EFFECTIVE FACTORS IN STOCKHOLDERS DECISION MAKING BEHAVIOR IN ORDINARY STOCK PURCHASING USING AHP & ANP TECHNIQUES

A powerful capital market is one of the key organs of economic development and growth. Such market discovers a fair price for stocks and achieves an optimum distribution of capital using its internal mechanisms. In addition, development of capital market is one of the measures of ranking economic development of a country. By determining the causes of priority of an investment over others it acts as a detour for finding the limitations and paving the path for expansion of stock exchange market. The present study is an attempt to determine and prioritize the factors in stockholders decision making behavior regarding purchasing ordinary shares. To this end, ANP and AHP techniques were used to make an improvement regarding the motivations for purchasing stocks. Research hypotheses revealed that all the four aspects under study were significantly effective ( level of confidence 95%) on stockholders decision making behavior for purchasing shares. The results of prioritizing also showed, based on the two techniques, that, political factors are the most important in the decision making followed by economic, factors, financial status at business level, and market psychological factor. Although, the two techniques achieved different coefficients, there was no other difference between the two models.