Designing a Model for Investor’s Belief Using Grounded Theory Method

The purpose of this study is providing a model for investors' beliefs, considering the political, social, economic and cultural characteristics of the country. So, regarding the exploratory approach of the research and the specific conditions of investments and capital market of the country, in this study is used qualitative research method and grounded theory approach and the interviewees are selected by snowball sampling method. Taking into account the views of capital market participants, the main beliefs of micro investors have been identified. After conducting 24 interviews and obtaining theoretical saturation, "Investor's belief model" including the causal and intervening conditions, context, strategies and consequences is presented. The research findings show that in the present context, the factors of "information asymmetry, lack of awareness, cultural factors, mental constraints, social factors and emotions" as causal factors affect the core category (investor's belief) and the categories of "education system, information systems, Political factors, corruption, media and inefficiency of intermediary financial institutions "as intervening factors, affect the strategies and consequences resulting from investor beliefs. To maximize the richness of the model, strategies and consequences are categorized and interpreted at two levels.