فهرست نشریات علمی دسترسی آزاد ایران

Nowadays, investors' awareness of the stock markets has increased compared to the past. They are now in an environment where they have the power to buy and sell shares of many companies. Therefore, investors must choose and trade stocks. They often seek opinions from previous investors and friends, leading to the widespread use of word-of-mouth advertising in stock and financial markets. This research investigates investors' decision-making behavior based on word-of-mouth communication, considering specialized criteria and demographic factors. This study is descriptive and correlational. The statistical population includes individual investors, traders, brokers, and university professors investing in the Iranian capital market. The sample size of 153 people was determined using Cochran's test. The adequacy of the sample was confirmed through the KMO test. Structural equation modeling was used to validate the model, with analysis conducted using SPSS and PLS software. The research hypothesis test results indicate a positive relationship between word-of-mouth communication and investors' decision-making in the Tehran Stock Exchange market. Demographic factors do not mediate this relationship. Additionally, specialized features do not impact investors' decision-making. Demographic factors also do not mediate the relationship between specialized characteristics and investors' decision-making.