Moderator Role of Financial Leverage and Dividend Policy on the Effect of Corporate Governance to Firm Value in Tehran Stock Exchange

Corporate Governance is a very important factor in increasing the value of the company. The impact of corporate governance on the company's value varies from firm to company, which can be attributed to the company's features, including financial leverage and dividend policy. Corporate governance and financial leverage play an important role in increasing the value of the company and the shareholders' wealth, so that in general terms one can point out that when corporate governance increases the value of the company, the use of leverage is inappropriate Fiscal declines in stock prices and even risk of bankruptcy. The purpose of this study was to investigate the moderator role of financial leverage and dividend policy in the effect of corporate governance on the value of companies in listed companies in Tehran Stock Exchange. In this research, a systematic deletion method has been used to determine the statistical sample and finally a sample of 104 companies listed in Tehran Stock Exchange was investigated in the period from 2009 to 2016. To test the research hypotheses, multiple regression has been used in combination data. The results of this study showed that corporate governance has a positive impact on the value of the company. The results also showed that financial leverage increases the severity of corporate governance impact on company value. In addition, it was found that dividend policies reduce the effectiveness of corporate governance on corporate value.