Relationship between financial strategies and corporate governance on the behavior of stockholders' tunnels on the performance of companies admitted to the Tehran Stock Exchange

Subject Areas : Financial engineering

Alireza Amirkabiri ¹ , Hossein Gharehbiglo ² , behjat abchar ³

1 - Assistant Professor of Management, Islamic Azad University, Central Tehran Branch
2 - Department of Management, Management, Ajabshir Branch, Islamic Azad University, Ajabshir,
3 - مربی حق التدریس دانشگاه آزاد اسلامی واحد عجب شیر

Received: 2017-12-23 Accepted : 2018-03-25 Published : 2018-09-23

Keywords: Corporate Governance, Financial Performance, Coordination, Financial strategy, Tunnel behavior,

Abstract :

The next financial strategy is the strategy of the company that determines the nature and direction of the organization's finances. The ultimate goal of each trading company is to increase the shareholder's wealth, and desirable performance will increase the value of the company and ultimately increase the shareholder's wealth. Companies can not achieve their goals without having the right strategy, and strategy development results from the evaluation of performance from a variety of dimensions. The dimensions of corporate governance (adequacy and ability) are a set of internal and external control mechanisms that establish the right balance between equity on the one hand and the needs and authority of the board of directors on the other. The results-based research, A development based on purpose, descriptive-explanatory and method-based, is therefore an event. The statistical population of this research is pharmaceutical companies accepted in Tehran Stock Exchange which 25 companies were selected by judgment method. The data gathering tool is an analysis of audited financial statements of corporations, and T, Loonce, Kolmogroft-Smirnov and Uonom-Whitney tests, Chow and Hausman tests and regression models have been used. The results show that there is a higher and more significant difference between tuneal behavior of stockholders on firm performance (average return on equity, return on equity, Qobin ratio, and margin of profit) with a coherent financial strategy with corporate governance.