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quarterly financial accounting journal 2018, 10(37): 120-150 Back to browse issues page
The Impact of Mechanisms of Corporate Governance on Stock Trading Cost
Yahya Kamyabi * 1, Ahmad Khodamipour , Esmaeil Amiri
Abstract:   (587 Views)
The rising cost of trading disrupts investors' strategies and reduces return on investment. Planning on this issue through strong mechanisms of corporate governance can reduce trading costs. To this end, the present paper examined the effect of some mechanisms of corporate governance on the stock trading cost. The population consisted of 97 firms enlisted on Tehran stock Exchange during 2009-2016. The hypotheses were analyzed using multivariate regression model. The results showed that major firm owners exacerbate information asymmetry among minority shareholders and uninformed investors through access to confidential and internal information, and thus increase the stock trading cost. Moreover, personal incentives of directors such as ownership requires investors to understand, process and interpret information, and to impose the stock trading cost on investors. Other results showed that the quality of information improves and the stock trading cost reduces because of the role of independent members of the board of directors in monitoring activities of directors.
 
Keywords: Independence of Board Members, Ownership Concentration, Directors Ownership, Stock Trading Cost.
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Type of Study: Research | Subject: Special
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kamyabi Y, khodamipour A, Amiri E. The Impact of Mechanisms of Corporate Governance on Stock Trading Cost. quarterly financial accounting journal. 2018; 10 (37) :120-150
URL: http://qfaj.ir/article-1-1486-en.html


year 10, Issue 37 (6-2018) Back to browse issues page
فصلنامه حسابداری مالی Quarterly Financial Accounting
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