نوع مقاله : مقاله پژوهشی
نویسندگان
1 دانشجوی دکتری، گروه حسابداری، دانشکده علوم اداری و اقتصاد، دانشگاه اصفهان، اصفهان، ایران
2 دانشیار، گروه حسابداری، دانشکده علوم اداری و اقتصاد، دانشگاه اصفهان، اصفهان، ایران
3 استادیار، گروه اقتصاد، دانشکده علوم اداری و اقتصاد، دانشگاه اصفهان، اصفهان، ایران
چکیده
کلیدواژهها
عنوان مقاله [English]
نویسندگان [English]
The act of hiding and accumulating the bad news within the company by managements has led to the creation of a massive negative information which the sudden outburst of these news to the market, causing stock price crash. In this regard, information disclosure about the risks faced by the company can lead to transparency of information and thus reduce the stock price crash risk. The aim of this study is to investigate the effect of risk disclosure, including financial risk, non-financial operating risk and strategic non-financial risk on stock price crash risk. To evaluate and diagnose risk disclosure and its types, first using the research background and a survey of experts, the words that express risk were determined. Then, using the text analysis method of the Board of Directors' activity report, the frequency of risk words has been calculated. Besides, 548 company-year during the period from 2011 to 2019 have been selected using systematic deletion method and research hypotheses have been tested using regression based on panel data with fixed effects. The results indicate that the disclosure of total risk has a negative and significant effect on the stock price crash risk. types of risk disclosures including financial risk, non-financial operating risk and strategic non-financial risk have a negative and significant effect on stock price crash risk. In other words, with more accurate disclosure of risk information, information asymmetry is reduced and managers are less motivated to keep bad news in the company, thus reducing the stock price crash risk.
کلیدواژهها [English]
)