بررسی تاثیر عملکرد اجتماعی شرکت بر عملکرد مالی شرکت های پذیرفته شده در بورس اوراق بهادار تهران با تاکید بر نقش تعدیلگری احساسات سرمایه گذار

عملکرد مالی یکی از معیارهای ارزیابی عملکرد شرکت‌‌ها می‌‌باشد که بر اساس میزان سود کسب شده توسط شرکت در یک دوره مالی نسبت به ارزیابی شرکت اقدام می‌‌نماید. هدف پژوهش حاضر بررسی تاثیر عملکرد اجتماعی شرکت بر عملکرد مالی شرکت‌‌های پذیرفته شده در بورس اوراق بهادار تهران با تاکید بر نقش تعدیلگری احساسات سرمایه گذار بوده است. در این مسیر 121 شرکت با استفاده از روش حذف سامانمند به عنوان نمونه نهایی پژوهش انتخاب و داده‌‌های مورد نیاز در طی سال‌‌های 1393 تا 1400 از این شرکت‌‌ها گردآوری گردید. پژوهش از نظر هدف، کاربردی و نوع تحلیل آماری، توصیفی- همبستگی بوده است. نتایج بیانگر این بوده است که احساسات سرمایه‌‌گذار بر عملکرد مالی تاثیر مثبت و معنی داری داشته است. همچنین تاثیر عملکرد اجتماعی شرکت بر عملکرد مالی بصورت مستقیم و معنی دار مشاهده گردیده است. در نهایت یافته‌‌های پژوهش نشان داد که احساسات سرمایه‌‌گذار باعث تقویت تاثیر عملکرد اجتماعی شرکت بر عملکرد مالی شرکت‌‌های پذیرفته شده در بورس اوراق بهادار تهران گردیده است.

effect of corporate social performance on financial performance at listed companies in the tehran stock exchange with moderating role of investor sentiment

background and purpose companies are subject to evaluation for their performance in achieving goals and successesover specific time periods and from various perspectives. one of the most critical aspects of such evaluations is a company's financial performance, which reflects its ability to efficientlyutilize resources to generate wealth. this metric holds immense importance for different stakeholder groups, including shareholders, creditors, managers, and employees (vuong, 2022). since the late twentieth century, alongside the emergence of systemic theories, research literature has increasingly focused on assessing corporate social performance(csp) in conjunction with their financial performance and its impact on various financial indicators (palterineri et al., 2020). systemic theories, such as stakeholder theory, legitimacy theory, and ethical theory, are rooted in corporate social responsibility reporting to stakeholders.furthermore, the influence of social performance on financial performance can be explained through theories like agency theory and signaling theory. additionally, it's worth noting thatemotions can significantly affect investors' financial decisions. this emotional factor can also influence a company's approach to social responsibility, given the growing importance offinancial performance to diverse stakeholders and the research trend toward behavioral and systemic financial theories. the current research aims to investigate the moderating role ofinvestor sentiment in the relationship between csp and the financial performance of companies.methodology: this research employs an applied research approach to achieve its objectives.the data collection method is descriptive, focusing on retrospective analysis with post-event correlation. data were gathered from 121 companies listed on the tehran stock exchange, spanning the years 2014 to 2021. both descriptive and statistical techniques were employed, with regression analysis serving as the primary testing method. the statistical analysis encompasses both descriptive statistics (e.g., mean, standard deviation, variance) and inferential statistics (e.g., correlation coefficient, multiple variable linear regression model). to assess the utilization of commonly adopted model evaluation methods and to examine the presence of a constant effect, the leamer f-test was applied. additionally, the study scrutinized the appropriateness of the fixed model estimation through the hausman test. the dependent variable, financial performance, was quantified using asset returns, while the independent variable, social performance of companies, was assessed using the weighted model proposed by fakhari et al. (2017). this model is designed to gauge the extent of environmental, social, and governance reporting by companies active in the iranian capital market. for the measurement of the investor sentiment index, the research methodology of tohidi (2020) was employed.