Investigating the effect of managers' on domestic financing policy and efficiency investment in companies listed on the Tehran Stock Exchange

The present study recognizes and examines the interaction between management overconfidence, internal financing and efficiency investment, practical foundations for management, government and capital market players, including potential and actual investors, etc. in order to It will provide more attention to the interaction between management overconfidence and other variables.

The purpose of this study is to investigate the effect of managers' on domestic financing policy and efficiency investment in companies listed on the Tehran Stock Exchange.

The statistical population of this research is the companies listed on the Tehran Stock Exchange. The period of 1390 to 1400 has been considered for this research. The data required for the research have been extracted from the financial information contained in the audited financial statements of statistical sample companies, Tadbir Pardaz software, New Rahavard software, Development Research and Islamic Studies management site of the Exchange and Securities Organization, as well as Kadal network. Spreadsheet (Excel) software has been used to prepare the necessary variables for use in hypothesis testing models. Eviews software, stata software and Spss software were used for final analysis. To analyze the data, the significance test of the mean differences using t-statistic and also, multivariate regression and logistic regression statistical models were used.

According to the results of testing the first hypothesis, it shows that managers' overconfidence has a positive effect on investment efficiency on the amount of new investments in the company. In the second hypothesis test, the effect of senior managers' overconfidence on investment was investigated.

The results of this study show that the amount of cash flow of each company has a direct effect on the sensitivity of investments and if the managers of companies have too much confidence, they have a great tendency to over-invest from the company's free cash flow.