Modeling the Impact of Aggressive Financial Behavior on Financial Decision-Making: Evidence from Forex Market Investors

Modeling the Impact of Aggressive Financial Behavior on Financial Decision-Making: Evidence from Forex Market Investors | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Modeling the Impact of Aggressive Financial Behavior on Financial Decision-Making: Evidence from Forex Market Investors sirous keshavarz, Parisa Alizadeh, Zahra Mostafaie, Mousa Rahimi, and 1 more This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-6519925/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract The study explores the impact of Aggressive Financial Behavior on Financial Decision-Making among Forex Market Investors. It employs surveys, interviews, and questionnaires, involving 10 experts in capital markets, behavioral economics, and finance. Using a qualitative-quantitative approach, thematic analysis and the SWARA technique were used to prioritize dimensions and components. Qualitative findings identified behavioral, emotional, and intellectual dimensions, ranked in importance as behavioral, intellectual, and emotional. Top priorities among 21 components included the lack of an investment strategy, excessive leverage, and inadequate training. Educating investors on market risks and decision-making, alongside providing accurate information, can mitigate aggression. Awareness of psychological factors is crucial for informed decision-making. This research offers insights for policymakers, financial entities, and educators to promote responsible decision-making in forex markets. JEL : E52, F31, G41. Aggressive Financial Behavior Financial Decision-Making Forex Market Investors Figures Figure 1 Figure 2 Figure 3 Introduction In the subject of behavioral finance, it is assumed that man is a rational being who is always successful in optimizing his interests, but he sometimes hesitates. Proponents of behavioral finance believe that awareness of "psychological tendencies" in the field of investment is absolutely necessary and requires serious development and research. In behavioral theories, it is assumed that people's decisions and behavior are not completely rational, and irrational behavior is possible in each person's decisions. One of these behavioral problems is known as herd behavior. Herd behavior occurs in the capital market when investors act in a way that imitates the actions of others (Candy & Novita, 2021). Due to herd behavior, people ignore their own opinions and make their investment decisions based solely on market trends and group movements. Therefore, stock return behavior is guided in such a way that it does not deviate from the total market return (Zeb et al., 2020). By studying the personality of each person, the characteristics that distinguish and separate one person from another can be identified. Some people study the biochemical and physiological aspects of human behavior and use appropriate methods, while others observe and examine the visible behavior of a person (Kumari et al., 2019). All personality traits, such as neuroticism, extroversion, agreeableness, and conscientiousness, influence investors' decisions to invest in the stock market (Dr. Babu et al., 2018). Therefore, humans do not make decisions based purely on logic; emotions also play an effective role, highlighting the importance of examining this issue in this research. Personality represents the consistent intellectual, emotional, and behavioral patterns of individuals. Additionally, various studies show that human personality is the main determinant of behavior, decision-making, and performance (Hidayah & Kustina, 2020). Personality traits significantly affect investor risk behavior, and financial literacy modifies the fundamental relationships between personality traits and investor risk behavior (Akhtar & Umair Malik, 2023). Individuals with open-minded and agreeable personalities typically influence subjective norms, whereas those with high levels of neuroticism tend to have a negative attitude toward stock investing. Perceived behavioral control over stock investment is influenced by the personality traits of agreeableness, extroversion, conscientiousness, and openness (Lai, 2019). While traits and personality are both intrinsic to a person, it is clear that by improving behavioral finance, one can also improve their financial satisfaction. The higher a person's neuroticism score, the less they should be involved in making investment decisions. If people with high neuroticism scores can effectively manage their behavioral finances, financial dissatisfaction will decrease. They often need help when making decisions (Fachrudin et al., 2022). By researching aggressive financial behavior, stronger preventive and regulatory systems for financial markets can be designed and developed. Understanding these behaviors allows for the creation of models and algorithms capable of identifying and predicting problems and risks associated with aggressive financial actions. These systems can help regulatory institutions and policymakers implement appropriate measures to deal with aggressive behavior and prevent financial crises (Richardson et al., 2015). Research in this area provides a deeper understanding of market behavior and the factors affecting it, helping policymakers formulate more effective financial and economic policies. By understanding aggressive behaviors, investors can make better decisions to manage risks and take advantage of market opportunities. Research on aggressive financial behavior helps identify and assess the ethical and social dimensions of these behaviors (Richardson et al., 2015). The Forex market, one of the most dynamic and rapidly growing financial sectors globally, has undergone significant evolution in recent years. However, the impact of behavioral biases on investment choices remains a relatively unexplored area. Investors must recognize the influence of cognitive and emotional biases on their decision-making processes. By understanding and overcoming these biases, investors can make more informed and rational investment choices in the Forex market. This awareness can lead to better risk management, improved performance, and ultimately, greater success in navigating the complexities of this dynamic financial landscape. Therefore, research on aggressive financial behavior in financial markets is highly necessary. Although aggressive financial behavior can yield short-term profits for individuals or groups of investors, it typically leads to high market volatility, uncertainty, and instability. Additionally, it may increase systemic risks that can eventually result in financial and economic crises. Many regulatory and legal organizations and institutions work to prevent exploitative behaviors and make financial markets more stable and orderly. This includes establishing regulations and restrictions on financial activities, increasing transparency and access to information, continuously monitoring markets, and enforcing stricter legal punishments for violators. Given the significance of aggressive behavior in investment choices, this article aims to explore the patterns of financial aggression that impact investors' financial decisions in the Forex market. Theoretical Foundations and Research Background Aggressive Behavior Aggressive behavior refers to any type of behavior that includes actions, words, or even threats that directly or indirectly harm another person or cause them discomfort, resentment, or intimidation. Aggressive behavior can have serious consequences for the target individual, including stress and anxiety, reduced self-confidence, psychological problems, restrictions on individual rights and freedoms, and even physical and psychological harm (Smith & Johnson, 2021). Factors such as culture and social environment, personal experiences, psychological and social pressures, personal dissatisfaction, and lack of healthy communication skills can contribute to the development of aggressive behavior (Brown & Jones, 2021). Therefore, aggressive behavior has numerous negative effects on human life, impacting mental and physical health, social relationships, academic and job performance, and society as a whole. As a result, focusing on ethical education, improving conflict resolution skills, and fostering constructive communication can help reduce aggressive behaviors and create healthier living environments (Garcia & Van Blerkom, 2021). The Impact of Aggressive Financial Behavior on Financial Markets Aggressive financial behaviors have wide-ranging effects on financial markets. The key consequences include a lack of trust, heightened price fluctuations, increased systemic risk, reduced credit and transparency, economic disruptions, and rising costs. In general, aggressive financial behaviors negatively impact financial markets, investors, companies, and the broader economy. To maintain fairness and transparency in financial markets, there is a need for proper supervision, strong laws and regulations, and increased awareness among investors and the general public (Kuhnen & Knutson, 2021). Aggressive financial behavior can significantly impact economic growth. Severe market volatility and heightened investor uncertainty can lead to hesitation and caution in investing in new projects and economic development. Consequently, reduced investment results in a slower economic growth rate (Lo, 2021). Some individuals seek to exploit unfair conditions in financial markets. They may use insider information, manipulate prices, or engage in other fraudulent activities to maximize profits. Such behavior harms other investors and damages the integrity of financial markets. Weak regulatory oversight and ineffective enforcement may encourage aggressive behavior, as inadequate legal consequences can embolden individuals to engage in illegal activities without fear of repercussions (Barber & Odean, 2001). Aggressive financial behavior contributes to the emergence of financial and investment risks, resulting in reduced diversification within investment portfolios. Investors may irrationally concentrate on specific assets while neglecting others, increasing overall portfolio risk. Failure to accurately evaluate risk and return can lead to poor investment decisions and exposure to unknown risks. Additionally, investors may overlook the time horizons of their returns and their future financial needs. Investing irrationally and without due diligence in long-term assets may cause financial difficulties, such as short-term liquidity shortages, an inability to repay debts, or the need to sell assets under unfavorable conditions (Kahneman & Riepe, 2013). Theories Related to Aggressive Financial Behavior Two prominent theories in the field of aggressive financial behavior are behavioral financial theory and mixed financial theory. A) Behavioral Financial Theory: This theory emphasizes that people do not always make rational and logical economic decisions; rather, they are influenced by psychological, social, and emotional factors. According to this theory, factors such as risk aversion, fear, overconfidence, or lack of confidence play critical roles in financial decision-making. For example, individuals may take excessive risks due to unrealistic optimism about the future (Statman et al., 2022). B) Mixed Financial Theory: This theory suggests that aggressive financial behavior is not solely influenced by psychological and social factors but also by a combination of financial and behavioral elements. Key drivers include excessive profit-seeking, impulsivity, failure to analyze and assess risk, neglect of essential financial information, reliance on group decision-making, susceptibility to external influence, and self-deception (Statman et al., 2022). The key distinction between these two theories is that behavioral financial theory attributes aggressive financial behavior to psychological factors such as risk perception, fear, and emotional biases. In contrast, mixed financial theory argues that both psychological and financial elements contribute to aggressive behaviors, incorporating aspects like profit-seeking, impulsivity, and risk mismanagement (Hirshleifer & Shumway, 2003). Aggressive Financial Behavior in Stock Trading Aggressive financial behavior in stock markets can lead individuals to make investment decisions based on emotions and incomplete analysis rather than rational assessments and reliable data. This often results in excessive buying and selling patterns that do not align with market fundamentals. Investors displaying aggressive behavior may irrationally and disproportionately buy or sell stocks. For example, they might enter trades without considering market conditions or logical risk-return assessments, leading to suboptimal investment decisions. Aggressive financial behavior can reduce stock market efficiency. When investors make decisions based on emotions and limited analysis, markets fail to reflect fair pricing and accurate financial information (Ahmad et al., 2022). To manage aggressive financial behavior, investors should conduct comprehensive risk and return analyses before making financial decisions. Evaluating factors such as historical asset performance, market conditions, economic and political influences, and potential risks can lead to more informed investment choices. Developing a balanced and rational investment strategy can help mitigate aggressive behaviors. Investor education and awareness regarding aggressive financial tendencies can further prevent irrational decision-making (Al-Ameedee & Moradi, 2023). Research Background Xia and Madani (2024), conducted a study titled "Releasing Behavioral Factors Affecting the Decision-Making of Chinese Investors in the Stock Markets" to explore the behavioral factors influencing Chinese investors' decision-making in the Beijing, Shanghai, and Shenzhen stock markets. By surveying 521 participants and utilizing a structured questionnaire, the study revealed that herding, overconfidence, prospect theory, the gambler’s fallacy, and anchoring bias often lead investors astray from rational decision-making, contributing to market inefficiencies. The study highlights how herding, prospect theory, and heuristics influence investment performance in Chinese stock markets. It emphasizes the importance of investor education programs and regulatory measures that address behavioral biases and promote more informed decision-making. Khare and Kapoor (2024), examined "Behavioral Biases and the Rational Decision-Making Process of Financial Professionals: Significant Factors That Determine the Future of the Financial Market," investigating the key factors shaping the future of financial markets. By assessing how behavioral biases impact financial forecasting and decision-making among professionals, the study employed an expert-validated questionnaire to analyze four key behavioral biases among Indian financial professionals. The findings indicate a strong fit between the structural path model and the sample data. The presence of behavioral biases suggests that financial professionals' decision-making and forecasting may not always be rational but rather influenced by these biases, leading to both rational and irrational outcomes. Notably, these biases—except for overconfidence bias—exhibit a significant positive correlation with irrational decision-making. Agustini et al. (2023), conducted a study titled "Environmental, Social, Governance, and Financial Distress Impact on Tax Aggressiveness in Indonesia: Gender of the CEO as a Moderating Variable." The research revealed a positive and significant relationship between financial distress and tax aggressiveness. Furthermore, the gender of the CEO was found to strengthen the link between environmental, social, and governance (ESG) factors and tax aggressiveness. In another study, Taki et al. (2023) explored "The Moderating Role of Honesty-Humility of Financial Managers in Aggressive Financial Reporting: Evidence from Iran" The findings indicated that a decline in honesty-humility among financial managers exacerbates the impact of risk-taking and social pressure on aggressive financial reporting. Additionally, Karimi et al. (2023) examined "Effects of Monetary and Currency Policy Uncertainty on Investor Sentiment." The results, spanning 2018 to 2019, demonstrated a positive correlation between monetary and financial policy uncertainty and investors' emotional tendencies, particularly affecting stocks linked to export and import activities. Salimi et al. (2022) investigated the impact of personality traits and individual motivation on investors' tendency toward mass behavior in the Tehran Stock Exchange, with experience and financial knowledge serving as moderating factors. The results indicated that investors with compliant or submissive personalities are more prone to herd behavior. Hidayah and Kustina (2020) explored the influence of personality traits on investor sentiments. Their findings revealed a strong correlation between neuroticism, extroversion, and openness with biased behavior among individual investors in the Indonesian Stock Exchange. Personality encompasses stable patterns of thinking, emotions, and behavior, and research suggests that it significantly influences an individual's behavior and performance. In a study by Kumari et al. (2019), the relationship between personality characteristics, motivation, and herd behavior in the Indian stock market was examined. The results indicated that individuals with an adaptable personality are more influenced by social motivation, while cognitive factors can trigger aggressive behavior and discourage herd mentality. Conversely, investors with a detached personality are unaffected by motivational factors. Studying personality helps differentiate individuals, with some researchers focusing on biochemical and physiological aspects, while others examine observable behaviors. Methodology The choice of the research method depends on the objectives, the nature of the research subject, and its feasibility. The current study employs a mixed-method (qualitative-quantitative) approach to identify, classify, and extract concepts based on textual analysis and expert opinions. The qualitative analysis in this study follows the thematic analysis method, which is used for the subjective interpretation of textual data through systematic classification processes. The stages of qualitative research in this study are illustrated in Figure 1. The data collection method in this qualitative research is exploratory interviews. This method was chosen due to its flexibility, adaptability to various research settings, and ability to generate in-depth insights. Moreover, exploratory interviews are a preferred method for most research participants, as they feel more comfortable engaging in discussions compared to other qualitative methods such as participant observation. The development and implementation of exploratory interviews in this study follow four stages: Defining the research problem Developing interview guidelines Selecting interviewees Conducting interviews Prior to each interview, the interview protocol form was shared with the interviewee either in person or via email, and a mutually convenient time was scheduled for the interview. Application of the SWARA Technique A small portion of the study utilizes the SWARA (Stepwise Weight Assessment Ratio Analysis) technique, a multi-criteria decision-making method. To ensure validity, a panel of management experts reviewed the questionnaire to assess question relevance, clarity, comprehensibility, and the appropriateness of the selected variables. Their feedback was incorporated, and necessary revisions were applied to improve the questionnaire. The steps for implementing the SWARA technique are as follows: Step 1: Sorting Indicators The most critical indicators are identified based on expert opinions and ranked in order of importance. The highest-priority indicator is placed at the top. Step 2: Determining the Relative Importance of the Main Criteria (SJ) At this stage, the relative importance of each criterion is evaluated and scored in comparison to the most critical indicator. In the SWARA method, this value is denoted as SJ. Step 3: calculate kj coefficient The kj coefficient is a function of the relative importance of each indicator and is calculated using the following equation (1). (1) KJ=SJ+1 Step 4: Calculating Initial and Normalized Weights The initial weight of each criterion is obtained using Equation (2) (2) qj= (qj-1)/kj The normalized weight is then calculated using Equation (3): (3) wj= Research Population and Sampling Method The research population for both the qualitative and quantitative phases consists of: Capital market experts Behavioral economics specialists University professors specializing in capital markets A targeted selection of 10 leading experts in the field The sampling method used in this research is theoretical and purposeful sampling. Participants were selected based on their expertise and leadership in the field, ensuring that the sample includes individuals with substantial knowledge and experience. Findings The findings related to the demographic characteristics of the study participants—including average age, work experience, and educational background—are summarized as follows. An analysis of the participants' average age revealed that university professors had the highest average age at 52.33 years, while Forex market experts had the lowest average age, averaging 44.36 years. Regarding work experience, university professors had the highest average work experience, at 20.56 years, whereas Forex market experts had the least work experience, averaging 16.33 years. In terms of educational qualifications, out of the total 10 experts surveyed, 4 participants (40%) held a master's degree, while 6 participants (60%) had a doctorate. In the qualitative section, an excerpt from an interview with one of the experts is presented in Table 1. Table 1: Excerpt from an Interview with One of the Experts Interview Transcript In response to your initial question, I must state that being influenced by group behavior can lead to aggressive financial behavior in decision-making. When individuals are part of a group, the behavior of others can significantly impact their own actions and financial decisions. This influence can occur both directly and indirectly. In some cases, individuals may be directly impacted by group behavior, which can alter their financial choices. For example, if most members of an investment group decide to buy a particular stock, an individual who is highly influenced by group behavior may choose to invest in the same stock, even if personal analysis suggests it is not the best decision. Indirectly, group influence can shape financial behavior as well. For instance, in an environment where risky investments are favored, an individual who typically prefers low-risk investments may feel pressured to adopt riskier strategies to align with the group’s behavior. Overall, susceptibility to group influence can lead to aggressive financial behavior due to a desire for social conformity, faulty analysis, disregard for available financial information, or fear of social rejection. To mitigate these effects, it is crucial for individuals to independently evaluate financial information based on their personal circumstances and strive to minimize the influence of group dynamics on their financial decisions By analyzing the open codes extracted from the reviewed interviews, themes have been defined and categorized in the final step. The survey results indicate that various factors influence aggressive financial behavior. Table 2 lists the components and subcomponents resulting from the coding process. These factors are classified into three main categories , each containing several sub-components , as presented in Tables 3 and 4 . Table 2: Main Components and Sub-Components Derived from the Extracted Open Codes object The main component Secondary components (secondary codes) Extracted primary codes Identifying aggressive financial behaviors affecting financial decisions Imagination and greed in the stock market Influence of group behavior Being influenced by group behaviors - Direct being influenced by investors' wrong behaviors - Indirect being influenced by investors' wrong behaviors - Tendency to social imbalance - Incorrect analysis of events - Inattention to financial information - Fear of social rejection - People's influence in a group or population - Tendency Reluctance to buy some stocks - unreasonable desire for risky investments Incorrect analysis and lack of knowledge of the market Incorrect analysis and lack of knowledge and understanding of the market - Tendency to make incorrect and aggressive decisions - Tendency to wrong analyses, personal feelings, and personal preferences - Lack of knowledge and knowledge of the market - Tendency to make random decisions without regard to risk and reward - Lack of knowledge of market trends - Failure to pay attention to the support area and chart trends - Paying attention to processes unrelated to market conditions - Being influenced by emotions - Unreasonable desire to participate in the upward trend of the market - Fear of the market falling - Imbalance in decisions - Impaired risk perception - Unbalanced attention to profits High and fast - not paying attention to possible risks - not respecting rational and balanced financial planning Greed and desire for quick profit Greed and desire for quick profit - excessive risk - making wrong decisions - not paying attention to financial risks - not analyzing and assessing risks accurately - ignoring the basic principles of investment - not paying attention to long-term thinking and effective risk management - believing in incorrect patterns - lack of ability in detecting changes - focusing on incorrect choices - paying incorrect attention to quick and short-term opportunities - not carefully examining opportunities and risks - trying to play the market Distress in financial behavior Not having an investment strategy Lack of investment strategies - Acting without a plan and strong planning in the financial market - Lack of planning - Lack of decision-making based on specific goals and timing - Buying stocks randomly and without sufficient analysis - Incomplete analysis - Highly influenced by emotions - Imbalance in investment - Non-exploitation of research Not having enough experience and training Not having enough experience and training - Lack of experience in the field of financial decisions - Looking for quick profits - Lack of desire for accurate analysis and correct financial planning - Lack of training and knowledge in the field of financial decisions - Insufficient knowledge of investment principles - Insufficient knowledge of market analysis - Inadequate awareness of risk management and financial balance - Ignoring the basic and technical factors of the market - Unbalanced attention to the opinions and recommendations of others - Lack of independence in financial decisions - Fear and despair - Failure to pay attention to real risks and possibilities - Feeling of fear and despair - The influence of personal preferences. Susceptibility to speculation and rumors Susceptibility to speculations and rumors - Susceptibility to lack of careful analysis and investigation - Paying too much attention to rumors and speculations - Making incorrect financial decisions - Taking risky behavior in financial decisions - Lack of investment spirit - Too much trust in the market - Investing without sufficient analysis and investigation Accurate - Unbalanced investments - Irrational influence of group decisions - Failure to pay attention to the increase in market volatility - False excitement from the increase in trading volume - Incorrect effect of pricing Selfishness and pride in financial behavior An unusual increase in the volume of transactions Abnormal increase in the volume of transactions - increase in group influence - increase in the influence of psychological factors - susceptibility to a group and competitive flow - susceptibility to more emotions - the effect of inappropriate group behavior on analysis - lack of attention to risk-taking - increased opportunities for abuse - susceptibility to irregular changes in prices False assurance of victory false confidence in winning - influenced by personal preferences - false belief in a sure winning - inability to recognize - changes and major events in the market - not paying attention to the stable growth of the market or the absence of recession - belief in wrong patterns - inability to recognize and Predicting risks - ignoring negative information - not paying attention to high-risk decisions Irrational demands from the market Irrational demands from the market - Expecting quick and risk-free profit - Not paying attention to recommendations and guidance for quick and risk-free profit - Improperly influenced by market heat - Improperly influenced by market fluctuations - Improperly influenced by group behavior - Failure to create a suitable investment plan - Failure to avoid making decisions based on short-term ups and downs of the market - failure to focus on long-term goals and rational planning Decision-making based on emotions Fear of losing capital Fear of losing capital - poor performance in the market - refusing to make appropriate investments - making unbalanced and unbalanced decisions - losing profitable opportunities in the market - indulgent behavior - imbalance in decision making - being too conservative - lack of productivity From growth and profitability capabilities - making emotional decisions - not avoiding risk False excitement in the purchase process False excitement in purchase procedures - Unjustified increase in excitement in a person about an investment - Increased risk tolerance - Increased risk tolerance in financial decisions - Failure to pay attention to financial analysis and principles - Investing in stocks or property without careful examination - Ignoring financial principles - Entering high-risk markets, or rapid and sudden changes in the investment portfolio - Instability in decision-making - Increasing the probability of falling into a debt trap - Additional debt and financial problems - Not paying attention to debt solvency - Instability in decision-making - Frequent buying and selling and Unplanned investments Bias and inclination to personal beliefs Prejudice and tendency towards personal beliefs - Selection of attention-oriented beliefs - Ideological or political attitudes - Consolidation of personal tendencies - Tendency to consolidate and strengthen personal beliefs - Ignoring conflicting information - Rejecting important information - Not receiving or rejecting important and valuable information about financial status - The influence of uninformed groups - The pressure of social assimilation - Unwarranted influence of others' behavior Behaviors inconsistent with financial goals Irrational transmission of emotions and being influenced by it Irrational transmission of emotions and being influenced by them - making emotional decisions - imbalance in decision making - aggressive decisions Ignoring financial principles - not paying attention to adverse financial consequences - making decisions based on fear, anger, or jealousy - the desire to earn more profit Deficiency of decision rules Defects in financial decision-making laws - Failure to pay attention to restrictions and supervision - Lack of transparency and limited information - Decision-making based on incomplete and incorrect information - Exploitation of illegal internal or external information - Attempts to retaliate and coercive rights - Decisions based on false and distorted information - Lack of Attention to obligations and punitive factors - failure to follow patterns and guidelines Too much trust in others Too much trust in others - lack of decision-making independence - complete dependence on other people's opinions - making financial decisions based on other people's opinions - lack of independent review and analysis of information - influencing other people's feelings - making decisions based on social incentives - needing acceptance and approval from others - removing Personal responsibility - Failure to review and evaluate information accurately - Failure to review and evaluate deficiencies - Reviewing information incorrectly and superficially - Increased risk - Unreasonable investment - Unnecessary debt - Risky decisions - Incorrect social behaviors Risky behaviors in investment Excessive use of financial leverage Excessive use of financial leverage - Using debt to secure capital or investment - Not paying attention to high risk - Not paying attention to high debt and excessive financial obligations - Not paying attention to the principles of financial management and ethical standards - Exploiting more debt and High profits - Dependence on market conditions - Economic stagnation or price fluctuations - Short-term decisions without considering long-term and sustainable effects - Increasing financial pressures - Not paying attention to the limitation of financial resources, increasing costs - Paying more interest and fines - Increasing efforts for illegal exploitation - Accessing confidential information or using illegal methods - Fraud in financial reporting - Misuse of market information - Attempts to distort prices and illegal transactions - Failure to adhere to ethical principles - Unfair, destructive and irresponsible decisions - Damage to the rights and interests of other people - Abuse of Private information - misrepresentation of financial information and other incorrect decisions Failure to perceive risk Deficiency in risk perception - Insufficient awareness of risk - Conducting aggressive transactions - Possessing excessively risk-taking behaviors - Incorrect estimation of the probability of risk occurrence - Incorrect estimation of the probability of risk occurrence - Increased willingness to risk - Failure to pay attention to the limitations and potential of potential damages - Not neglecting incomplete risks - Failure to comply with financial restrictions and regulations - Failure to pay attention to the stability of the market volume - Creating unbalanced and unstable conditions in the financial market - Increasing market fluctuations - Laying grounds for the violation of rights and interests - Distortion of information and illegal transactions - Misuse of internal information or Foreign Violation of shareholders' rights - Increasing financial risks - Attempting to take advantage of unbalanced market conditions and faster profits - Investing in worthless assets - Making large and risky transactions - Using more debt - Susceptibility to time anxiety - Reducing a person's ability to accept financial risk - Irrational decision making About financial issues - Hasty financial decisions without sufficient care - Violent reactions - Drowning in betting games - Investing in risky and unstable projects - Trading based on fear and violent decisions - Panic selling of stocks - Social derivatives - Creating more problems in the market Financial. Irrational influence of news and events Irrational impressionability of news and events - increase of feelings and emotions - being affected by emotions caused by news and events - interference in passion and excitement - hasty and aggressive decision-making in financial transactions - making decisions without careful analysis and logical examination - high impressionability From the market - trading without detailed analysis and logical review - failure to comply with investment strategies and restrictions Time stress behaviors Delay in making decisions on financial transactions Delay in making decisions about financial transactions - anxiety and fear of losing opportunities - entering into transactions without careful examination - entering into transactions based on feelings caused by anxiety - making decisions based on short-term value - making decisions based on immediate needs - increasing risk tolerance - accepting more risks Hoping to make faster profits - excessive use of financial leverage - buying risky assets - increasing the probability of making unstable decisions - hasty decisions in financial transactions Susceptibility to time anxiety Susceptibility to time anxiety - reducing one's ability to accept financial risk - making irrational decisions about financial issues - hasty financial decisions without sufficient accuracy - violent reactions - drowning in betting games - investing in risky and unstable projects - trading based on fear and Violent decisions - Panic selling of shares - Social derivatives - Creating more problems in the financial market - Banks going bankrupt Not paying attention to time discipline in investment Failure to pay attention to time discipline - Applying decisions without sufficient investigation - Failure to review restrictions and regulations - Lack of financial transparency - Conducting illegal transactions - Failure to manage and properly plan investments - Failure to plan accurately and manage resources - Investing in an uncoordinated and unsystematic manner - Failure to use Optimum investment opportunities - decision making based on emotions - not paying attention to the long-term effects of investment The dimensions and components obtained from the extracted open codes along with the symbol are presented in Table 3: Table 3: Dimensions and components obtained from the extracted open codes, along with symbols Main factors Component Secondary codes Emotional Imagination and greed in the stock market Influence of group behavior Incorrect analysis and lack of knowledge of the market Greed and desire for quick profit Decision-making based on emotions Fear of losing capital False excitement in the purchase process Bias and inclination to personal beliefs behavioral Distress in financial behavior Not having an investment strategy Not having enough experience and training Susceptibility to speculation and rumors Selfishness and pride in financial behavior An unusual increase in the volume of transactions False assurance of victory Irrational demands from the market Behaviors inconsistent with financial goals Irrational transmission of emotions and being influenced by it Deficiency of decision rules Too much trust in others intellectual Risky behaviors in investment Excessive use of financial leverage Failure to perceive risk Irrational influence of news and events Time stress behaviors Delay in making decisions on financial transactions Susceptibility to time anxiety Not paying attention to time discipline in investment The final model derived from this research is presented in Figure 2. Based on the findings, the research variables have been classified into three main categories: Intellectual Factors, Behavioral Factors , Emotional Factors. SWARA technique : In this study, dimensions, components, and indicators were derived using thematic analysis, which involved interviews with experts from the capital market, behavioral economics, and university professors specializing in capital studies. The quantitative phase included these experts responding to the SWARA questionnaire. The SWARA method was employed to weight the main criteria, with the initial and normalized weights presented in Table 4 and Figure 3. Table (4): Normal weight of dimensions Indicator The average relative importance of each SJ index Calculate the KJ coefficient Calculate the initial weight of each index qj Normal weight wj behavioral 1 1 1 0.505 intellectual 0.640 1.64 0.610 0.308 Emotional 0.650 1.65 0.370 0.187 According to the calculations and Figure 3 , the behavioral dimension, with a weight of 0.505, has been prioritized. The intellectual dimension, with a weight of 0.508, has been placed as the second priority. The emotional dimension is ranked third, with a weight of 0.187. In examining the weight of the components and research indicators, the final weight is provided in Table 5 . Table (5): Final weight of sub-criteria Main factors Weight Component Weight Sub subcriterion branch weight Final weight Emotional 0.187 Imagination and greed in the stock market 0.609 Influence of group behavior 0.493 0.056 Incorrect analysis and lack of knowledge of the market 0.308 0.035 Greed and desire for quick profit 0.199 0.023 Decision-making based on emotions 0.391 False excitement in the purchase process 0.457 0.033 Bias and inclination to personal beliefs 0.315 0.023 Fear of losing capital 0.228 0.017 behavioral 0.505 Distress in 0.452 Not having an investment strategy 0.491 0.112 Not having enough experience and training 0.336 0.077 Susceptibility to speculation and rumors 0.173 0.040 Selfishness and pride in 0.318 False assurance of victory 0.465 0.075 Irrational demands from the market 0.310 0.050 An unusual increase in the volume of transactions 0.225 0.036 Behaviors inconsistent with financial goals 0.230 Irrational transmission of emotions and being influenced by it 0.452 0.053 Deficiency of decision rules 0.319 0.037 Too much trust in others 0.229 0.027 intellectual 0.308 Risky behaviors in investment 0.611 Excessive use of financial leverage 0.451 0.085 Failure to perceive risk 0.327 0.061 Irrational influence of news and events 0.222 0.042 Time stress behaviors 0.389 Not paying attention to time discipline in investment 0.475 0.057 Delay in making decisions on financial transactions 0.308 0.037 Susceptibility to time anxiety 0.217 0.026 Based on Table 6, the final priority of the indicators is given in Table 6: Table (6): Final priority of indicators Sub Subcriterion Final weight prioritize Not having an investment strategy 0.112 1 Excessive use of financial leverage 0.085 2 Not having enough experience and training 0.077 3 False assurance of victory 0.075 4 Failure to perceive risk 0.061 5 Not paying attention to time discipline in investment 0.057 6 Influence of group behavior 0.056 7 Irrational transmission of emotions and being influenced by it 0.053 8 Irrational demands from the market 0.050 9 Irrational influence of news and events 0.042 10 Susceptibility to speculation and rumors 0.040 11 Deficiency of decision rules 0.037 12 Delay in making decisions on financial transactions 0.037 12 An unusual increase in the volume of transactions 0.036 13 Incorrect analysis and lack of knowledge of the market 0.035 14 False excitement in the purchase process 0.033 15 Too much trust in others 0.027 16 Susceptibility to time anxiety 0.026 17 Bias and inclination to personal beliefs 0.023 19 Greed and desire for quick profit 0.023 19 Fear of losing capital 0.017 20 Discussion The study aims to propose a model of aggressive financial behavior influencing decision-making in finance. Data from expert interviews were analyzed through thematic analysis, revealing three domains of aggressive behaviors affecting financial choices: emotional, behavioral, and intellectual. Karimi et al. (2023) identified a positive correlation between monetary policy uncertainty and investors' emotional inclinations. Salimi et al. (2021) investigated the impact of personality traits and motivation on investors' tendency towards group behavior, highlighting the moderating role of experience and financial knowledge. Their results support the current research, suggesting that individuals with compliant or submissive personalities are more prone to herding behavior. These insights support the current study's focus on aggressive financial behavior and its implications for decision-making. By exploring the interplay between emotional, behavioral, and intellectual factors, a comprehensive understanding of how these elements shape individuals' financial choices emerges . Moreover, the research sheds light on the intricate relationship between personality traits, motivation, and the propensity for group behavior among investors. This holistic approach not only enriches our knowledge of financial decision-making processes but also underscores the significance of experience and financial literacy in mitigating the impact of aggressive tendencies on investment outcomes. The study by Hidaya and Kostina (2020) on "The impact of personality traits on investor sentiments" aligns with these findings. They identified that neuroticism, extroversion, and openness significantly influence biased behaviors among individual investors in the Indonesian stock market. Personality encompasses consistent intellectual, emotional, and behavioral traits that shape individuals' actions and outcomes. This research underscores the critical role of behavioral incongruence with financial goals. Similarly, Kumari et al. (2019) explored "Personality traits and motivations of individual investors in relation to herd behavior in the Indian stock market," highlighting that adaptable personalities are more susceptible to social incentives, while assertive personalities are influenced by cognitive factors that mitigate herd behavior. In contrast, detached personalities remain unaffected by motivational triggers. Overall, these studies shed light on the intricate interplay between personality traits and investment decisions. Understanding how individual characteristics influence financial behaviors can provide valuable insights for both investors and financial professionals. By acknowledging the influence of personality on investment choices, stakeholders can develop tailored strategies and interventions to help investors align their actions with their financial objectives. This body of research underscores the multifaceted nature of investor behavior and highlights the importance of considering individual differences in shaping market dynamics. Here are the recommendations based on the research results: a) Thorough training should be offered to investors on the forex market, its associated risks, and proper financial decision-making methods. b) According to the findings, focusing on the fundamental analysis of the forex market and providing investors with real, reliable information can aid in making better decisions. c) The research suggests providing investors with training and essential tools for technical analysis to enable rational decision-making. d) Teaching risk management concepts and utilizing tools like moving stops and limiting losses is recommended to mitigate financial decision-making risks for investors. e) Emphasizing the importance of sticking to a financial strategy and avoiding impulsive reactions to sudden market changes is advised. f) Training investors to manage their emotions in financial decisions is recommended. g) Encouraging investors to diversify their investment portfolio rather than concentrating all capital on a single transaction is advisable. h) Setting limits on the maximum investment amount per transaction is suggested to mitigate significant risks. i) Establishing monitoring groups to identify and predict aggressive behaviors, and taking preventive measures, is recommended. j) Providing transparent, accurate information on transaction types, risk levels, and past performance to investors is advised. k) Promoting long-term investment and encouraging investors to focus on extended timeframes can help reduce the impact of aggressive behavior. l) Collaboration with relevant institutions and organizations is recommended to establish appropriate guidelines. Additionally, it's important to note the limitations of the research: the focus on the forex market limits the generalization of results to other financial and capital markets. Results should be interpreted considering the specific political, economic, and social conditions at the time of the study. Declarations Ethical Approval and Consent to Participate This study involved qualitative and quantitative data collection through surveys and interviews with 10 experts in capital markets, behavioral economics, and finance. All participants provided informed consent prior to participation. Consent for Publication Not applicable. The manuscript does not include any individual-identifiable data such as images or videos. Competing Interest The authors declare no competing interests. Funding Not applicable. This research did not receive external funding. Author Contribution Dr. Sirous Keshavarz served as the director and supervisor of the research, overseeing the project's overall direction and ensuring its quality and integrity. He also conducted the quantitative data analysis. Ms. Zahra Mostafa developed the theoretical framework and carried out the qualitative interviews. Dr. Mehdi Mortazavi and Dr. Parisa Alizadeh collaboratively managed the coding and other qualitative data analysis. The discussion and conclusion sections were jointly written by Dr. Mousa Rahimi, Dr. Parisa Alizadeh, and Dr. Sirous Keshavarz, who together synthesized the findings and articulated their implications.DeclarationsEthical Approval and Consent to ParticipateThis study involved qualitative and quantitative data collection through surveys and interviews with 10 experts in capital markets, behavioral economics, and finance. All participants provided informed consent prior to participation.Consent for PublicationNot applicable. The manuscript does not include any individual-identifiable data such as images or videos.FundingNot applicable. This research did not receive external funding.AcknowledgementThe authors thank the experts who participated in this study for their valuable insights and contributions.Competing InterestThe authors declare no competing interests. Acknowledgement The authors thank the experts who participated in this study for their valuable insights and contributions. Data Availability The full text of the interviews is available in Persian and will be translated and sent to qualified researchers upon request, subject to compliance with ethical considerations and data confidentiality. References Agustini, Y. (2023). Pengaruh Environment, Social, and Governance, dan Financial Distress terhadap Tax Aggressiveness di Indonesia: CEO Gender sebagai Variabel Moderasi. 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Brown, C., & Jones, M. (2022). Emotional Biases and Financial Decision Making: A Study of Overconfidence and Loss Aversion. Journal of Economic Psychology, 83, 104329 Candy, C., & Novita, I. (2021). Herding Behavior of Indonesia Investor: Role of Personality Traits and Motivation Factors. International Journal of Economics, Business and Accounting Research, 5(2). 296–303. DOI: 10.29040/ijebar.v5i2.2465 Lai, C.-P (2019). Personality Traits and Stock Investment of Individuals, Sustainability. 11(19) 5474; https://doi.org/10.3390/su11195474 Dr. Babu M, Dhanalakshmi C & Hariharan C. (2018). Impact of personality traits on investment decision in stock market. EXCEL International Journal of Multidisciplinary Management Studies, 8(3). 43–53 Fachrudin, Kh., Pirzada, K., Faidhil Iman, M. (2022). The role of financial behavior in mediating the influence of socioeconomic characteristics and neurotic personality traits on financial satisfaction. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2080152 Garcia, M. A., & Van Blerkom, M. L. (2021). The Role of Cognitive Biases in Financial Decision Making: A Systematic Review. Journal of Behavioral and Experimental Finance, 30, 101595. Hidayah, T. N., & Kustina, L. (2020). Impact of Personality Traits on the Investor Sentiment. International Journal of Business Economics, 2(1), 60. doi: https://doi.org/10.30596/ijbe.v2i1.5724 Hirshleifer, D., & Shumway, T. (2003). Good day Sunshine: Stock Returns and the Weather. The Journal of Finance, 58(3), 1009–1032. https://doi.org/10.1111/1540-6261.00556 Kahneman, D., & Tversky, A. (2013). Prospect Theory: An Analysis of Decision Under Risk, World Scientific Handbook in Financial Economics Series, 47(2), 263–291. https://doi.org/10.1142/9789814417358_0006 Karimi, M., Sobanian, F., Ali Akbari, M. (2023). The impact of uncertainty of monetary and currency policies on the emotional tendencies of investors, Research Journal of Economics and Business, 13(24) Khare, T. and Kapoor, S. (2024). Behavioral biases and the rational decision-making process of financial professionals: significant factors that determine the future of the financial market, Journal of Advances in Management Research, Vol. 21 No. 1, pp. 44–65. https://doi.org/10.1108/JAMR-03-2023-0086 Kumari, S., Chandra, B., & Pattanayak, J.K. (2019). Personality traits and motivation of individual investors towards herding behaviour in Indian stock market, Emerald Publishing Limited. 49(2).384–405. https://doi.org/10.1108/K-11-2018-0635 Lo, A. W. (2021). The Adaptive Markets Hypothesis: Market Efficiency from an Evolutionary Perspective. Journal of Portfolio Management, 42(5), 61–73. Richardson, G., Lanis, R., Taylor, G., Financial Distress. (2014). Financial Distress, Outside Directors and Corporate Tax Aggressiveness Spanning the Global Financial Crisis: An Empirical Analysis, Journal of Banking & Finance. doi: http://dx.doi.org/10.1016/j.jbankfin.2014.11.013 Salimi, M., Ebrahimi Shaghaghi, M., Meshaikhi Fard S. (2022). Investigating the effect of personality traits and individual motivation on the tendency of mass behavior of investors with the moderating role of experience and financial knowledge in Tehran Stock Exchange. Financial and behavioral research in accounting, 1(2). 1–20. DOI: 10.30486/fbra.2021.1946138.1051 Smith, J. D., & Johnson, A. B. (2021), The Impact of Herding Behavior on Financial Decision Making. Journal of Behavioral Finance, 25(4), 321–335. Taki, A., & Soroushyar, A. (2023). The moderating role of financial managers’ honesty-humility on aggressive financial reporting: evidence from Iran. International Journal of Ethics and Systems. https://doi.org/10.1108/IJOES-07-2022-0154 Xia Y, Madni GR (2024) Unleashing the behavioral factors affecting the decision making of Chinese investors in stock markets. PLOS ONE 19(2): e0298797. https://doi.org/10.1371/journal.pone.0298797 Zeb, N., Iqbal, Z., Zeb, A. A., & Khan, M. M. (2020). Impact of Personality Traits on Investment Decision with Moderating Role of Financial Literacy. Elementary Education Online, 19 (3), 2730–2737. DOI: 10.20547/jfer1904101 Additional Declarations No competing interests reported. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. 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Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-6519925","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":455001982,"identity":"c490564b-2852-4ad7-a5c6-f693578085ba","order_by":0,"name":"sirous keshavarz","email":"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAZAAAAAyAQMAAABI0h/eAAAABlBMVEX///8AAABVwtN+AAAACXBIWXMAAA7EAAAOxAGVKw4bAAABAklEQVRIie3RMUvEMBjG8ScE0iXdCy3tV0jpcMOd3lexFHSpk8vhHdgpXQ5cA/pBHAuBdgnOwi3toouLuNhBsDiIw+U4N4f8phD4kze8gOP8Swwg1feJ9AD9uefHJFT8OWHB78QqqVg+jA+n+e1d93z9tJons7ru8bFBNKv2J6JhOvNNkavHs/NdaS7Se2ME2bbgUWNJ4MmQSJrBoN1dSk1UUAJ+BR5YB/PqcZQ3WWKIvJqSpUpeevJ5IEHDWvhSx8JQRqckVwEEPfSK0KwIfdnFqWE0nP5SKF4KHbWBfbBapm+jXPPYeMN7uZqfKK8bhtfNYmkdbO8iGsAaOI7jOEf4ArFAULbPZQTeAAAAAElFTkSuQmCC","orcid":"","institution":"Tarbiat Modares University","correspondingAuthor":true,"prefix":"","firstName":"sirous","middleName":"","lastName":"keshavarz","suffix":""},{"id":455001983,"identity":"bbabab05-7d7c-4851-9272-cbec446d1923","order_by":1,"name":"Parisa Alizadeh","email":"","orcid":"","institution":"Tarbiat Modares University","correspondingAuthor":false,"prefix":"","firstName":"Parisa","middleName":"","lastName":"Alizadeh","suffix":""},{"id":455001984,"identity":"715a41a7-ae43-41dc-8731-1dde86609aa8","order_by":2,"name":"Zahra Mostafaie","email":"","orcid":"","institution":"Islamic Azad University of Shiraz","correspondingAuthor":false,"prefix":"","firstName":"Zahra","middleName":"","lastName":"Mostafaie","suffix":""},{"id":455001985,"identity":"a379c68c-f0cc-4bef-a8d6-cfa67a74cc2a","order_by":3,"name":"Mousa Rahimi","email":"","orcid":"","institution":"Islamic Azad University of Shiraz","correspondingAuthor":false,"prefix":"","firstName":"Mousa","middleName":"","lastName":"Rahimi","suffix":""},{"id":455001986,"identity":"d5f8e924-2c19-43e4-a6b0-1c90563a8126","order_by":4,"name":"Mehdi Mortazavi","email":"","orcid":"","institution":"Tarbiat Modares University","correspondingAuthor":false,"prefix":"","firstName":"Mehdi","middleName":"","lastName":"Mortazavi","suffix":""}],"badges":[],"createdAt":"2025-04-24 10:38:15","currentVersionCode":1,"declarations":"","doi":"10.21203/rs.3.rs-6519925/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-6519925/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":82635138,"identity":"28508f05-be58-4513-88c8-3c4776b37ede","added_by":"auto","created_at":"2025-05-13 14:25:15","extension":"jpg","order_by":1,"title":"Figure 1","display":"","copyAsset":false,"role":"figure","size":49541,"visible":true,"origin":"","legend":"\u003cp\u003eThe Stages of Thematic Analysis\u003c/p\u003e","description":"","filename":"1.jpg","url":"https://assets-eu.researchsquare.com/files/rs-6519925/v1/899cf780d104af75c96aef07.jpg"},{"id":82635140,"identity":"abd41f9d-a6b8-487f-9a16-d583f997f0ab","added_by":"auto","created_at":"2025-05-13 14:25:15","extension":"jpg","order_by":2,"title":"Figure 2","display":"","copyAsset":false,"role":"figure","size":165573,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003eThe conceptual model of the research.\u003c/strong\u003e\u003c/p\u003e","description":"","filename":"2.jpg","url":"https://assets-eu.researchsquare.com/files/rs-6519925/v1/239a95e6aebd84cdf5bce3b2.jpg"},{"id":82635141,"identity":"de58f4a3-39c6-44e6-8126-4cc008c1219c","added_by":"auto","created_at":"2025-05-13 14:25:15","extension":"jpg","order_by":3,"title":"Figure 3","display":"","copyAsset":false,"role":"figure","size":21654,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003enormal weight dimensions\u003c/strong\u003e\u003c/p\u003e","description":"","filename":"3.jpg","url":"https://assets-eu.researchsquare.com/files/rs-6519925/v1/b0f66fa3a808e693152f4556.jpg"},{"id":106401583,"identity":"381e3a5d-221d-4e46-bcc2-1a3528634000","added_by":"auto","created_at":"2026-04-08 09:07:37","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":1437499,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-6519925/v1/714e2c0b-9ef3-4a29-a938-c5cb4e65f9a3.pdf"}],"financialInterests":"No competing interests reported.","formattedTitle":"Modeling the Impact of Aggressive Financial Behavior on Financial Decision-Making: Evidence from Forex Market Investors","fulltext":[{"header":"Introduction","content":"\u003cp\u003eIn the subject of behavioral finance, it is assumed that man is a rational being who is always successful in optimizing his interests, but he sometimes hesitates. Proponents of behavioral finance believe that awareness of \u0026quot;psychological tendencies\u0026quot; in the field of investment is absolutely necessary and requires serious development and research. In behavioral theories, it is assumed that people\u0026apos;s decisions and behavior are not completely rational, and irrational behavior is possible in each person\u0026apos;s decisions. One of these behavioral problems is known as herd behavior. Herd behavior occurs in the capital market when investors act in a way that imitates the actions of others (Candy \u0026amp; Novita, 2021). Due to herd behavior, people ignore their own opinions and make their investment decisions based solely on market trends and group movements. Therefore, stock return behavior is guided in such a way that it does not deviate from the total market return (Zeb et al., 2020). By studying the personality of each person, the characteristics that distinguish and separate one person from another can be identified. Some people study the biochemical and physiological aspects of human behavior and use appropriate methods, while others observe and examine the visible behavior of a person (Kumari et al., 2019). All personality traits, such as neuroticism, extroversion, agreeableness, and conscientiousness, influence investors\u0026apos; decisions to invest in the stock market (Dr. Babu et al., 2018). Therefore, humans do not make decisions based purely on logic; emotions also play an effective role, highlighting the importance of examining this issue in this research.\u003c/p\u003e\n\u003cp\u003ePersonality represents the consistent intellectual, emotional, and behavioral patterns of individuals. Additionally, various studies show that human personality is the main determinant of behavior, decision-making, and performance (Hidayah \u0026amp; Kustina, 2020). Personality traits significantly affect investor risk behavior, and financial literacy modifies the fundamental relationships between personality traits and investor risk behavior (Akhtar \u0026amp; Umair Malik, 2023). Individuals with open-minded and agreeable personalities typically influence subjective norms, whereas those with high levels of neuroticism tend to have a negative attitude toward stock investing. Perceived behavioral control over stock investment is influenced by the personality traits of agreeableness, extroversion, conscientiousness, and openness (Lai, 2019). While traits and personality are both intrinsic to a person, it is clear that by improving behavioral finance, one can also improve their financial satisfaction. The higher a person\u0026apos;s neuroticism score, the less they should be involved in making investment decisions. If people with high neuroticism scores can effectively manage their behavioral finances, financial dissatisfaction will decrease. They often need help when making decisions (Fachrudin et al., 2022).\u003c/p\u003e\n\u003cp\u003eBy researching aggressive financial behavior, stronger preventive and regulatory systems for financial markets can be designed and developed. Understanding these behaviors allows for the creation of models and algorithms capable of identifying and predicting problems and risks associated with aggressive financial actions. These systems can help regulatory institutions and policymakers implement appropriate measures to deal with aggressive behavior and prevent financial crises (Richardson et al., 2015). Research in this area provides a deeper understanding of market behavior and the factors affecting it, helping policymakers formulate more effective financial and economic policies. By understanding aggressive behaviors, investors can make better decisions to manage risks and take advantage of market opportunities. Research on aggressive financial behavior helps identify and assess the ethical and social dimensions of these behaviors (Richardson et al., 2015). The Forex market, one of the most dynamic and rapidly growing financial sectors globally, has undergone significant evolution in recent years. However, the impact of behavioral biases on investment choices remains a relatively unexplored area. Investors must recognize the influence of cognitive and emotional biases on their decision-making processes. By understanding and overcoming these biases, investors can make more informed and rational investment choices in the Forex market. This awareness can lead to better risk management, improved performance, and ultimately, greater success in navigating the complexities of this dynamic financial landscape.\u003c/p\u003e\n\u003cp\u003eTherefore, research on aggressive financial behavior in financial markets is highly necessary. Although aggressive financial behavior can yield short-term profits for individuals or groups of investors, it typically leads to high market volatility, uncertainty, and instability. Additionally, it may increase systemic risks that can eventually result in financial and economic crises. Many regulatory and legal organizations and institutions work to prevent exploitative behaviors and make financial markets more stable and orderly. This includes establishing regulations and restrictions on financial activities, increasing transparency and access to information, continuously monitoring markets, and enforcing stricter legal punishments for violators. Given the significance of aggressive behavior in investment choices, this article aims to explore the patterns of financial aggression that impact investors\u0026apos; financial decisions in the Forex market.\u003c/p\u003e\n\u003cp\u003eTheoretical Foundations and Research Background\u003c/p\u003e\n\u003cp\u003eAggressive Behavior\u003c/p\u003e\n\u003cp\u003eAggressive behavior refers to any type of behavior that includes actions, words, or even threats that directly or indirectly harm another person or cause them discomfort, resentment, or intimidation. Aggressive behavior can have serious consequences for the target individual, including stress and anxiety, reduced self-confidence, psychological problems, restrictions on individual rights and freedoms, and even physical and psychological harm (Smith \u0026amp; Johnson, 2021). Factors such as culture and social environment, personal experiences, psychological and social pressures, personal dissatisfaction, and lack of healthy communication skills can contribute to the development of aggressive behavior (Brown \u0026amp; Jones, 2021). Therefore, aggressive behavior has numerous negative effects on human life, impacting mental and physical health, social relationships, academic and job performance, and society as a whole. As a result, focusing on ethical education, improving conflict resolution skills, and fostering constructive communication can help reduce aggressive behaviors and create healthier living environments (Garcia \u0026amp; Van Blerkom, 2021).\u003c/p\u003e\n\u003ch3\u003eThe Impact of Aggressive Financial Behavior on Financial Markets\u003c/h3\u003e\n\u003cp\u003eAggressive financial behaviors have wide-ranging effects on financial markets.\u0026nbsp;The key consequences include\u0026nbsp;a lack of trust, heightened price fluctuations, increased systemic risk, reduced credit and transparency, economic disruptions, and rising costs.\u0026nbsp;In general, aggressive financial behaviors negatively impact financial markets, investors, companies, and the broader economy. To maintain fairness and transparency in financial markets,\u0026nbsp;there is a need for\u0026nbsp;proper supervision, strong laws and regulations, and increased awareness among investors and the general public (Kuhnen \u0026amp; Knutson, 2021). Aggressive financial behavior can significantly impact economic growth.\u0026nbsp;Severe market volatility and heightened investor uncertainty\u0026nbsp;can lead to hesitation and caution in investing in new projects and economic development. Consequently,\u0026nbsp;reduced\u0026nbsp;investment results in\u0026nbsp;a slower\u0026nbsp;economic growth rate (Lo, 2021).\u003c/p\u003e\n\u003cp\u003eSome individuals seek to exploit unfair conditions in financial markets. They may use insider information, manipulate prices, or engage in other fraudulent activities to maximize profits. Such behavior\u0026nbsp;harms\u0026nbsp;other investors and\u0026nbsp;damages\u0026nbsp;the integrity of financial markets.\u0026nbsp;Weak regulatory oversight and ineffective enforcement\u0026nbsp;may encourage aggressive behavior, as inadequate legal consequences can embolden individuals to engage in illegal activities\u0026nbsp;without fear of repercussions\u0026nbsp;(Barber \u0026amp; Odean, 2001). Aggressive financial behavior contributes to the emergence of financial and investment risks,\u0026nbsp;resulting in reduced diversification within\u0026nbsp;investment portfolios.\u0026nbsp;Investors may irrationally concentrate on specific assets while neglecting others, increasing overall portfolio risk.\u0026nbsp;Failure to accurately evaluate risk and return can lead to poor investment decisions and exposure to unknown risks. Additionally,\u0026nbsp;investors may overlook\u0026nbsp;the time horizons of their returns and their future financial needs. Investing irrationally and without due diligence in long-term assets may cause financial difficulties, such as short-term liquidity shortages, an inability to repay debts, or the need to sell assets under unfavorable conditions (Kahneman \u0026amp; Riepe, 2013).\u003c/p\u003e\n\u003ch3\u003eTheories Related to Aggressive Financial Behavior\u0026nbsp;Two prominent theories in the field of aggressive financial behavior are\u0026nbsp;behavioral financial theory and\u0026nbsp;mixed financial theory.\u003c/h3\u003e\n\u003ch4\u003eA) Behavioral Financial Theory:\u003c/h4\u003e\n\u003cp\u003eThis theory emphasizes that people do not always make rational and logical economic decisions; rather, they are influenced by psychological, social, and emotional factors. According to this theory, factors such as risk aversion, fear, overconfidence, or lack of confidence play critical roles in financial decision-making. For example, individuals may take excessive risks\u0026nbsp;due to\u0026nbsp;unrealistic optimism about the future (Statman et al., 2022).\u003c/p\u003e\n\u003ch4\u003eB) Mixed Financial Theory:\u003c/h4\u003e\n\u003cp\u003eThis theory suggests that aggressive financial behavior is not solely influenced by psychological and social factors but also by a combination of financial and behavioral elements. Key drivers include excessive profit-seeking, impulsivity, failure to analyze and assess risk, neglect of essential financial information, reliance on group decision-making, susceptibility to external influence, and self-deception (Statman et al., 2022).\u003c/p\u003e\n\u003cp\u003eThe key distinction between these two theories is that behavioral financial theory attributes aggressive financial behavior to psychological factors such as risk perception, fear, and emotional biases. In contrast, mixed financial theory argues that both psychological and financial elements contribute to aggressive behaviors, incorporating aspects like profit-seeking, impulsivity, and risk mismanagement (Hirshleifer \u0026amp; Shumway, 2003).\u003c/p\u003e\n\u003ch3\u003eAggressive Financial Behavior in Stock Trading\u003c/h3\u003e\n\u003cp\u003eAggressive financial behavior in stock markets can lead individuals to make investment decisions based on emotions and incomplete analysis rather than rational assessments and reliable data. This often results in excessive buying and selling patterns that do not align with market fundamentals.\u0026nbsp;Investors displaying aggressive behavior may irrationally and disproportionately buy or sell stocks. For example, they might enter trades without considering market conditions or logical risk-return assessments, leading to suboptimal investment decisions.\u0026nbsp;Aggressive financial behavior can reduce\u0026nbsp;stock market efficiency. When investors make decisions based on emotions and limited analysis, markets fail to reflect fair pricing and accurate financial information (Ahmad et al., 2022). To manage aggressive financial behavior, investors should conduct comprehensive\u0026nbsp;risk and return analyses before making financial decisions. Evaluating factors such as historical asset performance, market conditions, economic and political influences, and potential risks can lead to more informed investment choices. Developing a balanced and rational investment strategy can help mitigate aggressive behaviors. Investor education and awareness regarding aggressive financial tendencies can further prevent irrational decision-making (Al-Ameedee \u0026amp; Moradi, 2023).\u003c/p\u003e\n\u003ch2\u003eResearch Background\u003c/h2\u003e\n\u003cp\u003eXia and Madani (2024), conducted a study titled \u0026quot;Releasing Behavioral Factors Affecting the Decision-Making of Chinese Investors in the Stock Markets\u0026quot; to explore the behavioral factors influencing Chinese investors\u0026apos; decision-making in the Beijing, Shanghai, and Shenzhen stock markets. By surveying 521 participants and utilizing a structured questionnaire, the study revealed that herding, overconfidence, prospect theory, the gambler\u0026rsquo;s fallacy, and anchoring bias often lead investors astray from rational decision-making, contributing to market inefficiencies. The study highlights how herding, prospect theory, and heuristics influence investment performance in Chinese stock markets. It emphasizes the importance of investor education programs and regulatory measures that address behavioral biases and promote more informed decision-making. Khare and Kapoor (2024), examined\u0026nbsp;\u0026quot;Behavioral Biases and the Rational Decision-Making Process of Financial Professionals: Significant Factors That Determine the Future of the Financial Market,\u0026quot; investigating the key factors shaping the future of financial markets. By assessing how behavioral biases impact financial forecasting and decision-making among professionals, the study employed an expert-validated questionnaire to analyze four key behavioral biases among Indian financial professionals. The findings indicate a strong fit between the structural path model and the sample data. The presence of behavioral biases suggests that financial professionals\u0026apos; decision-making and forecasting may not always be rational but rather influenced by these biases, leading to both rational and irrational outcomes. Notably, these biases\u0026mdash;except for overconfidence bias\u0026mdash;exhibit a significant positive correlation with irrational decision-making.\u003c/p\u003e\n\u003cp\u003eAgustini et al. (2023), conducted a study titled \u0026quot;Environmental, Social, Governance, and Financial Distress Impact on Tax Aggressiveness in Indonesia: Gender of the CEO as a Moderating Variable.\u0026quot; The research revealed a positive and significant relationship between financial distress and tax aggressiveness. Furthermore, the gender of the CEO was found to strengthen the link between environmental, social, and governance (ESG) factors and tax aggressiveness. In another study, Taki et al. (2023) explored \u0026quot;The Moderating Role of Honesty-Humility of Financial Managers in Aggressive Financial Reporting: Evidence from Iran\u0026quot; The findings indicated that a decline in honesty-humility among financial managers exacerbates the impact of risk-taking and social pressure on aggressive financial reporting. Additionally, Karimi et al. (2023) examined \u0026quot;Effects of Monetary and Currency Policy Uncertainty on Investor Sentiment.\u0026quot; The results, spanning 2018 to 2019, demonstrated a\u0026nbsp;positive correlation between monetary and financial policy uncertainty and investors\u0026apos; emotional tendencies, particularly affecting stocks linked to export and import activities.\u003c/p\u003e\n\u003cp\u003eSalimi et al. (2022) investigated the impact of personality traits and individual motivation on investors\u0026apos; tendency toward mass behavior in the Tehran Stock Exchange, with experience and financial knowledge serving as moderating factors. The results indicated that investors with compliant or submissive personalities are more prone to herd behavior. Hidayah and Kustina (2020) explored the influence of personality traits on investor sentiments. Their findings revealed a strong correlation between neuroticism, extroversion, and openness with biased behavior among individual investors in the Indonesian Stock Exchange. Personality encompasses stable patterns of thinking, emotions, and behavior, and research suggests that it significantly influences an individual\u0026apos;s behavior and performance. In a study by Kumari et al. (2019), the relationship between personality characteristics, motivation, and herd behavior in the Indian stock market was examined. The results indicated that individuals with an adaptable personality are more influenced by social motivation, while cognitive factors can trigger aggressive behavior and discourage herd mentality. Conversely, investors with a detached personality are unaffected by motivational factors. Studying personality helps differentiate individuals, with some researchers focusing on biochemical and physiological aspects, while others examine observable behaviors.\u003c/p\u003e"},{"header":"Methodology","content":"\u003cp\u003eThe choice of the research method depends on the objectives, the nature of the research subject, and its feasibility. The current study employs a mixed-method (qualitative-quantitative) approach to identify, classify, and extract concepts based on textual analysis and expert opinions. The qualitative analysis in this study follows the thematic analysis method, which is used for the subjective interpretation of textual data through systematic classification processes. The stages of qualitative research in this study are illustrated in Figure 1.\u003c/p\u003e\n\u003cp\u003eThe data collection method in this qualitative research is exploratory interviews. This method was chosen due to its flexibility, adaptability to various research settings, and ability to generate in-depth insights. Moreover, exploratory interviews are a preferred method for most research participants, as they feel more comfortable engaging in discussions compared to other qualitative methods such as participant observation.\u003c/p\u003e\n\u003cp\u003eThe development and implementation of exploratory interviews in this study follow four stages:\u003c/p\u003e\n\u003col start=\"1\" type=\"1\"\u003e\n \u003cli\u003eDefining the research problem\u003c/li\u003e\n \u003cli\u003eDeveloping interview guidelines\u003c/li\u003e\n \u003cli\u003eSelecting interviewees\u003c/li\u003e\n \u003cli\u003eConducting interviews\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003ePrior to each interview, the interview protocol form was shared with the interviewee either in person or via email, and a mutually convenient time was scheduled for the interview.\u003c/p\u003e\n\u003ch3\u003eApplication of the SWARA Technique\u003c/h3\u003e\n\u003cp\u003eA small portion of the study utilizes the SWARA (Stepwise Weight Assessment Ratio Analysis) technique, a multi-criteria decision-making method.\u003c/p\u003e\n\u003cp\u003eTo ensure validity, a panel of management experts reviewed the questionnaire to assess question relevance, clarity, comprehensibility, and the appropriateness of the selected variables. Their feedback was incorporated, and necessary revisions were applied to improve the questionnaire.\u003c/p\u003e\n\u003cp\u003eThe steps for implementing the SWARA technique are as follows:\u003c/p\u003e\n\u003ch4\u003eStep 1: Sorting Indicators\u003c/h4\u003e\n\u003cp\u003eThe most critical indicators are identified based on expert opinions and ranked in order of importance. The highest-priority indicator is placed at the top.\u003c/p\u003e\n\u003ch4\u003eStep 2: Determining the Relative Importance of the Main Criteria\u0026nbsp;(SJ)\u003c/h4\u003e\n\u003cp\u003eAt this stage, the relative importance of each criterion is evaluated and scored in comparison to the most critical indicator. In the SWARA method, this value is denoted as\u0026nbsp;SJ.\u003c/p\u003e\n\u003cp\u003eStep 3: calculate kj coefficient\u003c/p\u003e\n\u003cp\u003eThe kj coefficient is a function of\u0026nbsp;the relative importance of each indicator and is calculated using the following equation\u0026nbsp;(1).\u003c/p\u003e\n\u003cp\u003e(1) KJ=SJ+1\u003c/p\u003e\n\u003ch4\u003e\u0026nbsp;Step 4: Calculating Initial and Normalized Weights\u003c/h4\u003e\n\u003cp\u003eThe\u0026nbsp;initial weight of each criterion is obtained using Equation (2)\u003c/p\u003e\n\u003cp\u003e(2) qj= (qj-1)/kj\u003c/p\u003e\n\u003cp\u003eThe normalized weight is then calculated using Equation (3):\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e(3) wj=\u0026nbsp;\u003cimg width=\"19\" height=\"26\" src=\"data:image/png;base64,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\" alt=\"image\"\u003e\u003c/p\u003e\n\u003ch3\u003eResearch Population and Sampling Method\u003c/h3\u003e\n\u003cp\u003eThe research population for both the qualitative and quantitative phases consists of:\u003c/p\u003e\n\u003cul type=\"disc\"\u003e\n \u003cli\u003eCapital market experts\u003c/li\u003e\n \u003cli\u003eBehavioral economics specialists\u003c/li\u003e\n \u003cli\u003eUniversity professors specializing in capital markets\u003c/li\u003e\n \u003cli\u003eA targeted selection of 10 leading experts in the field\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThe sampling method used in this research is theoretical and purposeful sampling. Participants were selected based on their expertise and leadership in the field, ensuring that the sample includes individuals with substantial knowledge and experience.\u003c/p\u003e\n\u003cp\u003eFindings\u003c/p\u003e\n\u003cp\u003eThe findings related to the demographic characteristics of the study participants\u0026mdash;including average age, work experience, and educational background\u0026mdash;are summarized as follows. An analysis of the participants\u0026apos; average age revealed that university professors had the highest average age at 52.33 years, while Forex market experts had the lowest average age, averaging 44.36 years. Regarding work experience, university professors had the highest average work experience, at 20.56 years, whereas Forex market experts had the least work experience, averaging 16.33 years. In terms of educational qualifications, out of the total 10 experts surveyed, 4 participants (40%) held a master\u0026apos;s degree, while 6 participants (60%) had a doctorate. In the qualitative section, an excerpt from an interview with one of the experts is presented in Table 1.\u003c/p\u003e\u003ch3\u003e\u003cstrong\u003eTable 1: Excerpt from an Interview with One of the Experts\u003c/strong\u003e\u003c/h3\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 632px;\"\u003e\n \u003ch4\u003e\u003cstrong\u003eInterview Transcript\u003c/strong\u003e\u003c/h4\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 632px;\"\u003e\n \u003cp\u003eIn response to your initial question, I must state that being influenced by group behavior can lead to aggressive financial behavior in decision-making. When individuals are part of a group, the behavior of others can significantly impact their own actions and financial decisions. This influence can occur both directly and indirectly. In some cases, individuals may be \u003cstrong\u003edirectly impacted\u003c/strong\u003e by group behavior, which can alter their financial choices. For example, if most members of an investment group decide to buy a particular stock, an individual who is highly influenced by group behavior may choose to invest in the same stock, even if personal analysis suggests it is not the best decision. \u003cstrong\u003eIndirectly,\u003c/strong\u003e group influence can shape financial behavior as well. For instance, in an environment where risky investments are favored, an individual who typically prefers low-risk investments may feel pressured to adopt riskier strategies to align with the group\u0026rsquo;s behavior. Overall, susceptibility to group influence can lead to aggressive financial behavior due to \u003cstrong\u003ea desire for social conformity, faulty analysis, disregard for available financial information, or fear of social rejection.\u003c/strong\u003e To mitigate these effects, it is crucial for individuals to independently evaluate financial information based on their personal circumstances and strive to\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003cstrong\u003eminimize the influence of group dynamics\u003c/strong\u003e on their financial decisions\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eBy analyzing the \u003cstrong\u003eopen codes\u003c/strong\u003e extracted from the reviewed interviews, \u003cstrong\u003ethemes have been defined and categorized in the final step.\u003c/strong\u003e The survey results indicate that various factors influence aggressive financial behavior. Table 2 lists the components and subcomponents resulting from the coding process. These factors are classified into\u003cstrong\u003e\u0026nbsp;\u003cstrong\u003ethree main categories\u003c/strong\u003e\u003c/strong\u003e, each containing \u003cstrong\u003eseveral sub-components\u003c/strong\u003e, as presented in \u003cstrong\u003eTables 3 and 4\u003c/strong\u003e\u003cstrong\u003e.\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 2: Main Components and Sub-Components Derived from the Extracted Open Codes\u003c/strong\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003eobject\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 66px;\"\u003e\n \u003cp\u003eThe main component\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eSecondary components (secondary codes)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eExtracted primary codes\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"23\" style=\"width: 66px;\"\u003e\n \u003cp\u003eIdentifying aggressive financial behaviors affecting financial decisions\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"3\" style=\"width: 66px;\"\u003e\n \u003cp\u003eImagination and greed in the stock market\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eInfluence of group behavior\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eBeing influenced by group behaviors - Direct being influenced by investors\u0026apos; wrong behaviors - Indirect being influenced by investors\u0026apos; wrong behaviors - Tendency to social imbalance - Incorrect analysis of events - Inattention to financial information - Fear of social rejection - People\u0026apos;s influence in a group or population - Tendency Reluctance to buy some stocks - unreasonable desire for risky investments\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eIncorrect analysis and lack of knowledge of the market\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eIncorrect analysis and lack of knowledge and understanding of the market - Tendency to make incorrect and aggressive decisions - Tendency to wrong analyses, personal feelings, and personal preferences - Lack of knowledge and knowledge of the market - Tendency to make random decisions without regard to risk and reward - Lack of knowledge of market trends - Failure to pay attention to the support area and chart trends - Paying attention to processes unrelated to market conditions - Being influenced by emotions - Unreasonable desire to participate in the upward trend of the market - Fear of the market falling - Imbalance in decisions - Impaired risk perception - Unbalanced attention to profits High and fast - not paying attention to possible risks - not respecting rational and balanced financial planning\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eGreed and desire for quick profit\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eGreed and desire for quick profit - excessive risk - making wrong decisions - not paying attention to financial risks - not analyzing and assessing risks accurately - ignoring the basic principles of investment - not paying attention to long-term thinking and effective risk management - believing in incorrect patterns - lack of ability in detecting changes - focusing on incorrect choices - paying incorrect attention to quick and short-term opportunities - not carefully examining opportunities and risks - trying to play the market\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" style=\"width: 66px;\"\u003e\n \u003cp\u003eDistress in financial behavior\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eNot having an investment strategy\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eLack of investment strategies - Acting without a plan and strong planning in the financial market - Lack of planning - Lack of decision-making based on specific goals and timing - Buying stocks randomly and without sufficient analysis - Incomplete analysis - Highly influenced by emotions - Imbalance in investment - Non-exploitation of research\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eNot having enough experience and training\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eNot having enough experience and training - Lack of experience in the field of financial decisions - Looking for quick profits - Lack of desire for accurate analysis and correct financial planning - Lack of training and knowledge in the field of financial decisions - Insufficient knowledge of investment principles - Insufficient knowledge of market analysis - Inadequate awareness of risk management and financial balance - Ignoring the basic and technical factors of the market - Unbalanced attention to the opinions and recommendations of others - Lack of independence in financial decisions - Fear and despair - Failure to pay attention to real risks and possibilities - Feeling of fear and despair - The influence of personal preferences.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eSusceptibility to speculation and rumors\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eSusceptibility to speculations and rumors - Susceptibility to lack of careful analysis and investigation - Paying too much attention to rumors and speculations - Making incorrect financial decisions - Taking risky behavior in financial decisions - Lack of investment spirit - Too much trust in the market - Investing without sufficient analysis and investigation Accurate - Unbalanced investments - Irrational influence of group decisions - Failure to pay attention to the increase in market volatility - False excitement from the increase in trading volume - Incorrect effect of pricing\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" style=\"width: 66px;\"\u003e\n \u003cp\u003eSelfishness and pride in financial behavior\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eAn unusual increase in the volume of transactions\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eAbnormal increase in the volume of transactions - increase in group influence - increase in the influence of psychological factors - susceptibility to a group and competitive flow - susceptibility to more emotions - the effect of inappropriate group behavior on analysis - lack of attention to risk-taking - increased opportunities for abuse - susceptibility to irregular changes in prices\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eFalse assurance of victory\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003efalse confidence in winning - influenced by personal preferences - false belief in a sure winning - inability to recognize - changes and major events in the market - not paying attention to the stable growth of the market or the absence of recession - belief in wrong patterns - inability to recognize and Predicting risks - ignoring negative information - not paying attention to high-risk decisions\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eIrrational demands from the market\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eIrrational demands from the market - Expecting quick and risk-free profit - Not paying attention to recommendations and guidance for quick and risk-free profit - Improperly influenced by market heat - Improperly influenced by market fluctuations - Improperly influenced by group behavior - Failure to create a suitable investment plan - Failure to avoid making decisions based on short-term ups and downs of the market - failure to focus on long-term goals and rational planning\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" style=\"width: 66px;\"\u003e\n \u003cp\u003eDecision-making based on emotions\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eFear of losing capital\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eFear of losing capital - poor performance in the market - refusing to make appropriate investments - making unbalanced and unbalanced decisions - losing profitable opportunities in the market - indulgent behavior - imbalance in decision making - being too conservative - lack of productivity From growth and profitability capabilities - making emotional decisions - not avoiding risk\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eFalse excitement in the purchase process\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eFalse excitement in purchase procedures - Unjustified increase in excitement in a person about an investment - Increased risk tolerance - Increased risk tolerance in financial decisions - Failure to pay attention to financial analysis and principles - Investing in stocks or property without careful examination - Ignoring financial principles - Entering high-risk markets, or rapid and sudden changes in the investment portfolio - Instability in decision-making - Increasing the probability of falling into a debt trap - Additional debt and financial problems - Not paying attention to debt solvency - Instability in decision-making - Frequent buying and selling and Unplanned investments\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eBias and inclination to personal beliefs\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003ePrejudice and tendency towards personal beliefs - Selection of attention-oriented beliefs - Ideological or political attitudes - Consolidation of personal tendencies - Tendency to consolidate and strengthen personal beliefs - Ignoring conflicting information - Rejecting important information - Not receiving or rejecting important and valuable information about financial status - The influence of uninformed groups - The pressure of social assimilation - Unwarranted influence of others\u0026apos; behavior\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"4\" style=\"width: 66px;\"\u003e\n \u003cp\u003eBehaviors inconsistent with financial goals\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"2\" style=\"width: 85px;\"\u003e\n \u003cp\u003eIrrational transmission of emotions and being influenced by it\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eIrrational transmission of emotions and being influenced by them - making emotional decisions - imbalance in decision making - aggressive decisions\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eIgnoring financial principles - not paying attention to adverse financial consequences - making decisions based on fear, anger, or jealousy - the desire to earn more profit\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eDeficiency of decision rules\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eDefects in financial decision-making laws - Failure to pay attention to restrictions and supervision - Lack of transparency and limited information - Decision-making based on incomplete and incorrect information - Exploitation of illegal internal or external information - Attempts to retaliate and coercive rights - Decisions based on false and distorted information - Lack of Attention to obligations and punitive factors - failure to follow patterns and guidelines\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eToo much trust in others\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eToo much trust in others - lack of decision-making independence - complete dependence on other people\u0026apos;s opinions - making financial decisions based on other people\u0026apos;s opinions - lack of independent review and analysis of information - influencing other people\u0026apos;s feelings - making decisions based on social incentives - needing acceptance and approval from others - removing Personal responsibility - Failure to review and evaluate information accurately - Failure to review and evaluate deficiencies - Reviewing information incorrectly and superficially - Increased risk - Unreasonable investment - Unnecessary debt - Risky decisions - Incorrect social behaviors\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"4\" style=\"width: 66px;\"\u003e\n \u003cp\u003eRisky behaviors in investment\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eExcessive use of financial leverage\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eExcessive use of financial leverage - Using debt to secure capital or investment - Not paying attention to high risk - Not paying attention to high debt and excessive financial obligations - Not paying attention to the principles of financial management and ethical standards - Exploiting more debt and High profits - Dependence on market conditions - Economic stagnation or price fluctuations - Short-term decisions without considering long-term and sustainable effects - Increasing financial pressures - Not paying attention to the limitation of financial resources, increasing costs - Paying more interest and fines - Increasing efforts for illegal exploitation - Accessing confidential information or using illegal methods - Fraud in financial reporting - Misuse of market information - Attempts to distort prices and illegal transactions - Failure to adhere to ethical principles - Unfair, destructive and irresponsible decisions - Damage to the rights and interests of other people - Abuse of Private information - misrepresentation of financial information and other incorrect decisions\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"2\" style=\"width: 85px;\"\u003e\n \u003cp\u003eFailure to perceive risk\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eDeficiency in risk perception - Insufficient awareness of risk - Conducting aggressive transactions - Possessing excessively risk-taking behaviors - Incorrect estimation of the probability of risk occurrence - Incorrect estimation of the probability of risk occurrence - Increased willingness to risk - Failure to pay attention to the limitations and potential of potential damages - Not neglecting incomplete risks - Failure to comply with financial restrictions and regulations - Failure to pay attention to the stability of the market volume - Creating unbalanced and unstable conditions in the financial market - Increasing market fluctuations - Laying grounds for the violation of rights and interests - Distortion of information and illegal transactions - Misuse of internal information or Foreign\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eViolation of shareholders\u0026apos; rights - Increasing financial risks - Attempting to take advantage of unbalanced market conditions and faster profits - Investing in worthless assets - Making large and risky transactions - Using more debt - Susceptibility to time anxiety - Reducing a person\u0026apos;s ability to accept financial risk - Irrational decision making About financial issues - Hasty financial decisions without sufficient care - Violent reactions - Drowning in betting games - Investing in risky and unstable projects - Trading based on fear and violent decisions - Panic selling of stocks - Social derivatives - Creating more problems in the market Financial.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eIrrational influence of news and events\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eIrrational impressionability of news and events - increase of feelings and emotions - being affected by emotions caused by news and events - interference in passion and excitement - hasty and aggressive decision-making in financial transactions - making decisions without careful analysis and logical examination - high impressionability From the market - trading without detailed analysis and logical review - failure to comply with investment strategies and restrictions\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" style=\"width: 66px;\"\u003e\n \u003cp\u003eTime stress behaviors\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eDelay in making decisions on financial transactions\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eDelay in making decisions about financial transactions - anxiety and fear of losing opportunities - entering into transactions without careful examination - entering into transactions based on feelings caused by anxiety - making decisions based on short-term value - making decisions based on immediate needs - increasing risk tolerance - accepting more risks Hoping to make faster profits - excessive use of financial leverage - buying risky assets - increasing the probability of making unstable decisions - hasty decisions in financial transactions\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eSusceptibility to time anxiety\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eSusceptibility to time anxiety - reducing one\u0026apos;s ability to accept financial risk - making irrational decisions about financial issues - hasty financial decisions without sufficient accuracy - violent reactions - drowning in betting games - investing in risky and unstable projects - trading based on fear and Violent decisions - Panic selling of shares - Social derivatives - Creating more problems in the financial market - Banks going bankrupt\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 85px;\"\u003e\n \u003cp\u003eNot paying attention to time discipline in investment\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 406px;\"\u003e\n \u003cp\u003eFailure to pay attention to time discipline - Applying decisions without sufficient investigation - Failure to review restrictions and regulations - Lack of financial transparency - Conducting illegal transactions - Failure to manage and properly plan investments - Failure to plan accurately and manage resources - Investing in an uncoordinated and unsystematic manner - Failure to use Optimum investment opportunities - decision making based on emotions - not paying attention to the long-term effects of investment\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eThe dimensions and components obtained from the extracted open codes along with the symbol are presented in Table 3:\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 3: Dimensions and components obtained from the extracted open codes, along with symbols\u003c/strong\u003e\u003c/p\u003e\n\u003ctable border=\"0\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 80px;\"\u003e\n \u003cp\u003eMain factors\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 134px;\"\u003e\n \u003cp\u003eComponent\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 246px;\"\u003e\n \u003cp\u003eSecondary codes\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"6\" style=\"width: 80px;\"\u003e\n \u003cp\u003eEmotional\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"3\" style=\"width: 134px;\"\u003e\n \u003cp\u003eImagination and greed in the stock market\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eInfluence of group behavior\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eIncorrect analysis and lack of knowledge of the market\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eGreed and desire for quick profit\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" style=\"width: 134px;\"\u003e\n \u003cp\u003eDecision-making based on emotions\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eFear of losing capital\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eFalse excitement in the purchase process\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eBias and inclination to personal beliefs\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"9\" style=\"width: 80px;\"\u003e\n \u003cp\u003ebehavioral\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"3\" style=\"width: 134px;\"\u003e\n \u003cp\u003eDistress in financial behavior\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eNot having an investment strategy\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eNot having enough experience and training\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eSusceptibility to speculation and rumors\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" style=\"width: 134px;\"\u003e\n \u003cp\u003eSelfishness and pride in financial behavior\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eAn unusual increase in the volume of transactions\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eFalse assurance of victory\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eIrrational demands from the market\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" style=\"width: 134px;\"\u003e\n \u003cp\u003eBehaviors inconsistent with financial goals\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eIrrational transmission of emotions and being influenced by it\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eDeficiency of decision rules\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eToo much trust in others\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"6\" style=\"width: 80px;\"\u003e\n \u003cp\u003eintellectual\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"3\" style=\"width: 134px;\"\u003e\n \u003cp\u003eRisky behaviors in investment\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eExcessive use of financial leverage\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eFailure to perceive risk\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eIrrational influence of news and events\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" style=\"width: 134px;\"\u003e\n \u003cp\u003eTime stress behaviors\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eDelay in making decisions on financial transactions\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eSusceptibility to time anxiety\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 246px;\"\u003e\n \u003cp\u003eNot paying attention to time discipline in investment\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eThe final model derived from this research is presented in Figure 2. Based on the findings, the research variables have been classified into three main categories: Intellectual Factors, Behavioral Factors\u003cstrong\u003e,\u0026nbsp;\u003c/strong\u003eEmotional Factors.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eSWARA technique\u003c/strong\u003e:\u003c/p\u003e\n\u003cp\u003eIn this study, dimensions, components, and indicators were derived using thematic analysis, which involved interviews with experts from the capital market, behavioral economics, and university professors specializing in capital studies. The quantitative phase included these experts responding to the SWARA questionnaire. The SWARA method was employed to weight the main criteria, with the initial and normalized weights presented in Table 4 and Figure 3.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cspan\u003eTable (4): Normal weight of dimensions\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\n\u003ctable border=\"0\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003eIndicator\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 113px;\"\u003e\n \u003cp\u003eThe average relative importance of each SJ index\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 76px;\"\u003e\n \u003cp\u003eCalculate the KJ coefficient\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 95px;\"\u003e\n \u003cp\u003eCalculate the initial weight of each index qj\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003eNormal weight wj\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003ebehavioral\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 113px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 76px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 95px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003e0.505\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003eintellectual\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 113px;\"\u003e\n \u003cp\u003e0.640\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 76px;\"\u003e\n \u003cp\u003e1.64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 95px;\"\u003e\n \u003cp\u003e0.610\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003e0.308\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003eEmotional\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 113px;\"\u003e\n \u003cp\u003e0.650\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 76px;\"\u003e\n \u003cp\u003e1.65\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 95px;\"\u003e\n \u003cp\u003e0.370\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 66px;\"\u003e\n \u003cp\u003e0.187\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eAccording to the calculations and \u003cstrong\u003eFigure 3\u003c/strong\u003e, the behavioral dimension, with a weight of 0.505, has been prioritized. The intellectual dimension, with a weight of 0.508, has been placed as the second priority. The emotional dimension is ranked third, with a weight of 0.187. In examining the weight of the components and research indicators, the final weight is provided in \u003cstrong\u003eTable 5\u003c/strong\u003e\u003cstrong\u003e.\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable (5): Final weight of sub-criteria\u003c/strong\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"650\"\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 57px;\"\u003e\n \u003cp\u003eMain factors\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 49px;\"\u003e\n \u003cp\u003eWeight\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 108px;\"\u003e\n \u003cp\u003eComponent\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 49px;\"\u003e\n \u003cp\u003eWeight\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 283px;\"\u003e\n \u003cp\u003eSub subcriterion\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003ebranch weight\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003eFinal weight\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"6\" valign=\"top\" style=\"width: 57px;\"\u003e\n \u003cp\u003eEmotional\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"6\" valign=\"top\" style=\"width: 49px;\"\u003e\n \u003cp\u003e0.187\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 108px;\"\u003e\n \u003cp\u003eImagination and greed in the stock market\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 49px;\"\u003e\n \u003cp\u003e0.609\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eInfluence of group behavior\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.493\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.056\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eIncorrect analysis and lack of knowledge of the market\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.308\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.035\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eGreed and desire for quick profit\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.199\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.023\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 108px;\"\u003e\n \u003cp\u003eDecision-making based on emotions\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 49px;\"\u003e\n \u003cp\u003e0.391\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eFalse excitement in the purchase process\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.457\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.033\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eBias and inclination to personal beliefs\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.315\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.023\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eFear of losing capital\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.228\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.017\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"9\" valign=\"top\" style=\"width: 57px;\"\u003e\n \u003cp\u003ebehavioral\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"9\" valign=\"top\" style=\"width: 49px;\"\u003e\n \u003cp\u003e0.505\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 108px;\"\u003e\n \u003cp\u003eDistress in\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 49px;\"\u003e\n \u003cp\u003e0.452\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eNot having an investment strategy\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.491\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.112\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eNot having enough experience and training\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.336\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.077\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eSusceptibility to speculation and rumors\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.173\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.040\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 108px;\"\u003e\n \u003cp\u003eSelfishness and pride in\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 49px;\"\u003e\n \u003cp\u003e0.318\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eFalse assurance of victory\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.465\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.075\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eIrrational demands from the market\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.310\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.050\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eAn unusual increase in the volume of transactions\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.225\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.036\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 108px;\"\u003e\n \u003cp\u003eBehaviors inconsistent with financial goals\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 49px;\"\u003e\n \u003cp\u003e0.230\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eIrrational transmission of emotions and being influenced by it\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.452\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.053\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eDeficiency of decision rules\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.319\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.037\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eToo much trust in others\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.229\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.027\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"6\" valign=\"top\" style=\"width: 57px;\"\u003e\n \u003cp\u003eintellectual\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"6\" valign=\"top\" style=\"width: 49px;\"\u003e\n \u003cp\u003e0.308\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 108px;\"\u003e\n \u003cp\u003eRisky behaviors in investment\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 49px;\"\u003e\n \u003cp\u003e0.611\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eExcessive use of financial leverage\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.451\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.085\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eFailure to perceive risk\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.327\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.061\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eIrrational influence of news and events\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.222\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.042\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 108px;\"\u003e\n \u003cp\u003eTime stress behaviors\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 49px;\"\u003e\n \u003cp\u003e0.389\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eNot paying attention to time discipline in investment\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.475\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.057\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eDelay in making decisions on financial transactions\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.308\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.037\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 283px;\"\u003e\n \u003cp\u003eSusceptibility to time anxiety\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.217\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e0.026\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eBased on Table 6, the final priority of the indicators is given in Table 6:\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable (6): Final priority of indicators\u003c/strong\u003e\u003c/p\u003e\n \u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eSub Subcriterion\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eFinal weight\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eprioritize\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eNot having an investment strategy\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.112\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eExcessive use of financial leverage\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.085\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eNot having enough experience and training\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.077\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e3\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eFalse assurance of victory\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.075\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e4\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eFailure to perceive risk\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.061\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e5\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eNot paying attention to time discipline in investment\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.057\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e6\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eInfluence of group behavior\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.056\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e7\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eIrrational transmission of emotions and being influenced by it\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.053\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e8\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eIrrational demands from the market\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.050\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e9\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eIrrational influence of news and events\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.042\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eSusceptibility to speculation and rumors\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.040\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e11\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eDeficiency of decision rules\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.037\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e12\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eDelay in making decisions on financial transactions\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.037\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e12\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eAn unusual increase in the volume of transactions\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.036\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e13\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eIncorrect analysis and lack of knowledge of the market\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.035\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e14\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eFalse excitement in the purchase process\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.033\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e15\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eToo much trust in others\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.027\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e16\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eSusceptibility to time anxiety\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.026\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e17\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eBias and inclination to personal beliefs\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.023\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e19\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eGreed and desire for quick profit\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.023\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e19\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eFear of losing capital\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.017\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e20\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n\u003c/div\u003e"},{"header":"Discussion","content":"\u003cp\u003eThe study aims to propose a model of aggressive financial behavior influencing decision-making in finance. Data from expert interviews were analyzed through thematic analysis, revealing three domains of aggressive behaviors affecting financial choices: emotional, behavioral, and intellectual. Karimi et al. (2023) identified a positive correlation between monetary policy uncertainty and investors' emotional inclinations. Salimi et al. (2021) investigated the impact of personality traits and motivation on investors' tendency towards group behavior, highlighting the moderating role of experience and financial knowledge. Their results support the current research, suggesting that individuals with compliant or submissive personalities are more prone to herding behavior. \u003cstrong\u003eThese\u003c/strong\u003einsights support the current study's focus on aggressive financial behavior and its implications for decision-making. By exploring the interplay between emotional, behavioral, and intellectual factors, a comprehensive understanding of how these elements shape individuals' financial choices \u003cstrong\u003eemerges\u003c/strong\u003e. Moreover, the research sheds light on the intricate relationship between personality traits, motivation, and the propensity for group behavior among investors. This holistic approach not only enriches our knowledge of financial decision-making processes but also underscores the significance of experience and financial literacy in mitigating the impact of aggressive tendencies on investment outcomes.\u003c/p\u003e\n\u003cp\u003eThe study by Hidaya and Kostina (2020) on \"The impact of personality traits on investor sentiments\" aligns with these findings. They identified that neuroticism, extroversion, and openness significantly influence biased behaviors among individual investors in the Indonesian stock market. Personality encompasses consistent intellectual, emotional, and behavioral traits that shape individuals' actions and outcomes. This research underscores the critical role of behavioral incongruence with financial goals. Similarly, Kumari et al. (2019) explored \"Personality traits and motivations of individual investors in relation to herd behavior in the Indian stock market,\" highlighting that adaptable personalities are more susceptible to social incentives, while assertive personalities are influenced by cognitive factors that mitigate herd behavior. In contrast, detached personalities remain unaffected by motivational triggers.\u003c/p\u003e\n\u003cp\u003eOverall, these studies shed light on the intricate interplay between personality traits and investment decisions. Understanding how individual characteristics influence financial behaviors can provide valuable insights for both investors and financial professionals. By acknowledging the influence of personality on investment choices, stakeholders can develop tailored strategies and interventions to help investors align their actions with their financial objectives. This body of research underscores the multifaceted nature of investor behavior and highlights the importance of considering individual differences in shaping market dynamics. Here are the recommendations based on the research results:\u003c/p\u003e\n\u003cp\u003ea) Thorough training should be offered to investors on the forex market, its associated risks, and proper financial decision-making methods.\u003c/p\u003e\n\u003cp\u003eb) According to the findings, focusing on \u003cstrong\u003ethe\u003c/strong\u003e fundamental analysis of the forex market and providing investors with real, reliable information can aid in making better decisions.\u003c/p\u003e\n\u003cp\u003ec) The research suggests providing investors with training and essential tools for technical analysis to enable rational decision-making.\u003c/p\u003e\n\u003cp\u003ed) Teaching risk management concepts and utilizing tools like moving stops and limiting losses is recommended to mitigate financial decision-making risks for investors.\u003c/p\u003e\n\u003cp\u003ee) Emphasizing the importance of sticking to a financial strategy and avoiding impulsive reactions to sudden market changes is advised.\u003c/p\u003e\n\u003cp\u003ef) Training investors to manage their emotions in financial decisions is recommended.\u003c/p\u003e\n\u003cp\u003eg) Encouraging investors to diversify their investment portfolio rather than concentrating all capital on a single transaction is advisable.\u003c/p\u003e\n\u003cp\u003eh) Setting limits on the maximum investment amount per transaction is suggested to mitigate significant risks.\u003cbr\u003e\u0026nbsp;i) Establishing monitoring groups to identify and predict aggressive behaviors, and taking preventive measures, is recommended.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003ej)\u003c/strong\u003e Providing transparent, accurate information on transaction types, risk levels, and past performance to investors is advised.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003ek)\u003c/strong\u003e Promoting long-term investment and encouraging investors to focus on extended timeframes can help reduce the impact of aggressive behavior.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003el)\u003c/strong\u003e Collaboration with relevant institutions and organizations is recommended to establish appropriate guidelines.\u003c/p\u003e\n\u003cp\u003eAdditionally, it's important to note the limitations of the research: the focus on the forex market limits the generalization of results to other financial and capital markets. Results should be interpreted considering the specific political, economic, and social conditions at the time of the study.\u003c/p\u003e"},{"header":"Declarations","content":"\u003cp\u003e \u003cstrong\u003eEthical Approval and Consent to Participate\u003c/strong\u003e \u003cp\u003eThis study involved qualitative and quantitative data collection through surveys and interviews with 10 experts in capital markets, behavioral economics, and finance. All participants provided informed consent prior to participation.\u003c/p\u003e \u003c/p\u003e \u003cp\u003e \u003cstrong\u003eConsent for Publication\u003c/strong\u003e \u003cp\u003eNot applicable. The manuscript does not include any individual-identifiable data such as images or videos.\u003c/p\u003e \u003c/p\u003e\u003cp\u003e \u003ch2\u003eCompeting Interest\u003c/h2\u003e \u003cp\u003eThe authors declare no competing interests.\u003c/p\u003e \u003c/p\u003e\u003ch2\u003eFunding\u003c/h2\u003e \u003cp\u003eNot applicable. This research did not receive external funding.\u003c/p\u003e\u003ch2\u003eAuthor Contribution\u003c/h2\u003e\u003cp\u003eDr. Sirous Keshavarz served as the director and supervisor of the research, overseeing the project's overall direction and ensuring its quality and integrity. He also conducted the quantitative data analysis. Ms. Zahra Mostafa developed the theoretical framework and carried out the qualitative interviews. Dr. Mehdi Mortazavi and Dr. Parisa Alizadeh collaboratively managed the coding and other qualitative data analysis. The discussion and conclusion sections were jointly written by Dr. Mousa Rahimi, Dr. Parisa Alizadeh, and Dr. Sirous Keshavarz, who together synthesized the findings and articulated their implications.DeclarationsEthical Approval and Consent to ParticipateThis study involved qualitative and quantitative data collection through surveys and interviews with 10 experts in capital markets, behavioral economics, and finance. All participants provided informed consent prior to participation.Consent for PublicationNot applicable. The manuscript does not include any individual-identifiable data such as images or videos.FundingNot applicable. This research did not receive external funding.AcknowledgementThe authors thank the experts who participated in this study for their valuable insights and contributions.Competing InterestThe authors declare no competing interests.\u003c/p\u003e\u003ch2\u003eAcknowledgement\u003c/h2\u003e\u003cp\u003eThe authors thank the experts who participated in this study for their valuable insights and contributions.\u003c/p\u003e\u003ch2\u003eData Availability\u003c/h2\u003e\u003cp\u003eThe full text of the interviews is available in Persian and will be translated and sent to qualified researchers upon request, subject to compliance with ethical considerations and data confidentiality.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\u003cli\u003e\u003cspan\u003eAgustini, Y. (2023). Pengaruh Environment, Social, and Governance, dan Financial Distress terhadap Tax Aggressiveness di Indonesia: CEO Gender sebagai Variabel Moderasi. 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Impact of Personality Traits on Investment Decision with Moderating Role of Financial Literacy. Elementary Education Online, 19 (3), 2730\u0026ndash;2737. DOI:\u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003e10.20547/jfer1904101\u003c/span\u003e\u003cspan address=\"10.20547/jfer1904101\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":true,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"Aggressive Financial Behavior, Financial Decision-Making, Forex Market Investors","lastPublishedDoi":"10.21203/rs.3.rs-6519925/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-6519925/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eThe study explores the impact of Aggressive Financial Behavior on Financial Decision-Making among Forex Market Investors. It employs surveys, interviews, and questionnaires, involving 10 experts in capital markets, behavioral economics, and finance. Using a qualitative-quantitative approach, thematic analysis and the SWARA technique were used to prioritize dimensions and components. Qualitative findings identified behavioral, emotional, and intellectual dimensions, ranked in importance as behavioral, intellectual, and emotional. Top priorities among 21 components included the lack of an investment strategy, excessive leverage, and inadequate training. Educating investors on market risks and decision-making, alongside providing accurate information, can mitigate aggression. Awareness of psychological factors is crucial for informed decision-making. This research offers insights for policymakers, financial entities, and educators to promote responsible decision-making in forex markets.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eJEL\u003c/strong\u003e: E52, F31, G41.\u003c/p\u003e","manuscriptTitle":"Modeling the Impact of Aggressive Financial Behavior on Financial Decision-Making: Evidence from Forex Market Investors","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2025-05-13 14:25:10","doi":"10.21203/rs.3.rs-6519925/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"1a50761e-7a5c-4fd3-b662-d968dd53fe9f","owner":[],"postedDate":"May 13th, 2025","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"posted","subjectAreas":[],"tags":[],"updatedAt":"2026-03-29T10:54:40+00:00","versionOfRecord":[],"versionCreatedAt":"2025-05-13 14:25:10","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-6519925","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-6519925","identity":"rs-6519925","version":["v1"]},"buildId":"8U1c8b4HqxoKbykW_rLl7","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}