تحليل تأثير اريب هاي رفتاري بر الگوي تأمين مالي مديران: مطالعه موردي ايران - منطقه انتخاب شده در استان فارس

: Behavioral finance, , Behavioral biases, , Financing an‎d personality type

Analysis of the Impact of Behavioral Biases on Managers’ Financing Pattern: The Case of Iran -selec‎ted Area in Fars Province

اقتصاد

According to the principles of behavioral finance, individual decision-making is sometimes irrational an‎d does not follow the logic of a rational person. Decision-making about choosing a financing method also faces errors that make it far from optimality. By using behavioral finance, individuals can make better decisions by reducing biases. The aim of this study is to analyze the areas of behavioral biases using personality type an‎d the impact of these biases on the decision-making process of firms to choose a financing method. The information required for the study was obtained through a questionnaire from managers of companies in Shiraz Industrial Park. By analyzing the information obtained from the questionnaires received, the research hypotheses were examined. In order to examine behavioral biases among managers, the frequency percentage of each bias was identified. The existence of anchoring an‎d regret avoidance biases among the managers studied was confirmed. To find the origin of behavioral biases, the personality type of the individuals was tested. The results show that the level of neuroticism in the statistical population in question is moderate. That is, the level of emotion of the individuals is within the control level. Most of the individuals are extroverted an‎d flexible. These individuals are highly receptive to new experiences. Most of the respondents have agreeable personalities an‎d are highly adaptable. The level of conscientiousness of these individuals is at a high level an‎d they are considered conscientious. The relationship between behavioral biases an‎d personality types was confirmed using structural equations. Considering the dominant personality factors of the individuals questioned, it can be said that most of the individuals have personality stability; therefore, considering the relationship between biases an‎d personality types, it is not far-fetched to confirm only 2 biases out of 20 biases under study. To examine the effect of behavioral biases on the financial security pattern, the structural equation modeling method was used. The effect of behavioral biases on the financing pattern is significant an‎d the relationship between behavioral bias variables an‎d financing methods is confirmed with a probability of 95%. In order to obtain the priority of financing methods, according to the expertsʹ opinions an‎d using hierarchical analysis, financing methods were prioritized. The results show that according to the experts, the prioritization method is as follows: bank facilities, internal investment, financing through partnersʹ contributions, capital increase an‎d asset sale method. It is observed that in practice, managers have used financing methods differently than the expertsʹ prioritization based on the aforementioned criteria. The reasons for the order in which managers use financing methods can be explained with respect to behavioral biases an‎d capital structure theories.

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