Study the Effective Criteria on Stock Price Reaction Delay Using Structural Equation Modeling
Quarterly Journal of Securities Exchange

Quarterly Journal of Securities Exchange

Study the Effective Criteria on Stock Price Reaction Delay Using Structural Equation Modeling

Document Type : Original Article

Authors
Kyvan Faramarzi 1
saeed jabarzadeh 2
Jamal Bahri sales 2
Ali Ashtab 3
1 PhD Student in Accounting, Urmia Branch, Islamic Azad university, Urmia, Iran
2 Associate Professor, Department of Accounting, Urmia Branch, Islamic Azad University, Urmia, Iran
3 Assistant Professor, Department of Accounting, Urmia University, Urmia, Iran
10.22034/jse.2022.11879.1916
Abstract
The stock price reaction delay is one of the important and influential components on the inefficiency of the stock market in Iran. In this study, the role of the effective criteria on the stock price reaction delay is investigated using equation version 3 modeling. This study is a correlation-survey research in terms of method and is an applied research in terms of purpose. First, a sample consisted of 42 experts was selected and through interviews with them, the initial model (grounded theory) and data collection tools were designed. According to the opinion of experts and theoretical foundations, the researcher-made questionnaire was given to 200 people in the statistical population of the research and finally 112 questionnaires were received. Influential variables were classified into 8 main groups, including: macro factors, psychological factors, market failures, company-specific characteristics, quality of accounting information, corporate governance characteristics, market and stock characteristics and published news sources, and influential criteria were identified. The results indicated that except for the variable of characteristics other variables have significant and influential on the delay of the stock price reaction. Findings of the study confirm that due to the importance of the delayed reaction of stock prices in market efficiency, it is necessary to pay more attention to this issue and the factors affecting it.
Keywords
Stock price reaction delay
Structural equation modeling
Market efficiency
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Quarterly Journal of Securities Exchange
Volume 16, Issue 61
Spring 2023
Pages 253-282