Shahid Bahonar University of Kerman

 Statistics

Number of Journals26
Number of Issues447
Number of Articles4,563
Article View5,389,768
PDF Download3,592,574
Fallahzadeh Abarghouhei, A., Taftiyan (Ph.D), A., Heirany (Ph.D), F. (2019). Relationship between Information Disclosure with the Stock Price Synchronicity and Crash Risk of Falling Stock Prices within Simultaneous Equations System. , 10(1), 169-194. doi: 10.22103/jak.2019.11485.2580
Ahmad Fallahzadeh Abarghouhei; Akram Taftiyan (Ph.D); Forough Heirany (Ph.D). "Relationship between Information Disclosure with the Stock Price Synchronicity and Crash Risk of Falling Stock Prices within Simultaneous Equations System". , 10, 1, 2019, 169-194. doi: 10.22103/jak.2019.11485.2580
Fallahzadeh Abarghouhei, A., Taftiyan (Ph.D), A., Heirany (Ph.D), F. (2019). 'Relationship between Information Disclosure with the Stock Price Synchronicity and Crash Risk of Falling Stock Prices within Simultaneous Equations System', , 10(1), pp. 169-194. doi: 10.22103/jak.2019.11485.2580
Fallahzadeh Abarghouhei, A., Taftiyan (Ph.D), A., Heirany (Ph.D), F. Relationship between Information Disclosure with the Stock Price Synchronicity and Crash Risk of Falling Stock Prices within Simultaneous Equations System. , 2019; 10(1): 169-194. doi: 10.22103/jak.2019.11485.2580

Relationship between Information Disclosure with the Stock Price Synchronicity and Crash Risk of Falling Stock Prices within Simultaneous Equations System

مجله دانش حسابداری
Article 7, Volume 10, Issue 1 - Serial Number 36, June 2019, Pages 169-194    PDF (1.09 M)
Document Type: Research Paper
DOI: 10.22103/jak.2019.11485.2580
Authors
Ahmad Fallahzadeh Abarghouhei1; Akram Taftiyan (Ph.D)* 2; Forough Heirany (Ph.D)2
1Ph.D student of Accounting, Yazd branch, Islamic Azad University, Yazd, Iran.
2Assistant Professor of Accounting, Yazd Branch, Islamic Azad University, Yazd, Iran.
Abstract
Objective: This study examines the bilateral (two-sided) relationship between information disclosure with stock price synchronicity and the crash risk of falling stock prices in the companies listed in the Tehran Stock Exchange, TSE, in the period 2008 to 2015.
Method: Data was collected by documentations review and referring to databases, and the data analysis was inferential. To test the research hypotheses, the system of simultaneous equations by two-stage estimation method was estimated.
Results: The results of the estimation indicated there is a bilateral relationship between information disclosure with stock price synchronicity and crash risk of falling stock prices in the TSE.
Conclusion: The verified bilateral relationship is compatible with the agency and signaling theories. The agency theory implies that the increase in disclosure level results in decrease in information asymmetry and in crash risk of falling stock price, and rise in control or governance over performance and in investors trust. Also, the signaling theory suggests with regard to increase in the crash risk of falling stock prices, managers attempt to release good news and to delay publication of bad ones.
Keywords
Crash Risk of Stock Price; Stock Price Synchronicity; Simultaneous Equation System; Information Disclosure
References

منابع

احمدی، محمدرمضان؛ احمدی انگالی، کامبیز؛ دریس، عبدالعزیز. (1391). بررسی تأثیر میزان افشاء اطلاعات مالی (اجباری)، بر هزینۀ سرمایه با استفاده از مدل CAPM، حسابداری مالی، 4(13)، 85-66.

اسدی، غلامحسین؛ محمدی، شاپور؛ خرم، اسماعیل. (1390). رابطۀ بین ساختار سرمایه و ساختار مالکیت، دانش حسابداری، 2(4)، 48-29.

پورحیدری، امید؛ عرب‌آبادی، امیر. (1393). رابطۀ تغییرات قیمت سهام و افشای اختیاری در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران، بررسی‌های حسابداری و حسابرسی، 1(21)، 56-39.

پورحیدری، امید؛ یوسف‌زاده، نسرین؛ اعظمی، زینب. (1393). رابطۀ بین افشا و هزینه سرمایه شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران، دانش حسابداری، (5)18، 111-91.

تفتیان، اکرم؛ ایزدی‌نیا، ناصر؛ دستگیر، محسن؛ امیری، هادی. (1395). اثر تدوین استاندارد و مقررات‌گذاری بر سطح افشاء و عملکرد در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران با استفاده از سیستم معادلات همزمان، دانش حسابداری و حسابرسی مدیریت، (5)17، 43-25.

حاجیان، نجمه؛ انواری رستمی، علی‌اصغر؛ رحمانی، علی؛ آذر، عادل. (1394). بررسی عوامل مؤثر بر سطح افشای اطلاعات شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران، پژوهش‌های حسابداری مالی، 7(1)، 36-24.

حسینی، سیدعلی؛ امجدیان، فتانه. (1396). بررسی رابطۀ مسئولیت‌پذیری اجتماعی شرکتی و خطر سقوط آتی قیمت سهام، دانش حسابداری، (8)28، 105-75.

دموری، داریوش؛ سعیدا، سعید؛ فلاح‌زاده ابرقویی، احمد. (1387). بررسی عکس‌العمل بیش از اندازۀ سرمایۀ گذاران به الگوهای عملکرد گذشته شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران، بررسی‌های حسابداری و حسابرسی، 54، 62-47.

رحیمی، اسحاق؛ نظام‌پور، عشرت. (1395). بررسی ارتباط میان افشای حسابداری، همزمانی قیمت سهام و ریسک سقوط سهام در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران، تحقیقات جدید در علوم انسانی، (3)14، 141-117.

فروغی، داریوش؛ فرجامی، ملیحه. (1394). تأثیر همزمانی قیمت و نوسان‌های بازدۀ سهام بر نقدشوندگی سهام در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران، مدیریت دارایی و تأمین مالی، (3)4، 112-98.

فروغی، داریوش؛ امیری، هدی؛ میرزایی، منوچهر. (1390). تأثیر شفاف نبودن اطلاعات مالی بر ریسک سقوط آتی قیمت سهام در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران، پژوهش‌های حسابداری مالی، (3)4، 40-15.

یبلویی خمسلویی، مالک؛ ایزدی‌نیا، ناصر؛ عرب‌صالحی، مهدی. (1397). تأثیر میزان شاخص‌‌های پایداری افشاء شده بر کیفیت سود، دانش حسابداری، (9)1، 34-7.

References

Ahmadi, M., Ahmadi, A.K., Deris, A. (2012). Evaluation of disclosure of financial information on the cost of capital based on CAPM model. Financial Accounting Journal, 4(13), 66-85 [In Persian].

Ahmad, A. (2013). Investor protection, firm fundamentals information, and stock price synchronicity. Ph.D Dessertation, at Massey University, Albany.

An, Z., Li, D., Yu, J. (2015). Firm crash risk, information environment, and speed of leverage adjustment. Journal of Corporate Finance, 31(4), 132-151.

An, H., Zhang, T. (2013). Stock price synchronicity, crash risk, and institutional investors. Journal of Corporate Finance, 21(3), 1-15.

Asadi, G.H., Mohammadi, S., Khorram, K. (2011). The relationship between capital structure and ownership structure. Journal of Accounting Knoeledge, 2(4), 29-48 [In Persian].

Callen, J.L., Fang, X. (2011). Institutional investors and crash risk: Monitoring or expropriation. Rotman School of Management Working Paper (1804697).

Damoori, D., Saeeda, S., Fallahzadeh, A. (2009). The investigating overreaction of investors to patterns of past financial performance measures in the Tehran Stock Exchange. Journal of Accounting and Auditing Review, 15(54), 47-62 [In Persian].

Farooq, O., Aktaruzzaman, K. (2016). Does stock price synchronicity effect information content of reported earnings? Evidence from the MENA. Financial Markets & Institutions, 6(3), 41-47

Foroghi, D., Farjami, M. (2015). The impact of stock price synchronicity and stock return volatilities on the stock liquidity for companies listed in Tehran Stock Exchange. Journal of Asset Management and Financing, 4(3), 85-98 [In Persian].

Foroghi, D., Amiri, H., Mirzaei, M. (2011). The impact of opacity in financial reporting on the future stock price crash risk of listed companies in Tehran Stock Exchange. Financial Accounting Researches, 3(4), 15-40 [In Persian].

Gao, H., Li, J., Guo, W., Mei, D. (2017). The synchronicity between the stock and the stock index via information in market. Statistical Mechanics and Its Applications, 34(4), 121-137.

Hackenbrack, K. Jenkins, N.T., Pevzner, M. (2014). Relevant but delayed information in negotiated audit fees: evidence from stock price crashes, Journal of Practice & Theory, 33(4), 95-117.

Hajian, N., Anvary Rostamy, A.A., Rahmani, A., Azar, A. (2015). Investigating effective factors on disclosure scores of listed companies in Tehran Stock Exchange. Financial Accounting Researsh, 7(1), 71-92 [In Persian].

Hutton, A.P., Marcus, A.J., Tehranian, H. (2009). Opaque financial reports, R2, and crash risk. Journal of Financial Economics, 94(1), 67-86.

Hosseini, A., Amjadian, F. (2017). Relationship between corporate social responsibility and crash risk of stock price. Journal of Accounting Knowledge, 8(1), 75-105 [In Persian].

Jiao, Y. (2011). Corporate disclosure market valuation and firm performance. Financial Management, 40(3), 647-676.

Jin, Y., Yan, M., Xi, Y. (2016). Stock price synchronicity and stock price crash risk: Based on the mediating effect of herding behavior of QFII. China Finance Review International, 31(2), 1011-1041.

Kim, J.B., Zhang, L. (2012). Does accounting conservatism reduce stock price crash risk? firm-level evidence. 35th EAA Annual Congress, Ljubljana, Slovenia.

Pourheidari, O., Arababadi, A. (2014). The impact of stock price changes on voluntary disclosure in firms listed in Tehran Stock Exchange (TSE). Journal of Accounting and Auditing Review, 21(1), 39-56 [In Persian].

Pourheidari, O., Yousefzadeh, N., Azami, Z. (2014). Effects of firm size on the relationship between disclosure and cost of equity capital in companies listed in Tehran Stock Exchange. Journal of Accounting Knowledge, 18(5), 91-111 [In Persian].

Rahimi, E., Nezampoor, E. (2016). The relationship between accounting disclosure, stock price synchronicity and crash risk in listed companies of Tehran Stock Exchange. Journal of Research in the Humanities, 14(3), 117-141 [In Persian].

Song, L. (2015). Accounting disclosure, stock price synchronicity and stock crash risk: An emerging-market perspective. International Journal of Accounting & Information Management, 23(4), 349-363.

Taftian, A., Izadinia, N., Dastgir, M., Amiri, H. (2014). The effect of standardization and regulation on disclosure and performance levels in companies accepted in Tehran Stock Exchange using the simultaneous equation system (A comprehensive model for determining the level of disclosure). Journal of Management System, 5(17), 25-43 [In Persian].

Watson, A., Shrives, P., Marston, C. (2002). Voluntary disclosure of accounting ratios in the UK. British Accounting Review, 34(4), 289-313.

Wang, J., Yu, W. (2009). The information content of stock prices, reporting incentives and accounting standards: International evidence. Journal of European Accounting Review, 24(3), 471-493.

Yaballuei Khamesluei, M., Izadinia, N., Arabsalehi, M. (2018). Effects of disclosure of the extent of sustainability indicators on earnings quality. Journal of Accounting Knoeledge, 9(1), 7-34 [In Persian].

Statistics
Article View: 1,874
PDF Download: 1,345


Journal management system. designed by sinaweb