Corporate Governance and Predicting Bankruptcy of Firms Using Survival Analysis (Case Study of Companies Listed in Tehran Stock Exchange)

The purpose of This Study is to Provide Evidence Associated With Corporate Governance Role From the PRESPECTIVE That Whether Internal Mechanisms Are Effective on Bankruptcy of Firms or not. There fore, a Sample Consisted of 76 Listed Companies in Tehran Stock Exchange Over a Nine_ year Period (1380_1388) Was Select and Investigated. For Hypothesis Testing, Cox Regression Have Been Used. Criteria Used for Corporate Governance are : Size of Board of Directors, Percentage of non Executive Directors, Chief Executive Officer (CEO) Change, and Major Ownership. Control Variables of the Study are : Firm's Size, Profitability, Interest Coverage Ratio, Liquidity, Financial Risk, and Operational Rick. Results indicates a significant Relationship Between CEO Change and Bankruptcy, However a Significant Relationship Was Not Seen Between Percentage of non Executive Directors, Size of Board Of Directors, Major Ownership and Bankruptcy.