The Effect of CEO Reputation on Relationship between Agency Costs and Cumulative Abnormal Returns in Firms over (under)Investment

One of the most important principles of corporate governance، the CEO of the Company on the Company''s operations and results could be the different ways it affects. One of the current discussions on the theme of the CEO، focused on the issue of the CEO reputation. The goal of this research is evaluating the effect of CEO reputation on relationship between agency costs and cumulative abnormal returns in firms over (under) investment. In this research، information was collected from company listed in TSE during 1383 -1391. capital investment ratio as the indicator of measuring over (under) investment، free cash flow and interaction between growth opportunities and free cash flow as the indicators of agency costs. research method was descriptive correlation and for hypothesis test of method pooled Least Squares. the research finding show the negative and significant relationship between agency costs and cumulative abnormal returns and effect CEO reputation and factors (CEO Tenure، CEO outsider،CEO perform) on the relationship are positive and significant.