1. Ahmadi, M. R. and Darseh, S. (2016). Study of the effect of corporate governance criteria on the risk of future stock price falls in companies listed on the Tehran Stock Exchange, Financial accounting research. 3(8), pp.19-42. (In Persian)
2. Attig, N., Cleary, S., El Ghoul, S. and Guedhami, O. (2012). Institutional investment horizon and investment–cash flow sensitivity. Journal of banking & finance, 36(4), pp. 1164-1180. https://doi.org/10.1016/j.jbankfin.2011.11.015
3. Bai, Jushan & Kao, Chihwa (2009). Panel Cointegration with Global Stochastic Trends. Journal of Econometrics. 149. 82-99. 10.1016/j.jeconom.2008.10.012.
4. Barzegar, S. and Khatami, Z. (2018). Study of the effect of managerial ownership on the risk of future stock price falls in companies. Research in Accounting and Economic Sciences, 3(10). pp. 28-42. (In Persian)
5. Kim, J. B., Liao, S., & Liu, Y. (2021). Married CEOs and stock price crash risk. European Financial Management.
6. Breusch, T.S. and Pagan, A.R. (1980) .The Lagrange Multiplier Test and Its Application to Model Specification in Econometrics. Review of Economic Studies, 47, 239-253.
7. Callen, J. L. and Fang, X. (2015). Short interest and stock price crash risk. Journal of Banking & Finance, 60(12), pp. 181-194. https://doi.org/10.1016/j.jbankfin.2015.08.009
8. Chen, J., Hong, H. and Stein, J. C. (2001). Forecasting crashes: Trading volume, past returns, and conditional skewness in stock prices. Journal of Financial Economics, 61(3), pp. 345-381. https://doi.org/10.1016/S0304-405X(01)00066-6
9. Coffey, B., G. Fryxell(1991). Institutional ownership of stock and dimensions of corporate social performance: An empirical examination. Journal of Business Ethics, 10. 437-444
10. Della Croce, R., F. Stewart and J. Yermo (2011). Promoting Longer-Term Investment by Institutional Investors: Selected Issues and Policies. OECD Journal: Financial Market Trends, vol. 2011/1, https://doi.org/10.1787/fmt-2011-5kg55b0z1ktb.
11. Dey, A. (2008) Corporate Governance and Agency Conflicts. Journal of Accounting Research, 46, 1143-1181.
12. Dianati Dilami, Z., Moradzadeh Fard, M., Mahmoudi, S. (2012). Examine the effect of Institutional Investors on Reduce Stock Price Crash Risk. Journal of Investment Knowledge, 1.1-18. (In Persian)
13. Friedman, M.(1937).The Use of Ranks to Avoid the Assumption of Normality Implicit in the Analysis of Variance. Journal of the American Statistical Association, 32(200), 675- 701. Graves, S. B., & Waddock, S. A. (1994). Institutional Owners and Corporate Social Performance. The Academy of Management Journal, 37(4), 1034–1046.
14. Habib, A. and Hasan, M. M. (2017). Business strategy, overvalued equities, and stock price crash risk. Research in International Business and Finance, 39(29), pp. 389-405. https://doi.org/10.1016/j.ribaf.2016.09.011
15. Hutton, A.P., Marcus, A. J., & Tehranian, H (2009). Opaque Financial Reports, R2, and Crash Risk. Journal of Financial Economics, 94, 67-86.
16. Jebran, K., Chen, S. and Zhang, R. (2022). Board social capital and stock price crash risk. Review of Quantitative Finance and Accounting, 58(2), pp. 499-540. https://doi.org/10.1007/s11156-021-01001-3
17. Jensen, M. C. and Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics (JFE), 3(4), pp. 1-77. https://dx.doi.org/10.2139/ssrn.94043
18. Jin, L., & Myers, S. C. (2006). R2 around the World:New Theory and New Tests. Journal of Financial Economics, 79, 257-292.
19. Kao, C. (2006). Spurious regression and residual-based tests for cointegration in panel data. Journal of Econometrics, 90, 1-44
20. Kim, J. B. and Zhang, L. (2014). Financial reporting opacity and expected crash risk: Evidence from implied volatility smirks. Contemporary Accounting Research, 31(3), pp. 851-875. https://doi.org/10.1111/1911-3846.12048
21. Kim, J. B. and Zhang, L. (2016). Accounting conservatism and stock price crash risk: Firm‐level evidence. Contemporary accounting research, 33(1), pp. 412-441. https://doi.org/10.1111/1911-3846.12112
22. Kim, J.B., Luo, L. and Xei, H. (2016). Dividend payments and stock price crash risk. Working paper, Georgia, United States.
23. Kordestani, G. and Khatami, Z. (2016), study of the relationship between the quality of accounting information and conservative accounting with the risk of stock price crash, Financial Accounting Knowledge, 3(2), pp. 109-130. (In Persian)
24. Kumar, J. (2005). Capital Structure and Corporate Governance. Xavier Institute of Management, Working paper. Bhubaneswar, India
25. Liu, Q (2006). Corporate Governance in China: Current Practices, Economic Effects and Institutional Determinants, CESifo Economic Studies, 52(2). 415–453
26. Manconi et al.(2012).The role of institutional investors in propagating the crisis of 2007–2008, Journal of Financial Economics, 104(3).491-518.
27. Mitton, T. (2002). A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis, Journal of Financial Economics 64(2), 215-241.
28. Pedroni, P. (1996). Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis. Econometric Theory, 20(3), 597–625
29. Pesaran, M.H., (2004). General Diagnostic Tests for Cross Section Dependence in Panels. Cambridge Working Papers in Economics 0435, Faculty of Economics, University of Cambridge.
30. Porter, Michael. 1992. Capital Disadvantage: America’s Failing Capital Investment System. Harvard Business Review .70 (5). 65–82
31. Ryu, H. and Chae, S.J. (2021). The Effect of Managerial Ownership on Stock Price Crash Risk in Distribution and Service Industries. Journal of Distribution Science, 19(1), pp. 27–35. https://doi.org/10.15722/JDS.19.1.202101.27
32. Shleifer,A and Vishny,W.(1997). A Survey of Corporate Governance.the Journal of Finance. 52(2). 737-783.
33. Stålnacke, O. (2019), Individual investors’ sophistication and expectations of risk and return, Review of Behavioral Finance, 11(1), pp. 2-22. https://doi.org/10.1108/RBF-08-2017-0087
34. Taghizadeh Khaneghah, V. and Badavarnhandi, Y. (2018). The relationship between corporate philanthropy and the risk of stock price crash with an emphasis on information asymmetry. Journal of Securities Analysis Financial Knowledge. 12(42). pp. 87-99 (In Persian).
35. Waqas, A. and Siddiqui, D. A. (2021). How Does the Accounting Conservatism Affect the Stock Price Crash Risk in Pakistan: The Complementary Role of Managerial and Institutional Ownership. Journal of Accounting and Finance in Emerging Economies, 7(3), pp. 607-621. https://dx.doi.org/10.2139/ssrn.3943829
36. Westerlund, J. and Edgerton, D.L. (2008) A Simple Test for Cointegration in Dependent Panels with Structural Breaks. Oxford Bulletin of Economics and Statistics. 70. 665-704. Yeung, W. H. and Lento, C. (2018). Ownership structure, audit quality, board structure, and stock price crash risk: Evidence from China. Global Finance Journal, 37(1), pp. 1-24.
https://doi.org/10.1016/j.gfj.2018.04.002
37. Zachro, S. and Utama, C. (2021). The Effect of Family Ownership on the Relationship between Busy Directors and Stock Price Crash Risk for Listed Firms on the Indonesia Stock Exchange. Jurnal Keuangan dan Perbankan, 25(1), pp. 63-80. https://doi.org/10.26905/jkdp.v25i1.4909
38. Zarei, H., Dahmarde Ghaleno, M., JafariJam, H., Rakhshani, F. (2018). CEOs’ Decision-making Power and Stock Price Crash Risk: Evidence from Iran. Iranian Journal of Accounting, Auditing and Finance, 2(3), pp. 29-47. (In Persian)
