نوع مقاله : مقاله پژوهشی
نویسندگان
1 کارشناسی ارشد، گروه حسابداری، دانشکده مدیریت و اقتصاد، دانشگاه لرستان، خرم آباد، ایران
2 دانشیارگروه حسابداری دانشگاه لرستان
3 استادیار، گروه حسابداری، دانشگاه جهرم، شیراز، ایران
چکیده
کلیدواژه‌ها
موضوعات
عنوان مقاله [English]
نویسندگان [English]
Identifying whether investor sentiments influence firms' commitment to corporate social responsibility (CSR) activities, as responding to these sentiments can lead to misallocation of capital and, consequently, economic losses for society as a whole. This research aims to investigate investor sentiments and abnormal returns resulting from CSR performance in firms listed on the TSE. Data related to 120 companies listed on the Tehran Stock Exchange from 2016 to 2023 were extracted, and a panel data regression model was utilized to test the research hypotheses. The first hypothesis of the research, which posited that investor sentiments have a significant effect on abnormal returns arising from CSR performance, has been confirmed. In other words, the increase in investor sentiments lead to an increase in the abnormal returns stemming from CSR performance. Additionally, the second hypothesis showed that the quality of accounting information significantly impacts the relationship between investor sentiments and abnormal returns resulting from CSR performance. Finally, the results indicate that retail institutional investors have a significant impact on the relationship between investor sentiments and abnormal returns from CSR performance. The findings suggest that, in addition to internal factors (including the financial reporting quality), market-level factors such as investor sentiments and the passive structure of corporate ownership also influence participation in CSR activities.
کلیدواژه‌ها [English]
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