Mahdi Salehi, Masomeh Mirozadeh, Mohammad Sadegh Adibian, Hamideh Nazaridavaji and Fahimeh Irvani Qale Sorkh
The current study aims to investigate the relationship between relative performance and change manager in Iran.
Abstract
Purpose
The current study aims to investigate the relationship between relative performance and change manager in Iran.
Design/methodology/approach
For this study, the reasons for CEO change and the contributing factors to performance were defined based on the industry type. A systematic elimination approach is applied to select the study sample among listed companies on the Tehran Stock Exchange during 2012–2016. Finally, a 390 firm-year population was tested using multiple regression.
Findings
The results of hypothesis testing indicate that the possibility of managerial change is less likely after a positive return of the market performance. Moreover, hypothesis testing results reveal that peer firms and specific-firm performance do not contribute to managerial change. The findings also demonstrate that systematic risk has a negative impact on managerial change, whereas unsystematic risks do not significantly play a part in managerial change.
Originality/value
As the present study is the pioneer study on the impact of managerial change factors on Iranian firms' relative performance, the findings of this study can contribute to the realm of this study and the related literature.
Details
Keywords
Mahmoud Lari Dashtbayaz, Mahdi Salehi, Alieyh Mirzaei and Hamideh Nazaridavaji
The purpose of this study is to evaluate the impact of corporate governance on intellectual capital (IC) in companies listed on the Tehran stock exchange.
Abstract
Purpose
The purpose of this study is to evaluate the impact of corporate governance on intellectual capital (IC) in companies listed on the Tehran stock exchange.
Design/methodology/approach
In this paper, the board features (size, independence and CEO duality) and the characteristics of the audit committee (financial expertise, independence and size) are considered to measure the factors of corporate governance. The IC is also divided into communicative, human, structural and value-added IC. Research data are gathered using a sample of 132 companies during 2013-2016. Research hypotheses are analyzed using panel data and logistic regression models.
Findings
The findings indicate that while the board’s independence, financial expertise and the size of the audit committee are negatively related to the communicative capital, the relationship between audit committee independence and communicative capital is positive and significant. Further, the authors observe that there is a positive relationship between board independence and human capital, a negative and significant link between audit committee size and human capital. By the way, the results reveal that audit committee independence and audit committee size have, respectively positive and negative impact on structural capital.
Originality/value
The results of the current study may give more insight into the relationship between corporate governance and managerial capital in developing nations.