This study examines the relationship between corporate governance, ownership concentration, cash holdings
and firm value on the Tehran Stock Exchange. Firm value is strongly influenced by board independence and
debt reliance among the governance variables. Probably, this signifies the fact that companies with larger
outside directors brings about better management and weaker control by inside directors which leads to a
positive impact on share price. Also, this shows that companies with little amount of long-term debt hold on their
balance sheet are valued more highly.