The relationship between financial constraints and investment:  Emphasizing on the life cycle cash flow pattern

In this study, the effect of financial constraints on investment in listed companies in Tehran Stock Exchange with emphasis on the life cycle of the company was investigated. To determine financial constraint, localized KZ criterion was used. For this study, 164 companies listed in Tehran Stock Exchange during the period 2015-2016 were surveyed. Combined regression analysis was used to test the research hypotheses in Ivyzes 6 software. The findings show that financial constraint has a significant negative impact on investment and investment opportunities. And the maturity of the company life cycle has an adverse effect on the relationship between financial constraint and investment. However, the life cycle of the firm during growth, maturity and recession has an adverse effect on the relationship between financial constraints and investment opportunities. Keywords: Financial constraint, Investment, Investment Opportunities and Life Cycle.