Determinates of Corporation Investment Behavior in the Imperfect Capital Markets

The main purpose of this study is the proper recognition and comprehension of effective factors and the criteria which can affect managers’ decision on capital expenditures in companies listed in T.S.E. First by reviewing theoretical framework and the related literature, independent variables are recognized then, using the data of 81 listed companies in T.S.E between 2001 to 2007 and with the using multi-dimensional analysis a model for capital expenditure changes is utilized. The findings show that there is a significant relationship between cash flow and capital expenditure changes.