The Relationship Between Social Responsibility and Investment-Cash Flow ‎Sensitivity ‎ and the Role of Agency Costs

In this study, the relationship between social responsibility and investment-cash flow ‎sensitivity ‎and the role of agency costs in companies listed on Tehran Stock Exchange were investigated. To this end, 127 companies were examined during the period 2011-2016. The required data in this research was extracted, classified and calculated using Excel software and finally, the hypotheses were tested at a 95% confidence level through Eviews‏ ‏and Stata software. The results obtained from hypothesis testing demonstrated that corporate social responsibility ‎negatively moderates investment-cash flow ‎sensitivity. Furthermore, no reliable evidence was found in relation to the effectiveness of agency costs in the relationship between social responsibility and investment-cash flow ‎sensitivity at a 95% confidence level.