Impact Factors of Companies Affecting the Investors’ Decision Making in Investing in Tehran Stock Exchange

This study aims to investigate the internal factors of companies and political and economic characteristics as external and environmental factors that affect investors’ decisions in the stock market. Therefore, first, by using the meta-synthesis method, the influential factors in investment decisions were extracted from previous researchers, and then, using two Delphi method processes, the identified characteristics were evaluated and approved by experts. Then, the relationships between the factors were analyzed using the DEMATEL method. The target population of the DEMATEL questionnaire is micro-investors. According to the results of the DEMATEL method, changes in inflation rates and bank interest rates, and profits are the most influential factors, and the type of auditor report and international economic developments have the least impact on other factors. The expected return per share is the most influential factor and the risk per share is the least affected by other factors.