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Effect of Managerial Ownership Concentrated on Firm Return and Value: Evidence from Iran Stock Market

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Author Info

  • Hakim Abdolkhani

    ()
    (Islamic Azad University)

  • Reza Jalali

    (Islamic Azad University)

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    Abstract

    The article aims to emphasize the importance of the Activity-Based Budgeting (ABB) implementation within This research examines the relationship between corporate governance and firm return and value which are two measures of firm performance. Absolutely, there are several measures for investigation the corporate governance but we picked up the ownership concentration as measure of it. In general, this paper tries to investigate ownership concentration and its effect on firm return and value in Iran Stock Market. An analysis has been made as evidence taking sample of listed non- financing firms from the Tehran Stock Exchange (TSE). Our sample consists of non-financial firms listed on Tehran stock exchange between 2007 and2009. Our findings indicate that ownership concentration has a negative and significant relationship with firm's value.

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    Bibliographic Info

    Article provided by Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences in its journal International Journal of Academic Research in Accounting, Finance and Management Sciences.

    Volume (Year): 3 (2013)
    Issue (Month): 1 (January)
    Pages: 46-51

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    Handle: RePEc:hur:ijaraf:v:3:y:2013:i:1:p:46-51

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    Web page: http://hrmars.com/index.php/pages/detail/Accounting-Finance-Journal

    Related research

    Keywords: Corporate governance; ownership concentration; firm return; firm value; TSE;

    References

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    1. Shleifer, Andrei & Vishny, Robert W., 1986. "Large Shareholders and Corporate Control," Scholarly Articles 3606237, Harvard University Department of Economics.
    2. Michael C. Jensen, 1994. "The Modern Industrial Revolution, Exit, And The Failure Of Internal Control Systems," Journal of Applied Corporate Finance, Morgan Stanley, vol. 6(4), pages 4-23.
    3. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
    4. Shleifer, Andrei & Vishny, Robert W, 1988. "Value Maximization and the Acquisition Process," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 7-20, Winter.
    5. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert Vishny, 1998. "Agency Problems and Dividend Policies Around the World," NBER Working Papers 6594, National Bureau of Economic Research, Inc.
    6. Christoph Kaserer & Benjamin Moldenhauer, 2008. "Insider ownership and corporate performance: evidence from Germany," Review of Managerial Science, Springer, vol. 2(1), pages 1-35, March.
    7. Michael L. Lemmon & Karl V. Lins, 2003. "Ownership Structure, Corporate Governance, and Firm Value: Evidence from the East Asian Financial Crisis," Journal of Finance, American Finance Association, vol. 58(4), pages 1445-1468, 08.
    8. Erik Lehmann & Juergen Weigand, 2000. "Does the Governed Corporation Perform Better? Governance Structures and Corporate Performance in Germany," CoFE Discussion Paper 00-05, Center of Finance and Econometrics, University of Konstanz.
    9. McConnell, John J. & Servaes, Henri, 1990. "Additional evidence on equity ownership and corporate value," Journal of Financial Economics, Elsevier, vol. 27(2), pages 595-612, October.
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