چکیده:
The major goal of the present research is to investigate about the main changes in ownership
percentage of institutional shareholders on the risk of firms' rewards in firms enlisted in
Tehran Stock Exchange. The statistical population for the present study is composed of
firms enlisted in Tehran Stock Exchange during the years between 2008 and 2014 and the
sample volume has been 118 firms regarding the screening method utilized. In this research
the changes in the percentage of ownership of institutional shareholders and main changes in
the percentage of ownership of institutional shareholders were considered as the
independent variables to study their effects on firm managers' rewards. On the other hand,
the present study is post-incidental (quasi-experimental) type. This means that it was carried
out based on analyzing previous and historical data (firms' financial statements). Also this
research is based on panel data analysis. In this research using panel data with random
effects, the results of analyzing the data in firms by using multiple variable regression in
assurance level of %95, it has been shown that the percentage of institutional shareholders'
ownership and major changes in the percentage of institutional shareholders' ownership have
had a reverse and direct effect on managers' reward risk, respectively.
خلاصه ماشینی:
The researcher in present study is going to investigate about the effect of main changes in the percentage of ownership of institutional shareholders on the fluctuations in firm managers' rewards.
Regarding what was pointed above, the main issue in the present research is to investigate about the main changes in the percentage of ownership of institutional shareholders on the fluctuation of rewards of managers in firms enlisted in Tehran Stock Exchange.
Ning & et al (2012) carried out a research entitled: "an experimental analysis of the effect of big changes in institutional ownership on management reward risk", and used a panel of corporate firms with great changes in institutional assets.
Local researches Moradzadeh Fard & et al (2012) studied about the relationship between board reward and institutional ownership and earning management that were measured through discretionary accruals among firms enlisted in Tehran Stock Exchange during the time period between 2005 and 2009.
Sajjadi & et al (2011) carried out a research about the relationship between managers' reward designs and economic criteria of performance assessment in firms enlisted in Tehran Stock Exchange.
Research method In the present research we have tried to investigate about the effect of main changes in the percentage of institutional shareholders' ownership on the fluctuation of firm managers' rewards.
Thus, the hypothesis H0 is rejected in an assurance level of %95 and the hypothesis H1 claiming that the main changes of the percentage of institutional shareholders' ownership affects firm managers' reward risk is approved.