The Study of the Relationship between Some Aspect Corporate Governance and Shareholder Value Added in Tehran Stock Exchange
Subject Areas :Hassan Chenari Bouket 1 , Yadollah Noorifard 2
1 - Master of Science in Accounting, Department of Accounting, Islamic Azad University of South Tehran
2 - Assistant Professor, Department of Accounting, Islamic Azad University - South Tehran Branch,
Keywords: Corporate governance, institutional shareholders, shareholder value added, Ownership Concentration,
Abstract :
Shareholders are the original owners of a business unit and due to high sensitivity of investors to the performance of companies; wealth is one of the most important objectives of the companies. The purpose of this research is to discover the relationships between some of the corporate governance aspects with shareholders value added. In this research, the researchers created shareholders value added measured using Gong (2011). The goal of this research is applied and the method of research methodology is correlational. This study statistic population is firms listed in Tehran Stock Exchange. Therefore, the data from 81 firms for a five-year period (1385-1389) were studied. The multivariate paneled regression model is used to test the given hypotheses. The software used to test hypotheses is E-views 7. The results show that there is positive significant relationship between ownership concentration and shareholder value added but the other aspects of corporate governance (percentage of institutional shareholders and chairmanship of the Board and CEO duality posts) there isn't any significant relationship with shareholder value added. Concentration of ownership of a significant correlation with shareholder value involvement of major stakeholders in the market and pricing trends affected the market value of the shares.
