parviz dindar farkoushy

The purpose of this study is to investigate the effect of dividend reduction and corporate tax avoidance on the Stock price crash risk. Two measures of negative skewness coefficient and low to high volatility were used to measure the stock price crash risk. In this regard, the financial data of 131 companies during the period 2014-2019 have been extracted and analyzed by systematic elimination method as a statistical sample of research. Statistical analysis was performed using Eviews9 software at 95% confidence level and panel data and linear regression model were used to test the hypotheses. F-Limer (Chow) and Hausman statistics were used to determine how the regressions fit. The normality of the error distributions was evaluated by the Jarkue-Bera test, the residual independence was estimated by the Durbin-Watson statistic, and the test of variance by the Bartlett test. The results showed that there is no significant relationship between dividend reduction and the stock price crash risk according to both mentioned criteria in companies. Based on the results of the third hypothesis test (taking into account the first index of stock price risk), the ratio of independent directors intensified the direct relationship between the decrease in dividend yield and the Stock price crash risk. Finally, the level of tax avoidance is directly related to stock price crash risk in companies. This result shows that tax avoidance has led to the accumulation of bad news in the company, which with the disclosure of this news leads to a decrease in stock prices.

uncertainty and stock price crash risk. Economic uncertainty has been measured by the instability of the four interest rate indices, economic growth rate, inflation rate and exchange rate. Two measures of negative skewness coefficient and low to high volatility were used to measure the stock price crash risk. In this regard, financial data of 131 companies during the period 2014 to 2019 have been analyzed. F-Lemmer and Chasman statistics were used to determine how the regressions fit. Instability of economic uncertainty indices has been done by Arch & Garch method. Summarizing the results of both regression estimation models in line with the research hypotheses showed that the relationship between uncertainty due to macroeconomic policy instability, interest rate, exchange rate and economic growth is associated with the stock price crash risk. There has been a direct uptick and an increase in the level of these volatility has led to an increase in the possibility of stock price crash risk. Research findings can be important for investors, supervisory bodies, legislators and policy makers.