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

Author

Listed:
  • Hakim Abdolkhani

    () (Islamic Azad University)

  • Reza Jalali

    (Islamic Azad University)

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.

Suggested Citation

  • Hakim Abdolkhani & Reza Jalali, 2013. "Effect of Managerial Ownership Concentrated on Firm Return and Value: Evidence from Iran Stock Market," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 3(1), pages 46-51, January.
  • Handle: RePEc:hur:ijaraf:v:3:y:2013:i:1:p:46-51
    as

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    References listed on IDEAS

    as
    1. 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, August.
    2. 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.
    3. Michael C. Jensen, 2010. "The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 43-58.
    4. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
    5. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 2000. "Agency Problems and Dividend Policies around the World," Journal of Finance, American Finance Association, vol. 55(1), pages 1-33, February.
    6. 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.
    7. repec:hrv:faseco:30747163 is not listed on IDEAS
    8. 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.
    9. 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 301-325, June.
    10. Erik Lehmann & Jürgen Weigand, 2000. "Does the Governed Corporation Perform Better? Governance Structures and Corporate Performance in Germany," Review of Finance, European Finance Association, vol. 4(2), pages 157-195.
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