The Moderating Effects of Ownership Structure, Political Communication, and Board Independence on the Relationship between Divergence of Views and Attention of Investors to the Initial Public Offering (IPO) Market
Subject Areas :
Journal of Investment Knowledge
nafise
taghizade
1
(Department of Accounting , Kish International Branch, Islamic Azad University, Kish Island, Iran.)
mohsen
hamidian
2
(Asistant Professor of Accounting, Islamic Azad University Tehran South, Iran)
Nowrouz
Nourollahzadeh
3
(Asistant Professor of Accounting, Islamic Azad University Tehran South, Iran)
Received: 2020-01-17
Accepted : 2020-06-23
Published : 2022-12-22
Keywords:
"Investor's attention and participation",
"Divergence of opinion",
"Initial public offering",
Abstract :
In this study، the moderating effect of ownership structure (largest shareholder)، political communication, and board independence on the relationship between the divergence of views and investors' attention to the IPO market was evaluated. To do so،124 companies with an initial public offering (IPO) were analyzed during the period 2006-2017. This is an applied study in terms of purpose and is among the descriptive-retrospective researches in terms of the data collection method. To examine the hypotheses، Eviews8 software was used. The results obtained in this study indicated that, in general، the difference between investors' views and divergence of their views were under the influence of various factors such as ownership structures، political communication, and board independence. When the largest shareholder of the company has higher ownership، it reduces the difference in investors' views and has a negative effect on the positive relationship between initial returns and divergence of investors' opinions.
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