The effects of fluctuations in capital market indexes in the developed countries during the global financial crisis on some corporate governance factors at the companies accepted in Tehran Stock Exchange

Abstract

Financial and economic crisis of 2007 began without warning and in a short time spreads to more countries. America's financial crisis impressed the economic status of many countries. In early March 2009, the slow effects of the exit from the crisis were seen in the capital markets. This time period is the common timeframe of entering and exiting the crisis in the capital markets, particularly in the five countries including America, England, France, Germany, and Japan. The crisis period is considered from January 2007 to September 2008. Information about variables of this study has been collected three years before the crisis 2004-2006 and three years after that 2009-2011. This study examines the relationship between the fluctuations of capital market indexes in the developed countries and corporate governance factors (institutional ownership, independence board and ownership concentration) in Tehran Stock Exchange before and after the global financial crisis in capital markets and also comparison of the fluctuations of stock market indexes and corporate governance factors has been measured before and after the global crisis.