Relationship between equity ownership groups and the amount of investment in companies admitted to the Tehran Stock Exchange

This study investigated the relationship between equity ownership groups and the amount of investment in the company. In order to examine the equity ownership groups of five categories: governmental ownership, institutional with short-term vision horizons, institutional with long-term vision, managerial, and minority. The statistical population of this research includes all companies accepted in Tehran Stock Exchange and a statistical sample of 120 companies in the period 2012-2017 using R software was examined. Research results showed that the concentration of governmental ownership would reduce the amount of investment in the company. Also, study showed that there is a positive, meaningful but weak relationship between institutional ownership and short-term vision horizons. On the other hand, other research findings suggest that there is a stronger relationship between institutional ownership with a long-term vision horizons and investment rate than institutional ownership with a short-term vision horizon. Finally, research findings indicate that managerial ownership and minority have no meaningful relationship with the amount of investment. Based on these results, it can be said that management shareholders do not properly play their supervisory role in corporate governance, and the ownership structure can be effective on the ability of managers to pursue their personal interests and the company's investment and value.