The Function of Company Characteristics and Corporate Governance on Organization's Legitimacy

The main objective of this study is investigation into the relationship between the company characteristics and the level of social and environmental disclosure of listed companies in Tehran Stock Exchange. Target sample consists of 68 of the listed companies in Tehran Stock Exchange during 1388 to 1393. Collected data were analysed using multivariate regression model through panel data method. The results show a significant positive relationship between firm size, firm performance and the presence of independent directors with company's social and environmental disclosure. Moreover, there is a significant negative relationship between institutional ownership and the level of social and environmental disclosure. The results also show there is no significant relationship between financial leverage, ownership structure, the auditor size and the board size with the level of social and environmental disclosure. Finally, the results show there are significant differences between the level of social and environmental disclosure in different industries.