We consider a mean-variance general equilibrium economy where the expected returns for controlling and non-controlling shareholders are different because the former are able to divert a fraction of the profits. We find that when investor protection is poor, asset return correlation affects ownership structure in a positive way. Higher return correlation lowers the benefits of diversification wh...

The purpose of this paper is examining the impact of financial leverage as a mediation variable on the relationship between ownership concentration and financial corporate performance. To test the hypotheses, multiple regression analysis is used. The statistical population of this research is all listed companies in Tehran Stock Exchange. However, data were available only for 60 companies durin...

the aim of this paper is to identify and analyses the influence of shareholder ownership identity on payout ratio for a panel of iran firms from 2002 to 2008. we found that there is a significant positive correlation between institutional ownership and payout ratio. the relation between payout ratio and individual ownership is negative. the most finding of the study indicates that iranian compa...