تأثیر نوسان بازدهی و احساسات سرمایهگذار بر رابطه بین مسئولیتپذیری اجتماعی وقیمت-گذاری برند
محورهای موضوعی : پژوهش های مالی و رفتاری در حسابداریرحیم بنابی قدیم 1 * , رقیه ملکانی 2
1 - دانشگاه
2 - کارشناس ارشد حسابداری، دانشگاه آزاد اسلامی، واحد مرند
کلید واژه: نوسان بازدهی, احساسات سرمایهگذار, مسئولیتپذیری اجتماعی, قیمت گذاری برند.,
چکیده مقاله :
شرکتها با قدرت برند خود مزایای رقابتی به دست میآورند و ایفای وظیفه مسئولیتپذیری اجتماعی میتواند در شناساندن نام و نشان تجاری شرکت و ارزشآفرینی نقش مهمی بین ذینفعان ایجاد کند. با این حال وجود ناپایداری شاخصهای بازار و رفتار احساسی سرمایهگذاران به عنوان رویکردهای کوتاهمدت، میتواند درک ارزشآفرینی مسئولیتپذیری اجتماعی در قالب برند با ارزش به عنوان رویکرد با نتایج بلندمدت را تحت تاثیر قرار دهد. بر این اساس هدف پژوهش حاضر، بررسی تأثیر نوسان بازدهی و احساسات سرمایهگذار بر رابطه بین مسئولیتپذیری اجتماعی و قیمتگذاری برند است. این پژوهش از نوع پژوهشهای کاربردی و توصیفی و علی-پس رویدادی است. برای این منظور نمونهای شامل 129 شرکت پذیرفته شده در بورس اوراق بهادار تهران به صورت هدفمند برای بازه زمانی سال های 1395 تا 1402 انتخاب و با استفاده از نرم افزار ایویوز نسخه 13 و مدلهای رگرسیونی چندگانه اقدام به آزمون فرضیههای پژوهش گردید. نتایج پژوهش نشان داد بر اساس دو مدل کیوتوبین و مدل داموداران به عنوان شاخصهای قیمتگذاری برند شرکتهای مورد مطالعه، بین مسئولیت اجتماعی و قیمتگذاری برند رابطه مثبت و معنیداری وجود دارد، نوسان بازدهی بر رابطه بین مسئولیت اجتماعی شرکت و قیمتگذاری برند تأثیر منفی و معنیداری دارد. همچنین نتایج نشان داد که احساسات سرمایهگذار بر رابطه بین مسئولیت اجتماعی شرکت و قیمتگذاری برند تأثیر معنیداری ندارد.
Companies gain competitive advantages with their brand power, and fulfilling the duty of social responsibility can play an important role in recognizing the company's brand name and creating value among stakeholders. However, the instability of market indicators and the emotional behavior of investors as short-term approaches can affect the perception of the value of social responsibility in the form of a valuable brand as an approach with long-term results.
Accordingly, the purpose of the present study is to examine the effect of return volatility and investor emotions on the relationship between social responsibility and Brand pricing This research is an applied, descriptive, and causal research. For this purpose, a sample of 129 companies listed on the Tehran Stock Exchange was purposefully selected for the period of 2016 to 2023, and the research hypotheses were tested using Eviews software, version 13, and multiple regression models.The results of the study showed that based on the two Q-Tobin models and the Damodaran model as indicators of the Brand pricing of the companies under study, there is a positive and significant relationship between social responsibility and Brand pricing, and return volatility has a negative and significant effect on the relationship between corporate social responsibility and Brand pricing. The results also showed that investor sentiment has no significant effect on the relationship between corporate social responsibility and Brand pricing.
بنابی قدیم، رحیم؛ کریمی، زینب و واعظ، سید علی. (1401). تاثیر ابعاد مسئولیت پذیری اجتماعی بر قابلیت مقایسه اطلاعات حسابداری. پژوهشهای راهبردی بودجه و مالیه، 3(4)،45-11.
بنابي قديم، رحيم؛ واعظ، سيدعلي. (1400). بررسي رابطه شاخص مسئوليت‌پـذيري اجتمـاعي بـا قابليـت مقايسـه اطلاعـات حسابداري در مراحل چرخه عمر شركت. بررسي‌هاي حسابداري و حسابرسي، 28(1)، 1-30.
حاجیها، زهره و قربانی، ایوب. (1399). تأثیر مسئولیتپذیری اجتماعی بر رتبه‌بندی اعتباری شرکتها با توجه به نقش تعدیلی نوسان پایین به بالای بازده سهام، دانش حسابداری، 12(2)، 105-121.
رشیدی، محسن و حسینی، حنیف. (1401). تأثیر احساسات سرمایهگذاران بر فعالیت‌های مسئولیت اجتماعی شرکت، حسابداری و منافع اجتماعی، 12(2)، 171-192.
کفشی، نوشین و عبدالباقی، عبدالمجید. (1399). ارزیابی نقش توأم احساسات سرمایهگذاران و ارزش ویژه برند بر عملکرد کوتاهمدت عرضه‌های اولیه سهام (شواهدی از بازار سرمایه ایران)، نشریه علمی دانش مالی تحلیل اوراق بهادار، 13(45)، 111-129.
محمدی، محمد؛ عظیمی یانچشمه، مجید؛ فولادی، مسعود و فرهادی، مریم. (1401). طراحی مدلی برای توضیح تأثیر احساسات سرمایهگذاران بر تصمیمات مالی، بازده سهام و نوسانات اقتصادی، نشریه چشم‌انداز مدیریت مالی، 12(40)، 145-171.
Acharya, V. V., & Steffen, S. (2020). The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID. The Review of Corporate Finance Studies, 9(3), 430– 471.
Agu, E. E., Iyelolu, T. V., Idemudia, C., & Ijomah, T. I. (2024). Exploring the relationship between sustainable business practices and increased brand loyalty. International Journal of Management & Entrepreneurship Research, 6(8), 2463-2475.
Albuquerque, R., Koskinen, Y., Yang, S., & Zhang, C. (2020). Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash. The Review of Corporate Finance Studies, 9(3), 593–621
Ameyaw, M. N., Idemudia, C., & Iyelolu, T. V. (2024). Financial compliance as a pillar of corporate integrity: A thorough analysis of fraud prevention. Finance & Accounting Research Journal, 6(7), 1157-1177.
Baker, M., & Wurgler, J. (2007). Investor Sentiment in the Stock Market. Journal of Economic Perspectives, 21(2), 129–151.
Bofinger, Y., Heyden, K. J., & Rock, B. (2022). Corporate social responsibility and market efficiency: Evidence from ESG and misvaluation measures. Journal of Banking & Finance, 134, 106322.
Bonabi ghadim, R., karimi, Z., & Vaez, S. A. (2022). The Effect of Social Responsibility Dimensions on Financial Statement Comparability. Budget and Finance Strategic Research, 3(4), 11-45.(In Persian)
Bonabi Ghadim, R. , & Vaez, S. A. (2021). Investigating the Relationship between Social Responsibility Index and Financial Statement Comparability in the Company Life Cycle Stages. Accounting and Auditing Review, 28(1), 1-30. (In Persian)
Borghesi, R., Chang, K., & Li, Y. (2019). Firm Value in Commonly Uncertain Times: The Divergent Effects of Corporate Governance and CSR. Applied Economics, 51(43), 4726-4741.
Chen, B., & Zhang, A. (2021). How Does Corporate Social Responsibility Affect the Cost of Equity Capital through Operating Risk? Borsa Istanbul Review.21(1), S38-S45.
Chen, F., Huang, Z., Wang, F., & Xie, Z. (2022). Can corporate social responsibility disclosure alleviate asset price volatility? Evidence from China. Economic Modelling, 116(3),1-35.
Cheong, C. W. H., Sinnakkannu, J., & Ramasamy, S. (2017). Reactive or proactive? Investor sentiment as a driver of corporate social responsibility. Research in International Business and Finance, 4293), 572–582.
Clancey-Shang, D., & Fu, C. (2022). CSR Disclosure, Political Risk and Market Quality: Evidence from the Russia-Ukraine Conflict. Global Finance Journal, 60(1), 100938.
Crous, C., Battisti, E., & Leonidou, E. (2021). Non-financial reporting and company financial performance: a systematic literature review and integrated framework. EuroMed Journal of Business, 17(4), 652-676.
Cui, J., Jo, H., & Na, H. (2018). Does Corporate Social Responsibility Affect Information Asymmetry? Journal of Business Ethics, 148(3), 549–572.
Damodaran, A. (2015). Valuation: Lecture Note Packet 1 Intrinsic Valuation. Master Class.1-353.
Dautaj, E. (2023). Exploring the Relationship between Corporate Social Responsibility and Firm Value: The Role of Market Volatility and Investor Sentiment. Available at SSRN 4508723.
Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, Social and Governance (ESG) Scores and Financial Performance of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack. J Bus Ethics, 168(2), 315–334.
El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388–2406.
El Oubani, A. (2024). Investor sentiment and sustainable investment: evidence from North African stock markets. Future Business Journal, 10(1), 1-68.
Fakhari, H. & Fallahpour, F. (2017). The Mediating Effect Of financial Performance On The Relationship Between Corporate Social Responsibility And Market Value-Added (Study: At Listed Companies in The Tehran Stock Exchange). Financial Management Perspective, 7(20), 97-114. (In Persian)
Foroudi, P., Yu, Q., Gupta, S. & Foroudi, M.M. (2019). Enhancing university brand image an reputation through customer value co-creation behaviour, Technological Forecasting and Social Change, 138(3), 218–227.
Friedman, H. L., & Heinle, M. S. (2016). Taste, information, and asset prices: implications for the valuation of CSR. Review of Accounting Studies, 21(3), 740–767.
Gaio, C., & Raposo, C. (2010). Earnings Quality and Firm Valuation: International Evidence. Journal of Accounting and Finance. 51(4), 467-499.
Guo, Z., Hou, S., & Li, Q. (2020). Corporate social responsibility and firm value: the moderating effects of financial flexibility and R&D investment. Sustainability, 12(20), 8452.
Hajiha, Z., & Ghorbani, A. (2019). The effect of social responsibility on companies' credit ratings with regard to the moderating role of low-to-high volatility of stock returns, Accounting Knowledge, 12(2), 105-121. (In Persian)
Hayat, K., Jianjun, Z., & Ali, S. J. M. I. (2022). Reinforcing purchase behaviors through CSR and ethical practices. Marketing Intelligence & Planinng, 40(3), 256–272.
Kafshi, N., & Abdolbaqi, A. (2019). Evaluating the combined role of investor sentiment and brand equity on the short-term performance of initial public offerings (evidence from the Iranian capital market), Scientific Journal of Financial Knowledge and Securities Analysis, 13(45), 111-129. (In Persian)
Ke, D., Liu Z., Ivashkovskaya I., Wu Y., & Grigoryev L., Li X. (2024) The Threshold Effect of Board Characteristics, Corporate Social Responsibility and Brand Value. Journal of Corporate Finance Research. 18(3), 26-37
Khuong, M. N., Truong an, N. K., & Thanh Hang, T. T. (2021). Stakeholders and Corporate Social Responsibility (CSR) programme as key sustainable development strategies to promote corporate reputation—evidence from Vietnam. Cogent Business & Management, 8(1), 1917333.
Kothari, S.P., Leone, A.J., & Wasley, C.E. (2005). Performance matched discretionary accrual measures. Journal of accounting and economics, 39 (1), 163-197.
Lin, W. L. (2024). The role of corporate social responsibility and corporate social irresponsibility in shaping corporate reputation: An analysis of competitive action and innovation strategies. Corporate Social Responsibility and Environmental Management, 31(2), 1451-1468.
Liu, S., Ma, D., Li, X., Li, X., & Yin, L. (2024). The value of “brand” in the Chinese stock market: The impact of brand attention on stock performance and the moderation role of investor sentiment. Journal of Behavioral Finance, 25(1), 46-61.
Luo, X., & Bhattacharya, C. B. (2006). Corporate Social Responsibility, Customer Satisfaction, and Market Value. Journal of Marketing, 70(4), 1–18
Mahar, F., Ahmed, S. Z., Danish, M., & Mobin, W. J. (2022). The effect of
electronic word of mouth on brand equity in the context of social
media. Journal of Business Administration and Management Sciences,
4(1), 19–30.
Masrivah, R. F. S., & Rijanto, R. (2024). Return on assets: the effect of corporate social responsibility and return on equity. Jurnal Ekonomi, Manajemen Dan Akuntansi, 2(04), 645-656.
Mohamadi, M., Azimi Yancheshme, M., Fouladi, M., & Farhadi, M. (2022). Designing a model to explain the impact of investors' emotions on financial decisions, stock returns and economic volatility. Financial Management Perspective, 12(40), 145-171. (In Persian)
Naughton, J. P., Wang, C., & Yeung, I. (2018, Investor Sentiment for Corporate Social Performance. The Accounting Review (2019) 94 (4): 401–420.
Paula Monteiro, A., Vale, J., Leite, E., Lis, M., & Kurowska-Pysz, J. (2022). The impact of information systems and non-financial information on company success. International Journal of Accounting Information Systems, 100557.
Qadan, M., Kliger, D., & Chen, N. (2019). Idiosyncratic volatility, the VIX and stock returns. The North American Journal of Economics and Finance, 47(4), 431–441.
Rashidi, M., & Hosseini, H. (1401). The Effect of Investors' Sentiments on Corporate Social Responsibility Activities, Accounting and Social Benefits, 12(2), 171-192. (In Persian)
Rasoolimanesh, S. M., Tan, P. L., Nejati, M., & Shafaei, A. (2024). Corporate social responsibility and brand loyalty in private higher education: mediation assessment of brand reputation and trust. Journal of Marketing for Higher Education, 34(1), 156-177.
Reverte, C. (2014). Corporate social responsibility disclosure and market valuation: evidence from Spanish listed firms. Review of Managerial Science, 10(2), 411–435.
Shahzad, M. F., Yuan, J., Husnain, M., & Ma, G. (2024). Exploring the complexities of CSR and firm performances: Unveiling the relationship between social responsibility, ethical conduct, and consumer perceptions. Sustainable Development, 32(4), 3541-3554.
Shi, J., & Zhang, M. (2010). Investor Sentiment, Corporate Investment, and Firm
Performance. IEEE Xplore. In 2010 3rd International Conference on Information Management, Innovation Management and Industrial Engineering, 1, 251-254.
Stambaugh, R. F., Yu, J., & Yuan, Y. (2015). Arbitrage Asymmetry and the Idiosyncratic Volatility Puzzle. The Journal of Finance, 70(5), 1903–1948
Sun, H., Rabbani, M. R., Ahmad, N., Sial, M. S., Cheng, G., Zia-Ud-Din, M., & Fu, Q. (2020). CSR, co-creation and green consumer loyalty: Are green banking initiatives important? A moderated mediation approach from an emerging economy. Sustainability, 12(24), 10688.
Velte, P. (2021). Meta-analyses on Corporate Social Responsibility (CSR): a literature review. Management Review Quarterly,72(3), 627-675.
Vuong, N. B. (2022). Investor Sentiment, Corporate Social Responsibility, and Financial Performance: Evidence from Japanese Companies. Borsa Istanbul Review, 22(5), 911-924.
Wang, M.-C. (2015). the relationship between environmental information disclosure and firm valuation: the role of corporate governance. Quality & Quantity, 50(3), 1135–1151
Yang, Chunpeng, and Huihui Wu. (2019). Chasing Investor Sentiment in Stock Market. The North American Journal of Economics and Finance 50(c),100975.
Yi, H., & Xiugang, Y. (2018). Investors Sentiment and Enterprise’s Non-Efficient investment: The Intermediary Effect of Stock Price Volatility. International Journal of Business and Social Research, 8(7), 1–14.
Zou, X., Jiang, J., Zhang, H., & He, H. (2025). ESG performance, media coverage and brand value. Asia Pacific Journal of Marketing and Logistics, 37(1), 171-188.