An Analytical Modeling of Investments Decision-making Behavior in Tehran Stock Exchange

Optimal Investment in Today’s Competitive market, requires a Justly Distribution of Services to Capital Market Participants by Identifying and Priotizing the most important factors that affects on behaviors of investors decision-making. This paper defined investment behavior inspiering from consumer behavior, and by using AMOS software for Confirmatory Factor Analysis could fitting and Classification the affecting factors on decision-making process of capital market participants in four fields, searching behavior, validation behavior, financial Analyst behavior and behavioral biases. These results were obtained from analysis of the 140 Investors responses in Tehran Stock Exchange that gather with questionnaire included 33 affecting factor on investment behavior. By using SPSS software for Friedman test, we understand that there was significant difference between kinds of Investors decision-making behaviors. Then prioritizing behavoirs by there Importance as follows:1)Validation behavior (Friedman Rank 3.43),
2)Financial Analyst behavior (2.56),
3)Searching behavior (2.52) and 4.Behavioral biases (1.49).