According to psychological theories, managers’ behavior is influenced by some specific characteristics, among which religion is of great importance. The results of recent research indicate that managers’ religion can mitigate their opportunistic behaviors in hiding corporate bad news, and thus reduce stock price cash risk. Following this argument, therefore, the current study employs structural equation modeling method to investigate the association between the level of managers’ religion and stock price crash risk. To do so, the negative skewness of stock return was used to measure stock price crash risk, and to measure the level of religion, the questionnaire designed by Khodayarifard et al (2010) was employed. The questionnaire was sent to 124 firms, among which 91 firms responded and thus considered in the statistics analyses. After verifying the good-fitness of the measurement and structural models, the findings revealed that managers’ religion level prevent them from hiding corporate bad news, thereby reducing stock price crash risk. Additionally, consistent with the predictions made by replacement theory, the results indicate that corporate governance weakens the negative relation between religion and corporate stock price crash risk.