Corporate Governance and the Valuation of Initial Public Offering Companies in Tehran Stock Exchange Market

As we know, a comprehensive and critical review of companies which have joined the stock exchange securities market recently is significantly required because these companies' future is affected by several factors which are finally influenced stock returns one of these important factors is corporate governance. In this research, we investigate the influence of corporate governance on valuation of these initial public offering companies of Tehran stock exchange.So we investigate companies that present their stock for the first time in Tehran stock exchange market in 3001- 3031 period. We eliminate the companies which don't have the required data and finally we pick out a sample of 97 companies for this investigation.This research is a kind of practical research from the objective point of view and it is an after events investigation. Data have been gathered from the information resource of Tehran stock exchange mainly and we use SPSS & Eviews9 software for analyzing the results.The empirical evidence rely on hypothesis examination show that corporate governance has a positive effect on evaluation of initial public offering companies in the time of their first presentation.Because of its practical purpose, this research would be beneficial for stock holders, investors, creditors, financial analysts, consultants, scientific and academic communities, professional communities and etc.

کلیدواژه ها:

corporate governance ، evaluation ، initial public offering ، stock exchange market