چكيده لاتين
A fundamental topic within financial sciences is the composition of a companyʹs ownership structure. Establishing any company requires both partners and financial resources to sustain its operations. Ownership structure reflects the composition of equity and details the percentage of ownership held by various individuals, groups, and organizations within the company. The identity of shareholders emerges from disaggregating the ownership structure into smaller components. For instance, when institutional shareholders form part of this structure, entities such as banks, pension funds, large shareholders, and government organizations collectively define the identity of institutional shareholders. Shareholder identity can be categorized into institutional ownership, managerial ownership, and ownership by small shareholders.
In efficient markets, stock pricing follows a stochastic process, rendering it inherently unpredictable over the long term based on available market information. One of the factors that may influence stock pricing is a companyʹs ownership structure. This study seeks to explore the effect of ownership structure and shareholder identity on the efficiency of the stock pricing process.
To investigate this, nine hypotheses were formulated. The research sample comprises 194 companies listed on the Tehran Stock Exchange between 2011 and 2022. Data for the variables were collected via Rahvard Novin software, the Codal website, the Tehran Stock Exchange website, and the Tehran Stock Exchange Technology Management Company. The hypotheses were tested using Excel and EViews 12 software. A multivariate regression model employing the panel data method was applied to test the hypotheses.
The results indicated that total managerial ownership did not have a significant effect on the efficiency of the stock pricing process. Similarly, the components of managerial ownership—namely, ownership by executive and non-executive managers—showed no impact on stock price efficiency. In contrast, total institutional ownership had a significant and positive effect on stock price efficiency, which contradicts the initial research hypothesis. Furthermore, the individual components of institutional ownership, including pension funds, banks and investment companies, government entities, and large shareholders, exhibited similar positive effects on stock price efficiency. Additionally, retail shareholder ownership demonstrated a positive and significant effect on the efficiency of the stock pricing process.
