The Effect of Environmental Components and Air Pollution on Shareholders' Confidence and Deterrence

Today, air pollution has become a major problem for countries around the world and has many long-term and short-term harmful effects on human health. Among these effects is the effect of air pollution on people's moods, which in turn paves the way for investors' behavioral biases in their financial decisions. Therefore, the purpose of this study was to investigate the effect of environmental components and air pollution on the confidence and deterrence of stakeholders. This research is in the category of applied research. Spatial realm, companies listed on the Tehran Stock Exchange and the realm of time from 1393 to 1397. In order to collect data of sample companies, financial statements, explanatory notes and stock exchange monthly were used. Descriptive and inferential statistics were used to describe and summarize the data. Based on the systematic elimination method, 167 companies were selected as a statistical sample. Multivariate regression test was used to confirm and refute the hypotheses in the Ives software environment. The results indicate that air pollution factors (air quality index, average temperature, average humidity, strong wind, cloud cover ratio) and environment (environmental pollution index, environmental degradation) affect shareholders' confidence and deterrence in two areas High-consumption water and low-consumption industries and successful and unsuccessful companies are effective. But the extent of this impact varies from group to group. It is worth mentioning that the results obtained in this study are in line with the theories, views based on financial benefits, behavioral finance and efficient market hypothesis.