Investigating the Relationship between Product Market Competition and Management Motivations with the Moderating Role of Ownership Structure of Listed Companies in Tehran Stock Exchange
In recent decades, many studies have attempted to examine the impact of competition in product market on managers' different motivations. Competition in the product market is recognized as an important industry-level governance mechanism that influences managers' motivations. Therefore, the purpose of this study is to investigate the impact of ownership structure on the relationship between product market competition and management motivation. To this end, the effect of family ownership and government ownership variables on the relationship between the index of competition in the product market (Herfindahl-Hirschman Index) is investigated. Statistical sample includes 100 Tehran Stock Exchange companies for the period of 1394-1390 in Iran which makes a total of 500 observations (company-year). Multivariate regression method with panel data and F and Hausman test were used to analyze the data and test the research hypotheses. The results show that there is a relationship between competition in the product market and management incentives.
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