Study the role and simultaneous effects of the type of ownership on efficiency and value of the listed companies in Tehran Stock Exchange
1Alireza eghbali amoghin, 2 Esmail panahi, 3Amin gholami
1Sama technical and vocational training college, Islamic Azad University, Ardabil Branch, Ardabil. Iran
2Department of Accounting, Genaveh Branch, Islamic Azad University, Genaveh, Iran
3Islamic Azad University, Kish International Branch
Abstract: In the present study, the role and separate and simultaneous effects of concentration and type of ownership on two factors; efficiency and value of the listed companies in Tehran Sock Exchange have been studied. The statistical sample of the research includes 70 companies during the period of 1381 to 1386. In this research in order to study the effect of each given factor on the efficiency and value of the companies, two methods have been applied; static panel data and dynamic panel data. The research findings indicate a significant linear relationship between the two factors of ownership concentration and the companies’ efficiency with lack of significant relationship between concentrated ownership and companies’ value. On the other hand the results related to the test of the effects of the ownership type shows that unlike the reverse relation between stock returns and ratio of state ownership, there is a direct and significant relation between ratio of individual, corporate and private ownership with efficiency. However the variable of ownership concentration in all the models had a linear and direct relation with stock returns. The test of the relation between types of ownership with company value also indicated the same results as was expressed for the efficiency.
[Alireza E.A, Esmail P, Amin GH. Study the role and simultaneous effects of the type of ownership on efficiency and value of the listed companies in Tehran Stock Exchange. Life Sci J 2013;10(4s):276-284] (ISSN: 1097-8135).http://www.lifesciencesite.com. 41
Keywords: Type of ownership, ownership concentration, Stock returns, Panel Data.