Impact of Corporate Governance on the Cash Holdings of the Firms Listed on the Tehran Stock Exchange
سال انتشار: 1395
نوع سند: مقاله ژورنالی
زبان: انگلیسی
مشاهده: 68
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شناسه ملی سند علمی:
JR_UPAEI-5-2_001
تاریخ نمایه سازی: 12 شهریور 1402
چکیده مقاله:
As a concept related to several scientific fields such as accounting, economics, finance and law, corporate governance motivates the individual and accumulative goals and reinforces the effective application of the resources and necessitates the responsiveness to the other stakeholders. Furthermore, implementing corporate governance might lead to the optimum allocation of the resources and enhancement of the information transparency and economic growth. This study investigates the impact of some corporate governance mechanisms on the firm value by comparing the value and usage of the cash holdings with the weak and strong corporate governance systems. The employed corporate governance mechanisms in this study are composed of the institutional ownership of the stocks, ownership concentration and CEO duality. To measure the firm value in terms of the value of the cash holding, the difference between the annual stock returns and the return of the three factor Fama-French model has been employed. The sample is composed of ۱۰۲ listed firms on the Tehran Stock Exchange during a period from ۲۰۰۵ to ۲۰۰۹. Multivariate regression and Pearson correlation coefficients are used to test the research hypotheses. The findings reveal that the concentration of the institutional ownership and CEO duality are significantly and directly associated with the firm value.
نویسندگان
Najmeh KhodaBakhshi
Master of Accounting and Faculty Member of Payam Noor University,Shahr Babak, Kerman, Iran
Ali Fazel Yazdi
Master of Accounting, Yazd Branch, Islamic Azad University, Yazd, Iran
Mohammad Reza Karimipour Ardakani
Master of Accounting, Yazd Branch, Islamic Azad University, Yazd, Iran
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