نوع مقاله : مقاله پژوهشی
عنوان مقاله English
نویسندگان English
Research Objective: This study aimed to investigate the impact of corporate governance and cash flow on firm value, with particular emphasis on the moderating role of the board of directors in companies listed on the Tehran Stock Exchange (TSE)
Research Methodology: In terms of its objective, the study is classified as applied research, while its methodological approach is descriptive-correlational. The statistical population comprised 795 companies listed on the TSE as of the end of the Iranian calendar year 1403 (2025). After applying predefined screening criteria, 114 companies were selected as the final research sample. The study utilized financial data covering the period from 1398 to 1403 (2019–2025), extracted from the audited financial statements of the sampled companies. The collected data were analyzed using panel data regression techniques in EViews software. Tobin's Q, a measure of firm value, was the dependent variable. The independent variables included corporate social responsibility, the audit committee, the supervisory board, and operating cash flow, while the board of directors was incorporated as the moderating variable.
Findings: The results of the F-Limer (Chow) and Hausman specification tests supported the suitability of the fixed-effects model for the empirical analysis. The findings revealed that corporate social responsibility, the audit committee, the supervisory board, operating cash flow, and the board of directors had positive and statistically significant effects on firm value. Furthermore, the results demonstrated that the board of directors positively and significantly moderated the relationship between corporate social responsibility and firm value. Conversely, the board of directors negatively moderated the relationship between the audit committee and firm value, suggesting a substitution effect between these corporate governance mechanisms. Additionally, the board of directors exerted a positive and statistically significant moderating effect on the relationships between the supervisory board and firm value, as well as between operating cash flow and firm value. The main regression model demonstrated satisfactory explanatory power, with an adjusted coefficient of determination (adjusted R²) of 0.341 and an F-statistic of 40.15, indicating overall statistical significance at the 1% level (p < 0.01).
Conclusion: Overall, the findings highlight the importance of simultaneously strengthening corporate governance mechanisms and enhancing cash flow management to improve firm value. In particular, the results underscore the critical moderating role of the board of directors in shaping the effectiveness of governance structures and financial resources in creating firm value
کلیدواژهها English
