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Granger causality, the effect of quality of financial reports and information asymmetry on the rate of mental anchor phenomenon in Tehran Stock Exchange
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Bijan Javdanzade1   , Rezvan Hejazi 2, Allah karam Salehi3 , Mehdi Basirat4 |
1- PhD student in Accounting, Ahvaz Branch, Islamic Azad University, Ahvaz, Iran
2- Professor, Department of Accounting, Ahvaz Branch, Islamic Azad University, Ahvaz, Iran / Department of Accounting, Khatam University, Tehran, Iran (Corresponding Author) , hejazi33@gmail.com
3- Assistant Professor of Accounting, Masjed Soleiman Branch, Islamic Azad University, Masjed Soleiman, Iran
4- Assistant Professor, Department of Economics, Ahvaz Branch, Islamic Azad University, Ahvaz, Iran |
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Abstract: (2000 Views) |
| The decisions of investors in the stock market are influenced by various factors. One of the causes of behavior that causes investors to not react properly to the published information is the phenomenon of mental anchorage. The purpose of this study was to investigate the effect and causality of corporate characteristics, which include the quality of financial reports and information asymmetry of companies on the amount of mental anchor phenomenon in the Tehran Stock Exchange. The statistical population of this study included companies listed on the Tehran Stock Exchange in the period 1389 to 1398 and the hypotheses of this research were tested by data panel method. According to the results of this study, the causality of the relationship was one-way from the characteristics of companies to the mental anchor. in addition to investors when making decisions based on the projected profit of management, by comparing this profit with the average projected profit of the industry. They follow the mental anchor phenomenon and do not expect more profits with a large difference, given the projected profits of similar companies. The quality of financial reports as one of the important characteristics of companies has a negative effect on the mental anchor phenomenon. This means that users of quality financial information and reports published by companies are less likely to be anchored. Also, information asymmetry as another feature of companies does not have a positive effect on the rate of mental anchor phenomenon. Finally, based on the shocks to the mental anchor from the characteristics of companies, the results are one of the negative effects of report quality and the positive effect of companies' information asymmetry on the mental anchor phenomenon. |
Article number: 7 |
| Keywords: Mental Anchor - Granger Causality - Information Asymmetry - Behavioral Finance |
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Full-Text [PDF 600 kb]
(308 Downloads)
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Article type: Research |
Subject:
Special
Received: 2021/07/9 | Accepted: 2021/10/19 | Published: 2021/12/1
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