The Effect of Dividend Payments and Bad News Hoarding on Stock Price Crash Risk with an Emphasis on Information Asymmetry
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 (...
| Main Authors: | , |
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| Format: | Article |
| Language: | fas |
| Published: |
University of Tehran
2017-05-01
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| Series: | بررسیهای حسابداری و حسابرسی |
| Subjects: | |
| Online Access: | https://acctgrev.ut.ac.ir/article_61841_fa8d050d796e4ae0369bd4ff6eb6791d.pdf |
| _version_ | 1818065385834938368 |
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| author | Younes Badavar Nahandi Vahid Taghizadeh Khanqh |
| author_facet | Younes Badavar Nahandi Vahid Taghizadeh Khanqh |
| author_sort | Younes Badavar Nahandi |
| collection | DOAJ |
| description | 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 |
| first_indexed | 2024-12-10T14:51:03Z |
| format | Article |
| id | doaj.art-0a580a4bccc145debcef82ecae9d1a5a |
| institution | Directory Open Access Journal |
| issn | 2645-8020 2645-8039 |
| language | fas |
| last_indexed | 2024-12-10T14:51:03Z |
| publishDate | 2017-05-01 |
| publisher | University of Tehran |
| record_format | Article |
| series | بررسیهای حسابداری و حسابرسی |
| spelling | doaj.art-0a580a4bccc145debcef82ecae9d1a5a2022-12-22T01:44:27ZfasUniversity of Tehranبررسیهای حسابداری و حسابرسی2645-80202645-80392017-05-01241194010.22059/acctgrev.2017.6184161841The Effect of Dividend Payments and Bad News Hoarding on Stock Price Crash Risk with an Emphasis on Information AsymmetryYounes Badavar Nahandi0Vahid Taghizadeh Khanqh1Associate Prof., Dep. of Accounting, Tabriz Branch, Islamic Azad University, Tabriz, IranPh.D. Candidate in Accounting, Tabriz Branch, Islamic Azad University, Tabriz, IranThis 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 riskhttps://acctgrev.ut.ac.ir/article_61841_fa8d050d796e4ae0369bd4ff6eb6791d.pdfBad news hoardingDividends paymentInformation asymmetryStock price crash risk |
| spellingShingle | Younes Badavar Nahandi Vahid Taghizadeh Khanqh The Effect of Dividend Payments and Bad News Hoarding on Stock Price Crash Risk with an Emphasis on Information Asymmetry بررسیهای حسابداری و حسابرسی Bad news hoarding Dividends payment Information asymmetry Stock price crash risk |
| title | The Effect of Dividend Payments and Bad News Hoarding on Stock Price Crash Risk with an Emphasis on Information Asymmetry |
| title_full | The Effect of Dividend Payments and Bad News Hoarding on Stock Price Crash Risk with an Emphasis on Information Asymmetry |
| title_fullStr | The Effect of Dividend Payments and Bad News Hoarding on Stock Price Crash Risk with an Emphasis on Information Asymmetry |
| title_full_unstemmed | The Effect of Dividend Payments and Bad News Hoarding on Stock Price Crash Risk with an Emphasis on Information Asymmetry |
| title_short | The Effect of Dividend Payments and Bad News Hoarding on Stock Price Crash Risk with an Emphasis on Information Asymmetry |
| title_sort | effect of dividend payments and bad news hoarding on stock price crash risk with an emphasis on information asymmetry |
| topic | Bad news hoarding Dividends payment Information asymmetry Stock price crash risk |
| url | https://acctgrev.ut.ac.ir/article_61841_fa8d050d796e4ae0369bd4ff6eb6791d.pdf |
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