میثم عرب زاده

Sustainability reporting is an important tool for decreasing information asymmetry, according to the stakeholders' demands for transparency. On the other hand, increasing transparency allows investors to have more appropriate evaluations of firms' activities and direct their investments to companies with more enthusiasm. In the organizational context, information asymmetry creates conflict between owners and managers. Managers tend to reduce the gap between themselves and stakeholders, particularly shareholders, by producing and delivering reports. Companies use sustainability reports to connect with their society and environment, as well as a way to manage interactions with various stakeholders for societal approval and activity continuation. The primary purpose of this study is to provide a model for measuring the quality of sustainability reporting and the determinants. In terms of methodology, the current study is qualitative, deductive, cross-sectional, applied, and exploratory. The criteria were identified and extracted, then evaluated and prioritized using Multi-Criteria Decision-Making approaches including Fuzzy Analytic Hierarchy Process and Fuzzy Decision-Making Trial and Evaluation Laboratory Analytic Network Process-based. The FAHP test revealed that of the six indicators, the GRI's reporting guidelines for sustainability Checklist were placed highest. Internal Controls Reporting, Sustainability Innovation Performance, and Earnings Quality rated first to third, respectively, among the 25 criteria affecting the quality of sustainability reporting, according to the FDANP.

Background: Many investment decisions are not only affected by economic indicators and rationality, but also categories such as work experience, social responsibility, risk, investor self-confidence, etc. affect investor’s behavior and their decisions. The main purpose of this study is to present a financial behavior model based on psychological and moral factors. Method: The present study was mixed. In the qualitative part, the Delphi technique was used. The statistical population of all experts and managers of brokerages, investment funds, investment portfolios, traders and analysts had professional qualifications and high experience, of which 12 people were considered as snowball technique as a sample. It was an interview tool and finally the data were analyzed by fuzzy Delphi method. In a small part, the descriptive-survey method was used. 287 members of the investor community were considered as a sample. A questionnaire was used to collect data. Finally, using AMOS software, confirmatory factor analysis and structural equation design were investigated. Results: Finally, the analysis model in this study was approved. Based on the importance of investors' behavior and the importance of moral and psychological characteristics in the capital market, it was shown that the expected return formed has a direct effect on the psychological characteristics of optimism, distrust, risk aversion and emotion, as well as ethics. It was also shown that psychological and moral characteristics affected turnover, trading volume, risk sharing, risk appetite. In addition, one of the most important results is a combination of behavioral factors (optimism, overconfidence, emotion, risk aversion and ethics) and market efficiency (trading volume, turnover, risk appetite and risk sharing). Conclusion: The obtained results indicate the effect of emotional and psychological and moral characteristics and characteristics on the behavior of investors and is important to drive the market towards rationality and on the other hand as a basis for designing investment strategies for investment managers.