The study aimed to investigate the effect of the depression on corporate governance and firm value in the Tehran Stock Exchange has been performed, that has been investigated four hypotheses. As well, the study in term of objective is applied research. The study sample consisted of 171 companies listed on Tehran Stock Exchange in period from 2011 to 2015, and the statistical sample is also elimination. The results of the study showed that macroeconomic changes like changes in gross domestic product (GDP) has any effect on the stability or change of managers of companies active in the Iranian capital market and macroeconomic changes (such as decrease in GDP) can have consequences on the micro level, one of which is the increase in firm value of active companies in the Tehran Stock Exchange. News about changes in the firm CEO could not be considered as a change in the firm value. Macroeconomic changes (such as the economic depression) also cannot create a correlation between the change in the firm director and firm value.
