بررسي رابطه ي مالكيت نهادي با عملكرد مالي جاري و آتي شركت هاي پذيرفته شده در بورس اوراق بهادار تهران

Survey of the Relationship between Institutional Ownership with Current and Future Financial Performances of Listed Companies in Tehran Stock Exchange

According to the agency theory, institutional owners may reduce the agency conflicts by monitoring managerial actions and thereby contributing to firmsʹ performances. Institutional owners not only maintain motivation to monitor the corporation, but also hold the expertise and resources. The purpose of this research is to examine the relationship between institutional ownership and current and future financial performances of Listed Companies in Tehran Stock Exchange (TSE). The data sample is confined to 72 companies on the TSE during 1383 to 1385. The results of hypotheses testing, by employing the "Partial Least Square Regression" technique, would indicate that there is a significant relationship between institutional ownership and financial performances. A further analysis of these findings also shows that this relationship is positive. The tests of hypotheses at the "industrial level" also illustrate that there is a significant relationship between institutional ownership and financial performances. The extent of this relationship for current performances is greater for the pharmaceutical and chemical industry than other industries, and the extent of this relationship for future performances is greater for the automobile and machinery industry than other industries. However, the directions of these relationships are ambiguous. Keywords: Institutional Ownership, Financial Performances, Partial Least Square (PLS), Tehran Stock Exchange (TSE), Industries