Examining the Impact of Corporate Social Responsibility on Investment - Cash Flow Sensitivity

This study examines the impact of corporate social responsibility on the sensitivity of investment to cash flow of companies in the Tehran Stock Exchange. Therefore, data from companies listed in Tehran Stock Exchange for the period of 1387 to 1392 with panel data regression model was used to test the hypotheses. After examining the significant positive relationship between capital expenditures and operating cash flow in the first hypothesis, the second hypothesis explores the relationship between corporate social responsibility and sensitivity of investment to cash flow. The results showed that in the period under review, there is a significant positive relationship between social responsibility and sensitivity of investment to cash.