نقش کیفیت گزارشگری مالی بر گرایش سرمایه‌گذاران نهادی گذرا در اتخاذ راهبردهای معاملاتی ارزشی و حرکتی

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشجوی دکتری حسابداری،واحد مبارکه، دانشگاه آزاد اسلامی، اصفهان، ایران.

2 استادیار، گروه حسابداری، واحد مبارکه، دانشگاه آزاد اسلامی، اصفهان، ایران.

3 استادیار، گروه حسابداری، واحد شاهین شهر، دانشگاه آزاد اسلامی، اصفهان، ایران.

چکیده

در سال‌های اخیر، مفهوم راهبردهای معاملاتی ارزشی و حرکتی اهمیت یافته است. در این پژوهش، نقش کیفیت گزارشگری مالی بر تمایل سرمایه‌گذاران نهادی کوتاه‌مدت به اتخاذ راهبردهای حرکتی یا ارزشی و همچنین زمان‌بندی دستیابی به بازده هر یک از دو راهبرد گفته شده مورد بررسی قرار می­گیرد. بررسی داده‌های مربوط به شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران از سال‌های 1392 تا 1398 نشان داد که میزان گرایش سرمایه‌گذاران نهادی گذرا برای سرمایه‌گذاری در شرکت‌های با کیفیت ضعیف گزارشگری مالی، در زمان اتخاذ هر دو راهبرد ارزشی و حرکتی کاهش می­یابد. همچنین سرمایه‌گذاران نهادی در زمان اتخاذ راهبرد حرکتی نسبت به زمان اتخاذ راهبرد حرکتی زودتر به بازده‌های غیرعادی دست می‌یابند.

کلیدواژه‌ها

عنوان مقاله [English]

The role of financial Reporting Quality on the Tendency of Transient Institutional Investors in Adopting Value and Momentum Trading Strategies

نویسندگان [English]

  • Maryam Ebrahimi 1
  • Leila Safdarian 2
  • Masoud Fouladi 3
  • Maryam Farhadi 2
1 Ph.D. Candidate in Accounting,, Mobarakeh Branch, Islamic Azad University, Isfahan, Iran.
2 Assistant Prof, Department of Accounting, Mobarakeh Branch, Islamic Azad University, Isfahan, Iran.
3 Assistant Prof, Department of Accounting, Shahin Shahr Branch, Islamic Azad University, Isfahan, Iran.
چکیده [English]

In recent years, the concept of trading strategies value and Momentum strategies has become important.The present study investigates the role of financial reporting quality on the willingness of short-term institutional investors and the timing of achieving the return of each of the two strategies. Investigating data related to the companies listed on the Tehran Stock Exchange from 2013 to 2020 indicate that The results indicate that the tendency of transient institutional investors to invest in companies with poor financial reporting decreases during the both value and momentum strategies. Institutional investors also achieve abnormal returns in the momentum strategy faster than value strategy.

کلیدواژه‌ها [English]

  • Financial Reporting Quality
  • Value Strategy
  • Momentum Strategy
  • Short-Term Institutional Shareholders

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چشم انداز مدیریت مالی
دوره 11، شماره 36
دی 1400
صفحه 9-33

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