Proposing a mathematical model to measure corporate governance and its consequences on the companies’ stock crash risk
Author(s):
Article Type:
Research/Original Article (دارای رتبه معتبر)
Abstract:
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.
Language:
Persian
Published:
Financial Knowledge of Securities Analysis, Volume:14 Issue: 52, 2022
Pages:
105 to 124
https://magiran.com/p2428442
دانلود و مطالعه متن این مقاله با یکی از روشهای زیر امکان پذیر است:
اشتراک شخصی
با عضویت و پرداخت آنلاین حق اشتراک یکساله به مبلغ 1,390,000ريال میتوانید 70 عنوان مطلب دانلود کنید!
اشتراک سازمانی
به کتابخانه دانشگاه یا محل کار خود پیشنهاد کنید تا اشتراک سازمانی این پایگاه را برای دسترسی نامحدود همه کاربران به متن مطالب تهیه نمایند!
توجه!
- حق عضویت دریافتی صرف حمایت از نشریات عضو و نگهداری، تکمیل و توسعه مگیران میشود.
- پرداخت حق اشتراک و دانلود مقالات اجازه بازنشر آن در سایر رسانههای چاپی و دیجیتال را به کاربر نمیدهد.
In order to view content subscription is required
Personal subscription
Subscribe magiran.com for 70 € euros via PayPal and download 70 articles during a year.
Organization subscription
Please contact us to subscribe your university or library for unlimited access!