دورية أكاديمية
A Micro-Level Evidence of how Investor and Manager Herding Behavior Influence the Firm Financial Performance
| العنوان: | A Micro-Level Evidence of how Investor and Manager Herding Behavior Influence the Firm Financial Performance |
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| المؤلفون: | Sayyed Sadaqat Hussain Shah, Muhammad Asif Khan, Masood Ahmed, Daniel F. Meyer, Judit Oláh |
| المصدر: | SAGE Open, Vol 14 (2024) |
| بيانات النشر: | SAGE Publishing, 2024. |
| سنة النشر: | 2024 |
| المجموعة: | LCC:History of scholarship and learning. The humanities LCC:Social Sciences |
| مصطلحات موضوعية: | History of scholarship and learning. The humanities, AZ20-999, Social Sciences |
| الوصف: | Using the investor-herding index (IHRB) and manager-herding index (MHRB), the emergence of investors’ and managers’ herding behavior at the corporate-level and its potential impact on firm financial performance (FFP) is analyzed in the entire study. The study utilizes the micro-level data of 296 listed firms of Pakistan stock exchange (PSX) from 2013 to 2017. Empirical findings show that the investors’ and managers’ herding significantly affect FFP. The results are robust under alternative measurements of FFP. This study has a unique contribution to the literature on behavioral finance by addressing the astonishingly overlooked phenomena of firm-level biases and their potential impact on FFP. For prospective investor’s decision, the findings are significant in such way that the market index is irrelevant than the firm-level financial evidence. Explicitly, the study concludes that positive herding behavior is elucidated by the bullish trend and inverse herding behavior of investors with respective to firm value leads toward bearish trend of stock market index. The likelihood of market crash may become more stringent in circumstances once managers and investors interactively exhibit negative herding behavior. Thus, the study offers useful policy and strategy implications for the associated stakeholders to the device the policies accordingly. JEL Code: D9, D21, D91, G11. |
| نوع الوثيقة: | article |
| وصف الملف: | electronic resource |
| اللغة: | English |
| تدمد: | 2158-2440 21582440 |
| Relation: | https://doaj.org/toc/2158-2440 |
| DOI: | 10.1177/21582440231219358 |
| URL الوصول: | https://doaj.org/article/6c8090a193db42a2a0cd246867212ad2 |
| رقم الأكسشن: | edsdoj.6c8090a193db42a2a0cd246867212ad2 |
| قاعدة البيانات: | Directory of Open Access Journals |
Full Text Finder | تدمد: | 21582440 |
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| DOI: | 10.1177/21582440231219358 |