the moderating role of financial constraints in the influence of environmental sustainability reporting on the stock returns of firms listed on the tehran stock exchange

Stock return demonstrates the efficiency of a firm in creating netinterests for the shareholders in return for their investment in firmstocks and is influenced by various factors. the present studyseeks to investigate the impact of social performance reportingon stock returns considering the moderating role of financialconstraints. the present study used data from firms listed intehran stock exchange selected through purposive samplingover 2012-2019. the present study is applied in terms of theresearch objective, and multiple regression has been used for dataanalysis. the kaplan and zingales (1997) model has been used toestimate financial constraints in this study, given the currentpractice in previous domestic and foreign research. resultsindicated that social performance reporting had a significant andpositive influence on the stock returns of firms listed on thetehran stock exchange. besides, results demonstrated thatfinancial constraint played a negative moderating role in therelationship between social performance reporting and the stockreturns of firms listed in the tehran stock exchange.