نوع مقاله : مقاله پژوهشی
نویسندگان
1 دانشگاه اصفهان، دانشکده علوم اداری و اقتصاد، گروه حسابداری
2 دکتر حسابداری- استادیار دانشگاه اصفهان - دانشکده علوم اداری و اقتصاد - گروه حسابداری کد پستی: 8174673441
3 دانشگاه اصفهان، گروه حسابداری
چکیده
کلیدواژه‌ها
موضوعات
عنوان مقاله [English]
نویسندگان [English]
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 [English]
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