M.A. Thesis:

Corporate Governance R & D Fluctuations and Company Performance

The issue of the conflict of interests between shareholders and managers and the corporate governance mechanism as a solution to reduce the cost of agency with it is one of the important issues which has been considered due to its impact on the performance of the companies. On the other hand, economic firms are the main economic players in each country, which play an important role in shaping its economic growth. Therefore, managers need to properly manage their financial resources in order to achieve long-term goals and increase the value of the company; many executives think that R & D spending is a kind of cost and are unheeded of its profitable effects. The main objective of this research is to investigate corporate governance, fluctuation in R & D and performance of the company. This research is a descriptive-correlational study based on the combined data analysis. The data of 90 companies listed in the stock market during the 95-95 period were selected as samples. The results of this study showed that there is a positive and significant relationship between all the features of corporate governance that has been investigated in this research including: the independence of the board of directors, the size of the staff and the duality of the managerial task. , Effective corporate governance mechanisms help to create a balance of information to prevent conflicts of interest between managers and shareholders. In other words, these mechanisms provide management with the necessary incentives for sufficient actions to increase the value of the firm. Therefore, the higher returns of the company depends on the improvement of corporate governance mechanisms, which will lead to lower representation costs, higher stock valuation and, consequently, better performance in the long run. The results also show that there is a positive and significant relationship between research and development and the company's performance. By increasing research and development costs, the opportunities provide the opportunity to achieve risk reduction through innovation, which is Can affect the performance of the company.

Keywords: : Corporate Performance - Research and Development - Corporate Governance - Independence of the Boar