Open AccessExamining the impact of management optimism on investor sentiments in companies listed in Tehran Stock Exchange
Author(s) -
Leila Zamani,
Samad Borzoian Shirvan
Publication year - 2017
Publication title -
revista venezolana de gerencia
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.208
H-Index - 10
eISSN - 2477-9423
pISSN - 1315-9984
DOI - 10.31876/revista.v22i77.23659
Subject(s) - optimism , stock exchange , business , panel data , population , sample (material) , variables , actuarial science , regression analysis , order (exchange) , accounting , econometrics , economics , finance , psychology , statistics , medicine , social psychology , chemistry , mathematics , environmental health , chromatography
The behavioral factors of investors are one of the most important and influential factors in financial markets, especially in developing countries. The most impor- tant aspects of behavior are the excitement of investors and managers' optimism. In this research, the effect of management's optimism on the investor sentiment in companies has been investigated. The statistical population of this study is the companies listed in Tehran Stock Exchange during 2011 to 2016 that the sample size is equal to 91 companies according to the screening method and after removing redundant observations. In this study, the optimism of management has been considered as an independent variable in order to evaluate its impact on the sentiment of investors. In this research panel data has been used with fixed effects. The results of the analysis of corporate data, using multivariate regression at 95 % confidence level, indicate that management optimism has a significant effect on the investor sentiment.