جستجوی مقالات مرتبط با کلیدواژه « stock price crash risk » در نشریات گروه « مالی »

The present study is based on investigating the role of accounting information quality and audit risk in adjusting the relationship between social trust and the risk of falling stock prices of banks. To this aim and in order to answer the proposed questions, the researchers extracted the financial information of 11 banks for a ten-year period from 2013 to 2022, analyzed the variables of the research, and performed the necessary statistical tests. The present research method is descriptive-correlational and its design is experimental, using a post-event approach. The findings indicated that there is a negative and significant relationship between social trust and the risk of falling stock prices. There is a negative and significant relationship between the quality of accounting information and the risk of falling stock prices. Moreover, there is a positive and significant relationship between the risk of audit information and the risk of falling stock prices. Furthermore, the quality of accounting information does not moderate the relationship between social trust and the risk of falling stock prices; the risk of audit information does not moderate the relationship between social trust and the risk of falling stock prices.

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.

Due to the importance that investors place on the return of their shares, the phenomenon of falling share prices leads to a decrease in returns. Many researchers believe that the changes in the company's stock price originate from its internal information management. Since the stock price changes not only through financial information but also through social, governance, economic and environmental information, therefore publishing a special report such as the governance dimension of sustainable performance reporting can affect the liquidity of stocks and the crash risk. Using the structural equation modeling approach, the present research seeks to predict the crash risk of stock price and its liquidity through governance sustainablity reporting and the forecasting accuracy and earnings comparability. Using the systematic elimination method, 147 companies listed on the Tehran Stock Exchange for the period of 2011 to 2014 selected as a sample. PLS software used to analyze the data. The results showed that the governance component of sustainablity performance reporting leads to an increase in the comparability of earnings, an increase in the liquidity of stocks and a reduction in the crash risk of stock prices. Other findings showed that the comparability of earnings has a mediating role on the relationship between the reporting of sustainable governance performance and the crash risk of stock and liquidity. Meanwhile, the accuracy of the earnings forecast does not have a significant effect on the crash risk of the stock price and the liquidity.

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.

An important part of managers' decision-making functions is rooted in organizational functions in terms of the existence of drivers to monitor their performance. Inertia is considered as one of the consequences of poor organizational performance in regulatory effectiveness as a factor to institutionalize power in managers and create opportunism to prioritize their interests. The Purpose of this research is Provide a model of manager's organizational inertia and examine its effect on Stock Price Crash Risk. In this study, stock price crash risk is calculated using three proxies and data related to organizational inertia of managers were collected through meta-analysis, Delphi analysis and finally sending a questionnaire to sample companies. The questionnaire is sent to 163 firms, among which 126 ones answered back. In order to perform the analysis process, the partial least squares analysis method was used. The results showed that managers' organizational inertia has a positive and significant effect on stock price crash risk. This result shows that non-disclosure of bad news for a long period of time is always created in the structural system of companies and even regulatory bodies, which is often due to organizational inertia, a lack of mobility in effective monitoring of managers' performance. By affecting the difference between intrinsic value and stock market value, it creates a price gap or bubble. This bubble is actually a mass of negative news that, based on the principle of utility in the economy, is transmitted to the market at a saturation point and causes the bursting of the price bubble will result in stock price crash risk.

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.

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.

Companies generally use aggressive and defensive strategies. The directors of aggressive companies tend to keep bad news confidential, therefore, Information Asymmetry in these companies is higher than defensive companies. So, the goal of this research is to investigate Relation between Business Strategies and Overvalued Equity on Stock ‎Price Crash Risk with regard to intermediate role of companies’ ownership. Thus, the financial information of 91 companies listed in the Stock Exchange of which 14 ones with institutional entities and 77 companies with corporate ownership, has been used within years 2012 to 2017. The results figure out that business strategy has a positive and significant relationship with the overvalued equity and stock price crash risk; type of company’s ownership has not impacted on this relation, that is, in the companies with aggressive business strategy, stock price crash risk and overvalued equity are 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.

The purpose of this study is to investigate the relationship between conservatism and stock price crash risk with emphasis on debt maturity in the life cycle of companies listed in Tehran Stock Exchange. For this purpose, the financial statements of 106 companies were collected during the period 2011-2017. Multivariate regression with combined data was used to test the hypotheses. The Givoly & Hayn criteria were used for conservatism and the negative skewness criterion was used to stock price crash risk. The findings of the first hypothesis test suggest that there is a relationship between accounting conservatism and the stock price crash risk. In other words, conservative practices will reduce the stock price crash risk. The findings of the second hypothesis test also suggest that debt maturity has a moderating role on the relationship between accounting conservatism and stock price crash risk. In the life cycle stages, the above hypotheses were confirmed in the maturity and growth stages. In other words, conservatism reduces the likelihood of bad news coming into the market, thereby reducing the stock price crash risk. Debt maturity also increases the ability of conservatism to reduce the stock price crash risk.

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.

One of risks that any investor encounters when entering the capital market, is stock price crash risk. In this paper, we investigate the relationship between stock price crash risk and structure of financial statements, using data from 115 firms in Tehran Stock Exchange at the period of 2001to 2017Solar Hijri, selecting 26 firms or 416annual observations from them and studying 75016 daily stock prices. The results show that, there is a significant relationship between stock price crash risk and the structure of financial statements. This means, the financial statements that prepared more conservatively, will have lower stock price crash risk. In addition, by dividing the stock price returns into two parts, the returns on the company's activity and second part, the returns due to the systematic market risk at95% confidence level, the present study showed that, the major part of the stock price returns during this period, arising from systematic risk changes (fluctuations in some factors like exchange rate and inflation). This is justified by the desire of managers to overcome the situation and financial statements in order to better reflect the circumstances of the company and not provide them conservatively.