M.A. Thesis:

eward costs, shareholder returns, and financial crisis and ownership focus

Abstract This study examines the cost of rewards, shareholder returns, and the financial crisis and concentration of ownership. The statistical population of the study is Tehran Stock Exchange companies, in which 104 companies were selected during the time period from the beginning of 2012 to the end of 1398 for 8 years with the necessary conditions. In this study, panel data model was used to test the hypotheses. The statistical method used in this research is the combined data method that was used to analyze the data of Eviews7 software. The results show that there is a significant relationship between board remuneration and stock returns. The financial crisis and ownership concentration also moderate the relationship between board remuneration and stock returns. Ownership concentration, on the other hand, moderates the relationship between board remuneration and stock returns among companies in financial crisis. Keywords: ownership focus, stock returns, board rewards, financial crisis

Keywords: Keywords: ownership focus, stock returns, board rewards, financial crisis