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Block share ownership and corporate earning: Evidence from Tehran Stock Exchange
Somayye Adhami,Mohamad Reza Asgari
Management Science Letters , 2013,
Abstract: During the past few years, there have been growing interests among researchers to study the effect of block share ownership on corporate earning especially in developing countries. The purpose of this paper is to consider the impact of block ownership on performance of firms in terms of profitability. The proposed study develops two econometric models and applies them on selected firms from Tehran Stock Exchange over the period 2002-2010. The primary objective of this survey is to find the relationship between return of assets and Tobin's Q as dependent variables with eight independent variables including company size, sales growth, block ownership, debt and liability ratios, etc. The results of implementation of ordinary least squares on two econometric models reveal that while there is no meaningful relationship between return of asset and block ownership there is a meaningful relationship between block ownership and Tobin's Q.
Comparative Investigation of Difference between Ownership Structure and Cost of Capital in Capitalized and Levered Companies of Tehran Stock Exchange (TSE)
International Journal of Finance and Accounting , 2012, DOI: 10.5923/j.ijfa.20120102.02
Abstract: The purpose of this study is the comparative investigation of difference between ownership structure and cost of capital in capitalized and levered companies of TSE. The population of this study is 81 listed companies in the TSE during the period of 2003 to 2009. Studied variables in this study include ownership structure as independent variable that it is divided into two variables, type of ownership and the degree of ownership concentration. Ownership type in this study is divided into four classes including governmental, institutional, individual and private ownership. In addition, Hrfyndal-Hyrshmn index (HHI) is used for calculation of ownership concentration ratio. Cost of capital is considered as dependent variable. Finally, the hypotheses are tested using Multivariate Analysis of Variance (Manova). Based on the research results, governmental and private institutional ownership increase average cost of capital in levered companies more than capitalized companies and private individual ownership results in reduction of average cost of capital in levered companies more than capitalized companies. Also, based on the research results, concentration of ownership reduces of cost of capital in capitalized companies more than levered companies, however, diffused ownership increases average cost of capital in capitalized companies than levered companies.
The Effect of Corporate Governance, Corporate Financing Decision and Ownership Structure on Firm Performance: A Panel Data Approach from Tehran Stock Exchange  [cached]
Nassim Shah Moradi,Mahmood Moein Aldin,Forough Heyrani,Mohsen Iranmahd
International Journal of Economics and Finance , 2012, DOI: 10.5539/ijef.v4n6p86
Abstract: Capital structure, dividend policy and corporate governance are today significantly influencing academic debates on firm’s value, while they can increase profitability and shareholder’s value in long term. This paper seeks to investigate the affects of corporate governance mechanisms and financing activities on firms’ performance. A sample of 84 firms listed on Tehran Stock Exchange for a period of five years from 2007 to 2011 was selected. These firms were chosen by employing random classified sampling. The study used Return on Investment (ROI) and Tobin’s Q as proxies for performance and developed multiple and single regression models, mean tests and correlation coefficients to test the hypotheses. The findings reveal that corporate governance, financing decisions and capital structures are affected by firms’ performance.
Long-Run and Short-Run Returns of Initial Public Offerings (IPO) of Public and Private Companies in Tehran Stock Exchange (TSE) Market  [PDF]
Gholamreza Zamanian,Saber Khodaparati,Mohammad Mirbagherijam
International Journal of Academic Research in Business and Social Sciences , 2013,
Abstract: This paper surveys some effective factors on long-term and short-term returns of initial public offerings (IPO) of public and private companies in Tehran Stock Exchange (TSE) market. We use panel data approach to compare determinant factors of returns of IPO either in public and private firms. The results show that P/E ratio, volume of transactions and size of companies are the main factors of determinant of abnormal long-run returns of IPO in both private and public companies. In the short-run, the IPO’s returns of private enterprises related to size, and volume of transaction. Although in the public companies, size, P/E and individual firm’s specification are the determinants of short-run IPO’s returns. Results of research pointed to conclusion that the corporate ownership has no significant impact on returns of IPO in short-run and long-run. And both private enterprises and public companies might retain the profit and release the loss by set share retention/offering rate and over/under pricing of IPO companies.
Corporate Governance Mechanisms and Chief Executive Officer (CEO) Duality Evidence from the Food Industry of Iran  [cached]
Majid Abbasi,Majid Dadashinasab,Mohsen Asgari
Research Journal of Applied Sciences, Engineering and Technology , 2013,
Abstract: The objective of this study is to examine the effects of corporate governance mechanisms on Chief Executive Officer (CEO) Duality in the food industry of companies listed in the Tehran Stock Exchange (TSE).There are several aspects and dimensions of corporate governance, which may influence a CEO Duality but this study focused on three aspects namely Ownership Concentration (OWNCON); Institutional Ownership (INOWN) and Board’s Independence (BOIN). This study utilizes a panel data analysis of 47 firms over a four-year period from years 2008 to 2011. In this study, log of total assets (SIZE) and total debt divided by total assets (LEV) are control variables. A logistic regression analysis is used to test the hypotheses. The results show has a positive and significant relationship between Ownership Concentration; Institutional Ownership; Board’s Independence; Leverage and Chief Executive Officer Duality. Also, there is a negative and significant relationship between size and Chief Executive Officer Duality.
The Examination of the Effect of Ownership Structure on Firm Performance in Listed Firms of Tehran Stock Exchange Based on the Type of the Industry  [cached]
Alireza Fazlzadeh,Ali Tahbaz Hendi,Kazem Mahboubi
International Journal of Business and Management , 2011, DOI: 10.5539/ijbm.v6n3p249
Abstract: This study is aimed to determine the role of ownership structure on firm performance. Using panel data regression analysis method, the role of variables of ownership structure which includes: ownership concentration, institutional ownership and institutional ownership concentration have been examined for 137 listed firms of Tehran stock exchange within the period 2001 to 2006. It is concluded that ownership concentration doesn’t have any significant effect on firm performance but the effect of two other variables are significant: institutional ownership has positive significant effect on firm performance but the effect of concentrated institutional ownership is negative. In the next part of this research the effect of ownership structure on firm performance based on type of the industry has been studied and it is concluded that the industry factor moderates this effectiveness relationship. The findings of this research shed light on the role of ownership structure plays in corporate performance and thus offer insights to policy makers interested in improving corporate governance system.
Empirical Study of the Relationship between Ownership Structure and Firm Performance: Some Evidence of Listed Companies in Tehran Stock Exchange  [cached]
Ghodratallah Talebnia,Mahdi Salehi,Hashem Valipour,Shahram Shafiee
Journal of Sustainable Development , 2010, DOI: 10.5539/jsd.v3n2p264
Abstract: The study of effective factors seems essential since, the operation of profiting entities is very important in the decision of internal and external organization users. The effect of various factors on the assessment scale of operation was measured in different researches, e.g. the structure of ownership. In this study, the relationship between three kinds of various structures of ownership including the structure of shareholder's ownership and other firms and the structure of state ownership Q Tobin's operation scale of listed firms in TSE was considered. The effect of firm's age and size has considered as two control variables on the Q Tobin's operation scale. In this study, the statistical population is listed firms in Tehran Stock Exchange (TSE). Theories are tested by multilateral Regression on the basis of T and F statistics. Finding shows that Q Tobin operation scale has significant relationship with two kinds of investment organization's ownership scale and other companies and state ownership, but it does not have significant relationship with minor shareholder's scale. Age and size of firms do not effect on Q Tobin operation scale as two control variables.
Institutional Ownership Mispricing and Corporate Investment  [PDF]
Weili Wu, Lian Wang
Open Journal of Business and Management (OJBM) , 2016, DOI: 10.4236/ojbm.2016.42030
Abstract: Behavioral finance suggests that mispricing is positively related to corporate investment, and overvalued (undervalued) firms tend to over (under)-invest, which leads to the inefficiency of investment, and we studies whether institutional investors enlarge or reduce the impact of mispricing on investment, by decomposing the market-to-book ratio into mispricing and growth components. The result shows that investor sentiment directly affects the corporate investment. This investment- mispricing link is more pronounced in firms with higher institutional investor ownership. Our evidence suggests that institutional investors such as insurance firms and trust will amplify this link. This study can provide real economy with evidence, and evaluate the role institution play and economy impact, which have certain reference significance for the securities market regulation and policy making departments.
Ownership Structure, Board Characteristics and Corporate Performance in Tunisia  [cached]
Amira Turki,Nadia Ben Sedrine
International Journal of Business and Management , 2012, DOI: 10.5539/ijbm.v7n4p121
Abstract: Drawing upon prior empirical research on the potential endogeneity of both ownership structure and firm performance in developed markets, this study examines the reverse causations that can exist between corporate performance and ownership structure in Tunisian listed companies. The study was extended to include board characteristics as a principal internal control mechanism for monitoring managers and an assessment of its potential effects on firm performance and ownership structure. Our findings proved the existence of endogeneity and a two-way causality between ownership variables and Market to book performance. However, our findings also revealed that corporate governance in Tunisian firms needed to be more strengthened based on board characteristics.
The Information content of Accounting Variables In Companies listed in Tehran Stock Exchange (TSE)  [PDF]
Rezvan Hejazi,Mahboubeh Jafari,Adel Karimi
Business Management Dynamics , 2011,
Abstract: Various researches have been made about usefulness of accounting information in decision making of financial statements users. For example, many researches have examined the relationship between accounting variables and stock returns or stock price. This study determines and compares the relative and incremental content of accounting variables, too. For this, the relationship between stock return and accounting variables is examined for production companies at Tehran Stock Exchange (TSE), in period of 2000 through 2004. Independent variables, in this study, are Net Income (NI), Operational Profit (OP) and Cash Flows from Operations (CFO) and dependent variable is annual Stock return. For omission of the effect of company’s size, we choose total asset as control variable. The results show that OP has relative information content in comparison with other variables and NI and OP have incremental content beyond each other, but CFO doesn’t have incremental content.
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