Investigating the Effect of Business Strategy and Stock Price Synchronicity on Stock Price Crash Risk
سال انتشار: 1400
نوع سند: مقاله ژورنالی
زبان: انگلیسی
مشاهده: 328
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شناسه ملی سند علمی:
JR_AMFA-6-2_009
تاریخ نمایه سازی: 20 تیر 1400
چکیده مقاله:
Stock price crash risk has a significant impact on investors, creditors, managers, and shareholders, so the prediction of this phenomenon is a very important issue in investment and risk management decisions. This research investigates the effect of business strategy and stock price synchronicity on stock price crash risk. Following Bentley et al.[۲], composite strategy score has been used to proxy for an organization’s business strategy, expanded market model regression following Chen et al. [۳] to measure the firm-specific crash risk, and R۲ method of Johnstone [۱۴] to calculate the stock price synchronicity. In order to achieve this point, financial information of ۱۷۱ companies that are listed on Tehran stock exchange have been selected during the time period of ۲۰۱۳ to ۲۰۱۸, and data was analysed using regression model. According to the results, companies with defender (analyser and prospector) business strategy are less (more) prone to future crash risk. Moreover, results show that stock price syn-chronicity has positive effect on stock price crash risk, while in companies with analyser business strategy it can reduce the stock price crash risk. The interactive effect of business strategy and stock price synchronicity on stock price crash risk in companies with prospector and defender business strategy is not significant. Other findings suggest that Institutional ownership has positive, and company’s age has negative effect on stock price crash risk.
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نویسندگان
Ghazal Hosseinzadeh Zorofchi
Department of Financial Management, Tehran North Branch, Islamic Azad University, Tehran-Iran
Alireza Heidarzadeh Hanzaei
Department of Financial Management, Tehran North Branch, Islamic Azad University, Tehran-Iran
Mohammad Hasani
Department of Accounting, Tehran North Branch, Islamic Azad University, Tehran-Iran
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