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internal-control-mechanism
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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...