Investigating the Role of Management Characteristics On Stock Price Crash Risk in Companies Listed on Tehran Stock Exchange

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DELSHAD AFSANEH; TEHRANI REZA

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Paper Information

Journal: JOURNAL OF FINANCIAL MANAGEMENT STRATEGY Year:2020 | Volume:7 | Issue:27 Page(s): 89-122

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Title

Investigating the Role of Management Characteristics On Stock Price Crash Risk in Companies Listed on Tehran Stock Exchange

Author(s)

DELSHAD AFSANEH | TEHRANI REZA | Issue Writer Certificate

Keywords

Management CharacteristicsQ1

Stock Price Crash RiskQ1

Behavioral FinanceQ2

BiasQ1

Abstract

This research addresses the identification and evaluation of Management Characteristics including management Optimism, management myopia, management Conservatism, management forecast accuracy, management structure and management ability on Stock Price Crash Risk in the companies listed on Tehran Stock Exchange for the first time. In order to meet the research objective and to test the hypothesis, 165 companies listed during the years 2006-2017 were selected. The panel data set was analyzed based on a multi-variable regression. Findings showed that among the various Management Characteristics, two characteristics, namely managerial myopia and management forecast accuracy enjoyed the greatest impact on stock price crash in the listed companies. Furthermore, any increase in the management myopia gave rise to an exponential and significant increase at the level of stock price crash companies. Capital market has also shown a significant reaction to the management myopia of the company when the stock price crash increased. Other findings also indicated that the stock price crash is reduced with an increase in management forecast accuracy. Any increase in management optimism led to improving management structure. With an increase in management ability, the level of stock price crash companies reduced and the higher conservatism of managers was followed by increases in Stock Price Crash Risk though these results were not statistically significant.

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APA: Copy

DELSHAD, AFSANEH, & TEHRANI, REZA. (2020). Investigating the Role of Management Characteristics On Stock Price Crash Risk in Companies Listed on Tehran Stock Exchange. JOURNAL OF FINANCIAL MANAGEMENT STRATEGY, 7(27 ), 89-122. SID. https://sid.ir/paper/382220/en

Vancouver: Copy

DELSHAD AFSANEH, TEHRANI REZA. Investigating the Role of Management Characteristics On Stock Price Crash Risk in Companies Listed on Tehran Stock Exchange. JOURNAL OF FINANCIAL MANAGEMENT STRATEGY[Internet]. 2020;7(27 ):89-122. Available from: https://sid.ir/paper/382220/en

IEEE: Copy

AFSANEH DELSHAD, and REZA TEHRANI, “Investigating the Role of Management Characteristics On Stock Price Crash Risk in Companies Listed on Tehran Stock Exchange,” JOURNAL OF FINANCIAL MANAGEMENT STRATEGY, vol. 7, no. 27 , pp. 89–122, 2020, [Online]. Available: https://sid.ir/paper/382220/en

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