تاثیر صفات سه گانه تاریک شخصیت مدیران بر عملکرد مالی صندوق‌های سرمایه گذاری با تاکید بر عوامل اقتصادی در بورس اوراق بهادار تهران

این پژوهش با تاکید بر عوامل اقتصادی، تاثیر ویژگی‌های شخصیتی سه‌گانۀ تاریک مدیران – ماکیاولیسم، خودشیفتگی و روان‌پریشی – را بر عملکرد مالی صندوق‌های سرمایه‌گذاری در بورس اوراق بهادار تهران بررسی می‌کند. ﻣﺪﯾﺮان ﺳﺮﻣﺎﯾﻪ‌ﮔﺬاری صندوق‌ها ﺑﺮای ﺑﻬﺒﻮد ﻋﻤﻠﮑﺮد آن‌ها ﺑﺎﯾﺪ از ﺗﺨﺼﺺ و ﻣﻬﺎرت ﻻزم ﺑﺮﺧﻮردار ﺑﺎﺷﻨﺪ، آن‌ها ﺑﺎﯾﺪ اﻓﺮاد حرفه‌ای در ﺑﺎزار ﺳﺮﻣﺎﯾﻪ ﺑﺎﺷﻨﺪ ﺗﺎ صندوق‌های ﺳﺮﻣﺎﯾﻪﮔﺬاری ﺑﻪ ﻋﻤﻠﮑﺮد دﻟﺨﻮاه و ﺳﺮﻣﺎﯾﻪﮔﺬاران در صندوق‌ها ﻧﯿﺰ ﺑﻪ ﺣﺪاﮐﺜﺮ ﺳﻮد ﺳﺮﻣﺎﯾﻪﮔﺬارﯾﺸﺎن دﺳﺖ ﯾﺎﺑﻨﺪ. داده‌‌ها از طریق پژوهش میدانی با استفاده از ‌پرسش‌نامۀ استاندارد، نرم‌افزار جدید ره‌آورد و اطلاعات از سایت بانک مرکزی و گزارش‌ها جمع‌آوری شد. نتایج حاکی از آن است که ماکیاولیسم، خودشیفتگی و روان‌پریشی بر عملکرد مالی صندوق‌های سرمایه‌گذاری تاثیر معنادار، مثبت و مستقیم دارند. علاوه بر این، یافته‌ها نشان می‌دهد که عوامل اقتصادی بر رابطه بین ویژگی‌های سه‌گانۀ تاریک مدیران و عملکرد مالی صندوق‌های سرمایه‌گذاری در بورس اوراق بهادار تهران تاثیر مثبت دارند. ‌‌می‌توان نتیجه گرفت که افزایش آگاهی از این مولفه‌‌های روانی ‌‌می‌تواند عملکرد مالی صندوق‌‌های سرمایه‌گذاری را بهبود بخشد.

the impact of the dark triad personality traits of managers on the financial performance of investment funds with an emphasis on economic factors in the tehran stock exchange

background and purpose: this study examines the influence of managers' dark triadpersonality traits—machiavellianism, narcissism, and psychopathy—on the financialperformance of investment funds in the tehran stock exchange (tse). characterized bymanipulative behavior, lack of empathy, and self-centeredness, these traits can significantlyimpact managerial decisions and organizational outcomes. given the critical role of managersin steering investment funds, understanding how these traits affect financial performance isessential. the study also emphasizes the role of economic factors in modulating theseimpacts, providing a comprehensive view of how both personality and external economicconditions influence fund performance.methodology: managers were assessed using standardized psychological tests designed tomeasure the dark triad traits. the results were then correlated with financial performancemetrics to determine significant relationships. statistical analysis employed structuralequation modeling with the partial least squares approach, utilizing smartpls software.findings: the quantitative analysis reveals that managers exhibiting higher levels ofmachiavellianism and narcissism significantly impact the financial performance ofinvestment funds. specifically, funds managed by highly machiavellian managers tend toachieve short-term gains at the cost of increased long-term volatility. in contrast, narcissisticmanagers often lead their funds to higher returns due to their risk-taking behaviors andoverconfidence, but this is coupled with a higher risk of substantial losses during marketdownturns. psychopathy does not show a consistent pattern with financial performance,indicating that its impact may be more context-dependent. qualitative questionnairescorroborate these findings, with several managers and analysts noting that machiavellianmanagers often engage in manipulative practices. narcissistic managers are frequentlydescribed as charismatic leaders who can attract substantial investments but may also makeoverly ambitious bets that jeopardize fund stability.analysis of economic factors indicates that high inflation rates and economic instabilityexacerbate the negative impacts of machiavellian and narcissistic traits on fund performance.in stable economic conditions, the adverse effects are less pronounced, suggesting that economic stability can act as a mitigating factor. conversely, during periods of economic turmoil, the destructive potential of these personality traits is amplified, leading to more significant financial distress for the funds.