Novel Explorations in Computational Science and Behavioral Management

Novel Explorations in Computational Science and Behavioral Management

Investigating the Relationship between Shareholders' Financial Literacy and Investment Decisions in the Tehran Stock Exchange Market: The Mediating Role of Financial Technology

Document Type : Original Article

Authors
Hossein Hamzavi 1
Mohsen Norozi Ardaki 2
Zahra Najafi 3
1 Ph.D. candidate in public administration, Faculty of Accounting and Management, Allameh Tabatabaei University, Tehran, Iran.
2 M.A. in financial management, Faculty of Management and Accounting, Allameh Tabatabaei University, Tehran, Iran.
3 M.A. in Accounting, Imam Khamenei Faculty, Qom University, Qom, Iran.
10.22034/necsbm.2025.505021.1106
Abstract
The purpose of this study is to analyze the effect of shareholders' financial literacy on investment decisions in the Tehran Stock Exchange Market with the mediating role of financial technology. This study is an applied research in terms of its research objective and a descriptive-survey study in terms of its nature and implementation method. The statistical population of this study includes all real shareholders in the Tehran Stock Exchange Market. The statistical sample size is 384 people based on the Cochran sample estimation formula. The sampling method in this study is also non-random and available sampling method. A questionnaire was used to collect data. The research data were analyzed using the structural equation modeling method using SPSS and LISREL statistical software. The research findings showed that shareholders' financial literacy has a significant effect on investment decisions in the Tehran Stock Exchange Market with the mediating role of financial technology. The results of the study showed that the combination of shareholder financial literacy and intelligent use of financial technology improves the efficiency of the Tehran Stock Exchange, increases investor confidence, and leads to sustainable growth of investments.
Keywords
Behavioral finance
financial literacy
financial technology
investment decisions
capital market

Subjects

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Novel Explorations in Computational Science and Behavioral Management
Volume 3, Issue 2 - Serial Number 6
March 2026
Pages 106-119

  • Receive Date 06 February 2025
  • Revise Date 09 April 2025
  • Accept Date 30 April 2025