بررسی نقش تعدیل‌گر فرصت رشد و سودآوری شرکت بر ارتباط ارزشی احساس ریسک گزارش‌های سالانه با رویکرد پویا

اقتصاد پولی مالی

مقاله 9، دوره 30، بهار و تابستان 1402 - شماره پیاپی 25، مرداد 1402، صفحه 261-290   

نوع مقاله: مقاله پژوهشی

شناسه دیجیتال (DOI): 10.22067/mfe.2023.78922.1236

نویسندگان

اکرم تفتیان^{* 1}؛ مجید سرایانی²

¹استادیار، گروه حسابداری، واحد یزد، دانشگاه آزاد اسلامی، یزد، ایران.

²دانشجوی دکتری حسابداری، گروه حسابداری، واحد یزد، دانشگاه آزاد اسلامی، یزد، ایران

چکیده

مروری بر مطالعات انجام‌شده در زمینه تأثیر احساس ریسک بر بازار سهام نشان می‌دهد که مطالعه جامعی برای بررسی تأثیر فرصت رشد و سودآوری شرکت بر ارتباط ارزشی احساس ریسک گزارش‌های سالانه انجام‌نشده است؛ بنابراین، هدف این پژوهش بررسی نقش تعدیل­گر فرصت رشد و سودآوری شرکت بر ارتباط ارزشی احساس ریسک گزارش‌های سالانه است. متغیر وابسته پژوهش قیمت سهام، متغیر مستقل احساس ریسک و متغیر تعدیل گر فرصت رشد و سودآوری است. بدین منظور 130 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران در بازه زمانی سال‌های 1387 تا 1399 با روش حذف سیستماتیک انتخاب شدند و به‌منظور افزایش درجه اطمینان نسبت به نتایج حاصل از آزمون فرضیات، از روش پیشرفته گشتاورهای تعمیم‌یافته (GMM) استفاده‌ شد. برای اندازه‌گیری احساس ریسک از روش فراوانی واژگان بهره گرفته‌شده است. طبق یافته‌های پژوهش، احساس ریسک گزارش‌های سالانه بر قیمت سهام تأثیر معناداری دارد و همچنین فرصت رشد و سودآوری شرکت بر ارتباط ارزشی احساس ریسک گزارش‌های سالانه و قیمت سهام تأثیر معناداری دارند. همچنین، فرصت رشد و سودآوری به‌عنوان تعدیل‏گر بر رابطه‏ بین احساس ریسک و قیمت سهام تأثیر می‏گذارند. می‌توان ادعا نمود که بازار بورس اوراق بهادار تهران بیشتر تحت تأثیر متغیرهای اقتصادی است؛ بنابراین سیاست‌گذاری در حوزه‌های کلان جهت کاهش احساس ریسک اقتصادی لازم به نظر می‌رسد.

کلیدواژه‌ها

ارتباط ارزشی احساس ریسک؛ فرصت رشد؛ سودآوری؛ رویکرد پویا

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