Seyed Mohsen Mousavi - accounting department, Islamic Azad University, Kashan Branch, Kashan, Iran.
Meysam Arabzadeh - Department of Accounting, Kashan Branch, Islamic Azad University, Kashan,Iran
Mohamad Alipoor - accounting department, Islamic Azad University, Khalkhal Branch, Khalkhal, Iran
Omid Faraji - faculty of management and accounting, University of Tehran, College of Farabi, Qom, Iran
Aliakbar Farzinfar - accounting department, Islamic Azad University, Kashan Branch, Kashan, Iran

One of the most critical questions after financial statements is why market responses differ from companies with almost similar statements. This research aims to answer this question by identifying factors affecting the earnings response coefficient. In this research, all of these factors were identified, classified, and ranked for the first time in Iran. The researchers carried out the research using Fuzzy Delphi in two phases, and Shannon's Entropy was done. The cross-sectional method was used, and the data were collected over several weeks. The statistical population included ۴۰ experts who have been active in the Iranian capital market for many years. The results revealed that ۴۶ factors directly influence the earnings response coefficient in Iran. Finally, these factors were classified into five categories: the company’s financial features and financial reporting, the company’s market share, auditing quality, corporate governance, and environmental factors, then ranked with the aid of Shannon’s Entropy.

Financial reports, Earnings Response Coefficient, Investors’ Behavior, Capital market response