non-financial information in determining individual investor investment decision: a signaling perspective. South Asian Journal of Business Studies, 9(2), 261-278. https://doi.org/10.1108/SAJBS-09-2019-0168
Nga, J.K.H. and Ken Yien, L. (2013). The influence of personality trait and demographics on financial decision making among Generation Y, Young Consumers, 14(3), 230-243. https://doi.org/10.1108/YC-11-2012-00325
Nicolescu, L. and Tudorache, F.G. (2021). Investment behaviour in mutual funds: is it a knowledge-based decision? Kybernetes, 50(10), 2726-2752. https://doi.org/10.1108/K-03-2020-0124
Ningtyas, M. N., Fikriah, N. L., & Pradana, A. W. S. (2024). Muslim Gen Z Investment Decision: An Analysis Using Social Media Factors. Journal of Islamic Economic and Business Research, 4(1), 108-125. https://doi.org/10.18196/jiebr.v4i1.292
Pak, O., and Mahmood, M. (2015). Impact of personality on risk tolerance and investment decisions: A study on potential investors of Kazakhstan. International Journal of Commerce and Management, 25(4), 370-384. https://doi.org/10.1108/IJCoMA-01-2013-0002
Peng, T., Bartholomue, S., Fox, J., and Cravener¸ G. (2007). The Impact of Personal Finance Education Delivered in high school and College courses. Journal of family and Economic Issues, 28(2), 265-284. https://doi.org/10.1007/s10834-007-9058-7
Perry, V. G. (2008). Is ignorance bliss? Consumer accuracy in judgments about credit ratings. Journal of consumer affairs, 42(2), 189-205. https://doi.org/10.1111/j.1745-6606.2008.00104.x
Pfeiffer, J., Riedl, R. and Rothlauf, F. (2009). On the relationship between interactive decision aids and decision strategies: A theoretical analysis. Paper presented at the Proceedings of the 9th Internationale Tagung Wirtschaftsinformatik.
Raheja, S. and Dhiman, B. (2020). How do emotional intelligence and behavioral biases of investors determine their investment decisions? Rajagiri Management Journal, 14(1), 35-47. http://dx.doi.org/10.1108/RAMJ-12-2019-0027
Rahmani, S & Mohammadi, E. (2017). Effects of Financial Literacy on Investment Decisions and Investment Performance. Journal of Financial Engineering and Securities Management, 12 (41), 113-123. https://sid.ir/paper/200188/fa .(in Persian).
Rajabi, H., Ramezanzadeh, Mohammad M & Abdi, M. (2020). Effect of financial attitude and financial knowledge on the financial capacity of individuals considering the role of financial self-efficacy of Bank Mellat customers. Journal of Islamic Economics and Banking, 9 (33), 33-58. https://www.magiran.com/p2246051 .(in Persian).
Rey-Ares, L., Fernández-López, S., Castro-González, S., Rodeiro-Pazos, D. (2021). Does self-control constitute a driver of millennials’ financial behaviors and attitudes? Journal of Behavioral and Experimental Economics, 93(2), 1-15. https://doi.org/10.1016/j.socec.2021.101702
Robb, C. A. (2011). Financial knowledge and credit card behavior of college students. Journal of Family and Economic Issues, 32(4), 690–698. https://doi.org/10.1007/s10834-011-9259-y
Robb, C. A., and Woodyard, A. (2011). Financial knowledge and best practice behavior. Journal of Financial Counseling and Planning, 22 (1). 60-69. https://ssrn.com/abstract=2061308
Samsulbahri, M. N., Ishak, N., Gazali, H. M. (2021). Factors influencing the investment decision behaviour among young muslim adults in malaysia. Labuan Bulletinof International Business & finance, 19(1), 59-71. https://doi.org/10.51200/lbibf.v19i1.2929
Savithri, M., & Rajakumar, D. (2025). Analysis of investment factors and decisions among Generation Z and Generation X in Indian capital market. International Journal of Economics and Financial Issues, 15 (1), 337–344. https://doi.org/10.32479/ijefi.17526
Shankar, N., Vinod, S., & Kamath, R. (2022). Financial well-being – A Generation Z perspective using a Structural Equation Modeling approach. Investment Management and Financial Innovations, 19(1), 32–50. http://dx.doi.org/10.21511/imfi.19(1).2022.03
Shih, T.-Y., & Ke, S.-C. (2014). Determinates of financial behavior: insights into consumer money attitudes and financial literacy. Service Business, 8(2), 217-238. https://doi.org/10.1007/s11628-013-0194-x
Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., & Serido, J. (2010). Financial socialization of first-year college students: The roles of parents, work, and education. Journal of Youth and Adolescence, 39(12), 1457–1470. https://doi.org/10.1007/s10964-009-9432-x
Shim, S., Serido, J., Tang, C., & Card, N. A. (2015). Socialization processes and pathways to healthy financial development for emerging young adults. Journal of Applied Developmental Psychology, 38, 29–38. https://doi.org/10.1016/j.appdev.2015.01.002
Shim, S., Xiao, J. J., Barber, B. L., & Lyons, A. C. (2009). Pathways to life success: A conceptual model of financial well-being for young adults. Journal of Applied Developmental Psychology, 30(6), 708-723. https://doi.org/10.1016/j.appdev.2009.02.003
Sonnemann, U., Camerer, C. F., Fox, C. R., & Langer, T. (2013). How psychological framing affects economic market prices in the lab and field. Proceedings of the National Academy of Sciences of the United States of America, 110(29), 11779–11784. https://doi.org/10.1073/pnas.1206326110
Tang, N. (2021). Cognitive abilities, self-efficacy, and financial behavior, Journal of Economic Psychology, 87(1), 1-14. https://doi.org/10.1016/j.joep.2021.102447
Vithessonthi, Ch., and Tongurai, J. (2015). Financial markets development, business cycles, and bank risk in South America. Research in International Business and Finance, 36, 472–484. https://doi.org/10.1016/j.ribaf.2015.10.012
Watson, S. J., & Barber, B. L. (2017). University attendance moderates the link between financial norms and healthy financial behavior for Australian young adults. Journal of Family and Economic Issues, 38(2), 238–248. https://doi.org/10.1007/s10834-016-9505-4
Worthy, S. L., Jonkman, J., & Blinn-Pike, L. (2010). Sensation-seeking, risk-taking, and problematic financial behaviors of college students. Journal of Family and Economic Issues, 31(2), 161–170. https://doi.org/10.1007/s10834-010-9183-6
Xu, Y., Lim, T. S. And Wang, K. (2021). Rural Breadwinners' Financial Investment Decision-making Behavior in Hebei Province: The Influence of Financial Knowledge, Risk Perception and Social Factors. ICIC Express Letters, 12(10), 949-955. http://dx.doi.org/10.24507/icicelb.12.10.949
Yazdani, H. R., Medikhani, H., Ahmadi, D & Alivandi, A. (2018). Effects of Self-Esteem and Financial Knowledge on Financial Behavior (Case Study: Brokerage of Real Investors of Eghtesade Novin Bank). Journal of Investment Knowledge, 7 (27), 59-77. (in Persian)
Yusup, A. K., & Gunawan, K. (2024). Gen Z Investment Decision: The Role of Financial Literacy, Interest, and Risk Tolerance Using Logistic Regression. ULTIMA Management, 14(1), 141–154. https://doi.org/10.31937/manajemen.v16i1.3667
Zaleskiewicz, T., Traczyk, J., (2020). Psychological Perspectives on Financial Decision Making. Springer Pub. https://doi.org/10.1007/978-3-030-45500-2 

فایل ها

سابقه مقاله

  • تاریخ دریافت: 11 شهریور 1402
  • تاریخ بازنگری: 18 اردیبهشت 1404
  • تاریخ پذیرش: 18 اردیبهشت 1404

هم رسانی

ارجاع به این مقاله

آمار