Accounting and Auditing Research

Accounting and Auditing Research

The Profitability Anomaly and The Sticky Investor Sentiment

Document Type : Original Article

Authors
1 Ph.D. Student of Accounting, Department of Accounting, Mazandaran University, Babolsar, Iran
2 Associate Professor, Department of Accounting, University of Mazandaran, Babolsar, Iran
10.22034/iaar.2022.162395
Abstract
One Of The Topics Of Capital Market Research Is Profitability Anomaly And Sticky Investor Sentiment That Has Always Been Of Interest To Researchers And Is Considered One Of The Most Challenging Issues In The Field Of Accounting And Financial Research. Accordingly, The Present Study Seeks To Investigate The Relationship Between Profitability Anomaly And Sticky Investor Sentiment In The Iranian Capital Market. Therefore, Given The Constraints Imposed, The Data Of 118 Companies Were Tested And Analyzed Using Multivariate Regression Model And Panel Data Analyses For a 10-Year Period From 2009 To 2018. The Results Showed That There Is A Significant Negative Relationship Between The Anomalies Of Operating Cash Flow, Changes In Operating Cash Flow, Return On Assets, Changes In Return On Equity, Return On Equity And Changes In Return On Equity With Sticky Investor Sentiment. These Results Showed That The Rationality Of Investors As The Basis Of Capital Market Research In The Iranian Capital Market Applies.
Keywords


Articles in Press, Accepted Manuscript
Available Online from 07 December 2022