The Effect of Corporate Governance, Dividend Policy, Capital Structure and Ownership Structure on the Firm Value in Tehran Stock Exchenge

aghil sharifi hosaini¹ batol zarei² taghi torabi³

IOI Code : XYCK-AEGAA
Publication : International Conference on Management and Humanities(icmhconf.com)
Abstract :
    In this research, we investigat the effect of corporate governance, dividend policy, capital structure and ownership structure on the firm value in Tehran Stock Exchenge. To measure the the corporate governance component, we used of the board size of directors and board independence and to measure the ownership structure, we used the two institutional investors and property managers index. Also, Tobins Q ratio was used as the firm value. In this research, population is 74 firms listed in Tehran stock exchange that are analyzed for the period of 1388-1392 by using of the Pooled Data system and Ordinary Least Square Regressions (OLS) Model. This research has five hypotheses. This study has four main hypothesis and the main assumptions for each of the first two sub-hypotheses were formulated. The results imply accept hypotheses second, third and do not accept fourth first sub-research hypothesis, and also accept the third and fourth main hypothesis. The results indicated a significant positive impact on the independence of the board of variables, institutional investors and the dividend payout ratio on Tobins Q index and a significant negative impact on the leverage ratio is Tobins Q index.

Keywords : corporate governance ownership structure dividends capital structure corporate values