آلودگی هوا و بازده سهام در بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشیار حسابداری دانشگاه الزهرا (س).

2 دانشجوی دکتری حسابداری دانشگاه الزهرا (س).

چکیده

مقدمه: پژوهش‌های مرتبط با سلامت نشان می‌دهد که آلودگی هوا تأثیر منفی بر حالات روانی اشخاص دارد. پژوهش‌های تجربی در روانشناسی نیز نشانگر این است که حالات روانی بد باعث افزایش خطرگریزی افراد می‌شود. مطالعات انجام شده در زمینه مالی و اقتصادی در دنیا حاکی از اثر حالات روانی بد بر نرخ بازده سهام است.
روش پژوهش: پژوهش حاضر به لحاظ هدف، کاربردی و بر مبنای ماهیت و محتوا از نوع همبستگی است. این پژوهش به بررسی اثر حالات روانی ناشی از آلودگی هوا و ارتباط بین آلودگی هوا و بازده سهام در بازار بورس اوراق بهادار تهران در بازه زمانی 1392-1390 با بکارگیری اطلاعات روزانه شاخص آلودگی هوا و اطلاعات بازده سهام می‌پردازد. از رگرسیون سری زمانی و نرم‌افزار Eviews نسخه 7 برای تجزیه و تحلیل داده‌ها استفاده شده است.
یافته‌ها: نتایج حاصل از آزمون فرضیه پژوهش بیانگر این است که آلودگی هوا رابطه منفی با نرخ بازده کل سهام بورس اوراق بهادار تهران دارد.
نتیجه‌گیری: تصمیم‌های سرمایه‌گذاران تا حد زیادی تحت تأثیر حالات روحی آنان است و آلودگی هوا از جمله عواملی است که می‌تواند بر خلق و خوی و حالات روانی انسان‌ها اثر بگذارد. یافته‌های پژوهش نشان‌دهنده رابطه منفی و معنادار بین آلودگی هوا و بازده سهام است. این امر مؤید نظریه‌های مالی رفتاری است. اگر چه با توجه به ضریب تعیین تعدیل شده بدست آمده حاصل از الگوی رگرسیون، آلودگی هوا مقدار کمی از تغییرات بازده اوراق بهادار را تبیین می‌کند.

کلیدواژه‌ها

عنوان مقاله [English]

Air Pollution and Stock Return in the Companies Listed on the Tehran Stock Exchange

نویسندگان [English]

  • Sh. Mashayekh 1
  • B. Shafizadeh 2
2 Ph. D. Student in Accounting, Alzahra University.
چکیده [English]

Introduction: The Related researches to health indicate that air pollution has a negative effect on peoples' psychological moods. The experimental researches in psychology demonstrate that bad psychological moods lead to increase risk-aversion in people. The conducted studies in financial and economic fields state the effect of bad psychological moods on the rate of stock return.  
Method: The current research is applied in terms of purpose, and it is a correlational research on the basis of characteristics and content. This research investigates the effect of bad psychological moods caused by air pollution, and it sets the relationship between air pollution and stock return in the companies listed on the Tehran Stock Exchange during 2011-2013 using daily data of Pollutant Standards Index and the information of stock return. Time Series Regression and Eviews Software Version 7 have been used to analyze the data.
Results: The results of testing the hypothesis of the research indicate that air pollution has a negative relationship with the rate of the return of total stock of the Tehran Stock Exchange.
Conclusion: The Decisions of investors are greatly under the influence of their psychological moods, and air pollution is among the factors that can affect the character and psychological moods of humen. The results of the research indicate a significant and negative relationship between air pollution and stock return. This confirms the theories of Behavioral Finance. Although according to the adjusted R-squared coefficient resulted from the Regression model, air pollution explains a little changes in the return of security.

کلیدواژه‌ها [English]

  • Air Pollution
  • Behavioral Theories
  • Stock Return

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