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Investigating the Effect of Quality Accounting Information and Information Uncertainty on the Investor Sentiment
- Source :
- بررسیهای حسابداری و حسابرسی, Vol 25, Iss 1, Pp 21-50 (2018)
- Publication Year :
- 2018
- Publisher :
- University of Tehran, 2018.
-
Abstract
- After the development of behavioral financial theory, the experimental literature in this domain has been exclusively oriented toward investigating the relationship between investors’ inclinations and variations of stocks' price. There hasn’t been any independent research on investigating factors contributing to behavioral mistakes of investors and how they can be moderated. Thus, the purpose of this paper is to investigate the effect of accounting information quality and information uncertainty on investor sentiment. To achieve this goal, the data of 560 companies during the financial periods from 2009 to 2016 is used. The results of this study showed that accounting information quality and lack of confidence in information have a significant negative and significant positive relationship with investors’ inclinations. Furthermore, the results showed that increase in the quality of accounting information and reduction of confidence in information does reduce investors’ affective behavior in racing stocks. In addition, the results of analyses showed that investors are inclined more toward more optimistic predictions for stock price with lower information quality and confidence when investors are more optimistic.
Details
- Language :
- Persian
- ISSN :
- 26458020 and 26458039
- Volume :
- 25
- Issue :
- 1
- Database :
- Directory of Open Access Journals
- Journal :
- بررسیهای حسابداری و حسابرسی
- Publication Type :
- Academic Journal
- Accession number :
- edsdoj.8acc5bdb3ab3429cb6185eee8ee3316b
- Document Type :
- article
- Full Text :
- https://doi.org/10.22059/acctgrev.2018.237351.1007647