The Interactive Effect of Ownership Structure on the Relationship between Annual Board Report Readability and Stock Price Crash Risk

This study investigates the interactive effect of ownership structure on relationship between annual board report readability and stock price crash risk in companies listed Tehran Stock Exchange (TSE). The negative skewness model was used to measure prices Fog index for determining directors’ report. is examined institutional ownership, significant managerial family ownership. data TSE from 2013 2019 have been used. statistical method this research multiple regressions and, test hypotheses, panel ordinary least squares employed. Overall, provides new evidence explain reporting quality lenses agency theory. It further risk. results show a correlation prices. Furthermore, not affected by structure, including can be inferred that an which includes shareholders, increases supervision managers their reports, so they cannot keep adverse information being released. will ultimately improve reports reduce crashes.