چکیده:
The aim of the study is to examine the effect of ownership concentration
by sum of major shareholders on the firm value. The sample used for
the research included 69 firms listed during the years 2005-2009 in
Tehran Stock exchange. The statistical method used for testing the
research hypotheses was "Panel Data". To test the relationship between
ownership of major stockholders and firm value, multi-linear and
nonlinear regression was utilized. The findings are indicative of the
existence of a significant and positive linear relationship between
ownership concentration of sum of major stockholders and firm value
and also of lack of nonlinear relationship between the square sum of
ownership by major stockholders and firm value. The results of
piecewise test of sum of major stockholders shows that there is no
significant relationship between sum of major stockholders and firm
value in the break points of 10% and 25% and 50% and 70%.
خلاصه ماشینی:
"The main intend of the research is to examine the effect that the amount of ownership concentration by major stockholders can have on the value of firms listed in Tehran stock exchange.
The results of the research indicated that there is no significant relationship between major shareholder's ownership concentration and firm value.
) The research variables are as follows: ownership concentration of sum of major shareholders is considered as the independent variable, firm value is taken into account as the dependent variable, and firm size, financial leverage, systematic risk and specific risk all work as control variables.
In this hypothesis with respect to R2 of the evaluated model, it can be claimed that about 41% of the changes in firm value can be explained by the variables sum of ownership of major shareholders and financial leverage.
Testing the third, fourth And fifth hypotheses Hypothesis 3: Sum of ownership of major shareholders is effective on firm value at the levels between 10 to 25%.
This finding is indicative of a linear relationship between sum of ownership of major stockholders and firm value, which is in agreement with the findings of Minguez-Vera and Ugedo (2007) but not consistent with those of McConnell and Servaes (1990).
Eventually, in the piecewise analysis at the levels of 10%, 25%, 50% and 70% the research findings show that there is no relationship between sum of ownership of major stockholders and firm value at break points."