تاثیر گرایش احساسی سرمایه گذاران بر ارتباط ارزشی اطلاعات حسابداری

از دیرباز، همواره ادعا شده که اطلاعات حسابداری مندرج در صورتهای مالی، یکی از منابع مهم اطلاعاتی سرمایه گذاران و سایر مشارکت کنندگان در بازار سرمایه است. از این رو، میتوان به طور منطقی انتظار داشت که اطلاعات حسابداری، نقش موثری را در ارزشگذاری قیمت سهام و نیز بازده سهام ایفا نمایند. از سوی دیگر دیدگاه مالی رفتاری نشان می دهد که برخی از تغییرات قیمت اوراق بهادار هیچ دلیل بنیادی ندارد و رفتار هیجانی سرمایه گذاران، نقش مهمی در تعیین قیمت ها ایفا می کند. تحقیق حاضر، به بررسی تاثیر گرایش احساسی سرمایه گذاران بر ارتباط ارزشی اطلاعات حسابداری می پردازد. قلمرو زمانی این تحقیق برای دوره 15 ساله از ابتدای سال 85 لغایت پایان سال 99 بوده و نمونه تحقیق شامل 97 شرکت پذیرفته شده در بورس اوراق بهادار تهران می باشد. نتایج پژوهش بیانگر آن است که در دوره‌هایی که گرایش احساسی سرمایه گذاران بالاست ارتباط سود با بازده و قیمت سهام قوی تر از دوره‌های احساسی (هیجانی) پایین می باشد. همچنین در دوره‌هایی که گرایش احساسی سرمایه گذاران پایین است، رابطه بازده و قیمت سهام با سایر متغیرهای حسابداری (ارزش دفتری مجموع دارایی های هر سهم، ارزش دفتری حقوق صاحبان سهام هر سهم، جریان نقدی عملیاتی هر سهم) قوی تر از زمانی است که هیجانات بازار بالا است.

The effect of investor sentiment on Value Relevance of Accounting Information

1 Introduction A decrease or increase in the correlation between market prices or stock returns and accounting information should not be considered immediately as a real decrease or increase in the value relationship; Rather, it should be noted that the relationship has two parties (market price or share return and accounting information) and any deviation from the fundamental value attributed to each party in the relationship will reduce or increase their correlation. However, in the traditional approach as well as previous studies, it has always been assumed that the decrease or increase in this correlation is real and only the effect of accounting measurements, and it is possible that the correlation between market price or share return and information may decrease or increase. Unrealistic accounting and the consequence of market price deviation from the core value, i.e., the effect of investor behavior, have been ignored.The effect of investor behavior is a phenomenon beyond the realm of financial reporting. Therefore, it seems unreasonable to downplay and ignore the effect of this factor on the value relationship of accounting information. The latter is a very important point that has not been addressed in previous research. Therefore, the present study tries to study the effect of investor sentiment on value relevance of accounting information. 2 HypothesisH1: In periods when investors’ sentiment is high, the relationship between earnings and stock returns is stronger than in low emotional periods.H2: In periods when investors’ sentiment is high, the relationship between earnings and stock prices is stronger than in low emotional periods.H3: In periods when investors’ sentiment is low, the relationship between stock returns and other accounting variables (book value of total assets per share, book value of equity per share, operating cash flow per share) is stronger than when Market excitement is high.H4: In periods when investors’ sentiment is low, the relationship between stock prices and other accounting variables (book value of total assets per share, book value of equity per share, operating cash flow per share) is stronger than when Market excitement is high.3 Methods: To determine the effect of investor sentiment on Value Relevance of Accounting Information, four hypotheses were tested and for this purpose, the annual data of 97 companies listed on the Tehran Stock Exchange during the period were analyzed using multivariate regression.4Results: The findings of this study confirm the first and second hypotheses of the research on the effect of management’s attitude towards risk in the occurrence of fraudulent financial reporting. Overall, the findings of this study show that fraudulent financial reporting follows four patterns of risk attitude, in other words, when the probability of reference profit or the probability of reference loss is high, the probability of fraudulent financial reporting increases, but, the lower the probability of reference losses, the lower the likelihood of fraudulent financial reporting. 3 Discussion and ConclusionThe present study examines a distinct effect of market sentiment on investors’ information processing strategy. The results show that investors tend to choose different strategies and focus on different sets of information to adjust valuations in periods of high versus low emotions. Overall, he concluded that the intensity of the value relationship of accounting information is not only the result of decreasing or increasing the relevance of accounting information and financial reporting (the effect of accounting measurements) that has been emphasized in previous research, but as in research. It was also argued that the intensity of the value relationship of accounting information is due to the speculative behaviors of investors in the field of pricing and as a result, the position of noncore value in the market price (the effect of investor behavior).In summary, it can be stated that based on the empirical findings of the present study, the behavior of investors has an important place in valuing the equity. In addition, the research results show that the main source of the decreasing or increasing trend observed in the value relationship of accounting information is the intensity of investors’ emotional behavior; Behavior that cannot be attributed to fundamental value changes. In addition, according to the results of the present study, it seems that some of the criticisms made in previous studies regarding the reduction of the relevance of accounting information from the perspective of valuation have reduced its usefulness in decisions in this area, to some extent. Keywords: Investor sentiment, Value Relevance of Accounting Information, Behavioral financial, Stock returns, Stock prices