Investigating the Effect of Investors' Behavior and Management on Stock Returns

The purpose of the present study was to investigate the effects of behavioral variables such as managerial overconfidence, herding behavior and investor sentiment on stock returns. To this end, using the data of 75 companies listed in Tehran Stock Exchange during the seven-year period of 2010-2016,...

Full description

Bibliographic Details
Main Authors: Kazem Shamsadini (Ph.D), Vahid Daneshi, Fatemeh Seyedi
Format: Article
Language:fas
Published: Shahid Bahonar University of Kerman 2018-07-01
Series:مجله دانش حسابداری
Subjects:
Online Access:https://jak.uk.ac.ir/article_2048_cb9656743ec73d4756ca85bce00d1a02.pdf
_version_ 1818695364074536960
author Kazem Shamsadini (Ph.D)
Vahid Daneshi
Fatemeh Seyedi
author_facet Kazem Shamsadini (Ph.D)
Vahid Daneshi
Fatemeh Seyedi
author_sort Kazem Shamsadini (Ph.D)
collection DOAJ
description The purpose of the present study was to investigate the effects of behavioral variables such as managerial overconfidence, herding behavior and investor sentiment on stock returns. To this end, using the data of 75 companies listed in Tehran Stock Exchange during the seven-year period of 2010-2016, the index of managerial overconfidence, herding behavior of investors and the investor sentiment are calculated and their impact on stock returns were examined. To analyze the data and test the hypotheses, the linear regression model has been used by estimating generalized least squares (EGLS). Evidence and empirical results of the research showed that the behavioral variables studied in the research have a reciprocal and significant effect on the stock returns of the companies. Therefore, the greater the degree of reliance on managerial overconfidence, investors’ herding behavior and investor sentiment, the more inverse effect on the companies’ stock returns, we will see.
first_indexed 2024-12-17T13:44:18Z
format Article
id doaj.art-f34e1fd59b234a52be5c061f87b4b2a6
institution Directory Open Access Journal
issn 2008-8914
2476-292X
language fas
last_indexed 2024-12-17T13:44:18Z
publishDate 2018-07-01
publisher Shahid Bahonar University of Kerman
record_format Article
series مجله دانش حسابداری
spelling doaj.art-f34e1fd59b234a52be5c061f87b4b2a62022-12-21T21:46:11ZfasShahid Bahonar University of Kermanمجله دانش حسابداری2008-89142476-292X2018-07-019216318910.22103/jak.2018.10916.24972048Investigating the Effect of Investors' Behavior and Management on Stock ReturnsKazem Shamsadini (Ph.D)0Vahid Daneshi1Fatemeh Seyedi2Associate professor of Accounting, Shahid Bahonar University of Kerman, Kerman, Iran.M.A. of Accounting, Semnan University, Semnan, Iran.M.A. of Accounting, Non-profit University of Mehr, Kerman, Iran.The purpose of the present study was to investigate the effects of behavioral variables such as managerial overconfidence, herding behavior and investor sentiment on stock returns. To this end, using the data of 75 companies listed in Tehran Stock Exchange during the seven-year period of 2010-2016, the index of managerial overconfidence, herding behavior of investors and the investor sentiment are calculated and their impact on stock returns were examined. To analyze the data and test the hypotheses, the linear regression model has been used by estimating generalized least squares (EGLS). Evidence and empirical results of the research showed that the behavioral variables studied in the research have a reciprocal and significant effect on the stock returns of the companies. Therefore, the greater the degree of reliance on managerial overconfidence, investors’ herding behavior and investor sentiment, the more inverse effect on the companies’ stock returns, we will see.https://jak.uk.ac.ir/article_2048_cb9656743ec73d4756ca85bce00d1a02.pdfbehavioral variablesmanagerial overconfidenceherding behaviorinvestor sentimentstock returns
spellingShingle Kazem Shamsadini (Ph.D)
Vahid Daneshi
Fatemeh Seyedi
Investigating the Effect of Investors' Behavior and Management on Stock Returns
مجله دانش حسابداری
behavioral variables
managerial overconfidence
herding behavior
investor sentiment
stock returns
title Investigating the Effect of Investors' Behavior and Management on Stock Returns
title_full Investigating the Effect of Investors' Behavior and Management on Stock Returns
title_fullStr Investigating the Effect of Investors' Behavior and Management on Stock Returns
title_full_unstemmed Investigating the Effect of Investors' Behavior and Management on Stock Returns
title_short Investigating the Effect of Investors' Behavior and Management on Stock Returns
title_sort investigating the effect of investors behavior and management on stock returns
topic behavioral variables
managerial overconfidence
herding behavior
investor sentiment
stock returns
url https://jak.uk.ac.ir/article_2048_cb9656743ec73d4756ca85bce00d1a02.pdf
work_keys_str_mv AT kazemshamsadiniphd investigatingtheeffectofinvestorsbehaviorandmanagementonstockreturns
AT vahiddaneshi investigatingtheeffectofinvestorsbehaviorandmanagementonstockreturns
AT fatemehseyedi investigatingtheeffectofinvestorsbehaviorandmanagementonstockreturns