M.A. Thesis:

corporate Financial flexibility, investment Activities, and cash flows

Financial flexibility will play an important role in empowering managers to invest in the future. Problems in the capital market have made it necessary to maintain the flexibility for companies to use profitable opportunities. The main objective of this research is to investigate the effect of financial flexibility on investment activities with the moderating role of cash flows in Tehran Stock Exchange. This research was conducted for a period of 5 years between 2013 and 2018 years. In this research, company size and return on assets have also been used as control variables. Sample information of the companies studied after the availability of their information is gathered with the help of Excel software classification and The results of the research showed that there is a positive relationship between financial flexibility and investment efficiency and this relationship is also significant. As the results showed, companies with a lower leverage than the average of the bourse companies, thus, improved the investment efficiency and sales growth of these companies. Also, the flows The cash modifies the relationship between financial flexibility and investment efficiency, and the relationship is positive and significant.

Keywords: Financial flexibility, Investment activity, Cash flows, Return on assets and Company size