قياس أثر التمويل بالديون قصيرة الأجل على خطر انهيار أسعار أسهم الشركات السعودية

Abstract EN

This study investigates the impact of short- term debt financing on stock price crash risk, and factors effects on this relation.

The study was applied on annual data of the non- financial public companies in Saudi Arabia during the period from 2008 to 2017.

The study found that short-term debt financing reduces stock price crash risk through a negative and significant correlation between them.

This relation was stronger when the auditor was one of the Big4 audit firms, and declined with increasing company opacity, while corporate governance variables had no impact on this relationship.

These findings help both practitioners and policymakers in improving depending on short-term debt financing, external audit services quality, activating corporate governance mechanisms, and give more attention to accruals, in the way to activate capital market response and reduce stock price crash risk in Saudi Arabia.