Examining Influential Factors in Investors' Decision-Making Using Qualitative Financial Data Analysis

Abstract

This study aims to identify the key factors influencing investors' decision-making through qualitative financial data analysis. A qualitative research approach with directed content analysis was employed. Data were collected through semi-structured interviews with 21 active investors in Tehran’s financial markets. Participants were purposefully selected, and interviews continued until theoretical saturation was achieved. Data analysis was conducted using NVivo software and a three-stage coding process (open, axial, and selective coding). The results revealed that investors’ decision-making is influenced by three main categories: psychological factors, financial information factors, and environmental and organizational factors. In the psychological domain, cognitive biases, emotions, and risk perception played significant roles. Regarding financial information, transparency in financial reporting, data quality, and sources of financial information impacted decision-making. Additionally, in the environmental and organizational dimension, economic conditions, regulations, macroeconomic policies, and investment culture were identified as key influential factors. The findings indicate that a combination of psychological factors, financial information, and environmental conditions shapes investors’ decision-making. Enhancing investors’ awareness of cognitive biases, improving financial information transparency, and ensuring economic policy stability can lead to more optimal decision-making in financial markets.