Investigating the theory of perspective and risk-taking behavior of decision makers in Tehran Stock Exchange companies

In general, perspective theory and reference point is one of the topics in the behavioral financial paradigm that describes buying and selling decisions, choosing points as their reference points of profit and loss. Therefore, in this research, the theory of perspective and risk-taking behavior of decision makers has been studied. In the present study, 1867 observations in Tehran Stock Exchange in the period 1397-1387 have been investigated. To test the hypotheses, solid regression models are used. The research findings show that the difference in the return of companies from the reference point at the level of companies as a whole, shows the risk-taking of decision makers. Also, the difference between the returns of companies from the reference point in the pharmaceutical, cement, chemical, food and basic metals industries shows the risk-taking of decision makers. But in the automotive and machinery industries, this has not been significant.