Authors
1
Ph.D.Student, Islamic Azad University of Tehran South Branch.
2
Associate prof, Islamic Azad University of Tehran South Branch.
3
null
,
Document Type : Research Paper
Abstract
Objective: Investigating the effect of changes in accruals on the investor's heterogeneous belief and increasing the knowledge of investors and managers to decide on the purchase and sale of shares.
Method: Regression analysis was used to test the research hypotheses using combined data.
Results: The results of this study show that the variability of accrual items has a positive effect on the investor's heterogeneous belief and the effect of the variability of accruals on the investor's heterogeneous components in high growth companies compared to low growth companies and in small firms compared to Big companies are bigger.
Conclusion: The fluctuation in accruals changes increases the uncertainty in investors' beliefs, and the false response to the information received indicates that they increase or decrease the stock price. The factor of growth and size of companies is known as one of the most important variables in the user's decision making.
Contribution: It is expected that the results of research can be useful for future researchers and ultimately affect the quality of research, knowledge and decision making of managers and investors.
- Akbari,Mohamad Reza,(2014), Investors' Sentiments and Stock Market Reaction to Profit News on the Exchange, Thesis of Islamic Azad University of Vahid Esfahan, Faculty of Accounting and Management, Hassanzadeh Maryam.(In Persian).
- Arab Salehi,Mehdi,Hamidian,Narges,(2015), Investigating the effect of the variability of accruals and its fundamental and optional components on the fluctuation of conventional and non-standard yields of stock, Journal of Accounting and Audit Management,14:145-167.(In Persian).
- Asadi , Zahra; Zellaghi, Hasan ,(2017), The role of institutional investors in the control of voluntary accruals, the first accounting, management and economics conference with the dynamics of national economy, Malayer, Islamic Azad University of Malayer .(In Persian)
- Amihud, Y, (2002), Illiquidity and Stock Returns: Cross-section and Time-series Effects, Journal of Financial Markets ,5: 31-56.
- Beker, J., & Choee, O,(2016),The Impact of Mental Factors on Investors' Decision in the Malaysian Stock Market ,International Journal of Economics and Management Science, 2(5):1-8.
- Beyer A., Guttman, I. (2011), The Effect of ad V um A a y ’ F a Bias, The Accounting Review, 86(2): 451- 481
- Carver, C. S., Scheier, M. F., & Segerstrom, S. C, (2015), Optimism. Clinical psychology review, 30(7):879-889.
- Chen, S, (2013), Optimistic versus Pessimistic-Optimal Judgemental Bias with Reference Point,arXiv preprint arXiv:1310.2964.
- Derakhshandeh, Seyyed Hadi; Ali Ahmadi, Saeed,(2017), Evaluation of the Role of Investors' Beliefs on Price Orientation and Volume of Transactions in the Capital Market, Financial News Quarterly,10(33):51-64(In Persian).
- Eskandar Lee, Tahereh,(2018), Investigating the effect of accruals on the heterogeneity of investors' beliefs and the effect of their interaction on stock returns, knowledge of accounting and auditing management, 29(8):149-159.(In Persian)
- Fama, E., French, k. (2006), Profitability, Investment and average returns, Journal of Financial Economic 80:491-518.
- Fama, E. F., and K. R. French, (1993),Common Risk Factors in the Returns on Stocks and Bonds, Journal of Financial Economics, 33(1): 3-56.
- Hgoli Zadeh,Negin;Hamdam,Hadi(2017), Investigating the Emotional Emotions of Investors on Stock Return Oscillation in Tehran Stock Exchange, Second Annual Economics, Management and Accounting Conference. (In Persian)
- Heidarpur, Farzaneh; Tari Verdi; Yadullah; Mehrabi; Maryam,(2013), Effect of investors' emotional tendencies on stock returns, financial knowledge of securities analysis,1:17-41.(In Persian)
- Hoffman, R. J. Goetzmann, W. N., & Peles, N, (2015),The Role of Investment Beliefs and Preferences on Risk and Return Formation, Journal of economic perspectives, 17(1): 83-104.
- Jabbarzadeh, Saeed,(2008), Investigation of the relationship between earnings management of consolidated group companies and stock returns of the main company accepted in Tehran Stock Exchange, Empirical Accounting Research,5(1):59-79.(In Persian).
- Kruger, J., & Burrus, J, (2014),Egocentrism and focalism in unrealistic optimism(and pessimism, Journal of Experimental Social Psychology, 40(3):332-340.
- Miller, D., & Friesen, P. H, (1980), Momentum and revolution inorganizational adaptation, Academy of Management Journal, 23(4): 591–614.
- Miller, D., & Friesen, P. H, (1984), A longitudinal study of the corporate
- life cycle, Management Science, 30(10): 1161–1183.
- Oprean C, (2014), Effect of behavioural factor on human finance decisions, Procedia Economic and finance ,16: 458- 463
- Peng,Emma.Y ,(2016), Accrual Accounting , Heterogeneous Investor S Believe ,Stock Returns, Journal of Financial Stability,1-50
- Polk, C., & Sapienza, P, (2009),The stock market and corporateinvestment: A test of catering theory, Review of Financial Studies, 22(1):187–217.
- Sobaci, C., A. Sensoy, and M. Erturk, (2014), Impact of Short Selling Activity on Market Dynamics: Evidence from an Emerging Market, Journal of Financial Stability ,15: 53-62.
- Talangi, Ahmad (2004), The Confrontation between New Financial and Financial Behavior Theory, Financial Research, 17: 3-26(In Persian).
- Varian, H.R,(1985), Divergence Of Opinion In Compelete Markets – Anote, The Journal Of Finance, 40(1): 309-317.
- Zhang, C, (2011),A Re-examination of the Causes of Time-Varying Stock Return Volatilities, Journal of Financial and Quantitative Analysis ,45: 663–684
- Zhang,G.akd S, Zhang,(2013),Information Efficiency of the U.S.Credit Default Swap Market,Evidence from Earnings Surprises,Journal of Financial Stability , 9: 720-730.
)