The effect of CEO compensation on managers' abnormal tone based on the role of industry return fluctuations

The purpose of this research was to investigate the effect of CEO compensation on managers' unusual tone, relying on the role of industry efficiency fluctuations. The geographical area of this research was the companies accepted in the Tehran Stock Exchange active in industries based on superior technology and the time area was the years between 2013 and 2019. In this research, the compensation of the independent variable CEO and the unusual tone of the dependent variable managers were considered. The current research is in the category of applied research, if the classification of types of research based on nature and method is taken into consideration, the current research method is classified as descriptive research in terms of nature, and in terms of method, it is considered in the category of correlational research. In this research, library method was used to collect data and information. In the data section, the research was done by collecting the data of the sample companies by referring to the financial statements, explanatory notes and the stock exchange monthly. Based on the method of systematic elimination, 28 companies were selected as a statistical sample. In order to describe and summarize the collected data, descriptive and inferential statistics have been used. In order to analyze the data, first, pre-tests of heterogeneity of variance, Flimer test, Hausman test, and Jarek-Barra test were used, and then multivariate regression test was used to confirm and reject the research hypotheses (Eviuse software). The results showed that the compensation of the CEO has an effect on the abnormal tone of the managers; in addition, the fluctuations of the industry efficiency have an effect on the relationship between the compensation of the CEO and the abnormal tone of the managers; the results obtained in this research with the documents mentioned in the theoretical framework of the research And the financial literature matches.