Effective Criteria on Investor's Decision Making in Tehran Stock Exchange

This study aims to examine the financial criteria taken in decision making by investors in Tehran Stock Exchange. The research literature and market analysts and experts suggest 15 effective factors for investors’ decision making. The required data were collected from a sample of 204 investors selected by random sampling procedure, using questionnaire for the proposed data. The proposed factors were classified into groups of financial criteria and, at the same time, they were examined case by case to explore their importance from the investor's viewpoints. In each group, based on the type of data, appropriate statistical tests including T-test, Kruskal-Wallis, Chi Square, Fischer precise, Wilcoxson, and Friedman tests were conducted. The results from hypotheses testing indicate that financial criteria are important for investors in the market. The results from case by case examination of each of the 15 factors in the question show that factors such as speed of liquidity, price trends, and market conditions have been more significant than well-known factors such as earning per share and the price-earnings ratio.