Tayyebeh Zarei
Volume 5, Issue 7 , July 2018, , Pages 566-618
Abstract
In capital markets, corporate governance mechanisms are used as valuation criteria in dynamic markets to assess corporate value. The mechanisms concentrating on ownership structures, regulatory processes, and auditing try to improve corporate performance and to create value for stakeholders. The present ...
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In capital markets, corporate governance mechanisms are used as valuation criteria in dynamic markets to assess corporate value. The mechanisms concentrating on ownership structures, regulatory processes, and auditing try to improve corporate performance and to create value for stakeholders. The present research studied the effect of institutional ownership as ownership structure mechanism under price-to-earnings ratio on the performance and efficiency of companies listed in Tehran Stock Exchange in 92 sample companies over an 8-year period within 2006-2013. Analysis of research hypotheses show that there is no significant difference between abnormal return of companies with small and large institutional ownership, and low-, intermediate-, and high price-to-earnings ratios. Evaluation of research models over three regression models indicates that institutional ownership for companies with low price-to-earnings ratio has no effect on performance through assessed normal return, abnormal return, and net profit. Further, assessing three other regression models demonstrates that institutional ownership in companies with high price-to-earnings ratio also showed no effect on performance through normal return, abnormal return, and assessed net profit.
Mohammad Reza Karimi; Mohammad Reza Abdoli; Mehdi Eskandari
Volume 4, Issue 3 , March 2017, , Pages 252-269
Abstract
Capital structure discusses the composition of company financing sources including short-term debts, bonds, long-term debt, preferred stock, and common stock. Some firms define no predetermined plan for capital structure; rather, the capital structure is determined respecting to financial decisions taken ...
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Capital structure discusses the composition of company financing sources including short-term debts, bonds, long-term debt, preferred stock, and common stock. Some firms define no predetermined plan for capital structure; rather, the capital structure is determined respecting to financial decisions taken by financial management lacking any specific plan. Despite these firms may succeed in short-term, finally they face major problems for required financing activities. The main objective of the present research is to study the relationship between ownership structure and debt cost focusing on the role of financial crisis in companies listed in Tehran Stock Exchange within 2011-2015 (a five-year period). The results show that there is no significant relationship between the type of ownership and debt cost; in addition, financial crisis may not mediate the relationship between ownership and debt cost. On the other hand, the results also indicate that there is no significant relationship between the proportion of institutional owners and debt cost; further, financial crisis shows no mediating role.
Reza Mamashli; Vahid Osku
Volume 3, Issue 9 , September 2016, , Pages 498-508
Abstract
The purpose of this research is to determine the effect of unconditional conservatism, institutional ownership and size of institute auditor on stock price. For measure unconditional conservatism we use the Beaver and Ryan model (2000). In this study we use a sample of 101 firms listed in Tehran Stock ...
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The purpose of this research is to determine the effect of unconditional conservatism, institutional ownership and size of institute auditor on stock price. For measure unconditional conservatism we use the Beaver and Ryan model (2000). In this study we use a sample of 101 firms listed in Tehran Stock Exchange during the period 2010 to 2014. The results of multiple regression model and panel data with fixed effects, showed that in 95% confidence, unconditional conservatism has significant negative effect on the stock price and institutional ownership has a significant positive effect on stock prices, but no significant correlation between the size of audit and stock prices.
Mostafa Hosseinzadeh; Saeid Valadbeigi; Amin Azizi; Sanam Bakhtiarnezhad
Volume 3, Issue 2 , February 2016, , Pages 147-159
Abstract
The main purpose of this research is to study the relationship between capital structure and firms’ economic performance separated by ownership. This study measures capital structure by company’s total liabilities and total assets; and economic performance and ownership structure are weighted ...
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The main purpose of this research is to study the relationship between capital structure and firms’ economic performance separated by ownership. This study measures capital structure by company’s total liabilities and total assets; and economic performance and ownership structure are weighted by the two dimensions of institutional and corporate ownerships. Research used systematic elimination sampling method. Research statistical population included listed companies in Tehran Stock Exchange (414 companies) within 2009 to 2012. Sample volume determined as 88 companies. Research objectives are applied and it is considered as a correlation study. Research data collected through using stock exchange software. Further, collected data analyzed using SPSS software. The research used descriptive and inferential statistics (Spearman test). Results of research hypotheses show that economic performance in companies with institutional ownership is inversely related to capital structure; whereas, in non-institutional economic ownership (corporate ownership) no correlation is seen with capital structure.
Narges Mohseni Dehkalani; Asghar Asadi; Hamid Reza Kordlouie
Volume 2, Issue 6 , June 2015, , Pages 571-583
Abstract
In economically developed countries, numerous studies have been conducted on the effect of institutional ownership on firm performance. Because of the importance of this research subject, we plan to examine the institutional ownership in Bombay Stock Exchange in terms of the current performance during ...
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In economically developed countries, numerous studies have been conducted on the effect of institutional ownership on firm performance. Because of the importance of this research subject, we plan to examine the institutional ownership in Bombay Stock Exchange in terms of the current performance during 2009 to 2013. Based on the examined variables, the data panel regression in software Eviews was used. The results showed that institutional ownership has no significant relationship with current performance of Bombay Stock Exchange Companies.