تأثير گزارشگري محيطي، اجتماعي و حاكميتي (ESG) بر سوگيري¬هاي رفتاري سرمايه¬گذاران خرد: رفتار رمه اي و تازگي (تمركز بر اطلاعات اخير)

, Propensity Score Matching (PSM) Method , , Instrumental Variable (IV) Regression using the 2SLS method , , Recency Bias , , Herding Behavior , an‎d Governance (ESG) Reporting , Environmental, Social,

The Impact of Environmental, Social, an‎d Governance (ESG) Reporting on Behavioral Biases of Retail Investors: Herding Behavior an‎d Recency Bias

حسابداري

Abstract: This study examines the impact of Environmental, Social, an‎d Governance (ESG) disclosure on the behavioral biases of retail investors, specifically focusing on herding behavior an‎d recency bias, in the Iranian capital market. Amid growing global emphasis on nonfinancial corporate reporting, ESG disclosures have increasingly been recognized as important indicators influencing investment decisions. However, their effect on investor behavior remains underexplored in emerging markets. This research aims to fill this gap by investigating whether comprehensive ESG reporting, by providing more transparent an‎d long-term information that can counteract short-term an‎d sentiment-driven information, reduces behavioral biases among retail investors. To achieve these objectives, the study employs a multifaceted methodological approach. First, panel regression analysis with year an‎d industry fixed effects will be used to test the relationship between ESG disclosure levels an‎d measures of herding behavior an‎d recency bias. Second, to address potential endogeneity issues, the study will implement Instrumental Variable (IV) regression. Lastly, Propensity Score Matching (PSM) will be utilized to compare firms with strong versus weak ESG disclosures, ensuring greater confidence in the causal interpretation of the results. The findings of this research are expected to offer significant insights into how enhanced ESG transparency can mitigate behavioral biases among retail investors, potentially leading to more rational market outcomes. Additionally, the study will contribute to the literature on corporate disclosure an‎d investor behavior, providing policymakers an‎d practitioners with evidence to improve market efficiency in emerging economies. Keywords: Environmental, Social, an‎d Governance (ESG) Reporting, Herding Behavior, Recency Bias, Instrumental Variable (IV) Regression using the 2SLS method, Propensity Score Matching (PSM) Method

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