Investigating the Relationship Between Investors' Behavior and Managers' Expected Returns in the Tehran Stock Exchange

  • سال انتشار: 1404
  • محل انتشار: مجله ایرانی مطالعات مدیریت، دوره: 18، شماره: 2
  • کد COI اختصاصی: JR_JIJMS-18-2_004
  • زبان مقاله: انگلیسی
  • تعداد مشاهده: 108
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نویسندگان

Farzaneh Jandaghi Ardakani

Ph.D. Candidate in Financial Engineering, Department of Accounting and Finance, Yazd University, Yazd, Iran

Dariush Damoori

Associate Prof, Department of Accounting and Finance, Yazd University, Yazd, Iran

Mahdi Nazemi Ardakani

Associate Prof, Department of Accounting and Finance, Yazd University, Yazd, Iran

چکیده

Behavioral finance is the investigation of distortions and irregularities in the behavior of investors. Herding behavior, as an instance of such distortions, is not limited to investors alone, as corporate managers also exhibit this type of turmoil. The collective behavior of investors and managers can create asset bubbles, causes market inefficiencies, and slows the incorporation of new information into stock prices. It also causes managers to focus on short-term results at the expense of long-term value creation. Understanding these consequences is crucial for investors to make more informed decisions. The present study, using the composite data model from  ۲۰۲۱ to ۲۰۲۴, selects and studies a sample of ۱۵۶ firms listed on the Tehran Stock Exchange by the systematic elimination method. The results of this study indicate that the investors' herding behavior affects the expected returns of shareholders; however, the effects of the herding behavior of managers are not statistically significant.

کلیدواژه ها

investigating, herd behavior of investors, herd behavior of managers, Tehran Stock Exchange returns

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