Effect of the CEO’s financial expertise on stock price delays

Theory of Approximation and Applications

مقاله 9، دوره 16، شماره 2، دی 2022، صفحه 81-98   

نوع مقاله: Applied-Research Articles

نویسندگان

Saeid Baseri¹؛ Mohammad Kashanipour^{* 2}؛ Hossein Jahangirnia¹؛ Reza GholamiJamkarani¹

¹Department of Accounting, Qom Branch, Islamic Azad University, Qom, Iran

²Department of Accounting, University of Tehran, Tehran, Iran

چکیده

The aim of this study is to investigate the effect of CEO’s financial expertise on Stock Price Delayoflisted Companiesin TehranStock Exchange. For this purpose one hypotheses are developed and data on the 107 companies in Tehran Stock Exchange for the period of 2011 to 2018 were analyzed. This regression model using panel data with fixed effects approach and tests. The resultsshowed thatthe concentration CEO’s financial expertise hassignificantNegativeimpact onStock Price Delay. Therefore, the research results indicate that the Powerful executives have more independence and you have more supervisory roles on the board this reduces the disadvantages of stakeholder rights and reduce the agency costs , and thus reduce agency costs reduce information asymmetry and reduce the opacity in financial and thus Decrease Stock Price Delay.

کلیدواژه‌ها

Stock Price Delay؛ reduce the opacity in financial؛ CEO’s financial expertise