تحلیل تاثیر ابعاد راهبری شرکتی بر مولفه های تصمیمات مدیریت مالی شرکت(مورد مطالعه:بورس اوراق بهادار تهران)

Dehghan Khavari, Saeed and Mirjalili, Seyed hossein and Abdurahimian, Mohamad Hossein and Azizian, Mostafa (2021): تحلیل تاثیر ابعاد راهبری شرکتی بر مولفه های تصمیمات مدیریت مالی شرکت(مورد مطالعه:بورس اوراق بهادار تهران). Published in: Journal of Securities and Exchange , Vol. 14, No. 55 (30 December 2021): pp. 217-240.

Abstract

One of the main factors in promoting the financial and economic efficiency of the firm is corporate governance, which includes a set of relationships between the company's management, board of directors, shareholders and other stakeholders. Also, the importance of the company's financial management decisions in the optimal allocation of resources and the role of corporate governance in improving it, shows the necessity of the subject. Therefore, the amount and direction of the impact of various aspects of corporate governance, including ownership and independence of the board, the share of institutional investors and duality of CEOs using the financial data of companies on the Tehran Stock Exchange during the period 1393-97. For this purpose, the components of corporate governance are considered as predictor variables and the variables of leverage, size and life of the company are considered as control variables. The results show that board share ownership has a significant impact on investment decisions and company performance. Also, the independence of the board of directors as one of the dimensions of corporate governance is significantly related to the three components of financial management decisions.

• Item Type: MPRA Paper
• English Title: Analysis of the Effect of Corporate Governance Dimensions on the Components of Corporate Financial Management Decisions (The Case of Tehran Stock Exchanges)
• Language: Persian
• Keywords: Corporate Governance, Financial management decisions, Financial Reporting Quality, Investment Decisions, Stock Exchange
• Subjects: C - Mathematical and Quantitative Methods > C2 - Single Equation Models ; Single Variables > C23 - Panel Data Models ; Spatio-temporal Models; G - Financial Economics > G2 - Financial Institutions and Services > G24 - Investment Banking ; Venture Capital ; Brokerage ; Ratings and Ratings Agencies

References

Andreou, P.C., Louca, C. & Panayides, P.M. (2014). "Corporate governance, financial management decisions and firm performance: Evidence from the maritime industry", Transportation Research Part, Vol.63, pp.59–78.

Basu, N., Paeglis, I & Rahnamaei, M. (2017). "Multiple blockholders, power, and firm value", Journal of Banking & Finance, Vol.66, pp.66-78.

Chen, L., Chunlei, L., and Guanyu, W. (2013). Financial constraints, investment efficiency and corporate governance: Empirical evidence from China, Service Systems and Service Management (ICSSSM). 10th International conference.

Cohen, D. and P. Zarowin. (2010). "Accrual-based and real earnings management activities around seasoned equity offerings". Journal of Accounting and Economics, Vol.50, Pp.2-19.

Chauhan, Y., Lakshmi, K.R. & Kumar, D. (2016). "Corporate governance practices, self-dealings, and firm performance: Evidence from India." Journal of Contemporary Accounting & Economics, Vol.12, No.3, pp.274–289.

Demir, R., Wennberg, K., & McKelvie, A. (2017). "The strategic management of high-growth firms: A review and theoretical conceptualization." Long Range Planning, 50(4), 431–456.

Elsayed, N. & Elbardan, H. (2018). "Investigating the associations between executive compensation and firm performance: Agency theory or tournament theory." Journal of Applied Accounting Research, Vol.19, No.2, pp.245-270.

Jin, X. & Yu, J. (2018). "Government governance, executive networks and corporate investment efficiency." China Finance Review International, Vol.8, No.2, pp.122-139.

Kyere, M, Ausloos, M. (2021). "Corporate governance and firms' financial performance in the United Kingdom". Int J Fin Econ, 26: 1871– 1885.

Lozano, M.B., Martínez, B. & Pindado, J. (2017). "Corporate governance, ownership and firm value: Drivers of ownership as a good corporate governance mechanism". International Business Review, Vol.25, pp.1333-1343.

Ngatno, N., Endang, P., Apriatni & Youlianto, A. (2021). "Moderating effects of corporate governance mechanism on the relation between capital structure and firm performance." Cogent Business & Management, 8:1

Vo, X.V. & Ellis, C. (2017). "An empirical investigation of capital structure and firm value in Vietnam", Finance Research Letters, Vol.22, pp.90-94.

Yoo, T. & Jung, D.K. (2015). "Corporate Governance Change and Performance: The roles of traditional mechanisms in France and South Korea". Scandinavian Journal of Management, Vol.31, pp.40-53.

Zada, M., Yukun, C. & Zada, S. (2019). "Effect of financial management practices on the development of small-to-medium size forest enterprises: insight from Pakistan." GeoJournal. Nov issue. Springer.