The Effect of Metacognition and Cognitive Failures on Investors Judgment and Decision Making: The Role of Voluntary Disclosure

This research investigates the effect of Metacognition and cognitive failures on investors judgment and decision making, with the moderating role of voluntary disclosure. The present research was carried out using a test method based on a staged method of accounting and non-accounting information in the Google Forms software and 98 acceptable quiz of the investors were randomly selected and analyzed in 2017. In order to test the hypothesis, structural equation model was used in SMART-PLS software. The results showed: Metacognition have a significant effect on investors judgment, but cognitive failures don't have a significant effect on investors judgment. Metacognition and cognitive failures by mediating judgment have a significant effect on investors' decision making. With the moderating role of the voluntary disclosure, Metacognition and cognitive failures, there is a significant effect on investors judgment. With the moderating role of voluntary disclosure, Metacognition and cognitive failures through mediation of judgment, there is a significant effect on investors' decision making. Also, the comparison of the Coefficient of Determination (R2) obtained from the structural equation models, indicates the positive effect of the voluntary disclosure, on the decision making of investors.