The Effect of CEO Power on Stock Price Delay

سال انتشار: 1401
نوع سند: مقاله ژورنالی
زبان: انگلیسی
مشاهده: 145

فایل این مقاله در 14 صفحه با فرمت PDF قابل دریافت می باشد

استخراج به نرم افزارهای پژوهشی:

لینک ثابت به این مقاله:

شناسه ملی سند علمی:

JR_AMFA-7-2_003

تاریخ نمایه سازی: 21 اردیبهشت 1401

چکیده مقاله:

News and information reflect on the stock prices rapidly in the capital market. But some factors cause delays in reaching the stock market to its intrinsic value. This study aims to investigate the effect of CEO Power on stock price delay of listed Companies in Tehran Stock Exchange. In order to measure the power of the CEO, six different criteria, based on the research of Lisic et al. have been used. For this purpose, data related to ۱۰۷ companies in Tehran Stock Exchange from ۲۰۱۱ to ۲۰۱۸ were analyzed. The regression model used in this research has been assessed using panel data with fixed effects approach. The results showed that CEO power has a negative and significant impact on stock price delay. The results also indicate that the powerful executives have more independence and play a more supervisory role over the board of directors; This reduces the infringement of the stakeholder rights and lowers the agency costs. Lower agency costs result in less information asymmetry and lower financial information transparency, and ultimately, reduces the stock price delay.

نویسندگان

Saeid Baseri

Department of Accounting, Qom Branch, Islamic Azad University, Qom, Iran

Hossein Jahangirnia

Department of Accounting, Qom Branch, Islamic Azad University, Qom, Iran

Mohammad Kashanipour

Department of Accounting and Finance, Faculty of Management and Accounting, College of Farabi, University of Tehran, Qom, Iran

Reza Gholami Jamkarani

Department of Accounting, Qom Branch, Islamic Azad University, Qom, Iran

مراجع و منابع این مقاله:

لیست زیر مراجع و منابع استفاده شده در این مقاله را نمایش می دهد. این مراجع به صورت کاملا ماشینی و بر اساس هوش مصنوعی استخراج شده اند و لذا ممکن است دارای اشکالاتی باشند که به مرور زمان دقت استخراج این محتوا افزایش می یابد. مراجعی که مقالات مربوط به آنها در سیویلیکا نمایه شده و پیدا شده اند، به خود مقاله لینک شده اند :
  • References[۱] Adams R, B., Mehran, H., Corporate Performance, Board Structure ...
  • Aflatoni, A., Investigating the Effect of Financial Reporting Quality and ...
  • Akins, B., Ng, J., Verdi, R., Investor competition over information ...
  • Amihud, Y., Mendelson, H., Asset Pricing and the Bid-Ask Spread, ...
  • Baker, T, A., Lopez, T. J., Reitenga, A. L., Ruch, ...
  • Barry, C., Brown, S., Differential information and the small firm ...
  • Bebchuk, L. A., Cremers, K. M., Peyer, U. C., The ...
  • Callen, J. L., Khan, M., Lu, H., Accounting Quality, Stock ...
  • Callen, J., Govindaraj, S., Xu, L., Large time and small ...
  • Callen, J., Khan, M., Lu, H., Accounting quality, stock price ...
  • Chao, C. C., Hu, M., Munir, Q., Li, T., The ...
  • Constantinides, G. M., Optimal stock trading with personal taxes: Implications ...
  • Easley, D., S., Hvidkjaer, and M, O’Hara., Is information risk ...
  • Ebrahimi, A., Haidary, K., Omrani, H., Investigation of board composition ...
  • Eom, C., Do foreign investors help the price discovery process? ...
  • Faccio, M., Marchica, M.-T., Mura, R., CEO gender, corporate risk-taking, ...
  • Farag, H., and Mallin, C., The Impact of the Dual ...
  • Finkelstein, S., Power in top management teams: Dimensions, measurement, and ...
  • Finkelstein, S., D'aveni, R. A., CEO duality as a double-edged ...
  • Finkelstein, S., D.C. Hambrick., Strategic leadership: Top executives and their ...
  • Gordon, N., and Wu, Q., Informed Trade, Uninformed Trade, and ...
  • Hao, Fang., Jen, SinLee., Effect of CEO power and board ...
  • Haider, J., Fang, H. X., CEO power, corporate risk taking ...
  • Javanmard, M., PourMousa, A., The Study of Effects of company’s ...
  • Hou, K., Moskowitz, T, J., Market Friction, Price delay and ...
  • Jones, Charles M., and Lipson, Marc L., Price Impacts and ...
  • Khodamipour, A., Omidi, M., Mohammadrezakhani, V., Investigating the Relationship between ...
  • Lee, C., Hsieh, T., Cheng, Li., Financial reporting quality and ...
  • Lisic, L. L., Neal, T. L., Zhang, I. X., Zhang, ...
  • Liu, Y., Jiraporn, P., The effect of CEO power on ...
  • Luo, M., Chen, T., Yan, I., Price informativeness and institutional ...
  • Mehrara, M., Abdoli, Q., The asymmetry of stock market volatility: ...
  • Obaidullah, M., Ethics and Efficiency in Islamic Stock Market, International ...
  • Nandini, R., Deepak, K., CEO Characteristic: Does Industry Matter? The ...
  • Pfeffer, J., New directions for organization theory: Problems and prospects, ...
  • Pfeffer, J., Leblebici, H., Executive Recruitment and the Development of ...
  • Rahmani, A., Yousefi, F., RobatMeili, M., The Relationship between Accounting ...
  • Rahnama, F., Zandi, A., CEO's power and capital structure based ...
  • Sah, R. K., Stiglitz, J. E., The architecture of economic ...
  • Sah, R. K., Stiglitz, J. E., The quality of managers ...
  • Saunders and cornet., Financial Markets and Institutions, Mcgraw Hill, ۲۰۰۱ ...
  • Shapiro, F., Maxfield, L., Eye movement desensitization and reprocessing (EMDR): ...
  • Shleifer, A., Vishny, A. R., A survey of corporate governance, ...
  • Su, K., Liu, H., Zhang, H., Board size, social trust, ...
  • Sun, P.W., Managerial structure and stock price delay in China ...
  • Verrecchia, R., The rapidity of price adjustments to information, Journal ...
  • نمایش کامل مراجع