The Effect of Corporate Governance on the Innovative Efforts of Companies in the Tehran Stock Exchange

After corporate financial scandals such as Enron, Vantel and ... corporate governance matters, and attracted the attention of the researchers. In this study, the relationship between corporate governance and innovation Efforts in the companies active in the Tehran Stock Exchange (304 companies) has been investigated. This paper attempts to identify the dimensions and indicators of corporate governance, and then the most important factors affecting enterprise innovation are extracted, and indicators such as reliance on disclosed reports and the timeliness of reported disclosures, in other Studies have not been observed. The audited financial statements from 1391 to 1396 analyzed using the data panel method. The results show that the board of directors' education, choice of CEO from within or outside the company and the premium of the board of directors have a positive and significant effect on firm innovation, but the amount of payment for the right of the board of directors, the ability to rely on disclosed reports and the number of years of activity of the firm has a negative effect on the firm's innovation. CEO's education, the outsider board of directors, the ownership concentration and the timeliness of the disclosures by the company have no significant effect on the firm's innovation