Decision Reactivity of Investors to the Quality of Stocks e-Purchasing

The developed countries have been concentrating on the deployment of electronic surveillance as one of the most essential prerequisites for electronic stock exchange. Any market development without oversight would face lower efficiency and consequently lower shareholder confidence in the market for both domestic and foreign investors. This study attempted to analyze how the quality of stocks e-purchasing affects investor decisions involved in Tehran Stock Exchange (TSE). The quality of stocks e-purchasing with dimensions of security, website design, customer service and experience was selected as independent variable, while investor decision-making was selected as dependent variable. The independent variable was assessed through a standard questionnaire containing 17 indicators. The population comprised all investors currently engaged in TSE, of which 346 subjects were examined as sample. The hypotheses were tested through structural equation modeling (SEM). The results demonstrated that security ranked the greatest dimension of stock e-purchasing (0.72), i.e. it had the highest relationship with investor decision-making in TSE. Subsequently, customer service ranked second (0.64), website design ranked third (0.51) and service quality experience ranked fourth (0.31).