عنوان مقاله [English]
نویسندگان [English]چکیده [English]
Capital accumulation as the driving force for economic growth and development of the macroeconomic policy is important. The process of capital accumulation in econom depends on factors such as increasing the volume of savings from internal and external sources and the optimal allocation of resources through a good governance system. It is long time that complexities related to the conflicts of interest between shareholders and managers on one hand and the effects of firm’s performance on stackholders on the other hand, have attracted attention to find a suitable model. Today, experts believe that the best approach to solve this problem is in improving corporate governance.
The purpose of this research is to rate corporate governance of firms listed in Tehran Stock Exchange and investigate the effect of that on the corporate performance. To proxy the quality of the governance, we propose the construction of a governance index for the companies selected in the sample. This governance index includes 25 different corporate governance criteria. These criteria are grouped into three governance category indices, which are then combined to produce a single overall index. These three categories are transparency, board structure and ownership structure.
For this purpose, information related to 90 companies in the year 2009 were analyzed, using regression methods and the research hypothese was tested. The results showed that there is not a meaningful relationship between the quality of governance and corporate performance.