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The Effect of Ownership Structure and Board Composition as Corporate Governance Mechanisms on Coroporate Value
, M.Sc. Thesis Sharif University of Technology ; Mashayekhi, Ali Naghi (Supervisor)
Abstract
In this research we examine the effects of internal corporate governance mechanisms on shareholder value of 247 firms that were accepted in Tehran Stock Exchange. The main focus is on ownership structure and board composition. Owners with different identities affect shareholder value both directly and to some extent indirectly (through affecting board composition). We measured firm value using 2 different measures: relative growth of share price and market to book value of the firm. Controlling for industry effects, considering different levels of competitiveness, we find that private owners affect firm value more positively than governments and so do institutional investors more than...
Identification of Influence Mechanisms of Executive/non-executive Board Composition on Board’s Attribution Style
, M.Sc. Thesis Sharif University of Technology ; Alavi, Babak (Supervisor)
Abstract
The influence mechanisms of executive/non-executive board compostion on board’s attribution style have been explored. In two case studies, I have examined boards’ causal interpretation about a critical incident which had a significant impact on firm performance. A qualitative research approach has been taken in the case studies. Data was gathered through semi-structured interviews with all board members and was analyzied with the theme analysis method. According to the results, board of directors’ collective attribution formation process can be devided into three stages of members’ expression of information and facts at board meetings, forming the individual judgements of members and at...
The Impact of Corporate Governance on Executive Compensation in Iranian Firms
, M.Sc. Thesis Sharif University of Technology ; Bahramgiri, Mohsen (Supervisor) ; Hagh-Panah, Farshad (Supervisor)
Abstract
In this study, I examine the role of board composition and ownership structure and trading days on board compensation of 156 Iranian non-financial public firms. Regarding board composition, I find that board size, CEO-Directorship, and the presence of busy directors positively explain board bonus. Concerning ownership structure, results reveal that outside block-holders and the percentage of individual investors negatively influence on board bonus. Also, trading days is proved to have a positive impact on board bonus. Furthermore, I examine the impact of compensation relating to board composition and ownership structure and trading days (predicted compensation) on the future operating...