Investigating the Effect of Ownership Structure on the Firm Value of Pharmaceutical Companies Listed on the Tehran Stock Exchange via Panel Data Analysis

حسابداری سلامت

M. Salehi¹  F. Davtalabe Tousi² 

[1] Assistant Professor, Department of Accounting, Ferdowsi University of Mashhad;M. A. Student in Accounting, Islamic Azad University, Birjand Science and Research Branch;

关键词: corporate governance;    firm value;    ownership concentration;    ownership structure;    panel data;   

DOI  :  

来源: DOAJ

【 摘 要 】

Introduction: The aim of this research is to investigate the effect of ownership structure from the perspective of concentration ownership and degree of control on the firm value of the pharmaceutical companies listed on the Tehran Stock Exchange.
Method: Panel data has been used in this research in order to test the presented hypotheses. The effect of ownership concentration on firm value has been done by five variables as ownership concentration criteria. Moreover, Tobin's Q has been used to evaluate firms' value. The statistical sample includes 28 companies during 2008-2012 which have been working in the industrial field of pharmaceutical materials. The statistical model of multivariate linear regression is used in this research, and for analyzing statistical data, SAS Version. 9.1 has been applied.
Results: The results of the research reveal that the variables such as: sum of the share of the main shareholders, natural logarithm of sum of the share of the main shareholders, the main equity capital percentage, sum of the squares of the share percentage of the main shareholders, natural logarithm of the main equity capital percentage as the standards of ownership concentration as well as the variables of reality and legality of the main shareholders, and the degree of control have no effect on firm value.
Conclusion: In general, the interpretation of the findings of the research suggest that there is no meaningful relationship between ownership concentration and firm value statistically. Besides, type of the main shareholder and the degree of control do not have any influence on firm value.

【 授权许可】

Unknown