A Perusal of Managers' Optimism Pursuant to the Rate of Hormones in Blood

Document Type : Original Article


1 PhD Candidate, Department of Accounting, Sanandaj Branch, Islamic Azad University, Sanandaj, Iran.

2 Assistant Prof., Department of Accounting, Sanandaj Branch, Islamic Azad University, Sanandaj, Iran.

3 Prof., Department of Accounting, Faculty of Management, University of Tehran, Tehran, Iran.

4 Assistant Prof., Department of Nursing and Midwifery, Sanandaj Branch, Islamic Azad University, Sanandaj, Iran.


The objective of the current survey was to excavate the effect of the rate of hormones in the blood, age, and gender on the financial behavior of managers. Also, preparing and propounding the neurofinance model of financial behaviors that have generated anomalies such as optimism in the market is other intentions of this study. This research has been operated with an inductive approach and experimentally in a one-time period in a statistical population consisting of 37 male and female managers with an average age of 25-60 years. The amounts of the testosterone, free testosterone, cortisol T3, T4, and TSH were deliberate in a medical diagnostic laboratory with a blood test. Managers' optimism data were accumulated with a standardized questionnaire straight away afterward receiving the blood sample. The prepared data were analyzed with SPSS and LISREL and RSM software. The outcomes demonstrated that age has a significant inverse relationship with optimism. Free Testosterone; T4 and testosterone play an inverse role in optimism augmenting. Cortisol and T3 are straightly related to optimism. Also, financial behavior is further related to the dimension of optimism in women than men, and with growing older, optimism decreases. The significant effect of testosterone and cortisol, age and gender on optimism, confirmed the effect of these hormones on the financial behavior in other studies. The effect of testosterone and thyroid hormones on optimism was considered in this survey for the first time.


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