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Chenari, Hassan, Darabi, Roya, Chaharmahali, Shahram. (1403). The effect of Bankruptcy Risk on Stock Price Crash Risk by Emphasis on Debt Maturity. سامانه مدیریت نشریات علمی, 9(1), 161-174. doi: 10.22067/ijaaf.2025.44011.1305
Hassan Chenari; Roya Darabi; Shahram Chaharmahali. "The effect of Bankruptcy Risk on Stock Price Crash Risk by Emphasis on Debt Maturity". سامانه مدیریت نشریات علمی, 9, 1, 1403, 161-174. doi: 10.22067/ijaaf.2025.44011.1305
Chenari, Hassan, Darabi, Roya, Chaharmahali, Shahram. (1403). 'The effect of Bankruptcy Risk on Stock Price Crash Risk by Emphasis on Debt Maturity', سامانه مدیریت نشریات علمی, 9(1), pp. 161-174. doi: 10.22067/ijaaf.2025.44011.1305
Chenari, Hassan, Darabi, Roya, Chaharmahali, Shahram. The effect of Bankruptcy Risk on Stock Price Crash Risk by Emphasis on Debt Maturity. سامانه مدیریت نشریات علمی, 1403; 9(1): 161-174. doi: 10.22067/ijaaf.2025.44011.1305

The effect of Bankruptcy Risk on Stock Price Crash Risk by Emphasis on Debt Maturity

Iranian Journal of Accounting, Auditing and Finance
مقاله 9، دوره 9، شماره 1 - شماره پیاپی 30، فروردین 2025، صفحه 161-174    اصل مقاله (336.69 K)
نوع مقاله: Original Article
شناسه دیجیتال (DOI): 10.22067/ijaaf.2025.44011.1305
نویسندگان
Hassan Chenari1؛ Roya Darabi* 2؛ Shahram Chaharmahali2
1Department of Accounting, Financial Sciences Faculty, Kharazmi University, Tehran, Iran
2Department of Accounting, South Tehran Branch, Islamic Azad University, Tehran, Iran
چکیده
Existing studies rely on agency theory to explain management motivations for hiding bad news. However, investors’ irrational beliefs can cause stock prices to fall from their perspective. Whether concealing bad news—meaning a lack of transparency—increases heterogeneity among investors needs to be tested empirically. Developing a direct measure of investor heterogeneity is challenging and may lead research studies to examine its role in causing stock price crashes. In considering default risk as a prerequisite for price declines, a refined representation of default risk—such as breach of debt contracts rather than firm size or leverage—may provide better insight into why companies with high default risk are more prone to crash risk. This study investigates the effect of bankruptcy risk on stock price crash risk, emphasizing the role of debt maturity in companies listed on the Tehran Stock Exchange. The financial statements of 150 companies from 2010 to 2021 were collected for the study. Multivariate regression with panel data was used to test the hypotheses. The results of the hypothesis testing show that the effect of bankruptcy risk on stock price crash risk, with an emphasis on debt maturity, is not statistically significant, leading to the conclusion that the research hypotheses are not supported. The research findings can benefit investors, creditors, policymakers, and regulatory bodies. Additionally, they can effectively improve the quality of financial reporting and economic development by identifying existing weaknesses and challenges and providing insights into theoretical frameworks.
کلیدواژه‌ها
Bankruptcy Risk؛ Crash Risk؛ Debt Maturity؛ Stock Price
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