Comparison of managerial ownership over investment and sensitivity of investment cash flows in state-owned companies with private companies in Tehran Stock Exchange

Managerial ownership helps align the interests of managers and shareholders. In fact, managers avoid decisions that lead to a negative impact on the value of the company. Therefore, managerial ownership is a mechanism that reduces the control costs imposed by shareholders and reduces the restrictions on access to resources to some extent. Listed on the Tehran Stock Exchange. The statistical population of this study is the companies listed on the Tehran Stock Exchange and to achieve the purpose of the research, by applying filtering, the data of 163 companies listed on the Tehran Stock Exchange in the period 1390-1398 using multivariate linear regression and GMM method It was reviewed and analyzed. Findings showed that the effect of managerial ownership on investment and the sensitivity of investment cash flows in state-owned companies is significantly different from private companies. Thus, in state-owned companies, this sensitivity is negative and significant. That is, with the increase in the percentage of managerial ownership in state-owned companies, the sensitivity of managers to investment activities changes and decreases.