FACTORS AFFECTING RISK-TAKING OF INVESTORS IN ARAS FREE ZONE

Transcription

1 FACTORS AFFECTING RISK-TAKING OF INVESTORS IN ARAS FREE ZONE a RAMIN ZAREI, b HAKIMEH NIKI ESFAHLAN a M.Sc. Suden, Faculy of Managemen, Islamic Azad Universiy, Jolfa Inernaional Branch, Jolfa, Iran b Assisan Professor, Faculy of Managemen, Islamic Azad Universiy, Jolfa Inernaional Branch, Jolfa, Iran a ramin.zarei.19@gmail.com, b h_niki_esf2010@gmail.com Absrac. This research is applied in erms of purpose and is descripive and correlaion ype in erms of daa collecion mehod. The sudy populaion consised of all acive invesors of Aras Free Zone Organizaion ha is a limied communiy including 460 invesors. Saisical sample of research is a par of his populaion ha samples were seleced based on Krejcie and Morgan able according o he 460- person sample size for communiy using available sampling mehod. Researcher made quesionnaire was used o collec daa ha is validiy is confirmed by 10 expers, including supervisors and specialiss and reliabiliy coefficien is esimaed 0.86 hrough Cronbach's alpha. The research resuls show ha invesigaed facors of research are effecive on invesors risk aking in Keywords: Educaional-psychological facors, social facors, culural facors, poliical facors, economic facors, managerial-adminisraive facors, geographic and risk aking 1. Inroducion Invesmen is of imporan economic variables ha have always allocaed major issues o iself and differen schools of hough, have presened differen definiions of invesmen. Theoreically, abou he role of capial, economiss believe ha capial is a necessary condiion for economic growh and developmen. Privae secor invesmen has characerisics ha gives i special imporance in economy of ha counry (Ghanbari e al. 2007). According o occurred changes in oday's world, especially in developing counries ha are faced wih numerous hreas, hese counries o solve heir economic problems need proper planning o make beer use of heir faciliies and God-given riches. In his regard, one of he main sraegies, is expansion and developing invesmen (Modarres and Hesarzadeh, 2008) which invesmen is always associaed wih various for invesors, so researcher in presen sudy ries o invesigae facors affecing risk aking of invesors in 2. Research Hypohesis Psycho-educaional facors are effecive on risk aking of invesors in Social facors are effecive on risk aking of invesors in Culural facors are effecive on risk aking of invesors in Poliical facors are effecive on risk aking of invesors in Economic facors are effecive on risk aking of invesors in Managemen-adminisraive facors are effecive on risk aking of invesors in Geographical facors are effecive on risk aking of invesors in 3. Research mehod Presen sudy is applied in erms of purpose and is descripive and correlaion ype in erms of daa collecion. I is applied because i follows new knowledge ha has cerain applicaions on produc or process in fac. I is descripive because i describes and inerpres whaever is and focuses on condiions or exising relaions, common beliefs, ongoing processes, clear effecs or expanding rends. Saisical populaion of research, based on official figures of Aras Free Zone, includes all acive invesors of his organizaion ha is a limied communiy including 460 invesors. And also for 460-person communiy sample of persons is seleced. To collec research daa boh library and field sudies have been used and finally colleced daa are enered ino SPSS afer soring, and saisical analysis have been done on hem. 4. Research background Douglas (2010) in his sudy concluded ha venure invesors play a major role in creaing added value in invesee enrepreneurial firms by providing advice in he areas of financial, adminisraive, markeing and sraegic issues. Also accessing nework of accouning consulans, lawyers, banks and financiers, and oher professional firms in he subjec provide Invesee Company s aciviy. Barokomora (2010) in he join research have examined major obsacles of invesmen in developing counries. They divided obsacles ino 2 formal and informal caegories. According heir findings he mos imporan formal obsacles of invesmen in he sudied counries include capial accoun resricions, legal obsacles, problems of axaion sysem and informal obsacles included poliical risks, insiuions, lack of rule of law, adminisraive corrupion, economic insabiliy and currency risks. In oal, wo ypes of formal and informal obsacles represen invesmen risk s in differen counries. Jyaraman (2001) sudy examined invesmen saus in less developed counries wih special aenion paid o Fiji. Her research resuls ha are applicable o many counries wih similar economic srucure, Represens a significan and negaive effec of privae secor invesmen of hese counries on inhibiing facors such as regulaion weakness, poor economic infrasrucure, corrupion and bribery and oher facors ha causes an increase in he cos of risk in he sudied counries. Abzari e al. (2014) have done a sudy eniled "Facors Affecing he risk and reurn on invesmen in financial producs" he resuls of which is as follows: Macro-economic facors affecing he sysemaic risk of invesmen in financial producs, microeconomic facors affecing unsysemaic risk of invesmen in financial producs and non-economic facors affecing overall risk of invesmen in financial producs. On he oher hand, non-economic facors of risk percepion wih willingness o invesmen risk has negaive correlaion, hisorical reurn rae posiively correlaed wih willingness o risk, perceived risk is negaively correlaed wih he rae of expeced reurn, Informaion on pas performance is posiively correlaed wih he expeced rae of reurn. Bahraini and Malek Alsaday (2012) in a sudy eniled "Insiuional obsacles o invesmen and doing business in Iran" reviewed business environmen in Iran and compared i wih oher counries and according o resuls, insecuriy and concerns of invesors and business people in Iran regarding unpredicabiliy of changes in laws and policies, he governmen is no commied o he policy announced, no ino play invesors and business people in he process of legislaion and new policies, suddenly cancel curren rules and regulaions by he governmen, he incidence of major changes in rules and policies afer he elecion (in case of changing governmen) and inroduced several oher facors as he main facors increasing he risk of invesing in he counry. 5. Daa analysis 5.1. Demographics Disribuion of respondens' age Table 1 is relaed o he age of he respondens o research quesionnaires. As can be seen in able 11.4% of whole sample aged 21 o 30 years, 29.5% are in he age group of 31 o 40 years, 43.8 percen aged 41 o 50 years and 15.2 percen are 51 years and older

2 Table 1: Frequency disribuion and percenage of respondens by age age group 21 o 30 years 31 o 40 years 41 o 50 years 51 years and older Toal Frequency Disribuion of respondens' gender Percenage Table2 is allocaed o gender of respondens. As he able shows of a oal of persons of invesors ha were evaluaed in his sudy, 98.1 percen are men and 1.9% are women. Table 2: Disribuion of respondens' gender gender Men women oal Frequency Percenage Disribuion of responden s of educaion Table 3 is relaed o he educaion of he respondens o he quesionnaire of research. As can be seen in Table of he oal review sample 3.3 percen have educaional Degree lower diploma, 11.9 percen have a secondary diploma, 18.6 percen have Associae Degree, 8 percen have Bachelor's and 11.4 percen have Maser's or higher. Table 3: Frequency disribuion and percenage of respondens according o Educaional Frequency Percenage Lower Diploma diploma Associae Bachelor's Degree Maser's oal and The disribuion of paricipans by ype of invesmen Table 4 is relaed o he ype of invesmen of respondens o he quesionnaire of research. As can be seen in Table 1.4% of whole sample are acive in primary indusries, 45.7 percen in manufacuring companies, 16.2 percen in service secion and 36.7 percen in oher ypes of invesmen. Table 4: Frequency disribuion and percenage of paricipans according o he ype of invesmen ype of invesmen Frequency Percenage primary indusries Manufacuring indusries service secion Oher aciviies oal Disribuion of respondens based on he ime spen in Aras Free Zone Table 5 is concerning he duraion of presence of reviewed invesors of his sudy in As seen in he able of he oal review sample 28.1% is less han 2 years, 35.7 percen of 2 o 4 years, 21.0 percen 4 o 6 years and 15.2 percen 6 years and above ha have invesed in Table 5: Frequency and percenage of respondens based on ime spen in Aras Free Zone Time Spen Less han 2 years 2 o 4 years 4 o 6 years 6 years and higher Toal Frequency 5.2. Cenral characerisics and dispersion of research variables For facors affecing he risk aking of invesors in Aras Free Zone and also for risk-aking, he sample size, average, median, mode, variance, minimum and maximum are calculaed in deail which are given in Table (4-6) Percenage research componens Educaional-psychological facors social facors Table 6: Descripive Table research componens size average median mode variance minimum maximum culural facors Poliical facors Economic facors Managerial-adminisraive facors Geographical facors risk aking Examining normaliy of variables disribuion Kolmogorov - Smirnov've es is used in order o evaluae he normaliy of variable disribuion. In his normaliy es of

3 variable disribuion he null hypohesis is variable and opposie hypohesis refers o he abnormal disribuion. If he of es is less han 0.05 he null hypohesis is rejeced and i is conclude ha he arge variable disribuion is no normal. Table 7: The resuls of Kolmogorov - Smirnov es o sudy he normaliy of variable disribuion Z-saisic of Kolmogorov- Dimensions size Smirnov psycho-educaional facors social facors culural facors Poliical facors Economic facors Managerial-adminisraive facors Geographical facors risk aking Tesing hypoheses of he sudy The firs hypohesis: he psycho-educaional facors are effecive on risk aking of invesors in Aras Free Zone Regression analysis was used o es he hypoheses ha he resuls are as follows: Iniially lineariy of he relaionship beween variables is confirmed using ANOVA es ha he resuls are in Table 8: Table 8: The resuls of ANOVA es Regression Residual As specified in he able, amoun of is which i is smaller han he 0.05, so lineariy assumpion of can be approved. Now, he impac of psycho-educaional facors on risk aking of invesors in Aras Free Zone can be prediced using Table regression analysis ha he resuls are given in Table 9: Table 9: The resuls of regression analysis es o examine he effec of psycho-educaional facors on risk aking of invesors in Aras Free Zone e Bea (Consan) psycho-educaional facors Given ha he sigma es is smaller han 0.05, i can be saed ha Psycho-educaional facors affec amouned o 0.85 on risk aking of invesors in Aras Free Zone and wih increasing of one uni on he amoun of he psycho-educaional facors, he risk aking of invesors in Aras Free Zone will be changed as much as 0.85 unis The second hypohesis of he research: social facors are effecive on he risk aking of invesors in Aras Free Zone Table 10: The resuls of ANOVA es Regression Residual Table 11: regression es resuls o examine he impac on social facors on risk aking of invesors in Aras Free Zone e Bea (Consan) social facors

4 The hird hypohesis of research: culural facors are effecive on he risk aking of invesors in Aras Free Zone Table 12: The resuls of ANOVA es Regression Residual Table 13: regression es resuls o examine he impac of culural facors on he risk aking of invesors in Aras Free Zone e Bea (Consan) culural facors Fourh research hypohesis: Poliical facors are effecive on he risk aking of invesors in Aras Free Zone Table 14: The resuls of ANOVA es Regression Residual Table 15: regression es resuls o examine he impac of poliical facors on he risk aking of invesors in Aras Free Zone e Bea (Consan) poliical facors Fifh hypohesis of research: economic facors are effecive on risk aking of invesors in Aras Free Zone Table 16: The resuls of ANOVA es Regression Residual Table 17: Resuls of regression ess o examine he impac of economic facors on risk aking of invesors in Aras Free Zone e Bea (Consan) poliical facors Research sixh hypohesis: managemenadminisraive facors are effecive on he risk aking of invesors in Aras Free Zone Table 18: The resuls of ANOVA es Regression Residual Table 19: Resuls of regression analysis o evaluae he effec of managemen-adminisraive facors on risk aking of invesors in Aras Free Zone e Bea (Consan) managemen-adminisraive facors

5 Research sevenh hypohesis: geographical facors are effecive on he risk aking of invesors in Aras Free Zone Table 20: The resuls of ANOVA es Regression Residual Table 21: Resuls of regression ess o assess he impac of geographical facors on he risk aking of invesors in Aras Free Zone e Bea (Consan) geographical facors Muliple regression es Muliple regression es resuls is as follows: Firs, lineariy of relaionship beween variables is confirmed using ANOVA es ha he resuls are given in Table (4-22). Table 22: The resuls of ANOVA es Regression Residual As specified in he able he amoun of is ha because i is smaller han he 0.05, So lineariy assumpion of can be approved. Now, using muliple regression analysis able, he effec of each of research variables on he risk aking of invesors in Aras Free Zone are given in Table (4-23). Table 23: Resuls of regression esing o examine he impac of research variables on he risk aking of invesors in Aras Free Zone Bea psycho-educaional facors Social facors Culural facors Poliical facors Economic facors managemen-adminisraive facors geographical facors Resuls in Table 23 shows linear muliple regression es of he effec of each of he facors affecing risk aking of invesors in 6. Conclusion The firs research hypohesis is confirmed, linear regression es was used o assess his hypohesis, since he es sigma is smaller han 0.05, i can be saed ha psycho-educaional facors affec risk-aking of invesors in Aras Free Zone in amoun of 0.85 ha he amoun of his impac is high. The second research hypohesis is confirmed, linear regression es was used o assess his hypohesis, since he es sigma is smaller han 0.05, i can be saed ha social facors affec riskaking of invesors in Aras Free Zone amouned o 0.10, resuls of his sudy is consisen wih Rahbari, (2008) sudies ha in a join sudy have examined obsacles of invesmen and is impac on economic growh in Iran and in his sudy, he posiive impac of social facors on he risk aking of invesors has been approved. Also he resuls of he presen sudy is consisen wih sudies of Karimzadeh (2010) ha in a sudy examined he obsacles of producion in Iran and called hem "facors ha increase he risks of invesmen" in he counry and assess he impac of social facors on hese risks as posiive. The hird research hypohesis is confirmed, linear regression es was used o assess his hypohesis, since he es sigma is smaller han 0.05, i can be saed ha culural facors affec risk-aking of invesors in Aras Free Zone amouned o Resuls of his sudy is consisen wih sudies of Rahbari, (2008). Also he resuls of he presen sudy is consisen wih sudies of Goladesone e al. (2004) ha and showed in heir research ha in Canadian companies backed by venure capial, rading sales have been doubled common han iniial public offering of ake sock. The forh research hypohesis is confirmed, linear regression es was used o assess his hypohesis, since he es sigma is smaller han 0.05, i can be saed ha poliical facors affec risk-aking of invesors in Aras Free Zone amouned o Resuls of his sudy is consisen wih sudies of Rahbari, (2008). The fifh research hypohesis is confirmed, linear regression es was used o assess his hypohesis, since he es sigma is smaller han 0.05, i can be saed ha economic facors affec riskaking of invesors in Aras Free Zone ha he exen of his impac is very minor. Resuls of his sudy is consisen wih sudies of Rahbari, (2008)

6 The sixh research hypohesis is confirmed, linear regression es was used o assess his hypohesis, since he es sigma is smaller han 0.05, i can be saed ha managemen-adminisraive facors affec risk-aking of invesors in Aras Free Zone amouned o Resuls of his sudy is consisen wih sudies of Karimzadeh (2010). The sevenh research hypohesis is confirmed, linear regression es was used o assess his hypohesis, since he es sigma is smaller han 0.05, i can be saed ha he geographic facors affec risk-aking of invesors in Aras Free Zone amouned o The resuls of he presen sudy is consisen wih sudies of Goladesone e al. (2004). References 1. Abzari, M., Samadi, S. & Teimouri, H.: Facors Affecing he risk and reurn of invesmens in financial producs, Ravand magazine Barokomora, A.: Are Women Really More Risk-averse Than Men? A Re-Analysis of he Lieraure Using Expanded Mehodse Journal of Economic Surveys Douglas, B.: Invesmen Analysis and Porfolio Managemen, The Dryden press, 6ed Ghanbari, A., Agayi Khundabi, M. & Rezaei, M.: Sudy he effecs of fiscal policy on privae secor invesmen in Iran, Journal of Planning and Budge, 12h year, number Gladsone, D. & Gladsone, L.: Venure Capial Invesing: The Complee Handbook for Invesing in Privae Businesses for Ousanding Profis, Revised ediion. Financial Times Prenice Hall Hosseinzadeh Bahreini, M. H. & Malekolsaday, S.: Insiuional obsacles of invesmen and business in Iran, Scienific and research Journal of Business Bullein, number 59(2) p Jayaraman, K.: IPOs, Acquisiions, and he Use of Converible Securiies in Venure Capial. Journal of Financial Economics Karimzadeh.B. proocols ha increase he risks of invesmen, Journal of Economic Poliical Informaion, No Modarres, A. & Hesarzadeh, R.: Financial reporing qualiy and invesmen efficiency, Journal of Sock Exchange, No Rahbari, A.: Invesigae he obsacles of invesmen and is impac on economic growh in Iran, Insiue for Research and Planning in Higher Educaion