تحلیل رفتاری از واکنش بازار سرمایه به تجدید ارائه صورت های مالی با تاکید بر ابعاد روان شناختی سرمایه گذاران

This study aims to analyze the impact of financial restatements on the stock market reaction and to examine the moderating role of investor sentiment in the Tehran Stock Exchange. Using panel data from listed companies during the period ۲۰۱۴ to ۲۰۲۴ and applying a fixed effects regression model, the findings indicate that financial restatements have a negative and significant effect on cumulative abnormal stock returns. This result is consistent with asymmetric information theory and signaling theory, suggesting that restatements, as a signal of reduced financial reporting quality, diminish investor confidence and lead to stock price declines. Furthermore, investor sentiment plays a significant moderating role; during periods of high sentiment, the market’s negative reaction to restatements is intensified. In addition, firm fundamentals (size, profitability, and information transparency) also moderated the market reaction; smaller, less profitable firms with lower transparency experienced a stronger negative reaction, supporting liquidity and firm risk theories. Overall, the results strongly indicate that financial restatements serve as a negative signal, prompting adverse market reactions, and that the intensity of this reaction is significantly influenced by investor sentiment and firm fundamentals.

کلیدواژه ها:

تجدید ارائه صورت های مالی ، واکنش بازار سهام ، احساسات سرمایه گذاران