The Impact of Behavioral Factors Related to Informational Aspects on Investors’ Behaviors in Financial Markets – A Survey Study of a Sample of Investors in the Tunis Stock Exchange

This study aimed to examine the impact of behavioral factors on the behaviors of investors in the Tunis Stock Exchange. To achieve this objective, three behavioral factors related to informational aspects were considered: financial information, advice and recommendations, and media. These are viewed as biases that influence the behavior of many investors and thus impact their investment decisions. The study sample was limited to a group of investors in the Tunis Stock Exchange. The study hypothesis was tested through questionnaires distributed to investors in the Tunisian market, and the collected data were analyzed using the statistical software SPSS v25. The overall results revealed variations in the level of influence: A significant influence of financial information on investor behavior was found, attributed to the investors’ preference for reviewing all available market information. As a result, they tend to rely on familiar and accessible information sources. A weak influence of advice and recommendations was observed, as investors do not wholly base their decisions on the suggestions of brokers, financial analysts, family, friends, and colleagues, preferring instead to rely on their own personal convictions. The results also found no influence of the media on investor behavior, as media sources are not considered reliable due to a lack of trust from Tunisian investors.