اثرپذیری تصمیمگیری سرمایهگذاران از الزامات قانونی در بازار سرمایه | ||
| چشم انداز مدیریت مالی | ||
| دوره 14، شماره 45، 1403، صفحه 9-36 اصل مقاله (1.21 M) | ||
| نوع مقاله: علمی - پژوهشی | ||
| شناسه دیجیتال (DOI): 10.48308/jfmp.2024.104664 | ||
| نویسندگان | ||
| حدیث جوانمرد1؛ احمد خدامی پور* 2؛ امید پورحیدری3 | ||
| 1دانشجوی دکتری حسابداری، دانشگاه شهید باهنر کرمان، کرمان، ایران. | ||
| 2استاد گروه حسابداری،دانشکده مدیریت و اقتصاد،دانشگاه شهید باهنر کرمان، کرمان، ایران | ||
| 3استاد گروه حسابداری، دانشگاه شهید باهنر کرمان، کرمان، ایران | ||
| چکیده | ||
| هدف: اکثر نظریههای مالی اقتصادی بر این فرض استوارند که سرمایهگذاران در زمان تصمیمگیری بهصورت کاملاً عقلایی عمل میکنند که با نظریه انسان اقتصادی عقلایی کاملاً منطبق است. سرمایهگذاران به هنگام سرمایهگذاری تمام جوانب را در نظر میگیرند و عقلاییترین تصمیم را اتخاذ میکنند. ولی در برخی مواقع عواملی باعث بروز رفتار غیرعقلایی میشود و نحوه تصمیمگیری آنها را تحت تأثیر قرار میدهد که ناشی از ناکارایی بازارهای مالی است. یکی از مهمترین وظایف نهادهای ناظر بازار سرمایه، کنترل نوسانها است که این کنترل با استفاده از ابزارها و قوانین مختلف انجام میشود. نظارت سازمان بورس بر شرکتها از طریق مکانیزمهای نظارتی انجام میشود. هدف از این پژوهش بررسی مکانیزمهای برگزاری کنفرانسهای خبری، اطلاعیه شفافسازی در خصوص نوسان قیمت سهام، اطلاعیه شفافسازی در خصوص شایعه و توقف نماد معاملاتی میباشد. روش: جامعهی آماری این پژوهش، کلیهی شرکتهای پذیرفته شده در بورس اوراق بهادار تهران، در یک دورهی 7 ساله، از سال 1394 تا 1401 میباشد. دادههای مورد نیاز برای اجرای این پژوهش، از طریق بانک اطلاعاتی سازمان بورس و اوراق بهادار تهران (کدال) و نرمافزار رهاورد نوین جمعآوری شده است. علاوه بر این، با استفاده از نرمافزارهای اکسل (به منظور جمعآوری و مرتبسازی دادهها)، اس پی اس اس و ایویوز به آزمون فرضیهها و تجزیهوتحلیل یافتهها پرداخته شده است. پژوهش حاضر از نوع پژوهش رویدادی است که مرسومترین آزمون آماری برای مطالعات رویداد پژوهی آزمون t است. در این پژوهش برای ارزیابی الزامات قانونی در بازار سرمایه، حجم معاملات پیرامون زمان انتشار اطلاعیههای برگزاری کنفرانسهای خبری، شفافسازی خصوص نوسان قیمت سهام، شفافسازی در خصوص شایعه و توقف نماد معاملاتی مورد مطالعه قرار گرفت. یافتهها: نتایج آزمون فرضیههای پژوهش نشان داد که برگزاری کنفرانس خبری و اطلاعیه شفافسازی در خصوص شایعه بر تصمیمگیری سرمایهگذاران تأثیری ندارد. علاوه بر این، تجزیهوتحلیل دادههای پژوهش حاکی از این است که اطلاعیه شفافسازی در خصوص نوسان قیمت سهام و اطلاعیه شفافسازی در خصوص شایعه و توقف نماد معاملاتی بر تصمیمگیری سرمایهگذاران تأثیر دارد. نتیجهگیری: یکی از مهمترین عوامل مؤثر در عدم تأثیر کنفرانسهای خبری و اطلاعیههای شفافسازی بر تصمیمات سرمایهگذاران، نقص در سیستم اطلاعاتی و کارایی ضعیف بازار بورس تهران است. علاوه بر این، عدم دانش تخصصی سرمایه گذاران نیز در این پدیده نقش دارد. سرمایهگذاران در بازار سهام تمایل دارند اطلاعات مربوط به قیمت، بازده و عملکرد سهام شرکتها را بر اخبار منتشر شده توسط رسانه ها اولویت دهند. برای ترویج سرمایه گذاری در بازارهای سهام، کشورها باید اطلاعات بهتری را در اختیار سرمایه گذاران قرار دهند. این امر می تواند با افزایش الزامات تعیین شده توسط سازمان های نظارت بر بازار سهام و ایجاد چارچوبی برای ارزیابی سیاستها و رویه ها با حمایت دولت ها محقق شود. بر اساس یافتههای پژوهش، پیشنهاد میشود سازمان بورس و اوراق بهادار بهعنوان نهاد نظارتی و شرکت بورس و اوراق بهادار بهعنوان نهاد اجرایی بازار سرمایه، قوانین و مقررات حاکم بر بازار را بررسی و بازنگری کنند. | ||
| کلیدواژهها | ||
| برگزاری کنفرانس؛ اطلاعیه شفافسازی؛ توقف نماد معاملاتی؛ تصمیمگیری سرمایهگذاران | ||
| عنوان مقاله [English] | ||
| The effectiveness of investors' decision-making from legal requirements in the capital market | ||
| نویسندگان [English] | ||
| Hadis Javanmard1؛ Ahmad Khodamipour2؛ Omid Pourheidari3 | ||
| 1Ph.D Candidate of Accounting, Shahid Bahonar University of Kerman, Kerman, Iran. | ||
| 2Professor, Department of Accounting, Shahid Bahonar University of Kerman, Kerman, Iran | ||
| 3Professor, Department of Accounting, Shahid Bahonar University of Kerman, Kerman, Iran. | ||
| چکیده [English] | ||
| Purpose: Most economic and financial theories rest on the premise that investors act rationally when making decisions, adhering to the rational economic man theory. Investors are expected to thoroughly assess all aspects of their investments and select the most logical and beneficial course of action. However, inefficiencies in financial markets can sometimes trigger irrational behavior, which negatively influences investors’ decision-making processes. Supervisory bodies in the capital market play a crucial role in mitigating such inefficiencies and controlling market fluctuations by implementing various tools and regulatory measures. The Tehran Stock Exchange and Securities Organization, as the supervisory authority, oversees companies through structured mechanisms. This study seeks to evaluate the effectiveness of specific mechanisms, including holding news conferences, issuing clarification announcements regarding stock price fluctuations, addressing rumors, and suspending trading symbols, on the decision-making behaviors of investors. Method: The statistical population of this research encompasses all companies listed on the Tehran Stock Exchange during a seven-year period from 2015 to 2022. The required data were obtained from the information repository of the Tehran Stock Exchange and Securities Organization (Codal) and Rahvard Novin software. Data were initially collected and organized using Excel, and subsequently analyzed using SPSS and EViews software. Employing an event study methodology, this research applies t-tests, which are widely regarded as the standard statistical method for such studies. The study focuses on evaluating the legal requirements and their effects on the capital market by examining transaction volumes around the release of announcements for news conferences, clarification notices addressing stock price fluctuations, clarification notices dispelling rumors, and trading symbol suspensions. Findings: The results of hypothesis testing revealed that neither the holding of news conferences nor the issuance of clarification announcements to address rumors significantly influenced investors’ decision-making behaviors. Conversely, clarification announcements concerning stock price fluctuations and trading symbol suspensions were found to have a notable impact on investor decisions. This indicates that some regulatory mechanisms, while well-intentioned, may not effectively guide investor behavior, particularly in a market environment characterized by structural inefficiencies and information gaps. Conclusion: A key factor contributing to the limited influence of news conferences and certain clarification announcements on investor decisions is the inefficiency of the information dissemination system within the Tehran Stock Exchange. The market's overall low operational efficiency further compounds the issue. Another critical factor is the lack of specialized knowledge among many investors, which inhibits their ability to process and act on publicly available information. Stock market investors often prioritize direct financial data, such as stock prices, returns, and company performance, over broader information disseminated through media or regulatory announcements. To enhance investment levels in the capital market, it is essential for countries to provide higher-quality and more accessible information to investors. This can be achieved by enhancing the regulatory frameworks established by supervisory bodies and instituting robust mechanisms for evaluating market policies and procedures, supported by governmental oversight. Based on the findings of this study, it is recommended that the Tehran Stock Exchange and Securities Organization, as the regulatory authority, and the Tehran Stock Exchange Company, as the market operator, undertake a comprehensive review and revision of existing rules and regulations to better align them with the needs of investors and the broader market. | ||
| کلیدواژهها [English] | ||
| News conferences, Clarification announcements, Trading symbol suspension, Investor decision-making | ||
| مراجع | ||
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