The investigation of the effect of risk disclosure on investment efficiency of accepted companies in Tehran stock exchange

Firms need investment for their growth and development. According to efficiency contracts, management should choose efficient investment among different them. Previous research assess different factors relating to firm specification such as information quality and capital structure on investment efficiency, but there is a gap on effect of risk disclosure.so, the aim of this research is investigation of The investigation of risk disclosure on investment efficiency .according to theory and previous research expected that risk disclosure has significant effect on investment efficiency. For calculate of risk disclosure index we used manual content analysis and we categorize risks in four categories’ include financial, operational, regulation and strategies. After that, we used Miihkinen (2103) to calculate risk index. Also, we used Chen et al (2014) for   investment efficiency. Our sample includes 60 firms from 2009 to 2017. The result shows that risk disclosure has a significant and positive impact on investment efficiency that means when the risk disclosure increases as the investment efficiency increases.