significant weaknesses in internal controls and collective behavior: Evidence from
Tehran Stock Exchange

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Hasani Mariyeh; Garkaz Mansur; Maetoofi Alireza; Didehkhani Hosein

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Journal Paper

Paper Information

Journal: JOURNAL OF SECURITIES EXCHANGE Year:2023 | Volume:16 | Issue:63 Page(s): 59-84

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Title

significant weaknesses in internal controls and collective behavior: Evidence from Tehran Stock Exchange

Author(s)

Hasani Mariyeh | Garkaz Mansur | Maetoofi Alireza | Didehkhani Hosein | Issue Writer Certificate

Keywords

Behavioral Biases

collective behavior

Internal Controls

Abstract

Many Behavioral Biases affect investors when making decisions. Behavioral distortions divert the investor from rational decisions, and as a result, resources are not diverted to appropriate investments. Behavioral Biases can be evaluated in different types including collective behavior. data are collected of financial statements and stock returns of 125 companies listed on the Tehran Stock Exchange during 2012-2017. Data analysis was performed in eviews software version 10 The single variable results indicate there is no significant difference between the rates of investors' collective behavior in two groups of companies with and without weaknesses. While multivariate data analysis in the form of regression models showed that the auditor's report about the presence of significant weakness in internal control (which indicates high agency costs and high information asymmetry between managers and shareholders), strengthens investors' collective. Based on the results, it seems that investors' Behavioral Biases are based on the priority and importance of good and bad news in the market, and as long as there is bad news in the stock market towards the company, good news cannot cause behavioral bias in investors.

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