Investigating the effect of the framework of individual and group acts on the stock trading activities in Tehran stock exchange

Figures & data

Table 1. Statistical findings related to criteria understudy in the first round of the Delphi method

Components	Sub-components	Mean	Standard Deviation
Financial Advice	Internet Brokerage Firms	3.02	0.68
	Investment funds	3.16	0.46
	Economic and Financial Agents	3.54	0.43
	Active investors in Exchange Market	3.99	0.65
Mass Media	Following News and Political-Economic Developments	3.16	0.76
	Activity in Virtual Social Networks	3.8	0.54
	Understanding Information and Communication Skills	4.44	0.38
Word-of-Mouth Communication	Family	2.95	0.57
	Friends	3.46	0.38
	Peers	2.94	0.31
Financial Learning	Budgeting Awareness	3.67	0.49
	Knowing Income Earning Ways	3.54	0.36
	Personal Financial Management Ability	3.41	0.33
	Understanding the Concept of Saving	3.28	0.23
Financial Capability	Knowledge	3.7	0.68
	Cognition	3.6	0.76
	Basic Skills	3.50	0.94
	Behavior	3.40	0.46
Personality	Extroversion	3.17	0.85
	Agreeableness	3.96	0.86
	Conscientiousness	3.20	0.81
	Neuroticism	3.14	0.77
	Openness to Experience	3.16	0.72
Financial Capacity	Position	3.53	0.64
	Incentive	3.91	0.58
Financial Soundness	Experience	4.20	0.47
	Attitude	3.95	0.39
	Self-Confidence	4.10	0.31
Stock Trading Behavior	Long/Short Term Investment Horizon	4.08	0.37
	Stability or Volatility	3.16	0.33
	Attitude Toward Risk	3.25	0.29
	Privatizing Loss	4.33	0.25
	Trust	3.42	0.20
	Control	3.50	0.16
Total Mean	3.49	0.51

Table 2. The results obtained from T-test to compare the means of two independent samples

Confidence Interval 95%		Test Statistics
Upper	Lower	Standard Deviation	Mean Difference	level of meaningfulness	Degree of Freedom	T-distribution Statistic
0.11	−0.26	0.09	-/07	.41	120	−.81

Figure 1. Research conceptual model.

Table 3. Relations of the research components

Study’s main questions A) Regarding the stock trading behavior, how can the relationship framework between individual and group acts be designed? B) Regarding the designed model, how are the relations of the components?
Deriving the effective factors from literature
Verifying and scoring 34 components by holders of Delphi panel
Discovering, verifying, and scoring 9 created factors
Designing the relationship framework between individual and group acts in stock trading behavior
Number	Hypothesis	Related questions in the Questionnaire
1	Financial advice has a meaningful effect on word-of-mouth communication.	1-4 and 8-10
2	Financial advice has a meaningful effect on personality.	1-4 and 19-23
3	Financial advice has a meaningful effect on financial learning.	1-4 and 11-14
4	Financial advice has a meaningful effect on mass media.	1-4 and 5-7
5	Financial advice has a meaningful effect on financial soundness.	1-4 and 26-28
6	Word-of-mouth communication has a meaningful effect on financial capability.	8-10 and 15-18
7	Personality has a meaningful effect on financial capacity.	7 & 8 and 24 & 25
8	Mass media has a meaningful effect on financial capability.	5-7 and 15-18
9	Mass media has a meaningful effect on financial capacity.	5-7 and 24-25
10	Financial soundness has a meaningful effect on stock trading behavior.	26-28 and 29-34
11	Financial learning has a meaningful effect on financial capacity.	11-14 and 24 & 25
12	Financial learning has a meaningful effect on financial capability.	11-14 and 15-18
13	Financial capability has a meaningful effect on stock trading behavior.	15-18 and 29-34
14	Financial capacity has a meaningful effect on stock trading behavior.	24 & 25 and 29-34

Table 4. Coefficients for consistency and validity of the factors

	CR	(AVE)	Cronbach’s Alpha
Financial Capability	0.867	0.686	0.770
Financial Capacity	0.876	0.780	0.734
Word-of-Mouth Communication	0.888	0.725	0.810
Financial Soundness	1.000	1.000	1.000
Mass Media	1.000	1.000	1.000
Financial Advice	0.867	0.766	0.701
Stock Trading Behavior	0.855	0.663	0.748
Financial Learning	1.000	1.000	1.000
Personality	0.913	0.840	0.811

Table 5. Fornell-Larcker table

	Financial Capability	Financial Capacity	Word-of-Mouth Communication	Financial Soundness	Mass Media	Financial Advice	Stock trading Behavior	Financial Learning	Personality
Financial Capability	0.843
Financial Capacity	0.382	0.883
Word-of-Mouth Communication	0.738	0.434	0.888
Financial Soundness	0.220	0.17	0.301	1.000
Mass Media	0.605	0.27	0.650	0.37	1.0
Financial Advice	0.486	0.24	0.663	0.40	0.4	0.87
Stock Trading Behavior	0.475	0.340	0.422	0.07	0.49	0.38	0.8
Financial Learning	0.480	0.282	0.574	0.421	0.763	0.505	0.3	1.000
Personality	0.522	0.433	0.676	0.284	0.511	0.524	0.4	0.535	0.917

Figure 2. Conceptual model with path coefficients.

Figure 3. Ultimate conceptual model with path coefficients.