تعامل تمرکز مالکیت، تنوع هیأت مدیره و حکمرانی محیط‌زیست بر کارایی سرمایه‌گذاری و ریسک ورشکستگی مالی

Abid, A., Gull, A. A., Hussain, N., & Nguyen, D. K. (2021). Risk governance and bank risk-taking behavior: Evidence from Asian banks. Journal of International Financial Markets, Institutions and Money, 75, 101466. https://doi.org/10.1016/j.intfin.2021.101466

Altman, E., Iwanicz-Drozdowska, M., Laitinen, E. K., & Suvas, A. (2017). Financial distress prediction in an international context: A review and empirical analysis of Altman's Z-score model. Journal of International Financial Management & Accounting, 28(2), 131–171. https://doi.org/10.1111/jifm.12053

Badiei, M., Ebrahimi Sarve Oliya, M. H., & Sargolzaei, M. (2023). The effect of ownership structure on the corporate financial performance in Tehran Stock Exchange: A dynamic panel data analysis. Financial Management Perspective, 13(42), 63–90. (In Persian) https://doi.org/10.48308/jfmp.2023.103950

Blau, P. M. (1977). Inequality and heterogeneity: A primitive theory of social structure. Free Press.

Buallay, A. (2019). Corporate governance, Sharia'ah governance and performance. International Journal of Islamic and Middle Eastern Finance and Management, 12(2), 216–235. https://doi.org/10.1108/IMEFM-07-2017-0172

Chen, R. (2025). The impact of corporate legal governance on financing efficiency: An empirical analysis based on corporate governance structure and legal risk. Finance Research Letters, 86(Part B), 108501. https://doi.org/10.1016/j.frl.2025.108501

Chen, W.-W., Li, S.-F., & Lin, Y.-C. (2025). Exploring the impact of corporate governance evaluation on innovation and operating performance: Evidence from R&D-intensive industries in Taiwan. Asia Pacific Management Review, 30(4), 100410. https://doi.org/10.1016/j.apmrv.2025.100410

Du, S., Ma, L., & Li, Z. (2022). Non-family shareholder governance and corporate risk-taking: Evidence from Chinese family-controlled businesses. Journal of Business Research, 145, 156–170. https://doi.org/10.1016/j.jbusres.2022.03.003

Dumitrescu, E.-I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450–1460. https://doi.org/10.1016/j.econmod.2012.02.014

Golubchikov, O., Shahab, S., & Haupt, W. (2026). Unlikely climate pioneers? Net-zero governance and innovation in "left behind" places. Applied Geography, 186, 103824. https://doi.org/10.1016/j.apgeog.2025.103824

Hu, C., & Yang, X. (2024). A study on the impact of digital governance on disclosure quality of listed companies. Finance Research Letters, 69(Part A), 106062. https://doi.org/10.1016/j.frl.2024.106062

Hu, Y., Wu, J., & Zhu, L. (2024). Inter-generational governance transition in Chinese family businesses: Relational or contractual? International Review of Economics & Finance, 95, 103493. https://doi.org/10.1016/j.iref.2024.103493

Janssen, M., Brous, P., Estevez, E., Barbosa, L. S., & Janowski, T. (2020). Data governance: Organizing data for trustworthy artificial intelligence. Government Information Quarterly, 37(3), 101493. https://doi.org/10.1016/j.giq.2020.101493

Karami, G., Beik Boshrouyeh, S., & Ezadpour, M. (2022). Investigating the effect of institutional ownership and ownership concentration on labor investment efficiency. Financial Research Journal, 23(4), 653–665. (In Persian)  https://doi.org/10.22059/frj.2021.333062.1007253

 Khalili, Y., Heydari Rostami, K., & Nikzad Ghadikolaei, M. (2025). The effect of women's governance in strengthening the relationship between sustainable performance and tax avoidance. Macroeconomics Research Letter, 20(46), 155–182. (In Persian) https://doi.org/10.22080/mrl.2025.27892.2120

Ledi, K. K., Ameza-Xemalordzo, E. B., & Mensah, H. K. (2024). Unpacking synergistic dynamics between corporate governance and CSR: The role of stakeholder salience. Business Process Management Journal, 31(3), 1149–1171. https://doi.org/10.1108/BPMJ-01-2024-0003

Lei, L., & Huang, Y. (2025). How does female executives optimize enterprises' green governance performance? International Review of Economics & Finance, 104, 104627. https://doi.org/10.1016/j.iref.2025.104627

Li, A. Q., Claes, B., Kumar, M., & Found, P. (2022). Exploring the governance mechanisms for value co-creation in PSS business ecosystems. Industrial Marketing Management, 104, 289–303. https://doi.org/10.1016/j.indmarman.2022.05.005

Li, W., Zheng, M., Zhang, Y., & Cui, G. (2020). Green governance structure, ownership characteristics, and corporate financing constraints. Journal of Cleaner Production, 260, 121008. https://doi.org/10.1016/j.jclepro.2020.121008

Liu, J., Jin, C., Zhu, X., & Sun, L. (2026). Environmental policy, green governance, and institutional investor divestment. Research in International Business and Finance, 81, 103185. https://doi.org/10.1016/j.ribaf.2025.103185

Olaoye, O., Omokanmi, O. J., & Tabash, M. I. (2024). Is income inequality-conflicts nexus moderated by the quality of governance? Insight from Sub-Saharan Africa. International Journal of Social Economics, 52(9), 1288–1304. https://doi.org/10.1108/IJSE-01-2024-0055

Peng, D., Farooq, U., Alam, M. M., & Khudoykulov, K. (2024). Exploring the role of governance in determining public-private investment in energy: New empirical insights from ASEAN. Socio-Economic Planning Sciences, 96, 102096. https://doi.org/10.1016/j.seps.2024.102096

Pesaran, M. H., Shin, Y., & Smith, R. P. (1999). Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American Statistical Association, 94(446), 621–634. https://doi.org/10.1080/01621459.1999.10474156

Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11(2–3), 159–189. https://doi.org/10.1007/s11142-006-9012-1

Safiullah, M. (2020). Bank governance and crisis-period efficiency: A multinational study on Islamic and conventional banks. Pacific-Basin Finance Journal, 62, 101350. https://doi.org/10.1016/j.pacfin.2020.101350

Saghafi, A., & Angelopoulos, S. (2025). Virtual virtues: A governance framework of moral consequentialism and deontological ethics for immersive virtual reality platforms. The Journal of Strategic Information Systems, 34(4), 101936. https://doi.org/10.1016/j.jsis.2025.101936

Soleymani, B., Aslani, M. M., & Abdollahi Keyvani, M. (2025). The relationship between cost stickiness, ownership concentration and corporate bankruptcy risk. Financial Economics, 19(72), 403–432. (In Persian) https://www.doi.org/10.71818/ecj.2025.1107408

Stekelorum, R., Laguir, I., Lai, K.-H., Gupta, S., & Kumar, A. (2021). Responsible governance mechanisms and the role of suppliers' ambidexterity and big data predictive analytics capabilities in circular economy practices improvements. Transportation Research Part E: Logistics and Transportation Review, 155, 102510. https://doi.org/10.1016/j.tre.2021.102510

Tomor, Z., Przeybilovicz, E., & Leleux, C. (2021). Smart governance in institutional context: An in-depth analysis of Glasgow, Utrecht, and Curitiba. Cities, 114, 103195. https://doi.org/10.1016/j.cities.2021.103195

Wu, M.-W., Shen, C.-H., Hsu, H.-H., & Chiu, P.-H. (2023). Why did a bank with good governance perform worse during the financial crisis? The views of shareholder and stakeholder orientations. Pacific-Basin Finance Journal, 82, 102127. https://doi.org/10.1016/j.pacfin.2023.102127

Zhu, B., & Wang, Y. (2024). Green governance and stock price crash risk: Evidence from China. International Review of Economics & Finance, 96(Part B), 103683. https://doi.org/10.1016/j.iref.2024.103683