Presenting and Explaining the Model of the Role of Behavioral Characteristics and Financial Literacy of Real Investors on Their Financial Management Components in the Iranian Capital Market

The aim of this study is to introduce and elucidate a paradigm model that outlines the role of behavioral characteristics and financial literacy among real investors in shaping their financial management behavior in the Iranian capital market. To achieve this goal, a 77-item questionnaire, developed through qualitative studies employing the grounded theory method, was employed. The model s chi-square value stands at 3946.370, with a degree of freedom equal to 2174, resulting in a value of 1.815. The original model s fit indices are all at acceptable and appropri-ate levels. Behavioral characteristics and financial literacy emerge as significant predictors of financial management behavior, enabling real investors to assess stock market trends before making decisions. This, in turn, contributes to invest-ment profitability, financial security, and capital satisfaction.