چكيده به لاتين
A strong capital market is one of the bases of economic growth and development. The Stock Exchange as one of the most efficient financial institutions plays an im-portant role in the economy of any country. In the changing world of the stock Ex-change, it is necessary to determine the factors influencing on decision making and analysis of the investors. Since investing in a particular stake has become one of the most controversial areas of financial and economic researches, the present study trys to prioritize these important factors influencing on investor decision making. Fuzzy set theory is used to elevates for ambiguity inherent in linguistic expressions in deci-sion making. The DANP consists of DEMATEL technique used to identify relation-ships and network analysis process to calculate the impact intensity and the weights of the indicators and prioritize the effective factors. Also, the causal relationship among the factors, the degree of influence of the factors on each other and the inter-nal relationships of the factors are determined. In this study, according to the data collected through a questionnaire distributed among experts of Tehran Stock Ex-change, the decision matrix information has been completed. The results of this de-scriptive and applicable survey, show that investor behavioral factors, market and financial factors of the company and company characteristics, respectively, are more important for investor decision making. The most important behavioral sub-criteria of investors include traceability, risk-taking, and experience, and power of analysis. Profitability ratio, stock price trend, earnings and income growth rate, interest rate coverage and commercial and financial risk are identified as the most important sub-criteria of corporate and financial factors, respectively. The most important sub-criteria related to company characteristics are, respectively, industry outlook, repu-tation and credit history, capital and asset structure, and management performance.
