Analysis of big Shareholder's Perspective on Block Divestiture of Shares in Business Financing Through Matching Method (Tehran Stock Exchange as A Case Study)

The purpose of this study is to investigate the big shareholders’ perspective on block divestiture of shares in business financing through propensity score matching method in Tehran stock exchange. The statistical population of this study includes all of listed companies in Tehran stock exchange. 102 companies were examined from 2003 to 2012 and their data was collected through website of Tehran stock exchange and software of Novin Rahavard. In order to test the hypotheses، Logistic regression and matching based on the attitude score methods were used. The results of this study revealed that attitudes of big shareholders toward divestiture influence business policies negatively. As a result، shareholders seek to eliminate obstacles of appropriate divestiture opportunities.