Investigating the role of family in the relationship between some aspects of the principles of stewardship and stock trading

The purpose of this study was to investigate the relationship between corporate governance mechanisms and stock liquidity in family firms accepted in Tehran Stock Exchange. For this purpose, a sample of 33 companies has been selected among the family companies admitted to the Tehran Stock Exchange during the period of 2010-2016 (seven years). To test the hypotheses, the least squares (GLS) method has been used. The criteria used to measure corporate governance mechanisms are the independence of the board of directors and the concentration of ownership. And the stock trading turnover variable is used as a criterion for stock liquidity. The results of the research show that there is a positive and significant relationship between the percentage of non-executive directors and stock liquidity. That is, with the increase in the independence of the board, the turnover of stock exchanges also increases. Also, there is a negative and meaningful relationship between the concentration of ownership and stock liquidity. In other words, with the increase in the focus of family owners, turnover of stock transactions is also reduced.