Investigating the effect of Management supervisory mechanisms of Companies listed on the Tehran Stock Exchange on the relationship between the tone of financial reporting and the emotional behavior of investors
Subject Areas : مدیریت دانشSedighe Kamranrad 1 , seyed hesam vaghfi 2 , Zahra Heydarian 3 , Fatemeh Gholami khomeiran 4
1 - Assistant Professor of Accounting, Department of Management, Economics and Accounting, Payame Noor University, Tehran, Iran
2 - Assistant Professor,Department of Management,Economics and Accounting,Payame Noor University,Tehran,Iran
3 - Master of Accounting, Payame Noor University, Tehran, Iran
4 - Master of Accounting, Payame Noor University, Tehran, Iran
Keywords: Emotional behavior of investors, Regulatory mechanisms, Tone of financial reporting,
Abstract :
Objective: In recent years, the analysis of the dimensions of the corporate governance system is considered an important indicator of investors' trust in the decisions made by the management and the board of directors of the companies. The present study examines the effect of Management regulatory mechanisms of companies listed in the Tehran Stock Exchange on the relationship between the tone of financial reporting and the emotional behavior of investors. Methodology: The statistical population of the research is all the companies admitted to the Tehran Stock Exchange, using the systematic elimination sampling method, 150 companies were selected as the research sample and were investigated in the 10-year period between 1390 and 1399. Stata software was used to test the research hypotheses. Conclusion: The results of the research show that the Management supervisory mechanisms have a direct effect on the emotional behavior of investors. But, the tone of financial reporting has the opposite effect on the emotional behavior of investors. However, the Management regulatory mechanism has a direct effect on the relationship between reporting tone and emotional behavior of investors. Also, in large companies, the Management regulatory mechanism has a direct effect on the relationship between reporting tone and emotional behavior of investors.