M.A. Thesis:

The ability to manage and operate the stock price with the moderating role of state ownership

Abstract The main purpose of this study is to determine the relationship between management ability and stock price efficiency with the moderating role of government ownership. There is such a divergence of opinion about the particular managerial effects on business outcomes. The purpose of this study was to develop research into managerial effects by examining the effect of managerial ability on stock price efficiency with the moderating role of government ownership in listed companies in Tehran Stock Exchange during the years 2013-2017. In this study, financial leverage and company size were also used as control variables. Sample data of companies studied after reviewing their information availability by collecting using Excel software and classification by software Ivyves were analyzed. The results showed that there is a negative relationship between managerial ownership and controlling (institutional) shareholder ownership with stock price efficiency and this relationship is significant. But there was no relationship between when the CEO was in office and the performance of stock prices in this study. Government ownership also moderates the relationship between managerial ownership and share price efficiency, and the relationship is negative and significant, and state ownership moderates the relationship between controlling (institutional) shareholder ownership and share price efficiency, and The relationship is also positive and significant, and on the other hand, the moderating effect of state ownership on the association between CEO-to-CEO and stock price efficiency was rejected.

Keywords: Keywords; Management Ability - Stock Price Efficiency - Government Ownership