Shareholder behavior, suppression of managers' opportunistic behavior and capital market efficiency based on Baron and Kenny's regression method

Subject Areas : Journal of Investment Knowledge

Asieh ahmadi niyasani ¹ ( Department of Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran )
sina Kheradyar ² ( Department of Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran )
Mojtaba Maleki Choubari ³ ( Department of Accounting, Lahijan Branch, Islamic Azad University, Lahijan, Iran )

Received: 2023-02-28 Accepted : 2023-04-15 Published : 2024-09-22

Keywords: Suppression of managers' opportunistic behavior, shareholders' loyalty, capital market efficiency,

Abstract :

The purpose of this research is to investigate the mediating role of suppressing managers' opportunistic behavior in the relationship between shareholders' loyalty and capital market efficiency. the time scope of the research is the years 2015 to 2021.In this research, 143 companies have been considered as a statistical sample of the systematic elimination method Findings In the first hypothesis of the research, it indicates a significant relationship between the loyalty of the shareholders and the efficiency of the capital market, so it can be said that if the loyal shareholders behave analytically and logically, we can witness the efficiency of the capital market. In the second hypothesis of the research, this result We found that the loyalty of the shareholders leads to the suppression of the opportunistic behavior of the managers. It is possible that the owners can reduce the opportunistic behavior of the managers by establishing the conditions that certain accounting methods are used for certain purposes. We found that suppressing managers' opportunistic behavior can lead to capital market efficiency. In this way, the managers will not use available and private information for their personal interests and will consider the interests of all owners and will move the market towards efficiency. in the main hypothesis of the research, which is the goal of the research, we came to the conclusion that the suppression of the opportunistic behavior of managers is a mediator. It has a relative clause.

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