تاثیر شفاف‌سازی اطلاعات مالی بر رفتار سرمایه‌گذاران در بورس اوراق بهادار اصفهان

Within the two past decades, transparency of financial market has been regarded as one of the variables that affect investment strategies in financial markets. This research investigates the relationship of transparency of financial information with the investors’ behavior in Isfahan Stock Exchange. The statistical population of the research is composed of investors in the Isfahan Stock Exchange. The research employs the questionnaire tool during the period between 23, September, 2012 and 21 November 2012. To test the hypothesis, correlation test, paired comparison test and one-way factor analysis were used with the help of SPSS software. The three hypotheses of the research were tested at the level of 95 percent. The results show that the all three aspects of transparency, i.e. the disclosure of financial information, transparency within the structure of the board of directors and the transparency of ownership structure influence the behavior of investors in the Isfahan Stock Exchange. Meanwhile, investors’ understanding of the aspects of transparency depends on demographic variables concerned. This research tries to offer helpful recommendations to the investor to adjust their behavior according to the stock exchange conditions.