مطالب مرتبط با کلیدواژه

Ownership Structure


۱.

Idiosyncratic Risk and Disclosure of Corporate Social Responsibility: Emphasizing the Role of Corporate Governance(مقاله علمی وزارت علوم)

کلیدواژه‌ها: Disclosure of CSR Information Idiosyncratic Risk Ownership Structure Board Characteristics Incentive Contracts

حوزه‌های تخصصی:
تعداد بازدید : ۴۹۳ تعداد دانلود : ۴۶۹
In this study, the impact of corporate social responsibility (CSR ) disclosure on idiosyncratic risk has been investigated concerning three stakeholder theory, information asymmetry, and risk management. It also goes further and explores the impact of some corporate governance mechanisms such as ownership structure, board characteristics, and incentive contracts on this relationship. To achieve the research objectives, 142 companies from Tehran Stock Exchange were selected through the systematic elimination method from 2010 through 2018 and the research hypotheses were tested using a combined data regression model with an integrated approach. The results show that CSR disclosure; by increasing transparency, reducing uncertainty, stakeholder satisfaction, and positive market signaling; reduces idiosyncratic risk. It was also found that the ownership concentration and managers’ remuneration by reducing CSR reporting lead to increased idiosyncratic risk, but government ownership, the duality of the CEO’s duties, the independence of the board of directors and the managers' equity decrease the corporate idiosyncratic risk by increasing CSR reporting. However, the effect of managers' remunerations and state ownership on the relationship between CSR reporting and corporate idiosyncratic risk was not confirmed at the 95% confidence level. Overall, from a theoretical viewpoint, a good corporate governance system can improve the quality of CSR, thereby improving corporate social reputation and reducing corporate idiosyncratic risk.
۲.

Moderating effect of managerial ability in the relationship between Corporate governance features and financial distress likelihood: (PLS Approach)(مقاله علمی وزارت علوم)

کلیدواژه‌ها: Managerial Ability Financial Distress Audit Features Ownership Structure PLS Approach

حوزه‌های تخصصی:
تعداد بازدید : ۲۸۰ تعداد دانلود : ۲۷۰
The purpose of this research is to examine the effect of ownership structure and audit features on the financial distress likelihood by considering the moderating effect of managerial ability. This study utilized partial least squares structural equations modeling (PLS-SEM) analysis and data from 107 firms listed in the Tehran Stock Exchange. Audit features measured by auditor size and audit opinion and ownership structure measured by the block-holder ownership and institutional ownership. Backward logit analysis was used to calculate the financial distress likelihood. DEA technique and Tobit regression were used to measure the managerial ability. The results of the study show that audit features have a positive effect on the likelihood of financial distress. Moreover, the effect of ownership structure on the financial distress likelihood and the moderating effect of manage-rial ability were not confirmed. This paper offers evidence on the extent to which distress is associated with corporate governance and managerial ability from a developing country. The paper should be of interest to the regulatory bodies and practitioners because in many developing countries the implementation of corporate governance mechanisms is voluntary and is not yet required.
۳.

Examining the Relationship between Size of the company, Ownership Structure, and Corporate Governance with Corporate Social Responsibility Disclosure in Iran(مقاله علمی وزارت علوم)

کلیدواژه‌ها: size of the company Ownership Structure governance structure Corporate social responsibility disclosure

حوزه‌های تخصصی:
تعداد بازدید : ۳۰۸ تعداد دانلود : ۲۴۹
The scholars of social responsibility have focused on identifying the factors affecting corporate social responsibility disclosure (CSRD). Corporate social responsibility is a key factor in the survival of any organization. The purpose of the study was to examine the relationship between the size of the company, ownership structure, and governance structure to explain the determinants of Corporate social responsibility in Iran. Regarding this, the data of 127 companies listed on the Tehran Stock Exchange from 2009 to 2018 were collected and analyzed. Multiple regression model as panel data and fixed effects method was used to test the hypotheses. The results from the study tests indicated that the size of the company is an effective factor in Corporate social responsibility in Iran. The role of this factor is positive. Larger companies have been more successful in Corporate social responsibility. Moreover, the ownership structure is a determining factor and has improved the disclosure of social responsibility. The presence of major owners in the company potentially enhances the dissemination of information and protects the interests of minority shareholders, and the corporate governance structure has not been a determining factor in Corporate social responsibility in Iran. Indeed, the board's ability to perform its duties decreases when its size is large.
۴.

Investigating the Effect of Tax Avoidance on Investment Efficiency: Interactive Effect of Ownership Structure(مقاله علمی وزارت علوم)

کلیدواژه‌ها: Tax Avoidance Investment efficiency Ownership Structure Institutional Ownership Managerial Ownership

حوزه‌های تخصصی:
تعداد بازدید : ۳ تعداد دانلود : ۳
The purpose of this research is to investigate the impact of tax avoidance on investment efficiency with emphasis on the role of institutional ownership and managerial ownership. Tax avoidance can be used as internal source of financing to enable financially distressed companies to access valuable investments with savings from tax avoidance. For this, a sample of 152 companies was selected from the companies listed in the Tehran Stock Exchange and by collecting data related to the research during the years of 2015 to 2022. The data related to the research variables for a period of 8 years were collected from reliable statistical databases. The hypotheses inspired by the title of the research were estimated according to the Chow test and the Hausman test using related statistical methods. The result of the first hypothesis indicates the existence of a significant and positive relationship between tax avoidance and investment efficiency. Also, the result of the second hypothesis showed that there is a direct and significant relationship between tax avoidance in companies with institutional ownership and investment efficiency. While the result of the third hypothesis showed that there is no significant relationship between tax avoidance in companies with managerial ownership and investment efficiency.