عنوان مقاله [English]
This paper investigates the relationship between some governance indicators such as ownership concentration (shares hold by five major shareholders) and board structure (board size and proportion of non-executive directors) with working capital management efficiency. In order to better assess the working capital management, four common proxies are used: Days of Accounts Receivables (D_AR), Days of Inventories Conversion (D_INV), Days of Accounts Payables (D_AP), and Cash Conversion Cycle (CCC). In this regard, research hypotheses were tested based on 113 firms listed on the Tehran Stock Exchange during the period of 2007-2013 and by using panel data models. The results indicate that level of ownership concentration has a significant negative relationship with D_INV and CCC, but does not have a significant relation with D_AR and D_AP. In other word, increasing the percentage of shares hold by five major shareholders, due to raising the level of shareholder monitoring, and by reducing the length of D_INV and CCC, can lead to the increase of efficiency of working capital management. While, board structure, except with D_AR, does not have a significant relation with the other proxies of working capital management. This reflects the weakness and inefficiency of board controls and monitoring on working capital policies of Iranian firms.