پیوندهای مفید
آمار
| تعداد نشریات | 22 |
| تعداد شمارهها | 717 |
| تعداد مقالات | 10,292 |
| تعداد مشاهده مقاله | 72,190,271 |
| تعداد دریافت فایل اصل مقاله | 63,930,743 |
Presenting the financial behavior model of investors based on corporate social responsibility according to the role of perceptions of stock returns | ||
| International Journal of Nonlinear Analysis and Applications | ||
| مقاله 28، دوره 16، شماره 3، خرداد 2025، صفحه 343-360 اصل مقاله (1.71 M) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22075/ijnaa.2023.32238.4786 | ||
| نویسندگان | ||
| Esmaeil Kheradmandzadeh؛ Azita Jahanshad* | ||
| Department of Accounting, Central Tehran Branch, Islamic Azad University, Tehran, Iran | ||
| تاریخ دریافت: 11 مهر 1402، تاریخ پذیرش: 13 آذر 1402 | ||
| چکیده | ||
| The current research aims to present the financial behavior model of investors based on corporate social responsibility according to the role of perceptions of stock returns. This research is applied in terms of purpose. It is a descriptive-analytical one. The mixed research method is used in quantitative and qualitative parts. The statistical population of this research in the qualitative part is academic experts and managers of listed companies, who were selected using the snowball sampling method and theoretical saturation point. The tool for data collecting the qualitative part is a semi-structured interview derived from theoretical foundations. The analysis method of this section is using thematic analysis method. The quantitative part of the research used a researcher-made questionnaire tool derived from the qualitative research model after confirming the validity and reliability. Based on stratified sampling, the statistical population sample was estimated to be 213 people. Paths and causal relationships between external and internal constructs in the structural model were confirmed by confirmatory factor analysis. The results of this part of the research were explained in the form of four main categories and subcategories. The dimensions and components of the model include “the influence of optimism, pessimism and business periods on the behavior and decisions of investors, lack of accurate information and knowledge on the status of transactions in the stock market, overconfidence and optimism of investors, understanding and acceptance of risk by investors, the review of the companies' past performance by the investors and the review of the history of the environmental actions of the companies by the investors”. The strategies of the model include “openness of thought and opinion, rationality and tendency to be curious, better investment recommendations by analysts, flexibility and adaptability to the situation, holding financial and investment training courses, information on the status of environmental and social issues of the companies and informing on the published information of the companies in the stock market”. The model's drivers include “demographic factors, fundamental principles of the stock market, individual and psychological characteristics of people, capacity to overcome risk and personal values and beliefs". The consequences of the model include "understanding the analysis and interpretation of the results in the financial markets, the smoothing of profit through corporate social responsibility, preferring social benefit over individual benefit, increasing profit and social welfare, sustainable development and monitoring and control over stock companies and social legitimacy of companies”. The results in the quantitative part showed that the path coefficients were more than 0.3 and the corresponding t was more than 1.96, so all the paths were checked and confirmed. The present study shows that the behavior of investors can be an effective factor in stock returns based on corporate social responsibility. The findings of theoretical and experimental studies also confirm this result. Therefore, disclosure of corporate social responsibility is affected by investors' feelings, and changes in investors' tendencies lead to the identification of risks and opportunities related to companies' stock returns and provide conditions for improving social responsibility activities. | ||
| کلیدواژهها | ||
| financial behavior model of investors؛ corporate social responsibility؛ perceptions of stock returns؛ behavioral finance | ||
| مراجع | ||
|
[1] P.R. Andarsari and M.N. Ningtyas, The role of financial literacy on financial behavior, J. Account. Bus. Educ. 4 (2019), no. 1, 24–33. [2] A. Azari Fard, Fair and just behavior towards foreign investors, Int. Conf. Jurisprudence Law Psycho. Educ. Sci. Iran Islamic World, 2019. [3] A. Bellofatto, C. D’Hondt, and R. De Winne, Subjective financial literacy and retail investors’ behavior, J. Bank. Finance, 92 (2018), 168–181. [4] V. Braun and V. Clarke, Using thematic analysis in psychology, Qual. Res. Psycho. 3 (2006), no. 2, 77–101. [5] D.F. Costa, F. de Melo Carvalho, B.C. de Melo Moreira, and J.W. do Prado, Bibliometric analysis on the association between behavioral finance and decision-making with cognitive biases such as overconfidence, anchoring effect, and confirmation bias, Scientometrics 111 (2017), 1775–1799. [6] K. Dadras, A. Toloie and R. Radfar, Role of behavioral finance in understanding individual investor’s behavior (a review of empirical evidence from Tehran Stock Exchange), Invest. Knowledge 7 (2017), no. 28, 83–102. [7] E.F. Fama and K.R. French, Common risk factors in the returns on stocks and bonds, J. Financ. Econ. 33 (1993), no. 1, 3–56. [8] H. Fazlei, A. Bahmani, and F. Hosseinzadeh, Corporate social responsibility, dimensions, and influencing factors, 7th Nat. Conf. Mod. Stud. Res. Field Human. Manag. Entrepreneur. Iran, 2019. [9] I. Gallego-Alvarez and M.C. Pucheta-Martınez, The moderating effects of corporate social responsibility assurance in the relationship between corporate social responsibility disclosure and corporate performance, Corporate Soc. Respons. Environ. Manage. 29 (2022), no. 3, 535–548. [10] D.C. Giles, Parasocial interaction: A review of the literature and a model for future research, Media Psycho. 4 (2002), no. 3, 279–305. [11] U.G. Gurun, N. Stoffman, and S.E. Yonker, Trust busting: The effect of fraud on investor behavior, Rev. Financ. Stud. 31 (2018), no. 4, 1341–1376. [12] M.H. Haddadi and F. Bahrami Rad, Evaluation of investors’ behavior in Tabriz Stock Exchange, First Nat. Conf. New Stud. Entrepreneur. Bus. Manag., 2018. [13] M. Haji Hashemi Varnoosafadarani and M.R. Abdoli, Effects of managers’ overconfidence on voluntarily information disclosure and social responsibility of companies listed in Tehran Stock Exchange, Sci. Res. Quart. Invest. Sci. 9 (2019), no. 35, 3. [14] R. Henager and B.J. Cude, Financial literacy and long- and short-term financial behavior in different age groups, J. Financ. Counsel. Plann. 27 (2016), no. 1, 3–19. [15] A. Heyes, M. Neidell and S. Saberian, The effect of air pollution on investor behavior: Evidence from the S&P 500 (No. w22753), Nat. Bureau Econ. Res., 2016. [16] H. Homan, Multivariate analyses in behavioral studies, Tehran: Parsa Publication, 2001. [17] S. Hosseini, S. Tajali and J. Zanganeh, The relationship between corporate social responsibility and social sustainability, First Conf. Account. Manag. Econ. Dyn. Approach Nat. Econ., 2016. [18] J. Jain, N. Walia, and S. Gupta, Evaluation of behavioral biases affecting investment decision-making of individual equity investors by fuzzy analytic hierarchy process, Rev. Behav. Financ. 12 (2020), no. 3, 297–314. [19] D. Kahneman and A. Tversky, Choices, values, and frames, Amer. Psycho. 39 (1984), no. 4, 341. [20] Z. Karimi and F. Nasirzadeh, Social responsibility disclosure and stock price awareness, emphasizing the role of corporate governance, Judgment Decision Mak. Account. Audit. 2 (2023), no. 6, 19–42. [21] I. Karimi Dorabi, Behavioral finance in the decision-making process of investors, First Int. Conf. Econ. Manag. Account. Soc. Sci., 2014. [22] S.L. Karimi Ghorji and F. Saraf, Corporate social responsibility and growth opportunity, Fourth Int. Conf. Knowledge Technol. Third Millennium Iran’s Econ. Manag. Account., 2021. [23] A. Khosravani, G. Talebnia, and F. Saraf, Investigating the impact of social factors on investors’ behavior in Iran’s capital market, J. Public Policy Manag. 1 (2019), 39–50. [24] K. Koh, H. Li, and Y.H. Tong, Corporate social responsibility (CSR) performance and stakeholder engagement: Evidence from the quantity and quality of CSR disclosures, Corporate Soc. Respons. Environ. Manag. 30 (2023), no. 2, 504–517. [25] M. Marchington, Human resource management (HRM): Too busy looking up to see where it is going longer term?, Human Resource Manag. Rev. 25 (2015), no. 2, 176–187. [26] S. Mazloumi, M. Ashrafi, and S.A. Hosseini, The role of accounting in the behavioral financial psychology of investors, Second Int. Conf. Recent Innov. Econ. Manag. Account., 2018. [27] S. Miran and S.K. Chavoshi, The effect of corporate governance on the behavior of investors in the capital market, Third Nat. Conf. Sci. Technol. Third Millennium of Iran’s Econ. Manag. Account., 2019. [28] V. Moghadami, The behavior of investors in the competitive stock market, Econ. Mag. 19 (2018), no. 3–4, 29–44. [29] G. Mohammadi Eliasi and Z. Badli, The influence of environmental factors on ethical decision-making in start-up businesses, Entrepreneur. Dev. Acquis. 8 (2014), no. 1, 175–193. [30] B.A. Nouri, S. Motamedi and M. Soltani, Empirical analysis of financial behavior of investors with brand approach (Case study: Tehran Stock Exchange), Sci. Yearbook Econ. Bus. 64 (2016), no. 1, 97–121. [31] E. Park, Corporate social responsibility as a determinant of corporate reputation in the airline industry, J. Retail. Consumer Serv. 47 (2019), 215–221. [32] A. Rahbar, S. Tovanai, and S. Azarhoushang, Characteristics of stock returns, how to evaluate, and its importance in accounting, 7th Int. Conf. Manag. Account. Sci., 2021. [33] R. Rahimi, Perceptual errors of investors on investment decisions in the Tehran Stock Exchange, 4th Sci. Conf. New Achiev. Stud. Manag. Account. Econ. Iran, 2019. [34] B. Saadatzadeh Hesar, R. Abdi, H. Mohammadzadeh Salte, and M. Narimani, The role of cognitive bias in the behavior of investors (teacher) in the stock market, School Psycho. 2 (2021), 44–66. [35] A. Salehi, R. Mousavi, and M. Moradi, Examining the influence of managerial optimism on the sensitivity of investment to cash flow, Financ. Knowledge Secur. Anal. 10 (2016), no. 33, 65–76. [36] K. Shams Al-Dini, V. Daneshi, and F. Seyyedi, Investigating the impact of investors’ and management’s behavior on stock returns, Account. Knowledge 9 (2017), no. 33, 163–189. [37] A. Sharifi and H. Jafari Alvestani, Investigating the behavioral factors affecting the investor’s decisions in financial behavior, Nat. Conf. New Approach. Account. Finance, 2021. [38] E. Sharma, A review of corporate social responsibility in developed and developing nations, Corporate Soc. Respons. Envir. Manag. 26 (2019), no. 4, 712–720. [39] A. Sharma and A. Kumar, A review paper on behavioral finance: study of emerging trends, Qual. Res. Financ. Markets 12 (2020), no. 2, 137–157. [40] S. Talebi Anzab, M.R. Mehrabanpour, H. Jahangirnia, and B. Bani Mahd, Explaining the impact of psychology in the form of behavioral economics on the social responsibility reporting of companies admitted to the Tehran Stock Exchange, Financ. Econ. 16 (2022), no. 59, 1–22. [41] M. Yurttadur and H. Ozcelik, Evaluation of the financial investment preferences of individual investors from behavioral finance: The case of Istanbul, Proc. Comput. Sci. 158 (2019), 761–765. [42] K. Zabulestani and P. Saidi, Social responsibility of companies, First Int. Conf. Econ. Manag. Account. Human. Islamic Bank., 2014. [43] S.A. Zahera and R. Bansal, Do investors exhibit behavioral biases in investment decision-making? A systematic review, Qual. Res. Financ. Markets 10 (2018), no. 2. | ||
|
آمار تعداد مشاهده مقاله: 876 تعداد دریافت فایل اصل مقاله: 736 |
||