Impact of Corporate Governance Mechanisms on the Performance of the Tehran Listed Firms by Using Structural Equation Modeling
Publish Year: 1392
نوع سند: مقاله کنفرانسی
زبان: English
View: 438
This Paper With 17 Page And PDF Format Ready To Download
- Certificate
- من نویسنده این مقاله هستم
استخراج به نرم افزارهای پژوهشی:
شناسه ملی سند علمی:
ICPEEE01_2068
تاریخ نمایه سازی: 16 شهریور 1395
Abstract:
The present study aims to examine the impact of corporate governance mechanisms on the performance of the firms listed on the Tehran Stock Exchange by using structural equation modeling approach. The mechanisms include the ownership percentage of the board of directors, the ownership percentage of intentional investors, the presence of non executive chiefs on board of directors, CEO duality, board size, the presence of internal auditor, the presence of independent auditing and firm value. Using the economic proxies including refined economic value added (REVA) and market value added (MVA), the performance has been evaluated. This study applies a sample composed of fifty listed firms on the Tehran Stock Exchange during a period covering the years from 2003 to 2009. The research hypotheses are tested by using structural equation modeling. The findings reveal that: 1-Corporate governance impacts refined value added. 2-Corporate governance impacts market value added. The findings demonstrate that refined value added is a stronger measure for evaluating the firms’ performance. Additionally, the percentage of the board of directors is a more significant measure in comparison with the other corporate governance mechanisms.
Keywords:
Corporate Governance , Refined Value Added , Market Value Added , Institutional Shareholders , Non Executive Chiefs of the Board , Board Size
Authors
Mahmoud Moein Addin
Assistant Professor of Accounting, Islamic Azad University of Yazd, Yazd, Iran
Hasan Dehghan Dehanavi
Assistant Professor of Accounting, Islamic Azad University of Yazd, Yazd, Iran
Alireza Kazemi
Master of Accounting, Islamic Azad University of Yazd, Yazd, Iran
Mojtaba Ebrahimi Romanjan
Master of Accounting, Birjand, Southern Khorasan, Iran