The Effect of Dividend Payments and Bad News Hoarding on Stock Price Crash Risk with an Emphasis on Information Asymmetry

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BADAVAR NAHANDI YOUNES; Taghizadeh Khanqh Vahid

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

Journal Paper

Paper Information

Journal: THE IRANIAN ACCOUNTING AND AUDITING REVIEW Year:2017 | Volume:24 | Issue:1 Page(s): 19-40

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Title

The Effect of Dividend Payments and Bad News Hoarding on Stock Price Crash Risk with an Emphasis on Information Asymmetry

Author(s)

BADAVAR NAHANDI YOUNES | Taghizadeh Khanqh Vahid | Issue Writer Certificate

Keywords

Bad news hoardingQ1

Dividends paymentQ1

Information AsymmetryQ1

Stock price crash riskQ2

Abstract

This study examines the impact of dividend payments and Bad news hoarding on Stock price crash risk with an emphasis on Information Asymmetry. In this regard, 123 companies were selected for the period of 2009-2014. Over investment is used to calculate Bad news hoarding index. Also, Hong and Stein (2001) model is used to measure Stock price crash risk. Panel data method is used to hypotheses test. The findings show that the dividend payment has a negative and significant effect on Stock price crash risk. Also, the negative impact of dividend payments is intensified on Stock price crash risk when the Information Asymmetry between managers and shareholders is high. The results show that Bad news hoarding has a negative and significant effect on Stock price crash risk and this impact is intense in companies with high Information Asymmetry. Thus, Bad news hoarding followed negative stock returns in the form of Stock price crash risk.

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APA: Copy

BADAVAR NAHANDI, YOUNES, & Taghizadeh Khanqh, Vahid. (2017). The Effect of Dividend Payments and Bad News Hoarding on Stock Price Crash Risk with an Emphasis on Information Asymmetry. THE IRANIAN ACCOUNTING AND AUDITING REVIEW, 24(1 ), 19-40. SID. https://sid.ir/paper/8220/en

Vancouver: Copy

BADAVAR NAHANDI YOUNES, Taghizadeh Khanqh Vahid. The Effect of Dividend Payments and Bad News Hoarding on Stock Price Crash Risk with an Emphasis on Information Asymmetry. THE IRANIAN ACCOUNTING AND AUDITING REVIEW[Internet]. 2017;24(1 ):19-40. Available from: https://sid.ir/paper/8220/en

IEEE: Copy

YOUNES BADAVAR NAHANDI, and Vahid Taghizadeh Khanqh, “The Effect of Dividend Payments and Bad News Hoarding on Stock Price Crash Risk with an Emphasis on Information Asymmetry,” THE IRANIAN ACCOUNTING AND AUDITING REVIEW, vol. 24, no. 1 , pp. 19–40, 2017, [Online]. Available: https://sid.ir/paper/8220/en

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