Complex structures of company ownership and performance

In the present study, the effect of complex ownership structures on the performance of companies listed in Tehran Stock Exchange has been studied. The concept of complex ownership structures is characterized by the existence of a major shareholder (holding more than 50% shares) and a second-tier shareholder (with shares exceeding 10%) in companies. This is a descriptive survey. In this research, a sample of Tehran Stock Exchange companies was selected and systematic sampling method was used, 152 companies were selected as the statistical sample of the study. Selective approach is used to test hypotheses by panel data and the generalized least squares regression method has been used. The results of the research hypothesis test showed that there is a positive relationship between the presence of a major shareholder, the percentage of ownership of the shares by the major shareholder, the existence of a second-tier shareholder, and the percentage of ownership of the shares by the second-tier shareholder with the firm's performance.