شناسایی رویکرد تحلیل‌گران سرمایه‌گذاری در استفاده از اطلاعات زیست‌محیطی

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشیار، گروه حسابداری، دانشگاه مازندران، مازندران، ایران.

2 دانشجوی دکتری، گروه حسابداری، دانشگاه مازندران، مازندران، ایران.

چکیده

مقدمه: تحلیل‌گران سهام از واسطه‌های فعال در بازارهای مالی هستند. آنان توصیه‌هایی برای خرید، نگهداری یا فروش سهام را بر اساس تحلیل اطلاعات مختلف ارائه می‌دهند. نحوه لحاظ‌کردن اطلاعات زیست‌محیطی در الگو‌های ارزیابی تحلیل‌گران تاکنون به روشنی تبیین نشده است.
روش پژوهش: این پژوهش از نوع زمینهیابی (پیمایشی) و از لحاظ هدف کاربردی است. به منظور سنجش میزان اهمیت، اولویت و دلیل اصلی توجه‌کردن (یا نکردن) به هر یک از شاخص‌های زیست‌محیطی اعلام شده به‌وسیله سازمان گزارشگری جهانی پرسش‌نامه‌ای به وسیله 64 مدیر سرمایه‌گذاری فعال در صندوق‌های سرمایه‌گذاری تحت نظارت بورس اوراق بهادار تهران در سال 1396 تکمیل و پاسخ‌های آنان با استفاده از آزمون‌های میانگین یک جامعه، دوجمله‌ای و فریدمن بررسی شد.
یافته‌ها: نتایج پژوهش نشان می‌دهد که شاخص‌های مربوط به مواد اولیه و انرژی اهمیت بیشتری برای تحلیل‌گران داشته و دلیل اصلی توجه به استاندارد‌های مذکور منافع سهامداران است. هم‌چنین، اولویتبندی بین شاخص‌های زیست‌محیطی به‌وسیله تحلیل‌گران انجام می‌شود که طبق آن، به ترتیب، شاخص‌های انرژی، مواد اولیه، رعایت مقررات زیست‌محیطی و آب اولویت‌های برتر است.
نتیجه‌گیری: اطلاعات مربوط به مواد اولیه و انرژی که در قالب گزارشگری سنتی و گزارشگری پایداری مورد توجه قرار گرفته است، صرف نظر از تفاوت‌های موجود، بر تصمیم‌گیری تحلیل‌گران سرمایه‌گذاری اثرگذار است. ماهیت داوطلبانه گزارشگری مسئولیت‌های اجتماعی می‌تواند منجر به عملکرد و گزارشگری گزینشی به‌وسیله شرکت‌ها شود و در نتیجه، هدف توسعه پایدار را مخدوش کند. در این راستا، پیشنهاد می‌شود ضمن تلاش برای ارتقاء سطح آگاهی فعالان بازار سرمایه در مورد اهمیت موضوع‌های زیست‌محیطی در الزامات قانونی مربوط نیز بازنگری شود.

کلیدواژه‌ها

عنوان مقاله [English]

Identifying Investment Analysts Approach to Using Environmental Information

نویسندگان [English]

  • H. Fakhari 1
  • M. Mehrabi 2
1 Associate Professor, Department of Accounting, Mazandaran University, Mazandaran, Iran.
2 Ph. D. Student in Accounting, Department of Accounting, Mazandaran University, Mazandaran, Iran.
چکیده [English]

Introduction: Stock analysts are active intermediaries in financial markets. They give advice on buying, maintaining or selling stocks based on different information analysis. The way in which environmental information is included in the evaluation models of analysts has not been clearly defined so far.
Method: This research is a field survey and it is applicable in terms of its purpose. In order to measure the importance, priority and the main reason of giving attention (or lack of attention) to any of the environmental indices announced by the Global Reporting Initiative, 64 investment managers active in investment funds under the supervision of the Tehran Stock Exchange filled in the questionnaires in 2007 and their responses were examined using one-sample, binomial and Friedman tests.
Results: The results of the research reveal that raw materials and energy indices mostly matter to the analysts and the main reason of paying attention to these standards is the interests of shareholders. Further, the analysts prioritize environmental indices which energy, raw materials, following environmental regulations and water take higher priority respectively.
Conclusion: Information about raw materials and energy which has been considered in the context of traditional reporting and sustainability reporting, regardless of the differences, affects the decision making of investment analysts. The voluntary nature of social responsibility reporting can lead to selective reporting and performance by companies and thus it distorts the goal of sustainable development. In this regard, it is suggested not only trying to raise awareness of capital market activists, but also reviewing the importance of environmental issues in relevant legal requirements.

کلیدواژه‌ها [English]

  • Environmental Information
  • Global Reporting Initiative
  • Investment Analysts
  • Sustainable Development

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