رفتار معاملاتی سرمایه گذاران و تأثیر احساسات و لحن گزارش فعالیت هیئت مدیره بر آن (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
هدف: مطالعه نقش احساسات سرمایه گذاران و لحن گزارش های فعالیت هیئت مدیره در شکل گیری رفتار معاملاتی آنها در بازار سرمایه. روش: این پژوهش از نظر هدف، کاربردی و از لحاظ طبقه بندی بر حسب روش، از نوع توصیفی- همبستگی است. برای اندازه گیری احساسات سرمایه گذاران از روش مؤلفه های اصلی و لحن گزارش فعالیت هیئت مدیره از طریق متن کاوی و از نرم افزار مکس کیودا استفاده شد. نمونه آماری مورد مطالعه، 151 شرکت از شرکت های پذیرفته شده در بورس تهران بین سال های 1388 الی 1400 است. یافته ها: نتایج به دست آمده نشان می دهد بین احساسات سرمایه گذاران و رفتار معاملاتی آنها رابطه مثبت و معنا داری وجود دارد. از طرفی، وجود رابطه منفی و معنا دار بین لحن گزارش فعالیت هیئت مدیره و رفتار معاملاتی سرمایه گذاران مشاهده گردید. نتیجه گیری: احساسات سرمایه گذاران به هنگام انجام معامله، باور و ذهنیتی برای آنها ایجاد می کند بگونه ای که برپایه باورهای شکل گرفته رفتار می کنند. از طرفی، لحن مورد استفاده مدیریت در انتشار اطلاعات متنی گزارش فعالیت هیئت مدیره بر تصمیمات سرمایه گذاران اثر گذاشته و موجب تغییر حجم غیرعادی معاملات بازار می گردد. با توجه به اینکه تاکنون پژوهشی در خصوص تأثیر لحن گزارش فعالیت هیئت مدیره بر رفتار سرمایه گذاران انجام نشده است، یافته های این پژوهش می تواند به شناسایی آثار لحن مورد استفاده مدیریت در افشای اطلاعات متنی این نوع گزارش و همچنین به درک تأثیر احساسات برانگیخته شده سرمایه گذاران بر رفتار معاملاتی آنها کمک بسزایی نماید.Investor Trading Behavior and Investors Sentiment and the Tone of Board Activity Report
Objective: The stock exchange with its operational mechanism, is a suitable place in a country's financial and economic structure and can work effectively in the direction of developing and expanding the country's liquidity resources. People consider the stock market to be related to behaviors such as greed, crises and assumptions. The increase in the number of active companies in the stock market, causes investors to face different options for investment, which has made it difficult and complicated to make appropriate investment decisions. Since people's decisions reflect their beliefs, distortions in beliefs will cause inappropriate decisions and subsequent harmful consequences for the decision maker. Therefore, the study of beliefs is considered as a fundamental issue because they have an important role in decision making. Behavioral finance theories challenge efficient market hypotheses by highlighting the important role of Investors' sentiment and psychological states in financial decisions. Behavioral financial studies the way people analyze and interpret information in order to make informed investment decisions and seeks to identify the effects of psychological processes on their beliefs and decisions. This field of knowledge is related to the psyche of investors and its role in financial decisions. All people have emotion that affects their decision-making and behavior. As an effective factor in their behaviors, investors' emotional tendency causes changes in the capital market and thus affects the volume of transactions and the stock market price. Another factor affecting the decision-making and investors' behavior is the published reports on companies' performance and financial status, such as the board activity report. These reports contain textual and quantitative information that includes a larger volume of the reports than quantitative information. One of the most important features of textual information is its tone, which in accounting refers to the amount of positive and negative text in reports. The tone of the reports published by managers is determined by the use of vocabulary and the combination of positive and negative words, which shows how management intends to inform outsiders. Therefore, the textual information used by management can be effective in investors' decisions.Method: The method of the present study is applied in terms of purpose and classification according to a method, which is descriptive-correlational, and the data analysis method is regression analysis and panel data method. The statistical population of the research is the companies in the Tehran Stock Exchange from 2009 to 2021. The statistical sample selected from the statistical population includes 151 companies (1963 year-company) in the studied period. The principal component analysis (PCA) method measures the investors' sentiments. Also, the tone of the board activity report is measured through text mining and using MAXQDA 2021.Results: The results show a positive and significant relationship between investor Sentiment and their trading behavior. Also, a negative and significant relationship was observed between the tone of the board activity report and investors' trading behaviour.Conclusion: The behavioral finance perspective discusses the behavior of investors and its effect on the capital market. One of the primary topics of this view is how to adapt the investors' sentiment to their decision-making and trading behavior. Investors' sentiments create a belief that causes them to react based on the same belief and behave differently based on this belief. These different behaviors, in total, cause a change in the price trend in the stock market. On the other hand, based on the signaling theory, to eliminate information asymmetry between insider and outsider users, managers publish information about the company in various reports, especially board activity reports, which are the most important form of reports. This type of report contains numerical and textual information. Textual information and numerical information are important in investors' decision-making. Managers can influence the behavior and reaction of investors by using the tone of textual information in reports. This research assumes that investors' sentiment is related to the formation of their trading behavior in the capital market (first hypothesis). Also, there is a relationship between the tone of textual information that managers use in their activity reports and investors' trading behaviour (The second hypothesis). The type of tone that managers use to disclose the textual information of the board activity report affects the decision-making of the users of this report and causes them to show behavior in the stock market that reduces the abnormal volume of transactions in total. Considering that no research has been done to study the effect of the tone of board activity report on the behavior of investors, the findings of this research can greatly help to identify the effects of the tone used by the management in disclosing the textual information of this type and also to understand the effect of investors' emotions on their trading behavior.
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