fa اثر تعدیلی جبهه‌گیری مدیران بر روابط بین استراتژی تجاری و خطر سقوط قیمت سهام شرکت‎های پذیرفته شده در بورس اوراق بهادار تهران تخصصي Special پژوهشي Research <span style="font-size:11pt"><span style="line-height:normal"><span style="direction:rtl"><span style="unicode-bidi:embed"><span style="font-family:Calibri,sans-serif"><span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">هدف</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">اصلی</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">این</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">تحقیق</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">بررسی</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">تاثیر</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">تعدیلی جبهه گیری مدیران بر روابط بین استراتژی تجاری و خطر سقوط قیمت سهام شرکت</span></span><span dir="LTR" lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">&lrm;</span></span><span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">های پذیرفته شده در بورس اوراق بهادار تهران است.</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">استراتژی</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">تجاری</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">با</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">بهره&shy;گیری</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">از مدل</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">ترکیبی</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">بنتلی</span></span>&nbsp;<span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">و</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">همکاران(2014) و</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">مدل</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">حبیب</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">و حسن</span></span>&nbsp;<span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">(2017)، ریسک</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">سقوط</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">قیمت</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">سهام</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">به</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">پیروی</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">از</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">مدل مدل</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">ضریب</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">منفی چولگی</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">چن،</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">هانگ</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">و</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">استین</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">(2001) جبهه</span></span><span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">&shy;گیری</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">مدیریتی</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">از</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">مدل</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">چن</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">و</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">همکاران (2011)</span></span> &nbsp;<span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">اندازه</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">گیری</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">شده</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">است</span></span><span dir="LTR" style="font-size:12.0pt">. </span><span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">جامعه</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">آماری</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">این</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">پژوهش</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">شرکت</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">های</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">پذیرفته</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">شده</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">در</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">بورس</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">اوراق</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">بهادار</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">تهران</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">و</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">نمونه</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">آماری</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">آن شامل</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">داده</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">های</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">111 شرکت</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">برای</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">دوره</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">7</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">ساله 1393 الی 1399است.</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">روش</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">نمونه</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">گیری،</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">روش</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">حذفی</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">سامانمند (غربالگری)</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">می&shy;باشد. روش استفاده</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">برای</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">برآورد</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">الگو</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">روش</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">رگرسیون</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">چندمتغیره</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">به</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">روش</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">داده</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">های</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">ترکیبی</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">است.</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">نتایج</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">تحقیق</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">نشان</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">داد</span></span> <span lang="AR-SA" style="font-size:12.0pt"><span b="" nazanin="" style="font-family:">که بین استراتژی تجاری و خطر سقوط قیمت سهام رابطه معنی داری به لحاظ آماری وجود ندارد. همچنین جبهه گیری مدیران بر روابط بین استراتژی تجاری و خطر سقوط قیمت سهام اثر تعدیلی ندارد.</span></span></span></span></span></span></span> <div><br> &nbsp;</div> <span style="font-size:11pt"><span style="line-height:normal"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span new="" roman="" style="font-family:" times="">The main purpose of this study is to investigate the adjustment effect of managers&#39; 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&#39; entrenchment has no moderating effect on the relationship between business strategy and the stock price crash risk.</span></span></span></span></span> استراتژی تجاری, جبهه گیری مدیران, خطر سقوط قیمت سهام. Business Strategy, Managers' entrenchment, Stock Price Crash Risk. 253 276 http://mieaoi.ir/browse.php?a_code=A-10-1163-1&slc_lang=fa&sid=1 Habib Piri حبیب پیری Hhpiri1354@gmail.com 10031947532846007056 10031947532846007056 Yes Assistant Professor of Accounting Department, Zahedan Branch, Islamic Azad University, Zahedan, Iran استادیار گروه حسابداری، واحد زاهدان، دانشگاه آزاد اسلامی، زاهدان، ایران Hossein Samet حسین صامت Samer_1355@yahoo.com 10031947532846007057 10031947532846007057 No PhD student in accounting, Zahedan Branch, Islamic Azad University, Zahedan, Iran دانشجوی دکتری حسابداری، واحد زاهدان، دانشگاه آزاد اسلامی، زاهدان، ایران Fereshteh Namifard Tehran فرشته نامی فرد طهران f.namifard.t@gmail.com 10031947532846007058 10031947532846007058 No PhD student in accounting, Zahedan Branch, Islamic Azad University, Zahedan, Iran. دانشجوی دکتری حسابداری، واحد زاهدان، دانشگاه آزاد اسلامی، زاهدان، ایران.