M.A. Thesis:

Uncertainty and investment in research and development with the moderating role of company size

Uncertainty means uncertainty about the fundamental value of a company that may arise from two different sources, including the inherent characteristics of a business or industry, and the disclosure procedures of the company that can be the first source of opportunity. Future growth sources and the second source were related to information asymmetry. Research and development activities are one of the main sources of science and technology developments. In addition, most countries are expanding their R&D activities to continue their economic growth. Therefore, the main purpose of this study is to determine the relationship between uncertainty and investment in R&D with the moderating role of participation in Tehran Stock Exchange. This research was conducted for a period of 5 years from 2013 to 2017. Sample information of the companies studied after reviewing the availability of their information by collecting using Excel classification software and using Excel software. They were analyzed and analyzed. The results showed that there is a positive relationship between uncertainty and investment in research and development expenditures and this relationship is significant. If investors believe that uncertainty stems from growth opportunities, the company's stock will become more attractive. Therefore, it can be expected that uncertainty will increase and increase R&D spending. The larger size of firms also moderates the relationship between uncertainty and investment in R&D spending, and the relationship is positive and significant

Keywords: Research and Development - Uncertainty - Size of Company