Sharif Digital Repository

Studies of the ownership structure of companies in different countries demonstrates that pyramidal ownership structures and business groups are present and even dominant in many countries. This type of structure allows the ultimate owners to leverage their capital and control more capital in the economy. Studies related to this type of ownership structure, scrutinize various motivations that have caused the formation of this type of ownership structure. Some studies emphasize the destructive role of business groups, such as tunneling and creating monopolies through common ownership in competing companies, and as a result, consumers and small shareholders are expropriated. Others, relying on... 

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... 

Pyramidal and network ownership structures that provide ultimate owners with more control over companies are common in the Iranian stock market. Given the multi-layered shareholding networks and the significant changes that have occurred in the ownership structure of large Iranian companies in the last two decades, the purpose of this study is to investigate the relationship between ownership structure and performance of companies. To achieve this purpose, ownership structure is examined using four measures; cash flow right of the largest shareholder, the wedge between control right and cash flow right of the largest shareholder, difference in cash flow rights of the largest two... 

There are different kinds of ownership structures. In every economy special kinds of these structures are common. These structures include Pyramidal ownership, cross-ownership, etc. These structures empower shareholders to make a gap between their cash flow right and ownership right in a special firm so they could control more firms with the same capital. These structures have their pros and cons, like the internal capital market and tunneling. Of important factors affecting these structures are Legal protection of minor shareholders, shareholder concentration, and largest shareholder. In this research, we find that, unlike most countries, there is a negative relationship between a firm's... 

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... 

Privatization in Iran was primarily driven by the 2004 amendment to the Article 44 of the Iranian Constitution. Improving firms' efficiency is cited as the key goal of the privatization program. The two prominent characteristics of the privatization program in Iran are complex ownership structure and transferring ownership from the government to government-affiliated institutions and organizations. For these reasons, the consequences of privatization in Iran may differ from those of other countries. Therefore, this study explores the relation between privatization and firm performance, as measured by firm efficiency, labor efficiency, investment, and the number of employees. As a significant...