A study of the effect of change on ownership structure on enterprise value of privatized firms: Evidence from Tehran Stock Exchange

Dehaghani, M.; Rostami, A.; Faradonbeh, M.; Faradonbeh, F.; Javanbakht, A.

Growing Science » Management Science Letters » A study of the effect of change on ownership structure on enterprise value of privatized firms: Evidence from Tehran Stock Exchange

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Management Science Letters

ISSN 1923-9343 (Online) - ISSN 1923-9335 (Print) Quarterly Publication Volume 3 Issue 5 pp. 1459-1466 , 2013

A study of the effect of change on ownership structure on enterprise value of privatized firms: Evidence from Tehran Stock Exchange Pages 1459-1466 Download PDF

Authors: Mashallah Valikhani Dehaghani, Abbas Rostami, Mohammad Malekmohammadi Faradonbeh, Fatemeh Malekmohammadi Faradonbeh, Akram Javanbakht

DOI: 10.5267/j.msl.2013.04.001

Keywords: Enterprise value, Privatization, Tehran Stock Exchange

Abstract: In this paper, we present an empirical investigation to measure the effects of privatization on some selected firms listed on Tehran Stock Exchange. The proposed study of this paper selects eleven relatively big sized Iranian firms whose structures were privatized prior year 2011. The main hypothesis of this survey studies whether there is a meaningful relationship between ownership structure and enterprise value of privatized firms. We collect the necessary information before and after privatization process completed and using a regression model examined the main hypothesis as well as five sub-hypotheses. The results of the survey indicate that the number of major shareholders has been reduced after privatization process accomplished, the number of shares had no impact on firms’ values. In addition, non-board members’ duty had not impact on firms’ value before and after privatization process, institutional investors did not play important role before and after privatization process, and separations played important role on firms’ value before and after privatization occurred.

How to cite this paper

 Dehaghani, M., Rostami, A., Faradonbeh, M., Faradonbeh, F & Javanbakht, A. (2013). A study of the effect of change on ownership structure on enterprise value of privatized firms: Evidence from Tehran Stock Exchange.Management Science Letters , 3(5), 1459-1466.

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