This study examines the relationship between some of corporate governance criterionsand investment-cash flow sensitivity. In this study during the period 2006 to 2012, dataof 108 companies in the combined method using multiple regression analysis areconsidered. Investment cash flow sensitivity refers to the proportion of capitalexpenditure changes to changes in corporate cash flows. The results indicate thatownership structure negatively impact on investment-cash flow sensitivity, Lack ofrelationship between ownership concentration and investment cash flow sensitivity,Lack of relationship between board independence and the cash flow sensitivity ofinvestment, Direct impact of the board size on investment cash flow sensitivity, Directimpact of the institutional investors on investment cash flow sensitivity and finallyLack of relationship between CEO duality and the cash flow sensitivity of investment.The test results of all hypotheses in comprehensive model, except of fifth hypothesis(institutional investors) result is similar.
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