International Journal of Finance & Managerial Accounting

International Journal of Finance & Managerial Accounting

Examining the impact and prioritization of corporate sustainability criteria on negative return skewness in the Tehran Stock Exchange

Document Type : Original Article

Authors
Marjan Aghjanpoor 1
Arezoo Khosravani 2
Majiha Bakhshi 3
1 Ph.D Student, Department of Accounting, Semnan Branch, Islamic Azad University, Semnan, Iran
2 Department of Accounting, Semnan Branch, Islamic Azad University, Semnan, Iran
3 Department of Accounting, Ayatollah Amoli Branch, Islamci Azad University, Amol, Iran
10.22034/ijfma.2026.78714.2299
Abstract
Corporate sustainability is an economic and pragmatic approach with the potential to create both opportunities and risks for business and trade. The impact and possible relationship between the financial dimensions of economic sustainability performance and the non-financial dimensions of environmental, social, and governance (ESG) sustainability performance have not yet been thoroughly and comprehensively investigated. The main objective of this study is to examine the impact and prioritization of corporate sustainability criteria on negative return skewness in the Tehran Stock Exchange. To achieve this goal, data were extracted from the financial statements of 148 companies listed on the Tehran Stock Exchange between 2013 and 2022. The results indicate that the significance level of the t-statistic for corporate sustainability reporting criteria is below the acceptable error threshold of 5%, thus confirming the impact of corporate sustainability reporting on negative stock return skewness. The results indicate that the significance level of the t-statistic for corporate sustainability reporting criteria is below the acceptable error threshold of 5%, thus confirming the impact of corporate sustainability reporting on negative stock return skewness.
Keywords
Corporate Sustainability Reporting
Negative Stock Return Skewness
Tehran Stock Exchange
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