نوع مقاله : مقاله پژوهشی
نویسنده
استادیار مدیریت مالی، گروه مدیریت، اقتصاد و حسابداری، دانشکده علوم انسانی و اجتماعی، دانشگاه گلستان، گرگان، ایران؛
چکیده
کلیدواژهها
عنوان مقاله [English]
نویسنده [English]
The purpose of this study is investigating the impact of management characteristics on stock returns. Therefore after extracting the financial information of 165 companies listed on Tehran stock exchange for the period 2010 to 2020, to test the hypotheses multiple regression models and data mining methods have been used. Findings indicate that myopia and optimism of management have had a negative and significant effect as well as a positive but insignificant effect on abnormal returns and specific stock returns, respectively. Also with the higher conservatism of managers, higher abnormal returns and lower specific returns are achieved. In addition, the rate of return on stocks with the independence of board members, increased forecasting accuracy and management ability has been increased. Management stability has also reduced abnormal stock returns and increased specific stock returns. The results obtained from the neural network model indicate that the variables of management forecasting accuracy, conservatism and management myopia have a significant effect on abnormal stock returns and the two variables of conservatism and management forecasting accuracy also had a significant effect on specific stock returns. Also, the findings of the decision tree model show that only the myopia and conservatism of management have had a significant effect on abnormal returns and specific stock returns, respectively. In other words, a small number of management characteristics have a significant effect on stock returns and other management characteristics did not have a significant effect.
کلیدواژهها [English]