Investigating the relationship between cash retention and investment efficiency of companies listed on the Tehran Stock Exchange by examining the moderating role of managerial overconfidence

The subject area of the research has been to study the relationship between cash retention and investment efficiency of companies listed on the Tehran Stock Exchange by examining the moderating role of managerial overconfidence. The time domain of the research has been considered for 7 years from 1394 to 1400. The research area is the companies accepted in the Tehran Stock Exchange. In this research, the library method was used to collect data and information. In the data section, the research was done by collecting the data of the sample companies by referring to the financial statements, explanatory notes and the stock exchange monthly. Based on the systematic elimination method, 115 companies were selected as a statistical sample. In order to describe and summarize the collected data, descriptive and inferential statistics have been used. In order to analyze the data, first, pre-tests of heterogeneity of variance, Limer's F test, Hausman test and Jarek-Ber test and then multivariate regression test were used to confirm and reject the research hypotheses (Eviuse software). The results of the research showed that there is a significant relationship between cash retention and investment efficiency of companies listed on the Tehran Stock Exchange. Management overconfidence has an effect on the relationship between cash retention and investment efficiency of companies listed on the Tehran Stock Exchange.