The Effect of Ownership Structure on Firms Value in Tehran Stock Exchange
The purpose of this study is to investigate the effect of ownership structure (concentration and mix) on firms value. Statistical sample of research included 69 firms during the years 2005-2009. Statistical method which has been used in this research is «panel data». Multiple linear regression has b...
| Main Authors: | , |
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| Format: | Article |
| Language: | fas |
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Alzahra University
2012-09-01
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| Series: | پژوهشهای تجربی حسابداری |
| Subjects: | |
| Online Access: | http://jera.alzahra.ac.ir/article_551_6e82b62807ecdeba360ff60e4fd97651.pdf |
| Summary: | The purpose of this study is to investigate the effect of ownership structure (concentration and mix) on firms value. Statistical sample of research included 69 firms during the years 2005-2009. Statistical method which has been used in this research is «panel data». Multiple linear regression has been used for testing the relationship between ownership structure and firm value. Findings have indicated that there is not a significant relationship between ownership concentration of main shareholder, logistic variable of main shareholder and Herfindahl index with firms value. On the other hand, there is a significant relationship between ownership concentration of five main shareholders and their logistic variable with firm value. The results of testing the effects of the kind of ownership show that a positive and significant relationship exists between firms value with individual and institutional ownership, and a negative and insignificant relationship exists between firm value with governmental ownership. |
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| ISSN: | 2251-8509 2538-1520 |