The purpose of this study was to investigate the effect of institutional ownership on performance measurement indicators based on residual income and market components in listed companies on Tehran Stock Exchange. For this purpose, a sample of 145 companies during 2010- More
The purpose of this study was to investigate the effect of institutional ownership on performance measurement indicators based on residual income and market components in listed companies on Tehran Stock Exchange. For this purpose, a sample of 145 companies during 2010-2016 was selected by systematic elimination sampling. The research method is library and correlation. In this study, In order to measure the performance based on the components of the residual income, earning before interest and taxes, and net operating profit after-tax, and for measuring the market-based performance, two market value added and Q Tobin ratio indicators are used. The analysis and hypothesis testing were performed using regression of generalized least squares method (EGLS) with panel data approach. The results show that there is a positive and significant relationship between institutional ownership and performance measurement indicators based on residual inome components (earning before interest and taxes and net operating profit after tax) and market indices (market value added and Q Tobin ratio) in the listed companies in Tehran Stock Exchange. These results are consistent with the active monitoring hypothesis and the convergence interest hypothesis.
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Purpose: The purpose of the present study is to review the correlation between board of directors' human social capital and corporate financial performance.Method: To conduct this research, 163 corporations accepted in Tehran Stock Exchange during 2016-2021 were chosen. More
Purpose: The purpose of the present study is to review the correlation between board of directors' human social capital and corporate financial performance.Method: To conduct this research, 163 corporations accepted in Tehran Stock Exchange during 2016-2021 were chosen. Human capital is composed of 4 aspects including education, expertise, experience (in industry), and credit of board of directors while social capital consists of two internal and external segments. Financial performance was measured through 2 criterions of return on assets and Tobin's Q ratio and then the hypotheses were tested using multivariate regression and generalized least squares.Findings: There is a significantly positive relation between the number of experts in board of directors and return on assets whereas the number of experts in board of directors, the number of experienced members (in industry), and external/internal social capital have a significantly positive relation with Tobin's Q ratio.Conclusion: Hiring board of directors with higher human and social capital can improve the corporate value that is useful for the maximization of stockholders' wealth.
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In the present era with growth of knowledge-based economy, companies intangible assets and intellectual capital are keys to achieving sustainable competitive advantage. Intellectual capital literature overview, demonstrate considerable attention to assessment, valuation More
In the present era with growth of knowledge-based economy, companies intangible assets and intellectual capital are keys to achieving sustainable competitive advantage. Intellectual capital literature overview, demonstrate considerable attention to assessment, valuation and reporting it. Considering the growing importance of this category of knowledge management, in this study, first, intellectual capital of pharmaceutical companies calculated with using the Pulic model in five-year over the period 1383 to 1387 and then review the effects of three variables formed the intellectual capital including human capital, communication/customer capital and structural capital on the q-tobin ratio(Q) as a measure of corporate performance. Descriptive study methods- qualitative and as objective, is applied. For evaluating of intellectual capital and q-tobin ratio(Q), necessary data was gained out of the financial statement of the companies and Tadbirpardaz and Rah avard novin software. The results of the study show that independent variables of communication/customer capital and structural capital had positive effect on q-tobin ratio(Q) but the independent variable of human capital had negative effect on q-tobin ratio(Q) of the companies understudy.
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Because the separation between ownership and control creates an agency conflict between owners and managers of the firm, strong corporate governance systems are expected to align the interests of the parties involved, whereby firms are more likely to improve their finan More
Because the separation between ownership and control creates an agency conflict between owners and managers of the firm, strong corporate governance systems are expected to align the interests of the parties involved, whereby firms are more likely to improve their financial performance.
The statistical sample includes 148 companies admitted to the Tehran Stock Exchange during the years 1392 to 1400, this study, it has been explained with two hypotheses that have been tested using the econometric technique of generalized moments (GMM) in Evivse software.
The findings of the study showed that the quality of corporate governance has a positive and significant effect on both measures of financial performance, and conflict of representation has a negative and significant effect on both measures of financial performance of companies. It was also found that in companies with a high level of conflict of representation, the quality of corporate governance has a stronger effect on both measures of financial performance of companies.
The findings of the study showed that the quality of corporate governance has a positive and significant effect on both measures of financial performance, and conflict of representation has a negative and significant effect on both measures of financial performance of companies. This is evidenced by the fact that firms with high levels of agency conflict and high-quality corporate governance mechanisms outperform other firms. Because the results show that the level of agency conflicts strengthens the relationship between the level of corporate governance mechanisms and financial performance.
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