The Impact of Ownership Structure and Characteristics of the Board of Directors on Stability Performance in Companies Listed on the Tehran Stock Exchange

The tax central role of sustainability performance in today's world is not hidden from anyone, one of the most important needs of any organization is to provide financial resources needed for sustainability and survival and continuity of activity. Therefore, the discussion of sustainability as a new and influential topic has attracted the attention of researchers and is always one of the most important and controversial topics in management research. The characteristics of the board of directors are an important indicator for measuring the ownership structure and are of great importance in the analysis of social responsibility and non-financial performance. Therefore, the purpose of this research is to investigate the impact of ownership structure and board of directors' characteristics on sustainability performance in companies listed on the Tehran Stock Exchange. In line with the purpose of the research, using the method of systematic elimination, a sample of 103 companies was selected from among the companies admitted to the Tehran Stock Exchange between 2015 and 2019. Logit regression models were used to analyze data and test hypotheses. The results of the research showed that there is a significant positive relationship between family ownership and the company's sustainability performance. Also, the results showed that there is a positive and significant relationship between the independence of the board of directors and the sustainability performance of the company. Other results showed that there is no significant relationship between ownership concentration, institutional ownership, board size and CEO duality with the firm's sustainability performance.