Document Type : Original Research Manuscripts


1 Ph.D. Candidate, Accounting, Islamic Azad University, Qazvin Branch, Qazvin, Iran.

2 Assistant Professor, Accounting, Islamic Azad University, Qazvin Branch, Qazvin, Iran.


The behavioral decision-making process of individuals highlights the importance of investors' feelings and their correlation with the real economy. The purpose of this study was to model investment satisfaction based on financial knowledge. Qualitative and quantitative methodology has been used. In terms of research philosophy, it is of applied positivist paradigm, and in terms of qualitative and quantitative research, it has an inductive and deductive approach and survey strategy. This research is exploratory in terms of purpose and explores variables and their causal relationship. The data was collected through interviews with experts and the Atlasti software was used qualitatively. The research population of the present study included experts and financial experts and management of companies listed on the Tehran Stock Exchange. In a small part, Delphi techniques and structural equations have been used. By analyzing the data, a total of 23 categories and 252 and finally 127 concepts were identified and extracted. Selective coding and axial coding were also performed. Among the identified factors, the axial coding paradigm was performed and based on that, the linear relationship between research categories including causal conditions, axial categories, contextual conditions, intervening conditions, strategies, and consequences were determined. Managers must always identify the risks that threaten the company. Investors can benefit greatly from the application of financial knowledge in their specific situations. When behavioral finance develops among market participants, investors will see its benefits.


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