An investigation the relationship of corporate social responsibility (CSR), agency costs with investment-cash flow sensitivity

purpose of this study was to investigate corporate social responsibility (CSR), agency costs and investment-cash flow sensitivity in listed companies on Tehran Stock Exchange. For this purpose, a sample of 120 companies during 2010-2016 was selected by systematic elimination sampling. The research method is library and correlation. To measure the sensitivity of investment to cash from the Samet and Jarboui (2017), Free Cash Flow (FCF) as an indicator of corporate agency costs and corporate social responsibility by Hosseini and Amjadian's ranking (2017) have been used. Analyzing and testing hypotheses with the help of generalized least squares regression (EGLS) with pooled data approach has been done. The results show that there is a negative and significant relationship between corporate social responsibility and investment sensitivity to cash. In other words, companies with a better corporate social responsibility function tend to be less sensitive to investment. The results also indicate that corporate agency costs increase cash sensitivity, and this increase modifies the negative impact of corporate social responsibility on and investment-cash flow sensitivity