بررسي اثر ساختار مالكيت(تمركز و تركيب) بر بازدهي و ارزش شركت هاي پذيرفته شده در بورس اوراق بهادار تهران

The effects of Ownership Structure(mix and concentration) on Firmfs Return and Value in the Tehran Stock Exchange(TSE)

This paper explores the link between ownership structure and firmʹs return and value among Iransʹs listed companies(Tehran Stock Exchange). The analyses are performed using data pertaining to 70 firms for the period 1381-1386. Both static and dynamic tests are conducted, and panel data specifications are used. The dynamic analysis is conducted using a combination of the GMM approach and instrumental variables to check for endogeneity in variables. In this study, the ownership structure is considered in terms of (i) ownership concentration, (ii) types of ownership, including family ownership, legal person ownership , state ownership, and private ownership. This study uses market returns as measure of performance and Tobinʹs Q as measure value. This paper contains significant and consistent results. First, we find that , for each of the six years and the pooled sample, there is a positive association between ownership concentration and firm performance but it is uncorrected with Tobinʹs Q. This study also suggests that there is no existence of a non-linear relationship between ownership concentration and firm performance and value in the case of iran. Second, firms return is positively correlated with the fraction of legal person shares and fraction of family shares but it is negatively correlated with the fraction of state shares. These results suggest the importance of large institutional and family shareholders in corporate governance and performance, the inefficiency of state ownership, and potential problems in an overly dispersed ownership structure. Third, the effect of ownership mix is stronger for companies dominated by legal person shareholders than for those dominated by family shareholders. Fourth, We find that state ownership is significantly negatively related to Tobinʹs Q but family and private ownership is significantly positively related to it. The results of testing hypotheses show that the size of companies, Beta, Market to book equity ratio(MTB) and Returm of market are positively related to Stock Return, while Leverage is negatively associated with it. This study also show that the beta is negatively related to Firmʹs value but often other control variables are positively related to Tobinʹs Q as Measure value. JEL Code: G32 Keywords: Ownership Concentration, Ownership Structure, Return, Panel data