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quarterly financial accounting journal 2017, 9(35): 49-72 Back to browse issues page
Explaining the model of the relation between managers’ religion and stock price crash risk with emphasis on the moderating role of corporate governance
Mahdi Safari * 1, Yaser Rezaei 2
1- Assistant Prof. Islamic Azad Universiry, Bandar Gaz Branch
2- Faculty Member of the Department of Accounting, Golestan, Institute of Higher Education
Abstract:   (193 Views)

 According to psychological theories, managers’ behavior is influenced by some specific characteristics, among which religion is of great importance. The results of recent research indicate that managers’ religion can mitigate their opportunistic behaviors in hiding corporate bad news, and thus reduce stock price cash risk. Following this argument, therefore, the current study employs structural equation modeling method to investigate the association between the level of managers’ religion and stock price crash risk. To do so, the negative skewness of stock return was used to measure stock price crash risk, and to measure the level of religion, the questionnaire designed by Khodayarifard et al (2010) was employed. The questionnaire was sent to 124 firms, among which 91 firms responded and thus considered in the statistics analyses. After verifying the good-fitness of the measurement and structural models, the findings revealed that managers’ religion level prevent them from hiding corporate bad news, thereby reducing stock price crash risk. Additionally, consistent with the predictions made by replacement theory, the results indicate that corporate governance weakens the negative relation between religion and corporate stock price crash risk.

Keywords: Managers’ religion, Stock price crash risk, Corporate governance
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Type of Study: Research | Subject: Special
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Safari M, Rezaei Y. Explaining the model of the relation between managers’ religion and stock price crash risk with emphasis on the moderating role of corporate governance. quarterly financial accounting journal. 2017; 9 (35) :49-72
URL: http://qfaj.ir/article-1-1160-en.html


year 9, Issue 35 (10-2017) Back to browse issues page
فصلنامه حسابداری مالی Quarterly Financial Accounting
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