Presenting the financial behavior model of investors based on corporate social responsibility according to the role of perceptions of stock returns

The current research aims to present the financial behavior model of investors based on corporate social responsibility according to the role of perceptions of stock returns. This research is applied in terms of purpose. It is a descriptive-analytical one. The mixed research method is used in quantitative and qualitative parts. The statistical population of this research in the qualitative part is academic experts and managers of listed companies, who were selected using the snowball sampling method and theoretical saturation point. The tool for data collecting the qualitative part is a semi-structured interview derived from theoretical foundations. The analysis method of this section is using thematic analysis method. The quantitative part of the research used a researcher-made questionnaire tool derived from the qualitative research model after confirming the validity and reliability. Based on stratified sampling, the statistical population sample was estimated to be ۲۱۳ people. Paths and causal relationships between external and internal constructs in the structural model were confirmed by confirmatory factor analysis. The results of this part of the research were explained in the form of four main categories and subcategories. The dimensions and components of the model include “the influence of optimism, pessimism and business periods on the behavior and decisions of investors, lack of accurate information and knowledge on the status of transactions in the stock market, overconfidence and optimism of investors, understanding and acceptance of risk by investors, the review of the companies' past performance by the investors and the review of the history of the environmental actions of the companies by the investors”. The strategies of the model include “openness of thought and opinion, rationality and tendency to be curious, better investment recommendations by analysts, flexibility and adaptability to the situation, holding financial and investment training courses, information on the status of environmental and social issues of the companies and informing on the published information of the companies in the stock market”. The model's drivers include “demographic factors, fundamental principles of the stock market, individual and psychological characteristics of people, capacity to overcome risk and personal values and beliefs". The consequences of the model include "understanding the analysis and interpretation of the results in the financial markets, the smoothing of profit through corporate social responsibility, preferring social benefit over individual benefit, increasing profit and social welfare, sustainable development and monitoring and control over stock companies and social legitimacy of companies”. The results in the quantitative part showed that the path coefficients were more than ۰.۳ and the corresponding t was more than ۱.۹۶, so all the paths were checked and confirmed. The present study shows that the behavior of investors can be an effective factor in stock returns based on corporate social responsibility. The findings of theoretical and experimental studies also confirm this result. Therefore, disclosure of corporate social responsibility is affected by investors' feelings, and changes in investors' tendencies lead to the identification of risks and opportunities related to companies' stock returns and provide conditions for improving social responsibility activities.

Keywords:

financial behavior model of investors , Corporate social responsibility , perceptions of stock returns , Behavioral finance