The Influence Of Corporate Social Responsibility On The Relationship Between Agency Costs Of Free Cash Flow And The Sensitivity Of Investment To Cash Flow Of The Companies Listed On Tehran Stock Exchange (Tse)
| Autor | Hilda Shamsuddini - Abdolreza Golbaghi |
| Cargo | Islamic Azad University - Islamic Azad University |
| Páginas | 956-965 |
QUID 2017, pp. 956-965, Special I ssue N°1- ISSN: 1692-343X, Medellín-Colombia
THE INFLUENCE OF CORPORATE SOCIAL RESPONSIBILITY ON THE RELAT IONSHIP
BETWEEN AGENCY COSTS OF FREE CASH FLOW AND THE SENSITIVITY OF INVESTMENT
TO CASH FLOW OF THE COMPANIES LISTED ON TEHRAN STOCK EXCHANGE (TSE)
(Recibido el
16-06-2017.
Aprobado el
07-09-2017)
Hilda Shamsuddini
Islamic Azad University,
Department of Accounting,
Bam Branch, , Bam, Iran
Abdolreza Golbaghi
Islamic Azad University,
Department of Accounting,
Sirjan Bra nch, , Sirjan, Ir an
argolbaghi@yahoo.com
Resumen: El presente estudio tiene como objetivo examinar la influencia de la responsabilidad social en la
relación entre los costos de agencia de flujo de caja libre y la sensibilidad de la inversión al flujo de caja. Para ello,
se investiga una muestra de 133 empresas cotizadas en l a Bolsa de Teherán (TSE) durante 2011-2015. Los
resultados de la prueba de hipótesis utilizando datos de panel muestran que en las empresas con altos costos de
agencia de flujo de efectivo libre, la sensibilidad de la inversión al flujo de caja es mayor. Asimismo, la
responsabilidad social corporativa (RSE) tiene un impacto negati vo y significativo en la relación entre los costos
de agencia de flujo de caja libre y la sensibilidad de la inversión al flujo de efectivo. En otras palabras, el apoyo a
la RSE por parte de las empresas est udiadas mejora la calidad de la información y reduce los costos de agencia y
por la reducción de las deficiencias del mercado de capitales a través de la reducción de la brecha entre los recursos
internos y externos.
Palabras clave: Responsabilidad social corporativa, Gastos de agencia de flujo de caja libre, Sensibilidad de la
inversión al flujo de caja.
Abstract: The present study is aimed to examine the influence of social responsibility on the relationship between
agency costs of free cash flow and the sensitivity of investment to cash flow. To do this, a sample of 133 companies
listed on Tehran Stock Exchange (TSE) during 2011-2015 is investigated. The results o f hypotheses test using
panel data show that in the companies with high agency costs of free cash flow, the sensitivity of investment to
cash flow is higher. Also, corporate social responsibility (CSR) has a negative and significant impact on the
relationship between agency costs of free cash flow and the sensitivity of investment to cash flow. In other words,
supporting CSR by the studied companies improves the quality of information and reduces the agency costs and
by the reduction of shortcomings of capital market via the reduction of the gap between the internal and external
resources, the investment - cash flow sensitivity is reduced.
Keywords: Corporate social responsibility, Agency costs of free cash flow, Sensitivity of investment to cash flow.
Citar, estilo APA: Shamsuddini, H., Nejad, G., & M., S. (2017). The effect of firm size and inflation rate on capital cost and financial health of companies accepted
in tehran stock exchange and bumbay stock exchange . Revista QUID (special Issue) , 956-965.
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