Authors : Ali Sarafraz Ardekani and Ali Fazel Yazdi
Abstract: Corporate governance has been a matter of debate over the recent years, so that corporate governance is known as one of the effective mechanisms of capital market by most regulatory agencies. The present study seeks to examine the impact of some corporate governance mechanisms on firm’s value. The corporate governance mechanisms include board size, board composition, institutional ownership, financial knowledge of the board, CEO duality, state-ownership and managerial ownership. The population is composed of the firms listed on the Tehran Stock Exchange. Filtering technique is used to select the sample. Furthermore, multivariate regression method, Analysis of Variance (ANOVA) and tree regression methods are used to test the hypotheses. The findings reveal that firm’s value prediction is influenced by the two variables of managerial ownership and the non-executive members of the board.
Ali Sarafraz Ardekani and Ali Fazel Yazdi, 2016. Corporate Governance Factors Impacting the Value of Firms Listed on the Tehran Stock Exchange. International Business Management, 10: 4484-4489.