Accounting and Auditing Studies

Accounting and Auditing Studies

Investigating the Impact of Demographic Variables on Investor Behavior and Financial Literacy

Document Type : Original Article

Authors
Robabeh Yosefnezhad 1
Esfandiar Malekian Kale Basti 2
1 Accounting doctoral student of Mazandaran University
2 Professor, Department of Accounting, Faculty of Economics and Administrative Sciences, University of Mazandaran
10.22034/iaas.2026.244068
Abstract
The purpose of this research is to investigate the impact of demographic variables on the level of financial literacy and investor behavior, as well as to investigate financial literacy on investor behavior. The research method is descriptive-analytical. The statistical population of the current research is all real shareholders, active in the Tehran Stock Exchange, and the sample size is 328 people determined by the Cochran formula. A questionnaire was used to collect data. Descriptive statistics (mean, percentage and frequency) and inferential statistics (probit model) have been used to examine and analyze the data. The results of the research show that the average score of investment behavior and financial literacy is 120 and 135, respectively, which indicates optimal investment behavior and favorable financial literacy among stock buyers in the stock exchange. Based on the independent variables included in the regression analysis, at a significance level of 5%, the results show that demographic variables including marriage, place of residence, job, field of study, income and education have a significant effect on investor behavior and financial literacy, and the variable of financial literacy also It affects the behavior of capital transfer.
Keywords
Investor Behavior
Financial Literacy
Demographic Variables
Probit Model
Behavioral Finance
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Accounting and Auditing Studies
Volume 15, Issue 57
Winter 2026
Pages 5-22