تحلیل تاثیر ابعاد راهبری شرکتی بر مولفه های تصمیمات مدیریت مالی شرکت(مورد مطالعه:بورس اوراق بهادار تهران)

Analysis of the Effect of Corporate Governance Dimensions on the Components of Corporate Financial Management Decisions (The Case of Tehran Stock Exchanges)

Saeed Dehghan Khavari, Seyed Hossein Mirjalili, Mohamad Hossein Abdurahimian and Mostafa Azizian

MPRA Paper from University Library of Munich, Germany

Abstract: One of the main factors in promoting the financial and economic efficiency of the firm is corporate governance, which includes a set of relationships between the company's management, board of directors, shareholders and other stakeholders. Also, the importance of the company's financial management decisions in the optimal allocation of resources and the role of corporate governance in improving it, shows the necessity of the subject. Therefore, the amount and direction of the impact of various aspects of corporate governance, including ownership and independence of the board, the share of institutional investors and duality of CEOs using the financial data of companies on the Tehran Stock Exchange during the period 1393-97. For this purpose, the components of corporate governance are considered as predictor variables and the variables of leverage, size and life of the company are considered as control variables. The results show that board share ownership has a significant impact on investment decisions and company performance. Also, the independence of the board of directors as one of the dimensions of corporate governance is significantly related to the three components of financial management decisions.

Keywords: Corporate Governance; Financial management decisions; Financial Reporting Quality; Investment Decisions; Stock Exchange (search for similar items in EconPapers)
JEL-codes: C23 G24 (search for similar items in EconPapers)
Date: 2021-06-26, Revised 2021-11-20
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Published in Journal of Securities and Exchange 55.14(2021): pp. 217-240

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