Falling stock prices is an important issue for shareholders and investors, which is affected by different factors. Despite the importance of this issue, the behavioral characteristics of managers as responsible for preparing financial statements have not been paid attention to. Among these characteristics, we can mention religion and management culture. Based on this argument, the present study examines the effect of religious beliefs (substitution or complementation effect) and cultural elements on the risk of falling stock prices of listed companies. The statistical sample studied in this research is 70 companies as well as the board of directors and active persons in the accounting and financial department of these firms admitted to the Tehran Stock Exchange in 2022.For this purpose, to measure the risk of stock price fall, two measures of negative skewness of stock returns and low to high volatility have been used. Also, Hofstede's questionnaire (2001) was used to measure culture, and Montenegro's model (2017) was used to examine the influence of religious beliefs. The results were analyzed using multivariate regression models. The findings of the research indicate that among the dimensions of culture, the dimension of power distance and the level of masculinity do not affect the risk of falling stock prices, and the dimensions of uncertainty avoidance have a negative effect and the dimension of individualism has a positive effect on the risk of falling stock prices. Also, the obtained results indicate a negative and significant effect between religious beliefs of managers on the risk of falling stock prices.