بررسی تأثیر کیفیت افشای ماهیت کسب‌وکار و عملکرد مالی بر قضاوت سرمایه‌گذاران (مطالعهٔ موردی: شرکت‌های سرمایه‌گذار در بندر امیرآباد)

The ability to analyze and predict is crucial for investment decisions, depending on factors like future profits, stock prices, and risk. High-quality information disclosure, particularly through the Management Commentary, significantly enhances investors' decision-making in the capital market. This study aims to investigate the impact of the quality of business nature disclosure in the Management Commentary and the company's financial performance on professional investors' judgments regarding investment in the Amirabad Port Special Economic Zone. The research is applied in purpose and descriptive-correlational in nature. Data were collected using a scenario-based questionnaire from a sample of 70 professional investors active in the Amirabad Port Special Economic Zone in 2022. To test the hypotheses, structural equation modeling (PLS) and analysis of variance were utilized via SPSS and SmartPLS software. The findings reveal that both the quality of business nature disclosure and financial performance have a significant positive effect on investors' judgments concerning investment decisions and earnings sustainability predictions. Specifically, when companies exhibit high financial performance quality alongside transparent business nature disclosure, investors' willingness to invest in the Amirabad Port increases, and they assign greater weight to the company's earnings in their judgments. These results emphasize the critical role of information transparency and non-financial reporting in reducing information asymmetry and improving optimal resource allocation in emerging markets. Furthermore, this research highlights the necessity for standard-setters to develop comprehensive guidelines for non-financial disclosures.