The Effect of Ownership Structure on the Speed of Achieving Optimal Working Capital in¬Companies Listed in Tehran Stock Exchange

Objectives: This study aims to examine the effect of ownership structure on the speed of achieving optimal working capital in companies listed on the Tehran Stock Exchange. It focuses on understanding how different ownership types—such as institutional, governmental, and managerial—affect financial discipline and operational agility in firms. Methodology/Design/Approach: The research is applied and employs a causal-comparative (post-event) correlation design. The statistical population includes all firms listed on the Tehran Stock Exchange during 2015–2024. Using a systematic elimination sampling method, a sample of firms was selected for analysis. Findings: The results indicate that ownership structure positively influences the speed at which firms achieve optimal working capital. Institutional oversight and alignment of managerial interests enhance financial discipline, while government ownership provides credit support that facilitates liquidity adjustments. Overall, the findings highlight ownership structure as a key determinant of operational efficiency in firms. Innovation: This study contributes to the literature by emphasizing the role of ownership composition in financial and operational performance. The findings provide practical guidance for policymakers and board members on leveraging institutional, governmental, and managerial ownership to enhance the long-term efficiency and liquidity management of companies.