پیوندهای مفید
آمار
| تعداد نشریات | 21 |
| تعداد شماره‌ها | 664 |
| تعداد مقالات | 9,690 |
| تعداد مشاهده مقاله | 68,953,869 |
| تعداد دریافت فایل اصل مقاله | 48,463,824 |
Financial constraints and stock price crash risk | ||
| International Journal of Nonlinear Analysis and Applications | ||
| مقاله 28، دوره 15، شماره 12، اسفند 2024، صفحه 357-368 اصل مقاله (377.17 K) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22075/ijnaa.2023.29734.4244 | ||
| نویسندگان | ||
| Reza Abdolahnezhad Khalil Abad1؛ Mahmoud Lari Dashtbayaz* 2؛ Mahdi Salehi2 | ||
| 1Department of Accounting, Qaenat Branch, Islamic Azad University, Qaenat, Iran | ||
| 2Department of Economics and Administrative Sciences, Ferdowsi University of Mashhad, Mashhad, Iran | ||
| تاریخ دریافت: 06 بهمن 1401، تاریخ پذیرش: 20 فروردین 1402 | ||
| چکیده | ||
| The main objective of the present study is to assess the relationship between financial constraints and stock price crash risk. In other words, this paper seeks to answer “whether financial constraints can lead to the decline of stock price crash risk or not”. The study method is descriptive correlation based on published information from listed firms on the Tehran Stock Exchange from 2012 to 2019, with a selected sample that includes 119 firms (952 observations). The method used for hypothesis testing is linear regression using the integrated data. The obtained results from hypothesis testing show a positive and significant relationship between financial constraints and stock price crash risk, which means the more financial constraints in Iranian business firms, the higher the risk of stock price crash. Since this paper is carried out in an emergent financial market, like Iran, that is highly competitive with severe economic sanctions and high inflation, it can provide helpful information in this area for the readers and contribute to the development of science and knowledge. | ||
| کلیدواژه‌ها | ||
| financial constraints؛ stock price crash risk؛ stock prices | ||
| مراجع | ||
|
[1] S.P. Baginski, J.L. Campbell, L.A. Hinson, and D.S. Koo, Do career concerns affect the delay of bad news disclosure?, Account. Rev. 93 (2018), no. 2, 61–95. [2] O. Bayar, F. Huseynov, and S. Sardarli, Corporate governance, tax avoidance, and financial constraints, Financ. Manag. 47 (2018), no. 3, 651–677. [3] E. Benmelech, E. Kandel, and P. Veronesi, Stock-based compensation and CEO (dis) incentives, Quart. J. Econ.125 (2010), no. 4, 1769–1820. [4] M. Bernini and A. Montagnoli, Competition and financial constraints: A two-sided story, J. Int. Money Finance 70 (2017), 88–109. [5] A. Bleck and X. Liu, Market transparency and the accounting regime, J. Account. Res. 45 (2007), no. 2, 229–256. [6] J.Y. Campbell, J. Hilscher, and J. Szilagyi, In search of distress risk, J. Finance 63 (2008), no. 6, 2899–2939. [7] X. Chang, Y. Chen, and L. Zolotoy, Stock liquidity and stock price crash risk, J. Financ. Quant. Anal. 52 (2017), no. 4, 1605–1637. [8] X. Chang, Y. Chen, and S. Dasgupta, Macroeconomic conditions, financial constraints, and firms’ financing decisions, J. Bank. Finance 101 (2019), 242–255. [9] J. Chen, H. Hong, and J.C. Stein, Forecasting crashes: Trading volume, past returns, and conditional skewness in stock prices, J. Financ. Econ. 61 (2001), no. 3, 345–381. [10] P. Chen and M. Yang, Research on the impact of financing constraints on R&D investment of SMEs, Commun. Finance Account. 26 (2018), 57–61. [11] Sh.-S. Chen and Y. Wang, Financial constraints and share repurchases, J. Financ. Econ. 105 (2012), no. 2, 311–331. [12] L.T.W. Cheng, H.-G. Fung, and T.Y. Leung, Dividend preference of tradable-share and non-tradable-share holders in mainland China, Account. Finance 49 (2009), no. 2, 291–316. [13] V.L. Crisostomo, F.J. Lopez-Iturriaga, and E.V. Gonzalez, Nonfinancial companies as large shareholders alleviate financial constraints of Brazilian firm, Emerg. Markets Rev. 18 (2014), 62–77. [14] R. Cull, W. Li, B. Sun, and L.C. Xu, Government connections and financial constraints: Evidence from a large representative sample of Chinese firms, J. Corporate Finance 32 (2015), 271–294. [15] H. DeAngelo and L. DeAngelo, Dividend policy and financial distress: An empirical investigation of troubled NYSE firms, J. Finance 45 (1990), no. 5, 1415–1431. [16] I.D. Dichev, Is the risk of bankruptcy a systematic risk?, J. Finance 53 (1998), no. 3, 1131–1147. [17] D.C. Donelson, J.M. McInnis, R.D. Mergenthaler, and Y. Yu, The timeliness of bad earnings news and litigation risk, Account. Rev. 87 (2012), no. 6, 1967–1991. [18] S.M. Fazzari, R.G. Hubbard, B.C. Petersen, A.S. Blinder, and J.M. Poterba, Financing constraints and corporate investment, Brook. Papers Econ. Activity 1988 (1988), no. 1, 141–206. [19] L. Field, M. Lowry, and S. Shu, Does disclosure deter or trigger litigation?, J. Account. Econ. 39 (2005), no. 3, 487–507. [20] Th.J. George and Ch.-Y. Hwang, A resolution of the distress risk and leverage puzzles in the cross-section of stock returns, J. Financ. Econ. 96 (2010), no. 1, 56–79. [21] L. Gu, Product market competition, R&D investment, and stock returns, J. Financ. Econ.119 (2016), no. 2, 441–455. [22] A. Habib, M.M. Hasan, and H. Jiang, Stock price crash risk: Review of the empirical literature, Account. Finance 58 (2018), 211–251. [23] G. He, The effect of CEO inside debt holdings on financial reporting quality, Rev. Account. Stud. 20 (2015), 501–536. [24] G. He and H.M. Ren, Financial constraints and future stock price crash risk, J. Corp. Finance 35 (2017), no. 6, 238–295. [25] H.A. Hong, J.-B. Kim, and M. Welker, Divergence of cash flow and voting rights, opacity, and stock price crash risk: International evidence, J. Account. Res. 55 (2017), no. 5, 1167–1212. [26] Q. Huang, M. Xiong, and M. Xiao, Does managerial ability affect corporate financial constraints? evidence from China, Econ. Res.-Ekonomska istraˇzivanja 35 (2022), no. 1, 3731–3753. [27] A.P. Hutton, A.J. Marcus, and H. Tehranian, Opaque financial reports, r2, and crash risk, J. Financ. Econ. 94 (2009), no. 1, 67–86. [28] A. Ipek Erdogan, Determinants of perceived bank financing accessibility for SMEs: Evidence from an emerging market, Econ. Res.-Ekonomska istraˇzivanja 32 (2019), no. 1, 690–716. [29] W. Jiang and A.W. Stark, Dividends, research and development expenditures, and the value relevance of book value for UK loss-making firms, Br. Account. Rev. 45 (2013), no. 2, 112–124. [30] L. Jin and S.C. Myers, R2 around the world: New theory and new tests, J. Financ. Econ. 79 (2006), no. 2, 257–292. [31] S.N. Kaplan and L. Zingales, Do investment-cash flow sensitivities provide useful measures of financing constraints?, Quart. J. Econ. 112 (1997), no. 1, 169–215. [32] J.-B. Kim, Y. Li, and L. Zhang, Corporate tax avoidance and stock price crash risk: Firm-level analysis, J. Financ. Econ. 100 (2011), no. 3, 639–662. [33] J.-B. Kim, L. Luo, and H. Xie, Dividend payments and stock price crash risk, Available in: www. ssrn. com(2016). [34] J.-B. Kim, Zh. Wang, and L. Zhang, Ceo overconfidence and stock price crash risk, Contemp. Account. Res. 33 (2016), no. 4, 1720–1749. [35] J.-B. Kim and L. Zhang, Accounting conservatism and stock price crash risk: Firm-level evidence, Contemp. Account. Res. 33 (2016), no. 1, 412–441. [36] J.M. Kim, I. Yang, T. Yang, and P. Koveos, The impact of R&D intensity, financial constraints, and dividend payout policy on firm value, Finance Res. Lett. 40 (2021), 101802. [37] S.P. Kothari, S. Shu, and P.D. Wysocki, Do managers withhold bad news?, J. Account. Res. 47 (2009), no. 1, 241–276. [38] O. Lamont, Ch. Polk, and J. Saaa-Requejo, Financial constraints and stock returns, Rev. Financ. Stud. 14 (2001), no. 2, 529–554. [39] D. Li, Financial constraints, R&D investment, and stock returns, Rev. Financ. Stud. 24 (2011), no. 9, 2974–3007. [40] K. Li and X. Zhao, Asymmetric information and dividend policy, Financ. Manag. 37 (2008), no. 4, 673–694. [41] J. Liu and D. Lei, Managerial ability and stock price crash risk–the role of managerial overconfidence, Rev. Account. Finance 20 (2021), no. 2, 167–193. [42] D. Livdan, H. Sapriza, and L. Zhang, Financially constrained stock returns, J. Finance 64 (2009), no. 4, 1827–1862. [43] M. Moradi, A. Appolloni, G. Zimon, H. Tarighi, and M. Kamali, Macroeconomic factors and stock price crash risk: Do managers withhold bad news in the crisis-ridden Iran market?, Sustainability 13 (2021), no. 7, 3688. [44] S. Pathan, R. Faff, C.F. Mendez, and N. Masters, Financial constraints and dividend policy, Aust. J. Manag. 41 (2016), no. 3, 484–507. [45] K. Rashid, Y.B. Tariq, and M.U. Rehman, Behavioural errors and stock market investment decisions: Recent evidence from Pakistan, Asian J. Account. Res. 7 (2022), no. 2, 129–145. [46] R.M. Ryan, C.M. O’Toole, and F. McCann, Does bank market power affect SME financing constraints?, J. Bank. Finance 49 (2014), 495–505. [47] D.J. Skinner, Why firms voluntarily disclose bad news, J. Account. Res. 32 (1994), no. 1, 38–60. [48] D.J. Skinner, Earnings disclosures and stockholder lawsuits, J. Account. Econ. 23 (1997), no. 3, 249–282. [49] D.J. Skinner and E. Soltes, What do dividends tell us about earnings quality?, Rev. Account. Stud. 16 (2011), 1–28. [50] O. Stalnacke, Individual investors’ sophistication and expectations of risk and return, Rev. Behav. Finance 11 (2019), no. 1, 2–22. [51] B. Ullah, Financial constraints, corruption, and SME growth in transition economies, Quart. Rev. Econ. Finance 75 (2020), 120–132. [52] T.M. Whited, Debt, liquidity constraints, and corporate investment: Evidence from panel data, J. Finance 47 (1992), no. 4, 1425–1460. [53] T.M. Whited and G. Wu, Financial constraints risk, Rev. Financ. Stud. 19 (2006), no. 2, 531–559. [54] K. Xu, Ch. Geng, X. Wei, and H. Jiang, Financing development, financing constraint and R&D investment of strategic emerging industries in China, J. Bus. Econ. Manag. 21 (2020), no. 4, 1010–1034. [55] S.J. Zhang, Research on the correlation between financing constraint and enterprise innovation input-from the perspective of combination of industry and finance, Commun. Finance Account. 15 (2018), 109–113. | ||
|
آمار تعداد مشاهده مقاله: 863 تعداد دریافت فایل اصل مقاله: 888 |
||