Analysis of behavior herding with the effects of political communication, disclosure quality, exchange rate and inflation among the investors in the Tehran Stock Exchange market

Document Type : Original Article

Authors
maryam karimi 1
rasoul karimi 2
hoshang amiri 2
1 PhD student, Department of accounting, Khorramshahr International Branch, Islamic Azad University, Khorramshahr, Iran
2 Assistant Professor, Department of Accounting, Abadan Branch, Islamic Azad University, Abadan, Iran
10.30495/jik.2023.75985.4433
Abstract
The results of psychological research so far in capital markets indicate the lack of stability of a specific procedure in the way investors make decisions. This issue has been discussed in the framework of behavioral finance. The cultural, social, political and economic effects of each society and the complexities of human behavior are among the axioms of this. Considering the necessity of the capital market in relation to the behavioral analyzes of the investors and better understanding of the factors affecting this behavioral trend, in this research, the impact of the company's disclosure quality ranking score along with the political connections in the stock market on the companies that This behavioral trend was tested and investigated in the research period of "2017-2022". On the other hand, in addition to the mentioned variable, the effect of exchange rate fluctuations and inflation on the emergence of mass behavior of investors along with the political connections of traders at the level of companies that are seen as mass in their buying and selling, and in this process the effect Modifier of disclosure quality was also tested. Data analysis and hypothesis testing were done using multivariate regression model of combined data and Hausman and Chaw-limer tests were used to check the fixed and random effects approach. it was proved that there is a significant and direct relationship between exchange rate fluctuations and inflation on the occurrence of mass behavior and these factors reduce the impact of disclosure quality on the reduction of mass behavior.
Keywords
Keywords: behavior herding
political communication
investors
disclosure quality
currency fluctuations

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