The Moderating Role of Financial Constraints in the Influence of Environmental Sustainability Reporting on the Stock Returns of Firms Listed on the Tehran Stock Exchange

  • سال انتشار: 1401
  • محل انتشار: فصلنامه بین المللی اقتصاد و سیاست، دوره: 3، شماره: 2
  • کد COI اختصاصی: JR_JEOPO-3-2_005
  • زبان مقاله: انگلیسی
  • تعداد مشاهده: 292
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نویسندگان

Leila Torki

Assistant Professor, Department of Economics, Faculty of Administrative Sciences and Economics, University of Isfahan, Isfahan, Iran

Narges Amani

Ms in Economics, Department of Economics, , Faculty of Administrative Sciences and Economics, University of Isfahan, Isfahan, Iran

چکیده

Stock return demonstrates the efficiency of a firm in creating net interests for the shareholders in return for their investment in firm stocks and is influenced by various factors. The present study seeks to investigate the impact of Social Performance Reporting on stock returns considering the moderating role of financial constraints. The present study used data from firms listed in Tehran Stock Exchange selected through purposive sampling over ۲۰۱۲-۲۰۱۹. The present study is applied in terms of the research objective, and multiple regression has been used for data analysis. The Kaplan and Zingales (۱۹۹۷) model has been used to estimate financial constraints in this study, given the current practice in previous domestic and foreign research. Results indicated that Social Performance Reporting had a significant and positive influence on the stock returns of firms listed on the Tehran Stock Exchange. Besides, results demonstrated that financial constraint played a negative moderating role in the relationship between Social Performance Reporting and the stock returns of firms listed in the Tehran Stock Exchange.

کلیدواژه ها

Keywords: financial constraint, sustainability reporting, stock return, social responsibility

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