Abstract:
The purpose of this study is to investigate the effect of corporate governance (CG), corporate social responsibility (CSR) and their interactive effect on the value of companies listed on the Tehran Stock Exchange. For this purpose, the data of 194 companies listed on this stock exchange, which was selected using a systematic elimination method, from 2011-2017 were collected and analyzed using the pool data technique. This research is applied and is an analytical-explanatory study. The research findings showed that corporate governance, social responsibility, and the interactive effect of corporate governance and social responsibility have a direct effect on the company's value in all four models of capital asset pricing in the companies listed in the Tehran Stock Exchange. It was also shown in the comparison of models that the market-based, single-factor model explains the relationship between these variables better than other models discussed in this study.
Machine summary:
Pazoki (2015) concluded that there is a significant difference between corporate governance and value (Q Tobin) of the companies listed in the Tehran Stock Exchange before and after the global financial crisis.
For hypothesis 2 of the research, the following sub-hypotheses were developed: Hypothesis 2-1: There is a significant relationship between social responsibility and company value within the framework of the market model.
For hypotheses 3, the following sub-hypotheses were developed: Hypothesis 3-1: There is a significant relationship between the interactive effect of corporate governance and social responsibility within the framework of the market model.
Hypothesis 3-3: There is a significant relationship between the interactive effect of corporate governance and social responsibility in the framework of the four-factor model.
Hypothesis 3-3: There is a significant relationship between the interactive effect of corporate governance and social responsibility in the framework of the four-factor model.
Discussion and Conclusion The purpose of this research is to investigate the effect of corporate governance and social responsibility as well as their interactive effect on the value of companies listed in the Tehran Stock Exchange.
The results of the third main hypothesis test showed that with regard to the interactive effect of corporate governance and social responsibility on the company value, there is a meaningful and positive relationship among the one-factor capital asset pricing models (market model), three-factor Fama and French model, Carhart four-factor model and five-factor Fama and French model.
Investigating the relationship between corporate social responsibility report and values and risk of accepted companies in Tehran Stock Exchange.