The Impact of Government Ownership on Stock Returns with Emphasis on the Role of Financial Crisis in Companies Listed on the Tehran Stock Exchange

The main purpose of this study is to investigate the effect of government ownership on stock returns by emphasizing the role of financial crisis in companies listed on the Tehran Stock Exchange during the years 1390 to 1398 "in this regard, government ownership as an independent variable; Stock returns as a dependent variable and company financial crisis as a moderating variable. The variables of financial leverage, company size, accruals ratio and operating cash flow ratio are considered as control variables. The statistical sample of the research is 159 companies. The research method is descriptive-correlation with applied approach. The method of data collection in the theoretical foundations section is the library method and in the hypotheses testing section is the method of documenting financial statements. In general, the method of testing hypotheses is the method of correlation and multiple regressions. The results showed that government ownership has a direct and significant effect on stock returns and the company's financial crisis weakens this relationship. The results of control variables showed that financial leverage and the ratio of accruals have a significant inverse effect on stock returns. The effect of company size on stock returns is inverse and significant, and finally the effect of operating cash flow ratio on stock returns is not significant.