چكيده لاتين
Abstract
Objective: Financial sustainability is the ability of a company to maintain its operations in the long term by optimally using financial resources and avoiding financial crises, and this concept is vital for any business because it allows the company to grow sustainably and be able to cope with challenges in different economic conditions. Ownership structure is the most important criterion for assessing the financial sustainability of a company. Companies whose ownership is mainly in the hands of financial institutions usually have more supervision over management, which prevents managers from opportunistically using resources for their own benefit, or when managers themselves are company owners, their interests are naturally aligned with the interests of shareholders. Also, the family ownership structure in the company may maintain transparency and accountability despite the smaller number of shareholders due to the culture of internal monitoring and higher responsibility. The purpose of this study is to investigate the effect of ownership structure on the financial sustainability of the company.
Method: This study is classified as applied research in terms of its purpose. In terms of the implementation process and data type, it is a quantitative research, and in terms of time, it is a longitudinal research in which the post-event method is used. Also, this research is an archival and descriptive-correlational research in terms of data collection. In order to collect information from annual reports and accompanying explanatory notes published in the Kodal Publishers System, 175 companies listed on the Tehran Stock Exchange were examined and analyzed between 2015 and 2019.
Conclusion: The results of the hypothesis test indicate that institutional ownership, managerial ownership, government ownership and ownership structure in general have a significant effect on financial sustainability. The results indicate that institutional ownership can lead to an increase in the sustainable growth rate and, as a result, the financial sustainability of the company. According to agency theory, the separation of ownership from management causes a conflict of interest between managers and shareholders. Government-owned companies can increase the financial stability of the company. Managerial ownership, as one of the important mechanisms of corporate governance, has attracted the attention of many researchers and economic activists. Managerial ownership, meaning that the companyʹs executive managers have a share in its ownership structure, can have significant effects on decision-making, long-term strategies, and ultimately on the financial stability of companies. Government-owned companies have a higher sustainable growth rate. Government ownership, meaning the presence of the government as a major shareholder or full owner in the company structure, is one of the most important tools of government intervention in the economy, especially in developing countries and transition economies.
Keywords: Institutional ownership, Government ownership, Managerial ownership, Financial sustainability.
