Provide a Causal Model to Investigate the Emotional Behavior of Investors According to the Fuzzy Dematel Method

Today, the feelings of investors are recognized as one of the influential factors in the flow of capital as well as the general movement of the stock market; So that the flow of capital to investment funds is mentioned as one of the indicators for assessing market sentiment. In fact, investors with little information are more likely to make new investments or withdraw from previous ones based on emotions. The aim of this study was to provide a causal model to investigate the emotional behavior of investors with respect to the fuzzy Dematel method. This research is descriptive in nature and content. In this research, information about 15 professors and capital market experts is the statistical sample. The results of this study showed that the four main factors of behavioral finance, behavioral personality, mass behavior and culture affect the emotional behavior of investors. Also, Dematel method showed that the mass behavior factor with an average of 18.740, the culture factor with an average of 9.497 and the behavioral financial factor with an average of 8.742 are among the influential factors. On the other hand, the behavioral personality factor with an average of 14.975 is considered as an influential factor.