عنوان مقاله [English]
نویسندگان [English]چکیده [English]
This study is designed investigate the investors reaction to corporate social responsibility disclosures. The reaction of 240 investors divided to two groups of sophisticated and less sophisticated was surveyed using questionnaire. The sophisticated investors involved market analysts and less sophisticated investors involved financial management MA college students. The purpose of the study was to compare the reaction of two groups of investors to 4 types of social responsibility behaviors. In order to test the hypotheses, ANOVA was used. The purpose of the study was to compare the impact of 4 types of social behaviors on investors and to compare the sophisticated and less sophisticated investors' reaction to social behaviors. The results of the study revealed that investors react to social responsibility behaviors, but there is no significant difference between sophisticated and less sophisticated investors' reactions.