Examining the effect of tunneling of institutional shareholders onthe risk of future fall in stock prices

Occurrence of opportunistic behavior of managers through collusion between companymanagers and major shareholders, which causes the company's resources to be transferredoutside of it for the benefit of major shareholders, fueled the tunneling phenomenon and causedthe company's costs to increase and the stock value to fall. It becomes a stock. Therefore, thepurpose of this research is to investigate the effect of tunneling of institutional shareholders onthe risk of future fall in stock prices. The spatial scope of the research is ۱۱۳ companiesadmitted to the Tehran Stock Exchange, which have been selected by systematic exclusion, andthe temporal scope is ۹ years between ۲۰۱۴ and ۲۰۲۲. Multivariate regression models of paneldata method with random effects have been used to check the research hypotheses. The resultsof the research hypotheses test indicate that tunneling by institutional shareholders has a positiveand significant effect on the negative skewness of stock-specific returns and the low-to-highvolatility of stocks of companies listed on the Tehran Stock Exchange as a risk of future stockprice falls.

کلیدواژه ها:

tunneling ، institutional shareholders ، stock price risk