To Study The Effect of Investor Protection on Future Stock Price Crash Risk

سال انتشار: 1400
نوع سند: مقاله ژورنالی
زبان: انگلیسی
مشاهده: 222

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شناسه ملی سند علمی:

JR_AMFA-6-2_012

تاریخ نمایه سازی: 20 تیر 1400

چکیده مقاله:

Managers are responsible for providing financial statements and they might try to make a good picture of their firm's conditions. Therefore, they try to delay the disclosure of bad news and release the good news as soon as possible. The ten-dency of managers toward hiding bad news increases the stock price crash risk. The protection of investor is one of the factors that can prevent from falling stock price, because it restricts the managers and majority shareholders in frauding and hiding bad news. Thus, the main purpose of the present research is to study the effect of investor protection on future stock price crash risk. In this research, ۸۹ companies from listed companies in Tehran Stock Exchange during ۲۰۱۱-۲۰۱۷ were tested. The results obtained from the research's hypothesis test showed that protecting the rights of investors has a negative effect on the stock price crash risk. In fact it can be concluded that with the increase of the investor protection, the firms are obligated to disclose the high-quality accounting information and present more transparent financial reporting, as a result, the information asym-metry will be reduced and by creating a flow of information between the manag-ers and the investors and thus failure to accumulate bad news in the company, the risk of the stock price crash will be also reduced.

کلیدواژه ها:

Investor protection ، Future Stock Price Crash Risk ، Corporate Governance

نویسندگان

Hassan Valian

Department of Accounting, Shahrood Branch, Islamic Azad University, Shahrood, Iran.

Fatemeh Jalali

Faculty of Economic & Management, Semnan University , Semnan, Iran.

Mehdi Darvishan

Department of Accounting, Shahrood Branch, Islamic Azad University, Shahrood, Iran.

Mohamad Mehdi Mohamadi

Department of Accounting, Shahrood Branch, Islamic Azad University, Shahrood, Iran.

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