Impact of management behavior on investment performance and value of the firm

The effects of factors such as the quality of financial reporting, financial constraints and investment opportunities on the investment performance are studied. But the effect of factors such as optimism or pessimism manages the performance of investment management behavior and firm value has not been studied. This study examines the relationship between optimism management, investment performance and value of the firm's. For this purpose, among the listed companies in Tehran Stock Exchange in the period from 2010 to 2015, have been selected 181 companies and were tested using multivariate regression. The results showed that among companies with low investment (more investment) takes, optimism (pessimism) management does not have a significant effect on the company's investment. Also the results showed that among companies with low investment (more funding) drawn; optimism (pessimism) reduces the value of the company's management. According to the results of optimism (pessimism) manage the impact on investment performance, but at the time of the inefficiency of investment reduces firm value.