ISSN: 2225-8329
Open access
Corporate governance mechanisms were generated, due to a conflict of interest between owners and managers and to eliminate the problems of representation and assured shareholders that their funds will not be wasted because of investing on non-profit activities. Improving corporate governance is effective in reducing agency costs and leads to increase the value of the company. This study investigates the effects of corporate governance mechanisms of benefit sharing, different kinds of ownership structure and board on firm value. In this study, the role of the non-bound members moderating barrier with different ownership structure and their impact on the firm value is examined. In order to reach the mentioned goal, a 9 year period (1380-1388) was considered which ultimately 123 companies of Tehran Stock Exchange member firms were selected in this study. The type of this research is Descriptive – correlation study and statistical method which is used for testing the hypotheses of research is "panel data". The results show that governmental ownership, managerial ownership and non-bound members of the board have significant positive impact on the value of company. The results also show that increasing the number of non-bound board members companies cause to increase and improvement the relationship between the governmental ownership, managerial ownership and the value of firm.
HassasYeganeh, Y., and Baghumian, R. (2007), The Effect of Boarding Directors on corporate governance, Accountant Monthly, No. 173, pp. 30-33 and 60-65.
HassasYeganeh, Y., Moradi, M., and Eskandar, H. (2009), Examining the relationship between institutional investment and firm value. Accounting and Auditing Analysis, No.52.
Khodabakhshi, A. (2007), The relationship between corporate governance mechanisms and market value. MA Dissertation, Esfahan University.
SadeghiJallal, S. J., KafashPanjehShahi, M. (2010), Examining the combination of investors on the efficiency of the firms accepted in Tehran Stock Exchange. Accounting and Auditing Analysis, No. 55.
Fe’eli, M. (2009).Examining the relationship between corporate governance and firm value. MA Dissertation, Tehran University.
Fazlzadeh, A., Zadeh, M. P., and TahbazHendi, A. (2010). Examining the effect of corporate governance on the efficiency of the firms accepted in Tehran Exchange Market for each industry separately. Stock Exchange Market Quarterly, No. 7.
Ghanbari, F. (2008). Examining the effects of corporate governance mechanisms on the efficiency of the firms accepted in Tehran Exchange Market. MA Dissertation. Alzahra University.
Mashayekh, S., and Esmaeili, M. (2007). Examining the relationship between the quality of the profit and some corporate principals among firms accepted in Tehran Exchange Market. Accounting and Auditing Analysis, No. 42.
Namazi, M., and Kermani, E. (2009). The effect of ownership structure on the efficiency of the firms accepted in Tehran Exchange Market. Accounting and Auditing Analysis, No. 53.
Vaez, S. A., KarrahiMoghadam, S., and ElhayeeSahar, M. (2011). Examining the efficiency of the firm and corporate governance of the firms accepted in Tehran Exchange Market by ownership structure. Scientific and Research Quarterly of Financial Research, No. 7.
Akimova, I., & Schwodianer, G. (2006). "Ownership structure, corporate governance and Enterprise performance: Empirical result for Ukraine". International Advances in Economic, Vol. 10, pp.28-42.
Ammann, M., Oesch, D., Schmid, M. (2011), "Corporate governance and firm value: International evidence", Journal of Empirical Finance, Vol. 18, pp. 36–55.
Bozec, Y., Bozec, R. (2010), "Overall governance, firm value and deviation from one share", International Journal of Managerial Finance, Vol. 6 No. 4, pp. 305-328.
Lee, D., Chi, J. (2010), "The conditional nature of the value of corporate governance", Journal of Banking & Finance, Vol. 34, pp. 350–361.
Omran, M. (2008)." Corporate Governance and Firm Performance in Arab Equity Markets: Does Ownership Concentration Matter? ". International Review of Law and Economics, Vol. 28, pp. 1-42.
Sulong, Z., Mat Nor, F. (2010), "Corporate governance mechanisms and firm valuation in Malaysian listed", Journal of Modern Accounting and Auditing, Vol.6, No.1.
Toshiyuki, S., Goto, M., Omi, Y. (2010), "Corporate governance and firm performance ", European Journal of Operational Research, Vol. 203, pp. 724–73.
In-Text Citation: (Valipour et al., 2012)
To Cite this Article: Valipour, H., Moradi, J., & Zare, L. (2012). Examining the Effects of Non-Bound Board Members and Ownership Structure as Corporate Governance Mechanisms on Firm Value. International Journal of Academic Research in Accounting Finance and Management Sciences, 2(2), 63–77.
Copyright: © 2021 The Author(s)
Published by HRMARS (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode