tailieunhanh - Investigating the relationship between financial distress and investment efficiency of companies listed on the Tehran Stock Exchange

The present study is aimed at investigating the relationship between financial distress and investment efficiency of companies listed in the Tehran Stock Exchange (with emphasis on the role of ownership type). | Investigating the relationship between financial distress and investment efficiency of companies listed on the Tehran Stock Exchange Accounting 2 2016 167 176 Contents lists available at GrowingScience Accounting homepage ac Investigating the relationship between financial distress and investment efficiency of companies listed on the Tehran Stock Exchange Mehdi Vosoughia Hojat Derakhshanb and Mohammad Alipourc a Department of Management Germi Branch Islamic Azad University Germi Iran b Department of Management Khalkhal Branch Islamic Azad University Khalkhal Iran c Department of Management Khalkhal Branch Islamic Azad University Khalkhal Iran CHRONICLE ABSTRACT Article history The present study is aimed at investigating the relationship between financial distress and Received December 5 2015 investment efficiency of companies listed in the Tehran Stock Exchange with emphasis on the Received in revised format role of ownership type . To calculate investment efficiency the Richardson s model 2006 February 16 2016 Richardson S. 2006 . Over-investment of free cash flow. Review of Accounting Studies Accepted March 18 2016 Available online 11 2-3 159-189. was employed. The aim of the present study is applied and its method is March 19 2016 correlational- ex post facto. Using the exclusion sampling method and by applying the Keywords conditions of selecting the sample 94 companies were selected from 2008 to 2013. To test the Financial distress research hypotheses multiple regression was used. Findings of the research indicate that there Investment efficiency was a correlation between financial distress and investment efficiency in companies listed in Management ownership the Tehran Stock Exchange and institutional ownership had positive effects on the relationship Institutional ownership between financial distress and investment efficiency of companies listed in the Tehran Stock Exchange. Furthermore management ownership had no effect on .