تاثیر افشای ریسک و انواع آن بر ریسک سقوط قیمت سهام

عدم انتشار اخبار بد و انباشت آن‌ها در داخل شرکت توسط مدیران، منجر به ایجاد یک توده از اطلاعات منفی شده که انتشار یکباره این اخبار به بازار منجر به سقوط قیمت سهام می‌گردد. در این راستا افشای اطلاعات در خصوص ریسک‌هایی که شرکت با آن‌ها مواجه است می‌تواند منجر به شفافیت اطلاعات و در نتیجه کاهش ریسک سقوط قیمت سهام شود. هدف پژوهش حاضر بررسی تاثیر افشای ریسک از جمله ریسک مالی، ریسک غیرمالی عملیاتی و ریسک غیرمالی راهبردی بر ریسک سقوط قیمت سهام می‌باشد. در این پژوهش برای ارزیابی و تشخیص افشای ریسک و انواع آن، ابتدا با استفاده از پیشینه پژوهش و نظرسنجی از خبرگان واژه‌هایی که بیانگر ریسک هستند تعیین گردید. سپس با استفاده از روش تجزیه و تحلیل متن گزارش فعالیت هیات مدیره فراوانی واژه‌های ریسک محاسبه شده است. همچنین تعداد 548 سالشرکت در طی دوره زمانی سال‌های 1389 تا 1397 با استفاده از روش حذف نظامند انتخاب و فرضیه‌های پژوهش با استفاده از رگرسیون مبتنی بر داده‌های تابلویی با اثرات ثابت آزمون شده است. نتایج پژوهش بیانگر این است که افشای ریسک کل تاثیر منفی و معناداری بر ریسک سقوط قیمت سهام دارند. همچنین انواع افشای ریسک شامل ریسک مالی، ریسک غیرمالی عملیاتی و ریسک غیرمالی راهبردی بر ریسک سقوط قیمت سهام تاثیر منفی و معناداری دارند. به‌عبارتی با افشای دقیق‌تر اطلاعات ریسک، عدم تقارن اطلاعاتی کاهش یافته و مدیران انگیزه کمتری به نگهداشت اخبار بد در شرکت دارند از این‌رو ریسک سقوط قیمت سهام کاهش می‌یابد.

The Effect of Risk Disclosure and its Types on Crash Stock Price Risk

Journal of Accounting Advances, (2020) 12(1):DOI: 10.22099/JAA.2021.38010.2046     Journal of Accounting Advances (JAA)Journal homepage: www.jaa.shirazu.ac.ir/?lang=en      Effect of Risk Disclosure and its Types on Crash Stock Price RiskSeyedeh Zahra Tabatabaei1, Seyed Abbas Hashemi2*, Hadi Amiri3                      PhD student in Accounting, Esfahan University, Esfahan, Iran. z.tabatabaei@ase.ui.ac.ir2. Associate Professor of Accounting, Esfahan University, Esfahan, Iran. a.hashemi@ase.ui.ac.ir3. Assistant Professor of Economics, Esfahan University, Esfahan, Iran. h.amiri2@ase.ui.ir       ARTICLE INF  ABSTRACT     Received: 20200809Accepted: 20210118   The act of hiding and accumulating the bad news within the company by management has led to the creation of massive negative information. The sudden outburst of this news to the market would cause a stock price crash. In this regard, information disclosure about the risks faced by the company can lead to transparency of information and thus reduce the stock price crash risk. The goal of this research is to survey the effect of disclosure of risk and its types on stock price crash risk. In this study, 548 companyyears during the period from 2011 to 2019 have been selected using systematic deletion method and research hypotheses have been tested using regression based on panel data with fixed effects. The results indicate that the disclosure of total risk has a negative and significant effect on the stock price crash risk. types of risk disclosures including financial risk, nonfinancial operating risk and strategic nonfinancial risk have a negative and significant effect on stock price crash risk.     * Corresponding author: Seyed Abbas Hashemi Associate Professor of Accounting, Esfahan University, Esfahan, Iran.Email: a.hashemi@ase.ui.ac.ir     1 IntroductionIn order to protect the manager’s interests, attempts are made to conceal negative news inside the company and not disclose it. The act of hiding the bad news and accumulating it within the company has led to the creation of a mass of negative information. The sudden outburst of such news to the market will cause a dramatic decrease in stock prices. In this regard, disclosure of information about the risks faced by the company can lead to transparency of information and thus reduce the stock price crash risk. The aim of this study is to investigate the effect of risk disclosure, including financial risk, nonfinancial operating risk and strategic nonfinancial risk on stock price crash risk. 2 HypothesisBased on what was stated in the theoretical foundations of the research, one of the factors affecting the stock price crash risk is the disclosure of various risks. If the disclosure of the risks to which the company is exposed has informational content, it is expected to reduce the stock price crash risk. Therefore, the research hypotheses were formulated as follows: H1: Disclosure of total risk by the company has a negative impact on the stock price crash risk.H2: Disclosure of financial risk by the company has a negative impact on the stock price crash risk. H3: Disclosure of nonfinancial operating risk by the company has a negative impact on the stock price crash risk.H4: Disclosure of strategic nonfinancial risk by the company has a negative impact on the stock price crash risk. 3 MethodsSince the results of this research can be used in the decisions of users of financial statements, the purpose of this research is categorized as an applicable one. Besides, in terms of nature, it is included in descriptive research groups. It is also based on real information about the financial statements of companies listed on the Tehran Stock Exchange, which can be generalized to the entire statistical community by inductive method. As the goal of this research is to analyze the effect of exposing different types of risk on stock price crash risk, so it is in the field of postevent studies. In this research, the achievement of results has been done by testing the available data, so the present study is considered in the group of positive research. 4 ResultsThe first hypothesis of the research based on the negative and significant effect of total risk disclosure on stock price crash risk was not rejected. The results of this hypothesis indicate that the higher the risk disclosure in financial reporting, the lower the stock price crash risk. The second hypothesis of the research based on the negative and significant effect of disclosure of financial risk on stock price crash risk was not rejected. The results of this hypothesis indicate that the higher the level of disclosure of financial risk in financial reporting, the lower the stock price crash risk. The third hypothesis of research based on the negative and significant effect of nonfinancial operational risk disclosure on stock price crash risk was not rejected. The results of this hypothesis show that as the amount of nonfinancial operational risk disclosure in financial reporting increases, the stock price crash risk will decrease. The fourth hypothesis of the research based on the negative and significant effect of disclosure of strategic nonfinancial risk on stock price crash risk was not rejected. The results of this hypothesis reveals that, as the level of disclosure of strategic nonfinancial risk in financial reporting increases, the stock price crash risk will decrease. 5 ConclusionThe results of this reserach suggest that the disclosure of risk and its types in the Report of Directors has information content. As a result of more timely disclosure of information about the good and bad news of the company and reducing the motivation of managers to accumulate bad news and publish this news to the market, the stock price crash risk is reduced. Also, among the types of risk disclosure, using both negative skewness of stock returns criteria and downtoup volatility, disclosure of nonfinancial operational risk leads to a further reduction in the stock price crash risk.