Financial and Banking Strategic Studies

Examining the effects of market principles and behavioral biases on shareholders’ investment decisions considering the moderating role of uncertainty in companies listed on the Tehran Stock Exchange

Articles in Press

Authors

Amir Ghafourian Shagerdi 1
Mohammad Reza Rakhshani 2

1 Department of Accounting, Imam Reza International University, Mashhad, Iran.

2 M.A. in Accounting, Imam Reza International University, Mashhad, Iran.

10.22105/fbs.2026.252307
Abstract
This study examines the effects of market principles and behavioral biases on shareholders’ investment decisions, considering the moderating role of uncertainty in companies listed on the Tehran Stock Exchange.
Research Methodology:
This applied study adopts a descriptive research design. Data were collected from 295 financial analysts and active individual investors, with a focus on shareholders residing in Mashhad, during 2025–2026, using a standardized questionnaire. The data were analyzed using structural equation modeling and SPSS and PLS software.
Findings:
The results indicate that market principles have a significant negative effect on investment decisions, whereas behavioral biases have a significant positive effect. Uncertainty also plays a moderating role in the relationships among the research variables. The findings highlight the importance of psychological factors alongside rational market principles in investors’ decision-making.
Originality/Value:
The study contributes by simultaneously examining rational and behavioral factors and the moderating role of uncertainty in investment decisions in the Tehran Stock Exchange.

Keywords

Market principles, Behavioral biases, Uncertainty, Shareholders&‌rsquo
Investment decisions
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Financial and Banking Strategic Studies

Articles in Press, Accepted Manuscript
Available Online from 05 September 2026

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