Investigating the Role of Firm Characteristics in the Relationship between Disclosure of Risk Information in Annual Reports and Investmentr efficiency of Companies Listed in Tehran Stock Exchange

 The purpose of this study was to investigate and explain the factors affecting corporate investment efficiency, to investigate the role of firm characteristics in the relationship between disclosure of risk information in annual reports and investment efficiency of listed companies. The Tehran Stock Exchange was conducted in the period of 2008-2017. In this study, company size, profitability, and company growth were used as characteristics of the company. The results showed that there is a significant relationship between disclosure of risk information in annual reports and investment efficiency. There is also a significant relationship between company characteristics with disclosure of risk information in annual reports and between company characteristics and investment efficiency. Multiple regression method, Baron and Kenny method were used to investigate the mediating role of firm characteristics on the relationship between risk information disclosure in annual reports and investment efficiency. The results of the hypotheses test showed that firm size and profitability play a partial mediator role in the relationship between disclosure of risk information in annual reports and investment efficiency and variables of disclosure of risk information in annual reports, company size and profitability Can predict the efficiency of investment. The results also show that growth variables do not have a mediating role in the relationship between disclosure of risk information in annual reports on investment efficiency.