M.A. Thesis:

financial constraints and future stock price crash risk

The purpose of the present study is to investigate the relationship between financial constraint and price risk and moderating role of board characteristics. The statistical population includes the companies listed in the stock exchange between 2011-2017 and systematically eliminated 117 companies as the sample. Eviews8 and Excel software were used to analyze the data and extract the results. The results showed that there is a significant relationship between financial constraints and the risk of future stock price collapse. Board characteristics moderate the relationship between financial constraints and the risk of falling stocks. Board independence moderates the relationship between financial constraints and the risk of falling stock prices. The dichotomy of CEO position moderates the relationship between financial constraints and the risk of falling stock prices. Ownership focus moderates the relationship between financial constraints and the risk of falling stock prices. Institutional ownership does not moderate the relationship between financial constraints and the risk of falling stock prices

Keywords: financial constraint, the risk of falling stock prices, Board characteristics, Institutional ownersh