“…For example, many studies have focused on firm-level internal factors such as corporate tax avoidance [1], opaque financial reports [2,3], accounting conservatism [4], corporate social responsibility [5], CEO overconfidence [6]), financial constraints [7], stock liquidity [8], corporate financing [9], corporate debt maturity [10], stock ownership [11], equity incentives [12], corporate governance [13], and other cases. However, several other studies on factors such as religion [14,15], social trust [16], media sentiment and mawkishness [17], individualism [18], Sustainability 2021, 13, 3688 2 of 16 political connections [19], trading behavior and sentiment of investors [20,21], and product market competition [22] have tried to investigate a couple of these corporate external factors. This study has a slightly different approach and aims to examine simultaneously the effects of some corporate characteristics as well as the most important macroeconomic external factors on the stock price crash.…”