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The Impact of Retail Investors' Attention on the Stock Liquidity over Different Time Horizons | ||
| نشریه پژوهش های حسابداری مالی | ||
| مقالات آماده انتشار، پذیرفته شده، انتشار آنلاین از تاریخ 28 آذر 1403 | ||
| نوع مقاله: مقاله پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22108/far.2024.142460.2065 | ||
| نویسندگان | ||
| ناصر ایزدی نیا1؛ علیرضا رهروی دستجردی* 2؛ حامد مرضیان3 | ||
| 1دانشگاه اصفهان، دانشکده علوم اداری و اقتصاد، گروه حسابداری | ||
| 2دکتر حسابداری- استادیار دانشگاه اصفهان - دانشکده علوم اداری و اقتصاد - گروه حسابداری کد پستی: 8174673441 | ||
| 3دانشگاه اصفهان، گروه حسابداری | ||
| چکیده | ||
| Purpose: Retail investors in emerging markets often lack the support afforded to their counterparts in developed markets. Excessive focus on the influence of institutional investors can lead to the underestimation of retail investors' roles and their potential impact on capital market efficiency. This study aims to examine the importance of retail investors' contributions to stock liquidity in the Iranian capital market, an emerging market. Methodology: A sample of 111 companies listed on the Tehran Stock Exchange was selected, and the impact of retail investor attention on stock liquidity was tested over short-term, medium-term, and long-term horizons using ordinary least squares regression and trend analysis. Findings: The analysis reveals that retail investor attention has a significantly positive effect on future stock liquidity in the short term. However, as the time horizon extends, this effect diminishes and ultimately reverses in the long term. These findings remained robust when the proxy for retail investor attention was modified. Originality: This research highlights the substantial influence of retail investors in emerging markets and their potential to improve market efficiency. The results offer valuable insights for policymakers, regulators, and corporate managers in similar emerging markets, emphasizing the critical role that retail investors play. | ||
| کلیدواژهها | ||
| Stock liquidity, Retail Investors'؛ attention, Emerging markets, Market efficiency | ||
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آمار تعداد مشاهده مقاله: 21 |
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