Investigating the Impact of Investors' Sentiments (Retail and Institutional) on the Innovation of companies Listed in the Tehran Stock Exchange

The role of investors in supporting innovations in companies listed on the Tehran Stock Exchange is important today. Due to the importance of this issue, the present research has investigated the impact of investors' feelings (retail and institutional) on the innovation of companies admitted to the Tehran Stock Exchange during the years 2017 to 2021. The research method is correlation based on regression and based on panel data. The statistical population of this research is made up of all the companies Listed to the Tehran Stock Exchange, and 90 companies were selected by the method of systematic removal. The results of this research regarding the first hypothesis show that investor sentiments have a positive and significant effect on firm innovation. Also, the analysis of the second hypothesis showed that institutional investors have a direct and significant effect on the firm innovation.