تاثير ريسك سقوط قيمت آتي سهام همتايان پاداش و صنعت بر سرمايه‌گذاري شركت: نقش تعديلي راهبري شركتي

The Effect of Compensation an‎d Industry Peers Future Stock Price Crash Risk on Corporate Investment: The Moderating Role of Corporate Governance

حسابداري

Financial literature suggests that the behavior an‎d characteristics of peer firms can influence corporate financial decisions. An important aspect of this influence is the role of the future stock price crash risk of peer firms in shaping corporate investment policies. In this regard, industry peers an‎d compensation peers are considered two key dimensions in explaining peer effects. Moreover, corporate governance, as a control mechanism, can shape both the intensity an‎d direction of this influence. The aim of this study is to examine the impact of industry an‎d compensation peers’ stock price crash risk on corporate investment, as well as the moderating role of corporate governance in this relationship. The present study is applied in terms of purpose an‎d falls within the category of descriptive–correlational research. In line with the research objectives, three hypotheses have been formulated. The first hypothesis examines the effect of peer firms’ stock price crash risk on corporate investment. The second compares the explanatory power of industry peers’ an‎d compensation peers’ crash risk in predicting corporate investment. The third investigates the moderating role of corporate governance in the relationship between peer firms’ crash risk an‎d corporate investment. Using a purposive sampling method, a sample of 157 firms listed on the Tehran Stock Exchange during the period 1391–1402 was selec‎ted. The required data were collected from Rahavard Novin an‎d Codal databases, an‎d the hypotheses were tested using multivariate regression models an‎d panel data analysis with year effects controlled. The findings indicate that peer firms’ stock price crash risk has a significant negative effect on corporate investment. The results also reveal that the explanatory power of compensation peers an‎d industry peers differs. Regarding the moderating role of corporate governance, the evidence suggests that this effect is not uniform; in certain circumstances, corporate governance can intensify the negative impact of peer firms’ crash risk on corporate investment, while in other conditions it plays no significant role.

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