Investigating the moderating role of institutional investors ownership percentage on the relationship between investors' emotional tendencies, stock returns and stock price fluctuations

Subject Areas : Journal of Investment Knowledge

Davoud Hemmati ¹ , ALI RAMEZANI ² , Akram Shayanfar ³

1 - Department of Accounting, Faculty of Accounting, Islamic Azad University, Roudehen Branch, Roudehen, Iran
2 - Department of Financial Management, Accounting College, Islamic Azad University, Roudehen Branch, Roudehen, Iran.
3 - M.A Student of Accounting, Faculty of Accounting, Islamic Azad University, Roudehen Branch, Roudehen, Iran

Received: 2018-02-05 Accepted : 2018-03-03 Published : 2020-04-20

Keywords: Stock Returns, stock price fluctuations, Institutional investors, investors' emotional tendencies,

Abstract :

The purpose of the study is to investigate the moderating role of institutional investors 'ownership percentage on the relationship between investors' emotional tendencies, stock returns and fluctuations in stock prices. The spatial domain of this research is the companies admitted to the Tehran Stock Exchange and the realm of time between 2009 and 1394. In this research, the emotional tendencies of independent variable investors, institutional investors, moderating variables and stock returns and fluctuating stock prices were considered as dependent variables. , The research method is applied in terms of its purpose, in terms of its nature as descriptive research, and also in the method of research is correlated in the research field. Based on the systematic elimination method, 107 companies were selected as the statistical sample. The results of the research showed that there is a significant and positive relationship between the emotional tendencies of investors and the return on shares of the companies admitted to the Tehran Stock Exchange. There is a meaningful and positive correlation between the emotional tendencies of investors and the fluctuation of stock prices of the companies admitted to the Tehran Stock Exchange. Institutional investors have an impact on the relationship between investors' emotional tendencies and the return on shares of companies admitted to the Tehran Stock Exchange. Institutional investors have an impact on the relationship between investors' emotional tendencies and fluctuations in stock prices of companies admitted to the Tehran Stock Exchange.

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