Ownership Structure , Institutional Ownership , Stock Concentration , Capital Structure , Cash Holding .
Subject Areas :Farzin Rezaei 1 , Abdullah Piri 2
1 - استادیار حسابداری دانشگاه آزاد اسلامی واحد قزوین
2 - دانشجوی کارشناسی ارشد مدیریت بازرگانی گرایش مالی دانشگاه ازاد اسلامی واحد قزوین
Keywords:
Abstract :
The research objective is examining the influence of ownership structure, capital structure and cash holding on firm’s market value listed in Tehran Stock Exchange. The data samples were derived 176 ed companies during 1383-1387. We utilize Linear Multiple Regression Model to test hypothesis. We applied institutional ownership and stock concentration as attributes of ownership structure. The results indicate institutional ownership has significantly positive impact on market value. However, stock concentration was significantly negative impact on it. Furthermore, there was no evidence corroborating the relationship between capital structure and market value. Cash holding have significantly positive impact on market value. Control variables include Tobin’s-Q, Dividend Payout Ratio, and Tangibility Ratio, have significantly positive impact on firm’s market value.
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