Information-Seeking Behavior of Investors in the Iranian Stock Market

Document Type : Original Article

Authors

1 Department of knowledge and Information Science, University of Qom, Qom, Iran

2 Department of knowledge and Information Science, University of Qom, Qom, Iran.

3 Department of knowledge and Information Science, Semnan University, Semnan, Iran.

Abstract

Purpose: The aim of this research is to assess the information-seeking behavior of investors in the Iranian stock market and identify the variables and behavioral biases that affect it.
Method: This research is a descriptive survey study. The statistical population includes investors in the Iranian stock market. Data was collected using a questionnaire, and its validity was assessed through content validity and final validity, with Cronbach's alpha being utilized for evaluation. Data were collected through a questionnaire based on Wilson's information-seeking behavior model, with a sample size of 150 participants surveyed at the end of 2022. Quantitative analyses were performed using SmartPLS software.
Findings: The findings reveal that investors require various types of basic and technical information, primarily accessed through main databases, social media, and financial statements of listed companies. The most significant factor influencing the choice of information source is the regular updating of information. Most participants exhibited purposeful search behavior, effectively identifying where to find information, trusting their judgment, and demonstrating strong information-seeking skills. Additionally, the research explored the financial behavior of investors, revealing that behavioral biases moderately impact their decision-making.
Conclusion: Overall, the results indicate that investors in the Iranian stock market recognize the vital role of information in their decisions. Thus, it is essential to provide tailored and relevant information through efficient information systems, educational resources, and other means. Although many respondents displayed effective information-seeking behavior and a solid level of financial knowledge, they remain susceptible to various behavioral biases.

Keywords

References

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History

  • Receive Date: 15 May 2025
  • Revise Date: 08 September 2025
  • Accept Date: 09 December 2025

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