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Title
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Board of Directors' Characteristics and the Stock Return Evidence from Tehran Stock Exchange
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Type
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JournalPaper
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Keywords
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Board of Directors' Characteristics, Stock Return, Tehran Stock Exchange
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Abstract
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This study aims at finding a relationship between the board of directors' characteristics and the stock return. The characteristics of the directors which are assumed as the independent variable in this study are of five factors; autonomy, number of members, financial knowledge, the number of meeting the board of directors held and the duality of the managing director's obligation has also been added to the list so that the stock return can be considered as the dependent variable. The research hypotheses are based on the existence of a direct relationship between the boards of director's characteristics and the stock return. The statistical sample of the research consists of 65 companies chosen from among the body of corporate companies listed in Tehran Stock Exchange (TSE) during the years of 2009 to 2013.The statistics used to test the hypotheses are t-test and ANOVA. The findings of the study show that the boards of directors have not performed their duties efficiently so as to increase the profitability of the agency. Thus they do not exert significant effects on the stock return of the companies.
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Researchers
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Mohsen Khotanlou (Third Researcher), mehdi mahdavikhou mahdavikhou (Second Researcher), Reza Rajabi (First Researcher)
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