Identifying and Grading Factors Effective on People's Participation in Iran's Capital Market using Fuzzy Analytic Hierarchy Process (FAHP)

Many families do not invest in the capital market surprisingly. Different researches show that despite the high importance of the capital market, families are not inclined to keep shares. So, they propose their question as: Why many families do not participate in the capital market? The present study intends to grade factors influential on people's participation in Iran's capital market in the field of prior to admission to the capital market and experiencing the first purchase. To this end, the Fuzzy Analytic Hierarchy Process (FAHP) has been used as one of the multifactor approaches for decision-making. Also, considering the uncertainty and ambiguity in judgments of decision makers for comparing variables, the fuzzy logic has been used. In the present article, three main criteria of finance, knowledge and awareness, and demography, and 13 secondary criteria have been followed according to the research literature. Results of the study showed that the finance criterion and the investment revenue sub-criterion were the most important main and secondary factors, respectively.

Capital market, capital market participation, financial variables, knowledge and awareness, Fuzzy Analytic Hierarchy Process (FAHP).