Among the corporate governance variables, board independence is found to be
positively and statistically significantly related to share price and debt reliance is found to be negatively and
statistically significantly related to share price. More over, ownership concentration is found to be negatively and
statistically significantly related to share price. The results also indicate that additional unit of cash holdings
have a positive and statistically significant influence on share price. Finally, the results do not provide conclusive
evidence on the relationship between control variables including leverage, Tonbin's Q and volatility of income
with share price.