标题：The effects of ownership structure or number of block holders on the ratio price-to-book value (P/BV) and price-to-earnings (P/E) of the companies in Tehran Stock Exchanges (TSE)
摘要：In this study, the effects of ownership structure on the stock’s value the value of companies’ stocks were examined. Conflict of interest between block holders and management, which has been an important issue in recent decades, has been considered by researchers, additional the effects of number of block holders on the ratio price to book value and price to earnings of stocks of the companies was examined. According to researches that are related to corporate governance, ownership structure has been proposed as one of the strategies to solve this problem. This present research looks at the effect of ownership structure on the ratio price to book the value and price to earnings of stocks of companies, from the perspective of block holders. Research samples included 93 companies and the research was done for six-years (2003-2007). The companies used were classified according to the number of block holders in three, two and one groups. Investigations using variance analysis show that with increasing number of block holder, ratio price to book the value of stocks of companies was increased. But the sample of ratio of price to earnings of stocks did not differ with each other. The Ownership concentration in the of block holders is not affected in the coefficient of stock price to earnings, then it can be concluded to increase the number of block holders to increase value, growth and earnings per share (EPS) will not participate.
关键词：Ownership structure; corporate governance; block holder; ratio price to book value of stocks; ratio price to earnings of stocks; Tehran Stock Exchanges (TSE)
