FIRM PERFORMANCE AND CORPORATE GOVERNANCE THROUGH OWNERSHIP STRUCTURE: EVIDENCE FROM TEHRAN STOCK MARKET

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VAEZ SAED ALI; KORAHI MOGHADAM SIROOS; ELHAII SAHAR MAHDI

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Journal: FINANCIAL ACCOUNTING Year:2010 | Volume:2 | Issue:7 Page(s): 114-135

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Information Journal Paper

Title

FIRM PERFORMANCE AND CORPORATE GOVERNANCE THROUGH OWNERSHIP STRUCTURE: EVIDENCE FROM TEHRAN STOCK MARKET

Author(s)

VAEZ SAED ALI | KORAHI MOGHADAM SIROOS | ELHAII SAHAR MAHDI | Issue Writer Certificate

Keywords

CORPORATE GOVERNANCEQ2

OWNERSHIP STRUCTUREQ2

OWNERSHIP CONCENTRATIONQ3

FIRM’S RETURNQ2

TOBIN’S Q AND DIVIDEND PAYOUT RATIOQ3

Abstract

This paper examines how CORPORATE GOVERNANCE is practiced through OWNERSHIP STRUCTURE and how firm’s performance as well as its dividend payout policy is influenced by different ownership pattern. In doing so, this paper attempts to investigate the pattern of ownership mix and OWNERSHIP CONCENTRATION scenario towards ownership of management in Iran, the relationship between the OWNERSHIP STRUCTURE and firm performance and finally the impact of OWNERSHIP STRUCTURE upon firm’s dividend payout policy. An analysis has been made as evidence taking all listed non-financing firms from the Tehran Stock Exchange. There are several alternative CORPORATE GOVERNANCE mechanisms, which may play an important role to improve firm’s performance. Here OWNERSHIP STRUCTURE has been considered as an effective tool of CORPORATE GOVERNANCE. In this study, the relations between FIRM’S RETURN and value with ownership variables along with firm’s specific variables controlling the industry effects have been examined. Our sample consists of non-financial corporations listed on Tehran stock exchange between 1385 and 1387.Our empirical results provide evidence that OWNERSHIP STRUCTURE do not has significant effect on the performance and dividend payout policy of firms. There is a positive and significant relationship between government ownership and firm's return. We also find that OWNERSHIP CONCENTRATION has a negative and significant relationship with firm's value, and we find that governmental and institutional ownership has positive and significant relationship with dividend payout ratio.

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APA: Copy

VAEZ, SAED ALI, KORAHI MOGHADAM, SIROOS, & ELHAII SAHAR, MAHDI. (2010). FIRM PERFORMANCE AND CORPORATE GOVERNANCE THROUGH OWNERSHIP STRUCTURE: EVIDENCE FROM TEHRAN STOCK MARKET. FINANCIAL ACCOUNTING, 2(7), 114-135. SID. https://sid.ir/paper/168226/en

Vancouver: Copy

VAEZ SAED ALI, KORAHI MOGHADAM SIROOS, ELHAII SAHAR MAHDI. FIRM PERFORMANCE AND CORPORATE GOVERNANCE THROUGH OWNERSHIP STRUCTURE: EVIDENCE FROM TEHRAN STOCK MARKET. FINANCIAL ACCOUNTING[Internet]. 2010;2(7):114-135. Available from: https://sid.ir/paper/168226/en

IEEE: Copy

SAED ALI VAEZ, SIROOS KORAHI MOGHADAM, and MAHDI ELHAII SAHAR, “FIRM PERFORMANCE AND CORPORATE GOVERNANCE THROUGH OWNERSHIP STRUCTURE: EVIDENCE FROM TEHRAN STOCK MARKET,” FINANCIAL ACCOUNTING, vol. 2, no. 7, pp. 114–135, 2010, [Online]. Available: https://sid.ir/paper/168226/en

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