The Impact of Institutional Ownership on Managerial Characteristics and Corporate Investment Efficiency

The purpose of this study is to investigate the effect of institutional ownership on the characteristics of the board of directors and investment of companies listed on the Tehran Stock Exchange. This study also examines the role of institutional ownership in board relations. The statistical population of the study is the companies listed on the Tehran Stock Exchange between ۲۰۱۹ and ۲۰۲۳, a number of which have been selected as statistical samples through screening. Then, the regression model analysis resulting from the research process and the significance of the regression model and the coefficients of the variables are used to confirm or reject the hypotheses. The research findings show that the independence and expertise of the board of directors have a significant effect on the level of investment efficiency of the company, while the size of the board of directors does not have this effect. In addition, institutional ownership also has a moderating effect on the relationship between the characteristics of the board of directors and the level of investment efficiency of the company.

کلیدواژه ها:

Institutional ownership ، board independence ، board expertise ، investment efficiency ، corporate governance