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Corporate governance, characterized as a major contributor to the improvement of economic efficiency, is a collection of relationships among corporate management, board of directors, shareholders and other stakeholders. It provides a certain structure by which corporate targets are set, and the tools to achieve those goals and monitor the corporate performance are determined. The ongoing research is concerned with exploring the mutual association among the factors contributing to the implementation of corporate governance in the firms listed on the Tehran Stock Exchange during the years 2016-2017 using DEMATEL method. Using a mixed method, the research determines the necessary components and measures based on the theoretical framework, and then analyze them via fuzzy model and decision matrix. The present study also employs a comprehensive index including 3 major components and 18 secondary components relating to the corporate governance which is in compliance with the Iranian reporting environment. The results reveal that information transparency exerts the most significant impact on board of directors and shareholders’ equity. Among secondary components, audit committee, government shareholding and information reliability show the most important influence on other components. This suggests that financial information transparency rests on the monitoring mechanisms of board of directors, and the presence of institutional shareholders plays a pivotal role in delivering more reliable information to financial decision makers.

Keywords: corporate governance, board of directors, information transparency, shareholders’ equity.

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