تاثير ساختار مالكيت نهادي بر بازده سهام با نقش تعديلگر كيفيت گزارشگري مالي در شركت‌هاي پذيرفته شده در بورس اوراق بهادار عراق

Institutional investors are among the effective mechanisms of corporate governance. The presence of institutional shareholders increases the value an‎d performance of the company an‎d reduces agency costs, which in turn can affect stock returns. Institutional investors monitor the company implicitly, by collecting information an‎d influencing management decisions, an‎d explicitly, by managing the companyʹs operations. Accordingly, when the level of institutional ownership is sufficiently high, the activities of institutional owners will prevent managers from providing unfounded financial reports. Institutional investors prevent the accumulation of negative an‎d bad news in the company by monitoring management. Also, in order to reduce opportunistic management behaviors, mechanisms can be used to increase the quality of financial reporting. Therefore, the aim of the present study is to investigate the effect of institutional ownership structure on stock returns with a moderating role in the quality of financial reporting in companies listed on the Baghdad Stock Exchange. In order to achieve this goal, two hypotheses have been formulated. In order to test these hypotheses, 690 company-years have been selec‎ted from among the companies listed on the Baghdad Stock Exchange in the period from 2012 to 2022 using the systematic elimination method, an‎d the panel data regression analysis method has been used as fixed effects. The results of the study indicate that institutional ownership structure is effective on stock returns. In addition, the findings of this study indicate that the quality of financial reporting is effective on the intensity of the effect of institutional ownership structure on stock returns of companies listed on the Baghdad Stock Exchange. The results of the present study indicate that institutional shareholders are more inclined to encourage management to report high-quality earnings, an‎d mechanisms can be used to increase the quality of financial reporting to reduce managementʹs opportunistic behaviors.

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