چکیده:
The purpose of the present study is to investigate the effect of behavioral variables
on overconfidence in management, herding behavior and investors' emotional
tendency on stock return. To this end, by using the data of firms listed in the Iran's
Stock Exchange during the seven-year period of 2010-2016, overconfidence index
in management, the herding behavior of the investors and the emotional tendency
of the investors were calculated and their impact on stock return was examined.
The data of the research are of a panel type and for analyzing the data and testing
the hypotheses; a multiple linear regression model has been used. Evidence from
the experimental results of the research showed that the behavioral variables studied
in the research has a significant and inverse effect on the stock return of the
companies.
خلاصه ماشینی:
To this end, by using the data of firms listed in the Iran's Stock Exchange during the seven-year period of 2010-2016, overconfidence index in management, the herding behavior of the investors and the emotional tendency of the investors were calculated and their impact on stock return was examined.
Therefore, the main goal of the present study is to identify the effect of two variables related to the behavior of investors including herding behavior and their emotional tendency along with the behavioral variable of overconfidence in management on stock returns of companies.
There- fore, it is expected that the behavioral variables within the firm (overconfidence of managers) and out- of-company behavioral variables, such as the two variables of the emotional tendency of investors and the herding behavior of the investors will effect on the stock return.
In the following, we consider the theoretical foundations related to the effect of each of the three factors; the herding behavior of inves- tors; the emotional tendency of investors; and overconfidence in management on stock returns sepa- rately.
Given to the effect of the behavioral variable of overconfidence in management on the company's price and dividend, it is ex- pected that this behavioral variable will ultimately affect stock returns; therefore, the third hypothesis of the research is as follows: Hypothesis 3.
5 Conclusion and Future Direction The results of this study showed that internal organizational behaviors (overconfidence in man- agement) and extra organizational (herding behavior and the emotional tendency of investors) have an inverse and significant effect on the stock return of the company.