Identifying and Modeling the Relationships Between Economic and Non-economic Components Financial Stress of Individual Investors of the Capital Market (Integrated Approach of Techniques Meta-Synthesis - Fuzzy Delphi - Dematel)

Today, achieving the economic goals of any country is impossible without the public participation of society, because the accumulation of micro-savings of the people leads to the formation of capital, which economists consider one of the most important factors of economic development. Therefore, the purpose of this study is to identify the components affecting the financial stress of Individual capital market investors and to explain the pattern of relationships between economic and non-economic components of financial stress and its consequences. Hypertext technique was used to identify items of financial stress and its consequences with the help of library and field resources; For group decision making and component classification of items from Lawshe index and fuzzy Delphi technique; Using the Demetel method, the relationships between economic and non-economic components were modeled. This research is an exploratory mix in terms of research strategy, survey and one-time in terms of execution time, and MAXQDAv10, SPSS and Excel software have been used to analyze the data collected in the country's securities market. Findings include identifying the pattern of relationships between 10 components (5 economic components and 5 non-economic components) for the variable of financial stress and 4 components (2 economic components and 2 non-economic components) for the variable consequences of financial stress. The results show that the component of "economic factors" with a net effect of 1.6858 is the most important component of the cause of financial stress of Individual shareholders and the component of "consequences for society" with a net effect of -2/2013 is the most important component of the outcome (effect) of financial stress. By rooting out the financial stressors of Individual shareholders, a very effective ground is provided for Individual investors to create new horizons of decision-making in the capital market, economic sub-sectors and especially capital market policy areas.