حاكميت شركتي و عملكرد مالي شركت‌ها

EXTENDED ABSTRACT Corporate Governance and Firm Performance

Introduction There has been considerable discussions in the academic literature about the principal-agent problem that arises from the separation of ownership and control (for example,Jensen and Meckling,1976). Serving as the impetus to such recent U.K. regulations as the Cadbury report of 1990 or U.S. regulations as the Sarbanes-Oxley act of 2002, are considered to be the most important corporate governance regulation in the past 70 years. The Organization for Economic Co-operation and Development (OECD), published a set of corporate-governance standards and guidelines covering six major areas to increase regulationʹs power and cooperative & integration of countries regulations: 1) Increasing of thrusts of Corporate governance frames 2) The rights of shareholders 3) The equitable treatment of shareholders 4) The role of stakeholders in corporate governance 5) Disclosure and transparency 6) The responsibilities of the board (OECD, 1999a). All of the above standards can affect corporate governance system. One of the most important dimension of corporate governance is board composition. Based on the agency theory, non executive directors contribute to decrease interest adverse between stakeholders and company management. Non executive directorsʹ thorough independent vote could have a control role in the company. The other most important corporate governance aspect is information disclosures. Financial information disclosure as EPS accurately and on time can contribute to solve agency problem.Ownership structure is third functions of corporate governance affecting firmʹs performance. In this article we test the relationship between corporate governance dimensions (including board composition, owner structure, the information disclosure and firmʹs performance. Methodology Our purpose is to determine the relationship between corporate governance dimensions and firmʹs performance within 77 listed companies in Tehran Stock Exchange during 1382 to 1384(Iranian calendar). There are 3 kinds of variables: 1) Dependent variables performance rank income net profit operational growth growth profit growth ROE rank rank rank The dependent variable is firmʹs financial performance that is the function of income growth, operational profit growth; net profit growth, return on asset (ROA) and return on equity (ROE) .Our samples which are Company are ranked based on functions ranks as bellow formula: 2) Independent variables The independent variables include board composition, ownership structure and the information disclosure level. Index of board composition is non executive directors to whole of directorsʹ ratio. We first compute these ratios for 77 samples companies then, we rank sample companies based on ratio results. Index of ownership structure is free float stock based on data obtained from Tehran Stock Exchange. After determining free float stock of sample companies we then rank these companies based on results. At least we compute information disclosure degree of samples. 3) Control variables Firm size and financial leverage are the control variables. Size defined as total assets of company and financial leverage defined as total liabilities to equity. We first correlate financial performance with independent variables without control variables using Spearman correlation. We then enter control variables to equality and test the relationship between financial performance and independent variables using chi- square. Hypotheses In this research we test the relationship between firmʹs financial performance and corporate governance dimensions. To determine this relationship we define three hypotheses: 1) There is a meaningful relationship between firm performance and board composition. 2) There is a meaningful relationship between firm performance and ownership structure. 3) There is a meaningful relationship between firm performance and information disclosure. Results The results of this study show that there is no meaningful relationship between board composition, ownership structure and firm performance whereas there is a meaningful relationship between information disclosures and firmʹs performance. Conclusion Based on the results we find that information disclosure affects the firmʹs financial performance; so we propose listed companies must predict profit accurately and the stock exchange must have a system to get financial information.