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the effect of ceo power on stock price delay
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نویسنده
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baseri saeid ,jahangirnia hossein ,kashanipour mohammad ,gholami jamkarani reza
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منبع
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advances in mathematical finance and applications - 2022 - دوره : 7 - شماره : 2 - صفحه:313 -326
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چکیده
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News and information are rapidly reflected on stock prices in the capital market. however, some factors prevent the stock market to reach its intrinsic value. the present study aimed to investigate the effect of ceo power on the stock price delay of the listed companies in tehran stock exchange (tse). to measure the ceo power, six criteria were determined based on the research by lisic et al. for this purpose, the data of 107 companies in tse during 2011-2018 were analysed. the regression model used in this research was assessed using panel data with the fixed effects approach. the results showed that ceo power has a negative and significant impact on stock price delay. in addition, powerful executives have more independence and play a more supervisory role over the board of directors, which reduces the infringement of stakeholder rights and lowers the agency costs. lower agency costs decrease information asymmetry and financial information transparency, thereby reducing the stock price delay
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کلیدواژه
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stock price delay ,information transparency ,ceo power
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آدرس
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islamic azad university, qom branch, department of accounting, iran, islamic azad university, qom branch, department of accounting, iran, university of tehran, faculty of management and accounting, college of farabi, department of accounting and finance, iran, islamic azad university, qom branch, department of accounting, iran
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پست الکترونیکی
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accontghom@gmail.com
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Authors
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