Studying The Relationship Between Corporate Governance And Financing In Firms Accepted In Stock Exchange Tehran (Iran)
Journal Title: International Research Journal of Applied and Basic Sciences - Year 2013, Vol 7, Issue 8
Abstract
In the present research the relationship between corporate governance and financing in firms accepted in Tehran Stock Exchange (Iran) has been investigated. First we have used Kai2 test (X2) to study the dual relationship between the variables by using SPSS15 software and then the hypotheses were tested by using a logistic regression. The statistical population of the present research included all companies which financed in Tehran Stock Exchange during the time period between 2006 and 2011. Corporate governance was the independent variable of the research. To measure corporate governance we have used 4 constituents as follows: 1. Board of directors [size of board of directors, independence of board of directors (managers not in charge)], 2. Investors (the ownership percentage of institutional stockholders, the percentage of external stockholders was higher than %5), 3. Auditing (auditing was carried out either by audit organization or other auditing entities), and 4. Board of administrative directors (the isolation of managing director from board of directors and the number of years of experience to manage a company were considered). The dependent variable was financing (internal and external) and to calculate it those companies were selected which financed during the period through accumulated earnings, long-term debt, or stocks. The statistical sample entailed 264 firms (89 companies with internal financing and 175 companies with external financing). The statistical results showed the existence of a relationship between corporate governance and internal financing.
Authors and Affiliations
Nasrin Dadashi| Research Scholar Ma Student Of Accounting Accounting Department Science And Research Branch Islamic Azad University Giulan, Iran, email: Nasrindadadshi@Yahoo.Com, Ebrahim Cheirani| Assistant Professor Accounting Department Islamic Azad University Rasht, Iran
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