جستجوی مقالات مرتبط با کلیدواژه « ریسک سقوط قیمت سهام » در نشریات گروه « مالی »

Stock Prices Crash RiskThe of risk the stock price crash, which indicates the possibility of a sharp and sudden drop in price, is affected by the risk of financial distress, and agency costs intensify this relationship. Empirical investigation of this issue is the aim of the present studyTo achieve the goal of the research, the data of 211 corporations active in the Tehran Stock Exchange were selected during a 10-year period from 2012 to 2021, and multivariate linear regression method and mixed data model were used to test the hypothesis. The findings showed that the risk of financial distress (criterion based on market information) does not increase the risk of stock prices crash. .Also the existence of agency costs does not intensify the relationship between the risk of financial distress and risk of stock prices crash. In addition to this test and additional analyzes showed that the risk of financial distress (criterion based on Altman's accounting information) increases the risk of stock prices crash (criterion of negative skewness of stock returns). Investigating the effect of agency costs on the relationship between the risk of financial distress and risk of stock prices crash and measuring the risk of crash with the two criteria of negative skewness of stock returns and downward volatility, the risk of financial distress with the two criteria of Merton and Altman, as well as adjusting the agency costs of each company. With industry average, research innovation is considered

The purpose of this research is to investigate the effect of capital structure determination policy (conservative and non-conservative policy) on the stock price crash risk. The data of 143 companies admitted to Tehran Stock Exchange during the period of 2014-2015 was analyzed using multiple regression with the control of year and industry fixed effects. Conservative capital structure does not have a significant effect on the stock price crash risk. It also highlights the information asymmetry, the relationship between the conservative capital structure and the stock price crash risk; But the life cycle of the company does not have a significant effect on the relationship between the conservative capital structure and the stock price crash risk. Companies with a conservative capital structure are more likely to use suitable investment opportunities on the one hand and reduce opportunistic behavior on the other hand, and are less likely to face the stock price crash risk. This conclusion also applies to Iran's inflationary economy.Innovation: The current study analyzes the determinants of conservative financial policy, it is the first study that examines the impact of conservative capital structure on the stock price crash risk and the role of life cycle adjustment and Information asymmetry deals with the relationship between capital structure management and stock price crash risk and develops the existing literature regarding financial conservatism and its contradictory effect in inflationary economies.

The stock price crash risk is one of the main concerns of financial market participants. According to financial theories, Retail investor attention is one of the factors affecting the stock price crash risk. This study investigates the effect of retail- investors' attention based on the GSV index on the stock price crash risk in the Tehran Stock Exchange. Also, considering the moderating role of institutional ownership and the quality of companies 'audits in the relationship between investors' attention and the probability of stock price crashes, the role of these two variables has been investigated in the study. The research period was 2009-2020 and the sample included 164 companies. The study's results using the panel data regression approach indicate that investors' attention in the current period increases the risk of a stock price crash in the subsequent period. Also, there is a negative relationship between institutional shareholders and the stock price crash risk in the next period and there is no relationship between the quality of companies' audits and the stock price crash risk of companies in the next period. Also, institutional ownership and audit quality do not affect the relationship between retail-investor attention and stock crash risk.

With the expansion of the capital market in Iran, it is important to pay attention to the factors that have an effect on the decision-making of market participants and during recent years, stock price crash risk as in affective risks on companies been noted by shareholders and researchers. In this research, the effect of free cash flows on stock crash risk with focused on the role of earnings smoothing was investigated. In internal research, there have been many kinds of research emphasizing the relationship between earnings smoothing and stock price crash risk, but the relationship between cash flows and stock price crash risk is missing in internal research. Also, the moderating role of earnings management on this relationship has not been explained in the Iranian capital market so far. Therefore, based on the research literature in this field, it seems that the issue of the relationship between free cash flows and the stock price crash risk and the explanation of this relationship in the Iranian capital market is significant. The sample includes 161 companies listed on the Tehran Stock Exchange during the years 1394 to 1399. To quantify stock price crash risk, two criteria of negative stock skewness and up-down volatility were used. The results indicate that free cash flows have a positive and significant effect on stock price crash risk and earning smoothing also moderates this relationship negatively and significantly.

The main purpose of this study is to determine the factors affecting Stock Price Crash Risk in various domestic studies. The sample of this research is taken from the results of 57 internal studies based on meta-analysis approach. The results showed that the variables of conservatism, social trust, debt maturity, dividends, ownership concentration, auditor expertise in the industry and the effectiveness of internal controls had a negative and significant effect on Stock Price Crash based on the negative skewness of stock returns (NCSKEW). Also the variable of trading strategies is the only negative factor affecting Stock Price Crash based down-to-top volatility. Also, the ratio of M/B and size has a negative effect on the risk of falling stock prices based on the maximalist Sigma. On the other hand, information asymmetry, standard deviation of monthly return, investor heterogeneity, stock overvaluation and free cash flows are among the causes of exacerbating Stock Price Crash based on negative skewness of stock returns (NCSKEW). and growth opportunities and accrual items exacerbating Stock Price Crash based on maximalist Sigma.

Comparability is one of the unique qualities of financial information that enhances its usefulness. The ability to compare financial statements as a specific feature of financial reporting quality can reduce managers' motivation to hide negative news. An effective audit committee, on the other hand, limits the opportunistic and biased behavior of managers and delays the identification of profits. Thus, the existence of an effective audit committee can be considered as an effective mechanism to reduce the Stock price crash risk and affect the relationship between the financial statements comparability and Stock price crash risk. Therefore, based on this reasoning, the present study, using the structural equation modeling approach, examines the relationship between financial statements comparability with Stock price crash risk and the moderating effect of the audit committee on this relationship. The statistical sample of the present study consists of 126 companies listed in Tehran Stock Exchange 2012-2018. The findings show that the financial statements comparability reduces Stock price crash risk. In addition, the results show that the audit committee moderates and exacerbates the negative relationship between the financial statements comparability and Stock price crash risk.

This study intends to investigate the role of Religious Months on the relationship between Investor Sentiment and The Risk Of Crashing Stock Prices by emphasizing the role of corporate governance. The specific Religious Months in this study include holy months of Ramadan and Muharram. In this study, variables in corporate governance include The CEO tenure, CEO duality, board independence, board ownership, audit firm size, and institutional investors’ ownership. The research sample consists of 132 companies observed over a period extending from 14/8/1392 in Solar Hijri calendar (SH) (or 1/1/1435 or first of month of Muharram in Islamic calendar (AH)) to 19/6/1397 in Solar Hijri calendar (SH) (or 29/12/1439 or last day in month of Dhu al-Hijjah in Islamic calendar (AH)). In this study, Multivariate Regression Model for panel data was used to analyze the data and test the hypotheses. The research results indicate a significant difference between Investor Sentiment, on one hand, and stock returns on the other hand during Islamic months of Ramadan and Muharram compared to other months. Also, corporate governance was found to have a significant impact on the relationship between investor sentiment and stock returns. In other words, in case of companies with higher corporate governance levels, investor sentiment tends to have a more favorable impact on stock returns.

This study aims to investigate how and to what extent stock price crash risk is affected by various factors and tries to design a model to predict this relationship in the Tehran Stock Exchange. Accordingly, Besides reviewing the literature on stock price crash risk, 12 experts were selected from the statistical population of the capital market for the qualitative part using the theoretical sampling method and the gradual selection rule. Once the data were collected by referencing documents and interviews, the target model was extracted by MAXQDA18 software. The systematic random sampling was used to select 100 companies from a statistical sample of listed companies on the Tehran Stock Exchange over 2009-2019 to test the research hypothesis. Then, a quantitative model derived through the qualitative method was tested as structural equations using the PLS software.The results indicate that it is possible to achieve a model for predicting the stock price crash risk using a mixed (qualitative and quantitative) approach and providing a method to assess its fitness accuracy. and respectively the seven variables obtained from the qualitative part; Financial variables, business strategies, managerial ability and information asymmetry as internal factors and macroeconomic variables, political relations and social responsibility as external factors affect the stock price crash risk.

Maintaining and protecting the interests of shareholders is considered as one of the main pillars of each capital market, which, while increasing the level of financial transparency, reduces stock crash risk. Under these circumstances, companies are always trying to strengthen shareholders 'trust and confidence by enhancing the level of protection of shareholders' rights through effective ways such as raising the level of incentives for managers, while reducing the cost of representation. The purpose of this research is Investigating the Effectiveness of Operant Conditioning Behavior Theory on the Effect of Investor protection on stock crash risk in Companies listed in the Tehran Stock Exchange. In this study, 96 companies were surveyed during the period 2014 to 2018. In this research, in order to measure Investor protection of rights, the criteria used such as the quality of accounting information, the effectiveness of internal controls, the voting rights of shareholders, the index of ownership concentration and corporate governance index based on the multi-criteria decision making model by topsis and weight method entropy. Also, for measuring the stock crash risk, two criteria for negative stock skewness (NCSKEW) and (DUVOL) were used. To assess the behavior of the behavior of the actor (stimulus-response), we used the competitive motivation of managers using the managers' compensation gap. The results of the research showed that Investor protection of rights has a negative and significant effect on the stock crash risk. It was also found that competitive incentives negatively impacted the Investor protection of rights on stock crash risk.

The present study examines the impact of corporate governance on the stock crash risk of companies. Although in previous studies several indicators have been used to measure corporate governance, the present study using multi-criteria decision model to combine numerous individual metrics (one-dimensional) available in accounting and financial literature with the help of experts' opinions and their weighting, and by using mathematical modeling provides a Composite measures of corporate governance and then tests its impact on companies' stock crash. The research hypothesis was tested using a sample consisting of 125 companies listed on the Tehran Stock Exchange during the years 2015 to 2019 and using a multivariate regression model based on combined data technique. The results show that there is a negative and significant relationship between corporate governance and the stock crash risk. Also, the results of the sensitivity analysis test indicate that the use of alternative criteria to measure the stock crash risk does not affect the main results of the study and the research results are strong enough. The research findings, while filling the gap of previous studies on providing a Composite mathematical model for measuring corporate governance, can be a guide for capital market legislators, investors and other users of accounting information in making decision.

purpose of this study is to investigate the relationship between asset growth and the future stock price crash risk concerning the moderating effects of agency problems and accounting conservatism. Method To test The the research hypotheses, 102 companies were examined among the companies listed on the Tehran Stock Exchange between 2010 to 2019. To test the research hypotheses, a multivariate regression model and panel data have been used. The results indicate that the growth of assets has a positive and significant effect on the future stock price crash risk. The findings also showed that the agency problem increases the impact of asset growth on the future stock price crash risk. In addition, accounting conservatism has no significant effect on the relationship between asset growth and the future stock price crash risk.

Timely release of audited financial statements will help investors in allocating resources in the best possible way. Any delay in submission of an audit report will increase the information asymmetry between management and shareholders and adversely affect the company financial reporting. A weak internal control environment also allows management to hide bad news for a long time, resulting in a sharp drop in stock prices when bad news is released. In this regard, the purpose of this study is to investigate the effect of abnormal audit report lag on stock price crash risk as well as the moderating role of internal control weakness on this relationship. for this purpose, 1015 firm-year (145 firms for seven years) observation gathered from the annual financial reports of listed companies in Tehran Stock Exchange from 2011 to 2017. The research findings show that abnormal audit report lag and internal control weakness have a positive impact on stock price crash risk. The results also show that in the occurrence of weakness in firm’s internal controls, the positive impact of abnormal audit report lag on stock price crash risk was be strengthened.

The accumulation of bad news by management is a key factor in stock price crash risks. In addition, the ability to hide bad news by executives is restricted by the fact that if the amount of hiding exceeds this limit, then these bad news spillover and can lead to a stock price crash. The aim of current research was to survey the impact of financial constraints on fluctuate down to up of stock returns by emphasizing the moderator role of credit rating accepted companies in Tehran Stock Exchange. To implement such a research, 140 companies were selected during the period 2012 to 2017, and a combined data approach was used to test the research hypotheses. The results of the research indicate that the financial stock constraints have a positive and significant impact on fluctuate down to up of stock returns. Also, the results indicated that credit rating had significant impacts on the relationship of financial constraints with fluctuate down to up of stock returns. In other words, in companies with lower credit ratings, the relationship between financial constraints and stock price crash risk is more severe. In addition, the results of the sensitivity analysis (GMM method), has confirmed the results of the research. Finally, the findings indicate that the results have consistency with the representation theory.

Despite the increase in the level of awareness and general knowledge of the beneficiaries of financial affairs, the main issue in investing decisions is the high reliance on accounting report numbers (especially accounting profit as one of the main performance appraisal criteria) that creates many motivations for managers to manipulate (manage) these numbers in their favor. This study is an attempt to examine the extent of profit manipulation by considering the role of non-executive managers and the risk of stock price falls using Benford’s law and financial information of 1248 years of the listed companies during the years 2013-2020  in Tehran Stock Exchange. The results showed that the profit (loss) rate of the companies at risk of falling stock prices do not comply with Benford's law. However, the profit (loss) rate of companies without the risk of falling stock prices follow this law. The results also indicated that in companies with the risk of falling stock prices, differences with Benford's law were lower in cases where  the present proportion of non-executive managers was higher.

The purpose of this study is to examine the impact of Earning Smoothing and Financial Information Transparency on Stock Price Crash Risk. In order to measure the financial information transparency, stock price crash risk and earning smoothing, respectively Donelson et al. research (2010) and Len et al. (2012), Houghton et al. research (2014) and the model of Chen et al. (2012) and Tucker and Zarowin (2006) through evaluating the correlation between changes in accruals (unusual) and changes in pre-managed profits have been used. A total of 196 companies listed in the Tehran Securities Exchange have been selected during the period of six years from 2013 to 2018 according to the society's screening conditions. In addition 1176 company-year observations have been included in the statistical analyzes. The results of the research show that Earning Smoothing has a significant positive effect on the crash risk and Financial Information Transparency has a significant negative effect on the crash risk. Indeed, managers who are willing to smooth the reported earnings and create a more stable flow to support a higher level of profits, are more exposed to the stock price crash risk. Company size, financial leverage and institutional shareholders have a significant negative effect on the stock price crash risk, and the company age has a significant positive effect on the stock price crash risk. But the market value to book value ratio and Sale Standard Deviation do not have a significant effect on the stock price crash risk.

The purpose of this study is to investigate the effect of agency problems on relationship between Institutional investor's short-term time horizon and stock price crash risk. This research is applied in terms of purpose and correlation in terms of method. The research period was 2012-2019 and data from two months before 2011 and two months after 2020 were used to measuring the risk of stock price fall. Also, 123 companies were selected as a sample. To analyze the research data, multivariate regression models have been used in Eviews software. The results of this study showed that investor's short-term time horizon has a positive and significant effect on the stock price crash risk. Agency problems (problems due to agency conflict based on managerial ownership) have a negative and significant effect on the relationship between investor's short-term horizon and the stock price crash risk. Agency problems (problems due to agency conflict based on free cash flow) have a positive and significant effect on the relationship between investor's short-term time horizon and the stock price crash risk.

The purpose of this study is to provide a model for predicting the factors affecting the stock price Crash Risk in the Tehran Stock Exchange. In addition to a comprehensive review of the thematic literature related to the stock price crash risk, in the qualitative section, 12 people through theoretical sampling method, Selected among capital market experts and then by collecting the required data by means of document reference and interview tools to extract the factors affecting the risk of stock price crash risk using MAXQDA18 software and to extract the model from the structural equation model And PLS software has been used. Statistical population in the quantitative part, a sample of 100 companies was selected from the companies listed in the Tehran Stock Exchange between 2009 and 2019. The results show, it is possible to provide a model to predict the factors affecting the stock price crash risk and Financial variables, business strategies, managerial ability and information asymmetry as internal factors and macroeconomic variables and political relations and social responsibility as external effective factors on Stock Price Crash Risk and respectively social responsibility in the first priority, business strategies in the second priority, macroeconomic variables in the third priority, managerial ability in the fourth priority, political communication in the fifth priority, variables Financial in the sixth priority and information asymmetry in the seventh priority affect the stock price crash risk.

One of the factors that exacerbate stock price volatility is the constraint on financing, while tax avoidance facilitates the development and expansion of profit management and maintenance activities and the dissemination of negative news over a longer period of time. This news may one day be released on the market and may increase the risk of future stock price crashes. On the basis of the present study, the data of 165 active companies in Tehran Stock Exchange were examined in order to investigate the effect of restriction of financing on the risk of falling stock market prices and the role that tax avoidance can play as an intermediary variable. The research sample was selected between 2013 and 1977 and then multivariate regression of panel data model and generalized least squares (GLS) method was used to test the research hypotheses. The findings indicate that the restriction on financing has a direct impact on the risk of falling stock prices and tax avoidance can also increase the risk of falling stock prices.

One of the main concerns of investors is the Stock price crash risk in the market and research in this field may be so important for the Capital. Increasing stock price crash risk makes investors pessimistic about investing in the securities exchange and this may cause them to go out of the capital market. This research studied the effect of the firm’s operation and the future risk of price fall of the equities in the firms accepted by the securities exchange of Tehran between 2012-2016. The sample includes 500 observation. The independent variables consist of rate of the return of the assets, ratio of market value to office value of the firm and Toobin’s Q index and the profit of each equity and the depended value is the future stock price crash risk. The findings suggested that there is negative significant relation between the firm’s operation (the rate of return of the assets, the ratio of the market value to office value of the firm, the Toobin’s Q index and the profit of each equity) and future stock price crash risk in the firms accepted by the securities exchange of Tehran. In other words we can anticipate the future mutation or stock price crash risk with looking at the firm’s operation and take action to buy or sell that firm’s equities.

The present study aims to investigate the effect of debts maturity and the gender of the members of the board of directors on stock price crash risk in based on the moderating role of risk-taking by companies.  by using 117 companies in Tehran’s Stock Exchange during 2012 to 2017  and running logistic and least square regressions, the results indicated that the gender of the board’ members does not have any significant impact on the future stock price crash risk; however long-term debt positively affects the stock price crash risk. The results show that short-term debts have a significant and negative effect on the stock price crash risk.