Subject Areas : Financial Knowledge of Securities Analysis

Davood Hamzeh ¹ , Maryam Khalili Araghi ² , Kambiz Peikarjoo ³

1 - کارشناس ارشد مدیریت بازرگانی مدیریت مالی، – دانشگاه آزاد اسلامی واحد علوم تحقیقات تهران
2 - استادیار دانشگاه آزاد اسلامی واحد علوم تحقیقات تهران
3 - استادیار دانشگاه آزاد اسلامی واحد علوم تحقیقات

Received: 2014-10-20 Accepted : 2016-01-05 Published : 2015-12-22

Keywords: Shareholder’s Sensitivity, Behavioral Finance, Shareholder’s Risk Lover, Shareholder’s Risk Aversion, Corporate performance, Stocks Return,

Abstract :

Investors invest in stock market to gain benefit, so always trying to make a reasonable relationship between the stock price, return and the financial performance; therefore, it is important to identify the effective factors. In this study, effect of investor’s sensitivity, stocks properties and the momentum effect on stocks return and financial performance were reviewed and analyzed over the period of 1386 to 1392. The statistical population of this research study is the companies listed on the Tehran Exchange Stock, and the linear regression was used for assumption testing.Methodology- This research is practical, and has examined effect of investor’s sensitivity, stocks properties and the momentum effect on stocks return and financial performance. For the shareholder’s sensitivity evaluation, the EMSI indicator has been used.Results- The shareholder’s sensitivity indicator depicted that investors had risk aversion great deal of 37.48%, during the period of investigation. Hypothesis test results presented that the sensitivity of the shareholders indicator, the ratio of book value of company to the market value, firm’s size and stocks volatility had a significant effect on stock returns. With studying effect of mentioned factors on the performance indexes, following result indicated:Shareholder’s sensitivity, firm size and the ratio of book value of company to the market value have a significant effect on company’s asset return.Firm’s size, stocks volatility and the ratio of book value of company to the market value have a significant effect on stockholder’s equity return.Firm’s size and the ratio of book value of company to the market value have a significant effecton Tobin’s Q ratio.Shareholder’s sensitivity, firm size and the ratio of book value of company to the market value have a significant effect on the ratio of stock prices to corporate profits.