A comprehensive Model Including Macro and Micro Factors Affecting Investment Motives in Stock Exchange Market

As previous researches have shown, investors in stock exchange market are affected by various factors. Therefore this research is aimed to identify and rank these influential factors. For this purpose a general model including macro (political and economical) and micro (enterprise information, market information and psychological variables) factors is introduced. Questionnaire was formed by a synthesis of existing constructs in relevant literature. Reliability tests and statistical analyses were performed to confirm scale validity and reliability and to answer the research questions. Structural equation model was applied for this purpose. Statistical analyses revealed that, except for scientific analysis (technical and fundamental) all the factors are positively and significantly related to investment motives. Also Friedman test showed that financial information, political factors and trade information are most influential factors in investor’s motive. It worth to mention that this general model has been used for the first time and previous studies have been considered a part of these variables.