Identifying and Ranking Factors Affecting Shareholders' Decision to Invest in the Iranian Stock Exchange

Shareholders as key players in a stock exchange make extensive reviews when buying or selling shares. .This study attempts to identify and rank the factors influencing shareholders' decision to invest in the Iranian stock market.To achieve this goal, the required information was collected by surveying and designing a questionnaire from investors, experts and experts in the Iranian Stock Exchange for the year 1398 and analyzed in the framework of fuzzy Delphi method.The results showed that exchange rate variables, parallel market returns and bank interest rates are the most important macroeconomic factors that influence stockholders' decision-making in the stock market. In addition, among the psychological and behavioral factors, three variables of mass behavior, formal and informal news from corporate assemblies, and the opinion of investment advisers and investment firms have had the greatest impact on shareholder decision making in the Iranian stock exchange. Finally, the results showed that earnings per share, share trading volume and liquidity of the three financial and accounting factors as well as the variables of internal political developments, technical analysis and political relations with other countries are the three technical and political factors that are most important in the decision making of the Iranian stock market shareholders..