Surveying the effect of ownership structure on stock liquidity of firms in Tehran Stock Exchange (2007 to 2012)
Journal Title: International Research Journal of Applied and Basic Sciences - Year 2013, Vol 6, Issue 8
Abstract
This study examines the effect of ownership structure on the liquidity of companies in the Tehran Stock Exchange. To this end, 86 companies were selected during the period 2007-2012. The effect of ownership structure variables (ownership concentration and composition) on stock liquidity in Tehran Stock Exchange was studied. Firm size and the ratio of market value to book value of equity are used as control variables for the multivariate linear regression analysis was used. Our results show that the goodness of fit of the model is larger than 5% Alpha error. Thus, the regression model was significant research. And the parameters Durbin-Watson, is 2.14 which the value of this statistic is that it can be resolved autocorrelation, reflecting the disturbing element is the basic model. The coefficient of determination, the model suggests that the model variables, the explanatory power (23%), are used to explain the dependent variable. According to independent research can be said to have achieved a significant, negative relationship between ownership concentration and stock liquidity are significant. The property can also be said about the combination ownership between institutional ownership and corporate ownership, and there is a significant positive correlation between stock liquidity. But there is no relationship between ownership and individual stock liquidity.
Authors and Affiliations
Shaer Biabani | Assistant Professor in Accounting, Islamic Azad University, Mohammad Hasan Gholizadeh| Assistant Professor in Financial Management, University of Guilan, Mehdi Talebzadeh| M.A in Business Management, Islamic Azad University
Keywords
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