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<article xmlns:xlink="http://www.w3.org/1999/xlink" article-type="research-article" dtd-version="1.0" xml:lang="en">
  <front>
    <journal-meta>
      <journal-id journal-id-type="issn">2583-7214</journal-id>
      <journal-title-group>
        <journal-title>TMP Universal Journal of Research and Review Archives</journal-title>
      </journal-title-group>
      <issn pub-type="epub">2583-7214</issn>
      <publisher>
        <publisher-name>Ms Ashvi Jain</publisher-name>
      </publisher>
    </journal-meta>
    <article-meta>
      <article-id pub-id-type="doi">10.69557/ujrra.v4i3.209</article-id>
      <title-group>
        <article-title>SIMULATION OF INVESTOR BEHAVIOR FROM THE PERSPECTIVE OF DYNAMIC SYSTEMS IN CROWDFUNDING PLATFORMS IN IRAN</article-title>
      </title-group>
      <contrib-group>
        <contrib contrib-type="author">
          <name>
            <surname>Majd</surname>
            <given-names>Elika Kazemi</given-names>
          </name>
          <xref ref-type="aff" rid="aff-1"/>
        </contrib>
      </contrib-group>
      <aff id="aff-1">Department of management, IAU, Islamic Azad University, Tehran, Iran</aff>
      <pub-date publication-format="electronic" date-type="pub" iso-8601-date="2025-09-08">
        <day>08</day>
        <month>09</month>
        <year>2025</year>
      </pub-date>
      <volume>4</volume>
      <issue>3</issue>
      <permissions>
        <copyright-statement>Copyright © 2025 Elika Kazemi Majd</copyright-statement>
        <copyright-year>2025</copyright-year>
        <license license-type="open-access" xlink:href="https://creativecommons.org/licenses/by/4.0">
          <license-p>
            This is an open access article distributed under the terms of the Creative Commons Attribution 4.0 International License which permits unrestricted use, sharing, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.
            <uri xlink:href="https://creativecommons.org/licenses/by/4.0">https://creativecommons.org/licenses/by/4.0</uri>
          </license-p>
        </license>
      </permissions>
      <self-uri xlink:href="https://tmp.twistingmemoirs.com/index.php/ujrra/article/view/209"/>
      <abstract>
        <p>Crowdfunding, as one of the new tools for attracting capital, plays an effective role in the development of start-ups, innovative projects and public benefit projects. By providing a virtual platform for direct communication between investors and idea creators, these platforms have reduced dependence on traditional financial institutions such as banks. However, one of the main challenges in this area is the recognition and analysis of investor behavior, which plays a key role in the success or failure of projects. The behavior of investors in crowdfunding platforms, unlike traditional investment models, is often influenced by nonlinear, psychological, social and technological factors. People invest for various reasons such as supporting a particular idea, social motivations, or even a sense of belonging to a group. These behaviors are complex, dynamic and changing. Therefore, traditional linear or static analysis does not respond to the multilayered nature of this behavior. Dynamic systems are a powerful tool for modeling and simulating complex and changing behaviors over time. This approach, by focusing on feedback, time lag, cumulative effects, and the interaction of system components, allows for a more detailed analysis of investor behavior. In the context of crowdfunding platforms, dynamic system modeling can be used to simulate the interaction between various factors such as public trust, project success, advertising, social networks, and previous investor experience. The aim of this study is to simulate investor behavior from a dynamic systems perspective in crowdfunding platforms in Iran using the structural equation model. The research method in this study is descriptive-correlational and is applied in terms of purpose, and a sample of 85 people was selected. Data were collected using a questionnaire. The collected data were analyzed using descriptive statistics such as frequency, percentage, mean, etc., and hypotheses were tested using the F-test followed by the Kolkograf-Smirnov test and then regression tests using Amous and SPSS software. The results of the research regarding the first research hypothesis show that the presence of positive feedback loops (such as the herd effect and word-of-mouth advertising) in crowdfunding platforms leads to a positive and direct increase in investor participation. The results of the research regarding the second research hypothesis also indicated that increasing information transparency and improving investor trust will lead to a positive and direct increase in the success rate of projects in crowdfunding platforms.
 </p>
      </abstract>
    </article-meta>
  </front>
</article>