The Relationship Between CEO Characteristics, Accounting Opacity, and Synchronicity Stock Prices in the Iranian Capital Market

Abstract

The objective was to explain the relationship between accounting uncertainties and stock price coincidence with the moderating role of CEO characteristics in companies listed on the Tehran Stock Exchange. This research was applied in terms of purpose and descriptive-correlational in nature and method. The study's statistical population was the companies listed on the stock exchange during the nine years from 2012 to 2020, where a total of 113 companies and 1017 observations were studied. The results showed that earnings management and CEO expertise in high and low growth levels do not significantly affect stock price concurrency. Tax aggressiveness and CEO tenure do not considerably affect stock price synchronicity at low growth levels. Still, they significantly affect stock price synchronicity at high growth levels. CEO expertise has no moderating role in the relationship between earnings management and stock price synchronicity at high and low growth levels. Still, CEO expertise has a moderating role on the relationship between tax aggressiveness and stock price synchronicity. CEO tenure has no moderating role on the relationship between earnings management and stock price synchronicity. CEO tenure has no moderating role on the relationship between tax aggressiveness and stock price synchronicity at low growth levels, but it does at high growth levels.