The purpose of this study is designing the framework of paranoid reporting functions and investigating its effect on the stakeholders mental anchors. The methodology of this study is developmental/applied, because while providing an exploratory framework of paranoid reporting functions, based on creating a cognitive coherence of information acquisition, it seeks to investigate its effect on the mental anchor stimuli of stakeholders. The research tools in the qualitative part are interviews and focusing on the ground theory process to provide a multi-dimensional model regarding paranoid reporting functions until in order to test the hypothesis of the research in the quantitative part, based on the reliability measurement of the identified dimensions, it is possible to develop a researcher-made questionnaire. Further, by focusing on Wang's standard questionnaire (2023) to measure the mental anchor of shareholders, the study investigated the research hypothesis through partial least squares (PLS) analysis. The results in the qualitative part during 13 interviews indicate the identification of 3 categories, 6 components, and 39 conceptual themes, which, by performing two stages of Delphi analysis and removing 8 themes, presented a theoretical framework. The results in the quantitative part also showed that the functions of paranoid reporting have a negative and significant effect on the motivation of the mental anchor in the emotional decisions of the shareholders.