The adjusting Effect of Managers' Entrenchment on the Relationship between Business Strategy and the Stock Price Crash Risk of Companies Listed on the Tehran Stock Exchange

The main purpose of this study is to investigate the adjustment effect of managers' entrenchment on the relationship between business strategy and the stock price crash risk of companies listed on the Tehran Stock Exchange. Business Strategy Using the Combined Model of Bentley et al. (2014) and the Habib and Hassan Model (2017), the stock price crash risk following the model of the negative coefficient of skewness of Chen, Hong and Stein (2001). Chen et al. (2011) measured. The statistical population of this research is the companies listed on the Tehran Stock Exchange and its statistical sample includes data from 111 companies for the 7-year period from 1393 to 1399. Sampling method is systematic elimination method (screening). The method used to estimate the model is the multivariate regression method using the combined data method. The results showed that there is no statistically significant relationship between business strategy and the stock price crash risk. Also, managers' entrenchment has no moderating effect on the relationship between business strategy and the stock price crash risk.