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

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.

Stock Price Delay, Information Transparency, CEO Power