محمدعلی سهمانی اصل

The main purpose of this study is to investigate the effect of corporate governance on the relationship between CEO power and capital structure decisions in listed companies in Tehran Stock Exchange. For this purpose, principal component analysis method was used to measure CEO power. The research hypotheses were tested on the 106 companies over a period of 8 years from 2011 to 2018 using multivariate regression models and panel data alignment. The results of linear models of research show that there is a negative and significant relationship between CEO power and book value leverage. The results of nonlinear models indicate that there is a significant nonlinear (U-shaped) relationship between CEO power and short-term leverage. Also, there is a significant nonlinear (U inverse) relationship between CEO power and long-term leverage. The results of the study of the effect of institutional shareholders on the relationship between CEO power and capital structure decisions indicate that institutional shareholders have a negative and significant moderating effect on the positive linear relationship between CEO power with book value leverage and short-term leverage. Also, institutional shareholders cause the nonlinear relationship between CEO power with market value leverage and short-term leverage to be change from inverted U to U-shaped. In the case of long-term leverage, the results also show that institutional shareholders cause the negative relationship between high power of the CEO and long-term leverage may be positively changed.

Recent empirical findings show that product market conditions are important factors that can influence company decisions and the path to value creation. Competing in the product market as an external mechanism for corporate governance can reduce the likelihood that management use its position to engage in opportunistic behaviors and affect the company’s performance. Therefore, the main purpose of the present study is to investigate the effect of competition in the product market on the relationship between social responsibility and financial leverage in companies listed on the Tehran Stock Exchange. In order to investigate this issue, research hypotheses for 99 companies during an 8-year period from 2013 to 2020 were tested using multivariate regression models. The results of the study show that there is a negative and significant relationship between social responsibility and financial leverage of companies. Also, high competition in the product market reinforces the negative relationship between the social responsibility and financial leverage.

The present study identifies the effective accounting and economic variables on P/E ratio in Tehran stock Exchange (TSE) during the 12- year period from 1992 up to 2003. The investigation and identification of accounting information in determining P/E ratio and proper function of the capital market promote the accounting status in the professional society. The research is seeking to find out if the economic and corporate variables (accounting variables) can affect the P/E ratio in TSE. This question is formed into two major hypotheses including: 1) Changes in economic variables affect the corporate PIE ratio, and 2) Accounting variables affect the corporate P/E ratio. Ex-post multiple factor analysis was applied to test the hypotheses. Furthermore, linear regression, and GEE and TSCSREG statistical instruments were also applied as well as panel Data Analysis. The research findings indicates P/E ratio is much more affected by accounting variables than economic ones, while there is a strong correlation between the economic variables and corporate PIE ratio in TSE.