Management of tourism development in Siahdaran Talash recreational tourism complex with SWAT model

The main purpose of the current research is to investigate the overconfidence of managers and free cash flow in companies with the moderating role of ownership concentration. This research is of applied type according to its purpose and descriptive and correlational according to the method of data collection. The statistical population of this research is 81 companies admitted to the Tehran Stock Exchange during a period of 5 years (1394 to 1398). In order to select a statistical sample and in order to more accurately examine the information of the companies accepted in the Tehran Stock Exchange and more reliability, selective samples are selected by systematic elimination method. The results of the first hypothesis indicate that the relationship between managers’ overconfidence variable and free cash flow is confirmed according to the obtained significance level (0.0367) and this relationship is direct due to the positive t-statistics. The results of the second hypothesis also confirm the effect of ownership concentration variable on the relationship between managers’ overconfidence and free cash flow according to the significance level obtained (0.0234) and according to the negative t-statistic, this effect is reversed.