توسعه الگوی رفتار بازار سرمایه برحسب نوع اطلاعات و تقارن بازار
کلمات کلیدی:
بازار سرمایه, اطلاعات مالی, شفافیت اطلاعاتی, تقارن اطلاعاتی, رفتار سرمایهگذارانچکیده
هدف این پژوهش، تبیین رفتار بازار سرمایه ایران بر اساس انواع اطلاعات افشاشده و بررسی نقش تقارن اطلاعاتی بهعنوان عامل تعدیلگر در این رابطه است. این پژوهش با رویکرد آمیخته کیفی–کمی انجام شد؛ در بخش کیفی، از مصاحبههای نیمهساختاریافته با خبرگان بازار سرمایه و روش نظریه دادهبنیاد برای استخراج مقولات و تدوین الگوی مفهومی استفاده شد، و در بخش کمی، دادههای شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران طی دوره 1395 تا 1402 با بهرهگیری از مدلسازی معادلات ساختاری و روش حداقل مربعات جزئی تحلیل گردید. نتایج نشان داد که انواع اطلاعات شامل مالی، مدیریتی، عملیاتی، بازار و نظارتی تأثیر مثبت و معناداری بر رفتار بازار سرمایه دارند و در این میان، اطلاعات مالی بیشترین اثر را دارد؛ همچنین تقارن اطلاعاتی نقش تعدیلگر معناداری ایفا میکند بهطوریکه افزایش سطح تقارن، شدت تأثیر اطلاعات بر رفتار بازار را افزایش داده و نوسانات هیجانی را کاهش میدهد، و تمامی مسیرهای مدل از نظر آماری معنادار گزارش شدند. رفتار بازار سرمایه ایران حاصل تعامل همزمان کیفیت اطلاعات و نحوه توزیع آن است و بهبود کارایی بازار مستلزم ارتقای همزمان شفافیت اطلاعاتی و تقارن اطلاعات میان سرمایهگذاران میباشد.
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حق نشر 2025 Mir Mohammad Ebrahimzadeh, Seyed Yousef Ahadi Serkani, Mohammad Mahmoudi (Author)

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