The Impact of Perceived Audit Quality on The Relationship Between Investor Sentiment and Stock Price–An Empirical Study on The Non-Financial Companies on Egyptian Stock Exchange

نوع المستند : مقالات بحثية علمية

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دمنهور كلية التجارة جامعة دمنهور البحيرة

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This study aims to examine and test the effect of the investor sentiment on stock prices in the non-financial companies listed on the Egyptian stock exchange in the period 2016 to 2021. It also investigates whether the perceived audit quality, as a moderating variable, influence this relation. Using a judgmental sample of 477 firm-year observations and panel data multiple regression, the results of the fundamental analysis indicated that there is a positive and significant effect of investor sentiment on stock prices, as well as a significant effect of perceived audit quality on this relation, meaning that the effect of investor sentiment on the stock prices is influenced by the change of perceived audit quality. Regarding the other analyses conducted to evaluate the strength and solidity of the fundamental analysis results, the findings were consistent with the fundamental analysis, where there is a positive and significant relation between the investor sentiment and stock prices after changing the measurement of the dependent variable which supports the validity of this result and confirms the strength of the model used in the fundamental analysis. The findings indicated also that there is a positive and significant effect of the perceived audit quality on the relationship between investor sentiment and stock prices after changing the measurement of the dependent variable, whereas the effect of perceived audit quality, measured by auditor opinion type, is insignificant. The effect of actual audit quality, measured by the financial restatement, is also insignificant.

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